ERP Accounting Software for NAB

This assignment explores the advantages of using Enterprise Resource Planning (ERP) accounting software for NAB, a leading Australian financial institution. It argues that while traditional accounting systems are outdated, modern ERP solutions offer numerous benefits such as improved efficiency, data accuracy, and real-time reporting. The report delves into specific features of ERP software relevant to NAB's operations and highlights how it can address the drawbacks of their existing system.

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Report
Student Name
Institute Name

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Executive summary
The report will highlight the number of drawbacks of the current traditional accounting system
which is primarily utilized by the company and further discusses in detail about the advantages
of the ERP system. The organization taken here is National Bank of Australia (NBA). In the
latter part, there will also be the discussion of different benefits of the current system of ERP.
Moreover, there are some good things about the system with the right type of market share of the
company. The report will also suggest a set of recommendations that will help the company to
overcome the problem.

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Contents
Introduction......................................................................................................................................4
Part A...............................................................................................................................................4
National bank of Australia...........................................................................................................4
Different type of challenges on operational level associated with current accounting system....5
Acquiring ERP based on Accounting Software-XERO...............................................................5
Flowchart.....................................................................................................................................5
Issues and frauds..........................................................................................................................6
Part B...............................................................................................................................................7
Australian Accounting packages of Software..............................................................................7
Market Size of software based on Accounting............................................................................7
Accounting software and competitive advantages.......................................................................7
Drawback of Traditional Accounting Systems..........................................................................10
Recommendations..........................................................................................................................10
Conclusion.....................................................................................................................................11
Reference.......................................................................................................................................12

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Introduction
The current sets of technologies are in the structure of software which is discussed in the report
to base the research on varied kind of application along with software that helps in noting down
different types of data (Mas et al., 2014). The recording of the data for the specific firm through
software along with recording the payment activities, and the different set of accounting
information of the company. It is important to understand here that the software registration
work for a particular company on a daily basis along with recording the payment activities with
the varied set of records achieving the work that also exhibit a common type of ledger related
with the different type of accounts. In addition to this also shows a right kind of trial that relies
on striking the perfect balance by every month and since it an act based on information in a
framework that is discussed in relation to many kinds of accounts (Contractor et al., 2015).
Part A
National bank of Australia
The company discussed here is National Bank of Australia also called as NAB. The bank is
considered as one of the top banks in Australia and serve almost 5 million people in the country.
This bank also has different branches that help in providing the services entirely based on web
based banking along with ATM services for the people of the country. There are some branches
associated with the bank like U-Bank and much more (Ahmad and Leftesi, 2014). NAB also
provides different kinds of commercial services to address business activity. Not only this, the
bank uses a traditional setup for the impactful system of accounting. This system, on the one
hand, saves unnecessary expenses, but it never provides a right view in addition to the exact
amount.

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Different type of challenges on operational level associated with current accounting system
The present system of accounting in the company is an outcome of many mistakes undertaken a
lot of time in the system. This is also based on the work since NAB is also using the traditional
way of doing the accounting by using varied kinds accounting system and manually recording it
(Zuo et al., 2017). This naturally can result in a high number of errors in the current system of
accounting, and it is also associated with a balance of the present account.
Acquiring ERP based on Accounting Software-XERO
After providing a proper notice, there are some issues in accounting if there is traditional
accounting system in place. The management of bank also decides the ERP entirely based on
accounting software that also helps in removing a particular kind of issue of accountability in the
current system. The current management system also helps in determining the application of
XERO accounting based software that is a type of ERP system (Duan, 2017). This accounting
software is slowly developing in so many countries now. The system is also based on cloud
software, and it is discussed under a model namely SaaS which relies on cloud related services
and also managed every month with the assistance of subscription.
Flowchart
Flowchart is discussed in detail below:

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Sources: (ProcessOn, 2017)
Issues and frauds
XERO is a software complete solution for website and requires network connection to work and
also need a right platform in the form of the website to operate. The present system of software
never able to work as an administrator for the people and this is why the current level of privacy
in the system is low. There is some time when the current connection link of the work become a
complete failure, and it further takes a lot of time to recover in the right manner (Tucker and
Schaltegger, 2016). The solutions of removing the problem are that whenever the user is
operating on a particular file where the destination of that file must on the local drive of the
system. The answers to that are pretty simple and can easily operate in a mode of offline and
without any network or the internet connection.
Part B

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Australian Accounting packages of Software
One of the most popular accounting software packages in the county right now is MYOB,
XERO, and SAASU. The system of bookkeeping in the current time results as a most cost
effective method for many small and medium organizations. They are also performed with
finishing line for sales along with some purchasing methods and models of accounting.
Moreover, there are various inventory models as well (Lim and Perrin, 2014). These models are
very intense by nature yet simple in the usage of business based programming system and are
also crucial for any organization. The current solution of business for bookkeeping system will
also help in properly dealing with the problems as well as keeping a proper track of payment
GST.
Market Size of software based on Accounting
The table mentioned below discusses the MYOB system that helps in saving more set of income
and its comparison with XERO is also presented.
Accounting software and competitive advantages
Following the detailed discussion of the comparison between MYOB, SAASU and XERO: -

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1. Features: the system work as an indicator shows the status of money related to the
position. There is fewer options or scope of any customization. On the other hand, the
scope of any customization is huge for other two systems SAASU and XERO.
2. Import and export of data: in all three systems, there is an existence of proper import as
well as an expert system in addition to right types of contact along with a structured
outline of records as well manually discussed diaries (Yelland et al., 2015).
3. Level of scope and Multi-Users: the system is entirely based on one or sometimes more
than a single client to operate on the product. This also holds true for SAASU and XERO.
4. Bank feeds the data discussed in bank mainly related to set of diverse bundles or
sometimes it is also relevant to the ability to import physically for the current bank along
with the right explanation for the group. Also, there is mere conciliation along with quick
coding for the money. For SAASU, the overall interface particularly is related to inside
the bundle (Yelland et al., 2015).
5. Customers: the customers are obviously an important part of all three systems. All three
methods formulate as well as send right kind of solicitation to the number of the
consumer from the current bundle. Also, there is also a formation of estimates along with
orders. In the end, solicitations can also be well organized as well as customized as per
the customer needs.
6. Suppliers: it is important to understand here that all types of payment related solicitation
exist inside the bundle for all three systems. For SAASU and XERO, the purchase orders
and dealing with assertion related to expenditure also take place. But for MYOB no such
thing happens (Grant et al., 2015).

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7. BAS and GST: the complete capacity for an advanced level of BAS reports are used for
right handling the action as well as proclamations for all three systems. The calculation of
GST, as well as a recording of the audit, is right for MYOB and XERO but not true for
SASSU.
8. Multi level currency: there is an existence of multi currency activities for SAASU and
XERO however, this does not hold true for MYOB. All three systems have to offer a
whole new collection of information in the form of various reports. There is also
formation bolsters entirely dependent on tax based payments along with a yearly report.
There is a set of consideration as well that can switch and appends the records to
accurately report along with man kind of exchanges for all three systems (Ritchie et al.,
2015). Leaving MYOB, there are offers regarding usage at global level exploration for
SAASU and XERO.
9. Budget: for SASSU and XERO, there are suggestions used by planning and in case of
SASSU, one can easily predict the flow of cash.
10. Inventory: for SASSU and XERO, it offers a complete as well as a finished level of
incorporated stocks.
11. Payroll: some offers are complete and consist of finance for all three systems, and there
are also tables related to the tax that can refresh continuously.
12. Point of sales: This function helps in providing proper support to POS based activities for
SAASU and XERO.
13. Contacts: there is a certain level of ability to shift the customer base along with providers
of some contact in the form of information for the bundle and this holds true for all three
systems (Ware, 2015).

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14. Tracking of time: it consists of a worker based timesheet as well as following the time for
SASSU and XERO.
15. Tracking for jobs: systems like SASSU and XERO also covers the ability to track the
work properly and varied another type of classifications.
Drawback of Traditional Accounting Systems
There are different kinds of traditional accounting systems that can face some disadvantages.
(Ware, 2015). This is further dependent on the setting that sends a varied type of citation. Also,
there is also an even distribution of current aberrant level cost that does not a mirror image of the
right assets and can also devour by finished products.
Recommendations
The current set of ERP is also based on a system related with bookkeeping and also helps the
association from many angles where companies are perceived appropriately. Also, there is the
existence of right kind of reconciliation of information over so many ventures that give a
guarantee which is dependent on more important as well as required limits for the characteristic
for the organization (Tijani and Mohammed, 2013). It also covers the day to day work, and this
is a fundamental choice level, and there is also the usage of ERP based solution in accounting
like XERO help to provide. The details are discussed below:
1. Forgetting or avoiding the operation that undergoes from one place to another.
2. Elimination of the cost as well as assets that can be wasted in so many distinct aspects.
3. Raising the overall level of profits along with creating the loyalty among customers
(Tijani and Mohammed, 2013).
4. There is also rise in the better amount of control for the process.

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Conclusion
The time of traditional accounting system is gone now, and it is becoming a redundant concept.
In the current time, development regarding technology uses the ERP accounting software tool is
related to the current industry. There are so many kinds of features that provide an offer along
with using the software of accounting (Tijani and Mohammed, 2013). This software is discussed
in detail in the report, and they help an organization like NAB to overcome the drawback of the
current accounting system.

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Reference
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