Strategic Information for Business and Enterprise

This report analyzes different business processes for Eureka Limited and determines the best accounting software for resource and account management. It discusses the business processes involved in the production, marketing, and sales of Eureka Limited products, as well as the system requirements and available software package providers. The report also highlights the importance of vendor selection and concludes with recommendations for the best software for the organization.

Strategic information for business and enterprise

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Contents
Introduction......................................................................................................................................2
Eureka limited business process......................................................................................................2
System requirements........................................................................................................................6
Available software package providers.........................................................................................9
Vendor Selection...........................................................................................................................10
Conclusion.....................................................................................................................................12
References......................................................................................................................................14
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Introduction
This report is written with intent to analyse the different business processes for the company
Eureka Limited and also determine the best accounting software for the management of the
resources and accounts. The report begins with the introduction as it involves into the overview
of the whole report and also highlights the business processes that involved in the production
marketing and sales of Eureka limited products. The report also consists of the business and
system requirements that help in understanding the best software for the company. There are
many options, nowadays available in the market and it is essential to shortlist the available
software and select best suitable software for the organization. The report also highlights the
importance of the software vendors that available in the markets and compare and contrast at
least two vendors with proper analysis (Mitchell, 2016).
Eureka limited business process
The business process refers to the set of activities that carried out by the organization to achieve
the objectives of the organization. Eureka limited company is the Indian company that leads to
provide the purified drinking water bottles to the customers and also distribute the products
through the supermarket chains. The Business process of purifying the water and packing in
bottles and delivery to the retailers and wholesalers is shown in the below image along with the
activities that performed by the employees as well. The difference that found in the business
processes means the difference in the products and processing units (Adamyk & Khorunzhak,
2014).
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The procurement of the raw materials is the first activity that the organizations performed and it
is observed that the water is the main resource that required by the Eureka Forbes limited
company. The requirements of the Eureka Water Company are important to analyse before
providing the healthy water and beverages to the customers. After the water is collected by the
Eureka then it went for the filtration where the reverse osmosis process is applied and filters and
purifies the water. The vision of the company is to offer healthy and safe pollution free products
and environment and building long lasting relationships with the customers. After the filtration
process of water, the company shifted it into the bottles and then deliver to the various places so
that customers can easily access the purified water (Bluemner, 2014). It is observed that Eureka
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limited involves into many business processes like procurement, filtration, internal controls,
packaging, transportation, selling and marketing of the products.
The supply chain is a very important part of any business process because it helps in the fastest
delivery of the beverages from one place to another and delivers the products to end users. The
customers can easily purchase the filtered water from the shops, supermarkets and at many
restaurants.
From the management perspective there are four main operations that involved in the business
process which are as follows
 Finance: These are the Operations where the organization needs to focus on the financial
activities. The organization focusing on the sales activities and reducing the cost as well
as increasing the profit margins (Walton, 2019).
 Operations: These are the Activities that organization performed from the procurement of
raw materials to the product to the end users.
 Marketing: Marketing is the most important operation in the business process as it helps
to attract the customers towards product and build good relationships with customers for
the strong brand image of the company. The brand value of the organization has achieved
by providing after sales services to the customers.
 Human resources: The human resources are the most important element in the
organization as assist the organization in successfully completing the business processes.
Organization also focus on maintaining the relationship with its employees by motivating
them and fulfilling their needs so that they can perform in the organization well.
Eureka Company also provides some other products such as beverages and safety equipments for
homes like air purifier and water purifiers. It is found that the organization need to focus on all
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the business processes to achieve better results and these business processes is essential to find
out the best possible software for the company (RSM, 2018).
Eureka limited business requirements
The Biggest challenge that faced by the organization is the setting of competitive prices and
reducing the cost of the organization. Every Organization aims towards the reduction of the cost
in the organization and performed efficiently. There are many customers available in the market
who is interested to buy the products of organization but the company was not able to set the
competitive prices and reducing the cost of organization (Gadd, 2017).
The analysis of the Eureka business processes useful to find out the drawbacks in the business
and how the organization can reduce these inefficiencies to save the cost of the organization and
setting the competitive prices for the drinking water bottles. As the technology is continuously
raising so it is suggested that the organization should adopt the new technologies to maintain the
cost of the organization and its financial transactions. By Making use of the new technologies in
the organizations for managing the cost and financial transactions, the efficiency of the
organization can be improved and help the organization to manage its finances (Coloso, 2017).
To manage the financial resources and reducing the cost of the organization as well as setting the
comparative prices for the products, there is a need to adopt some software. The softwares like
enterprise Resource Planning and accounting information systems are useful in the organization
to manage the financial, human resources, and operational activities as well as the other elements
of the business processes. The main focus of ERP systems in the organization is to integrate the
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additional activities of Management and facilitating the flow of information within these
activities.
The adoption of the new software in the organization will help the organization to save the cost
its resources and time. The Optimum utilization of the resources is also possible through these
softwares and it will also help in increasing the profits of organization (Software Advice, Inc.,
2019).
System requirements
The system is changing in a rapid manner. The new technology and the sustainable innovation
are considered as the priority. The above suggested measures are sufficient to deal with the
primary requirements of the company. But, when it comes to IT section, the tools required for
investments and management is quite different. The management of the finances and budgets of
the firm is a tedious task and would definitely require softwares instead of manual management.
Business process requirements are essential to understand as they help to analyze the needs of
the system and automated business activities. Every organization requires unique and innovative
system in the organization that involve into utilization of the available resources and reducing the
cost of the organization with intent to achieve the higher profits. The organizations also
need system that take care of the setting of competitive prices for the products by analyzing the
cost and profit margins as well as. However, the challenges to be discussed here are related to the
financial activities of the organization and reduction of the cost so the software that suggested for
the organization is the ERP. This software is quite different and unique terms of the feature and
functionalities in comparison to the softwares of the similar genre (Swlearning, 2018).
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The appropriate and cost-effective software should be installed in the organization so that
organization will able to afford it in easy way. There is need to look after the cost of filtering the
water and costs that involved in the manufacturing of the products like purifiers such as air
purifiers and water purifiers. The company also need to install a system that helps in managing
all the financial as well as other activities and reduce the expenditure of the company. The
company can achieve the goals by managing the resources (Intuit Australia Pty Ltd, 2019).
The organization also needs a system that will help the organization to manage its stock as well.
Eureka Company is also involved into the distribution of the water bottles and other beverages as
well to the supermarkets, restaurants and shops, so it would be better to adopt the systems which
analyse the inventory of the company during the production processes. The inventory
management at the organization needs a deep analysis of the market trends and the customer
choices which is possible by using the Accounting information system. The Accounting
information systems are used for the analysis of the current trends of the market. The sales of the
organization can be increased if the organization installs ERP systems in the organization. The
accounting software basically helps in reducing the human error probabilities and calculates the
turnover of the products, selling and money invested by the companies on the activities of the
advertisements. The best thing of implementing the ERP in the organization is that it results in
the cutting of the costs, reduction in the wasteful expenses and minimization of the overhead
costs (Bragg, 2018). The reduction of the costs at Eureka limited company will lead to provide
the better opportunities and alternatives to the company.
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Software selection
Eureka limited company has the option to install the ERP software in the organization for the
automation of the business processes. The companies basically invest in the new technologies or
IT with the purpose to increase the productivity and profitability of the organization by
improving the manpower’s capabilities in effective and efficient way. The analysis of the
business requirements is very important before choosing the accounting software for the
business. The analysis of the Eureka business processes useful to find out the drawbacks in the
business and how the organization can reduce these inefficiencies to save the cost of the
organization and setting the competitive prices for the drinking water bottles. As the technology
is continuously raising so it is suggested that the organization should adopt the new technologies
to maintain the cost of the organization and its financial transactions (Daru, 2016). By Making
use of the new technologies in the organizations for managing the cost and financial transactions,
the efficiency of the organization can be improved and help the organization to manage its
finances. The setting of the prices for the product and reducing the cost of the company are the
main reasons that influence the organizations to adopt the new accounting software as they will
help in controlling the costs of company by managing the resources and activities of the business
processes. The software is also helpful in collecting, managing and using the data whenever the
need arises.
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Available software package providers
There are many other options also available for the software packages and it needs to be
compared before taking any decision. The selections of the ERP systems over the other software
package are a very tough decision. The selection of software is very crucial in order to achieve
the desired results.
The wide range of the software is provided by many vendors and selection of those vendors for
the company is a most crucial aspect. The major vendors that provide the software’s are Xerox,
SAP, and MYOB etc.
1. Xero: Xero is considered as the most appropriate organization which helps in providing
the assistance to small and medium sized business in various ways such as generation of
the balance sheets, online assistance and many other financial solutions. Xero is
considered as the best cloud based accounting systems (Withers, 2018).
2. MYOB: MYOB is an accounting software provider which assists the companies in
managing tax and its shares for stakeholders. The term MYOB refers to “MIND YOUR
OWN BUSINESS” that defines the small as well as medium sized businesses. The
solutions provided by this vendor are useful to increase the overall productivity of the
operations. Some of the activities which are managed by MYOB include the payroll
maintenance, job management, and professional management, retail point of management
and tax management activities (Shah, 2015).
3. SAP: SAP is an organization that basically evaluates the needs of the company and
assists in building the customer relations in an appropriate manner. The current
operations are modified by these vendors.
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All from the above, we can say that the SAP ERP is the best suited for the organization as it
involved into the modifications of the current operations. As the Eureka Company is a medium
class company, so the company should use the medium class ERP for the business to improve
the current operations of the business (MYOB, 2016).
Vendor Selection
The selection of the vendor is also important element to have the appropriate assistance
regarding the accounting systems and packages. As above three vendors have been considered
and it is observed that the MYOB and Xero are the one who can provide better assistance in
managing the accounting or ERP in the organizations. Both these vendors are compared on the
basis of prices, features and functionalities. Both the providers possess the similarities as well as
dissimilarities, which are provided in the below table:
Criteria Xero MYOB
Price In comparison to MYOB, the
prices are low and provide
facilities in well-defined
manner.
The facilities of MYOB are
very expensive as it charged
$29/ month.
Features Speed, accuracy and execution
are the important features of
this vendor.
Monitoring, easy processing
and the capability in providing
the multi-tasking facilities are
the features of MYOB.
Stock Control Facility Xero lacks in providing this
facility and overall charges for
Appropriate stock control
facility and also cost effective
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maintaining the stock control
are about $50/ month, which
are very high.
in nature.
Back Up Features There is an availability of the
backup facility at zero for the
SMEs.
MYOB also have this feature
but only for the large scale
organizations.
(EB, 2014)
The above comparison has made it clear that out of the two providers, Xero is more efficient and
will be considered as a more helpful element in providing the assistance to the Eureka limited to
operate in the most suitable manner. Apart from this, the Xero software is also recommended for
the small and the medium sized organizations, in comparison to the MYOB which provides the
assistance to the large sized and big industries. Both the softwares have a distinct security system
for the firm. But, as Eureka limited possesses the business of the purified water bottles, so for
this, Xero is mainly useful and appropriately identified. Simultaneously, Xero also helps in
providing the complete package for the organization for making the accounting aspects more
sound and appropriate (Luxa, 2017).
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Conclusion
The business process refers to the set of activities that are carried out by the organization to
achieve the objectives. Eureka limited company is the Indian company that provide the purified
drinking water bottles to the customers and also distribute the products through the supermarket
chains. Eureka Company also provides some other products such as beverages and safety
equipments for homes. It is found that the organization need to focus on all the business
processes to achieve better results and these business processes is essential to find out the best
possible software for the company. The adoption of the new software in the organization will
help the organization to save the cost its resources and time. The optimum utilization of the
resources is also possible through these softwares and it will also help in increasing the profits of
organization. The appropriate and cost-effective software should be installed in the organization
so that organization will able to afford it in easy way. There is need to look after the cost of
filtering the water and costs that involved in the manufacturing of the products like purifiers such
as air purifiers and water purifiers. The company also need to install a system that helps in
managing all the financial as well as other activities and reduce the expenditure of the company.
The company can achieve its goals by managing the resources. Eureka Company is also involved
into the distribution of the water bottles and other beverages as well to the supermarkets,
restaurants and shops, so it would be better to adopt the systems which analyse the inventory of
the company during the production processes. The inventory management at the organization
needs a deep analysis of the market trends and the customer choices which is possible by using
the Accounting information system. The Accounting information systems are used for the
analysis of the current trends of the market. The sales of the organization can be increased if the
organization installs ERP systems in the organization. The accounting software basically helps in
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reducing the human error probabilities and calculates the turnover of the products, selling and
money invested by the companies on the activities of the advertisements. The best thing of
implementing the ERP in the organization is that it results in the cutting of the costs, reduction in
the wasteful expenses and minimization of the overhead costs. The reduction of the costs at
Eureka limited company will lead to provide the better opportunities and alternatives to the
company.
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References
Adamyk, O. & Khorunzhak, N. (2014) Auditing of the Software of Computer Accounting System,
Available at: http://ceur-ws.org/Vol-2104/paper_181.pdf
Bluemner, A. (2014) The Big List: The 100 Top Accounting Software Features, Available at:
https://softwareconnect.com/accounting/100-top-accounting-software-features-the-big-list/
Bragg, S. (2018) Types of accounting software, Available at:
https://www.accountingtools.com/articles/types-of-accounting-software.html
Coloso, K. (2017) A List of the Types of Accounting Software, Available at:
http://foundersguide.com/best-accounting-software-for-startups/
Daru, M. (2016) Role of accounting software in today scenario. International Journal of
Research in Finance and Marketing, 6(6), pp. 1-10, Available at: http://euroasiapub.org/wp-
content/uploads/2016/09/4FMJune-3719-1.pdf
EB (2014) Risks and Controls in Core Business Processes. [Online]
Available at: https://annualreport2014.bittium.com/corporate_governance_statement/
main_features_of_internal_control_and_risk_management_process_related_to_financial_reporti
ng_process/risks_and_controls_in_core_business_processes
Gadd, R., 2017. Top 5 Advantages of Using Xero, Available at:
https://www.nourishbusinesssolutions.com.au/top-5-advantages-of-using-xero/
Intuit Australia Pty Ltd, (2019) Proud to power the prosperity of over 3.9 million* small
businesses worldwide. [Online]
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Available at: https://quickbooks.intuit.com/au/about-us/
Luxa, T. (2017) The Benefits of Using Xero Accounting and 5 How-To Tips, Available at:
https://www.luxa.us/blog/the-benefits-of-using-xero-accounting-and-5-how-to-tips
Mitchell, D. (2016) Accounting Features: Accounts Receivable & Payable Management,
Available at: http://www.mms.oceanroad.info/Media/Accounting_Module.pdf
MYOB (2016) A solution for every stage of your business, Available at:
http://applegarth.com.au/wp-content/uploads/2016/10/13689_1686.pdf
RSM (2018) Cloud accounting for your business, Available at:
https://www.rsm.global/australia/sites/default/files/media/1603_cloud_accounting_with_compari
son_chart.pdf
Shah, R. (2015) Document on Bookkeeping Proceduresin Xero Accounting Application,
Available at: https://www.meruaccounting.com/docs/Xero-Manual-Meru-Accounting.pdf
Software Advice, Inc. (2019) Xero Software: About Xero. [Online]
Available at: https://www.softwareadvice.com/accounting/xero-profile/
Swlearning (2018) Identifying risks and controls in business processes, Available at:
http://www.swlearning.com/pdfs/chapter/0324301618_4.PDF
Walton, A. (2019) The Importance of Accounting Software, Available at:
https://smallbusiness.chron.com/importance-accounting-software-71524.html
Withers, S. (2018) MYOB Essentials review: simple but sophisticated, Available at:
https://www.bit.com.au/review/myob-essentials-review-simple-but-sophisticated-458834
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