The Importance of Accounting Software System | Report

Added on -2020-02-18

| 14 pages| 2544 words| 126 views

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Running head: EFFECTS OF ACCOUNTING SOFTWARE AT MACQUARIE GROUPEffects of Accounting Software at Macquarie GroupName of the Student:Name of the University:Author Note:
1ACCOUNTING SOFTWARE IMPLEMENTATION AT MACQUARIE GRPExecutive SummaryThe report focuses on the importance of accounting software system implementation inorganisations of any size and operating at any field of business. To support the topic, the reportprovides detailed analysis of an Australian based organisation known as Macquarie Group thathas adopted accounting software system for managing the organisational operations as well as toimprove the growth prospect of the organisation. The impact of the accounting software on theorganisation provides an idea about its importance in business. The report concludes with somerecommendations that can mitigate the issues that are faced by the users of accounting softwaresystems.
2ACCOUNTING SOFTWARE IMPLEMENTATION AT MACQUARIE GRPTable of Contents1. Introduction..................................................................................................................................32. Macquarie and Its Organisational Structure................................................................................33. Structure as Operational Hindrance for Macquarie.....................................................................44. System Acquisition methods of Macquarie.................................................................................55. Sales Procedure System Flowchart of the Organisation..............................................................66. Control Problems and Frauds faced by Macquarie......................................................................77. Adoption of Xero by Macquarie..................................................................................................88. Current Market Size.....................................................................................................................99. Dominators in the Market............................................................................................................910. Existing Challenges Encountered by Users of Accounting Software.....................................1011. Some Recommendations.........................................................................................................1012. Conclusion...............................................................................................................................1113. References................................................................................................................................12
3ACCOUNTING SOFTWARE IMPLEMENTATION AT MACQUARIE GRP1. IntroductionThe report introduces the concept of Accounting Software implementation toorganisations in support of an analysis made on Macquarie Group, an Australian basedorganisation that has implemented Accounting Software package for maintaining its variousfinancial and organisational aspects (Hall 2012). Accounting software is a tool or a serviceprovided by third-party vendors to organisations of any scale and competency that serves thepurpose of providing professional support in maintaining financial records electronically andproviding expert solutions in financial matters as well.2. Macquarie and Its Organisational StructureMacquarie is a finance-providing organisation that provides its clients with financial helpin terms of asset management, banking guidance, investment and such. The company’sfoundation dates back to 1996 and its existing managing director (MD) as well as CEO isNicholas Moore (Macquarie.com 2017).The organisational framework of Macquarie is non-hierarchical and is divided into fivedistinct groups. The executive committee is at the heart of the hierarchy that comprises the MD,Deputy MD, Risk Management Head, Global Chief Operations officer and Chiefs ofMacquarie’s main operating departments. Aside the operational divisions, four service divisionshelp in the support, infrastructure and framework that is needed by the operational divisions forbusiness management. The four service groups include Financial Management, RiskManagement, Corporate Operations, Legal and Governance Group (Macquarie.com 2017).

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