Accounting Software Evaluation and Recommendation for Eureka Limited

This report evaluates accounting software for Eureka Limited, a beverage company with 55 years in business. It begins by outlining key business processes like product innovation, distribution, and customer relations. The report identifies control risks, including the need for streamlined systems, cost-effectiveness, business forecasting, digitalization, and improved speed and accuracy. It then explores essential accounting software features such as integrated invoicing, accessibility, security, and time/cost savings. The report analyzes and compares various software vendors including SAP, MYOB, and Xero, considering their products and functionalities. The conclusion provides a recommendation for the most suitable accounting software to meet Eureka Limited's specific needs, improve efficiency, and mitigate identified risks.

RUNNING HEAD: ACCOUNTING SOFTWARE
1
Topic Name: Accounting Software
Student’s Name:
University Name:

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Executive Summary
Accounting as the name suggests calculation or keeping of records. So accounting was done
manually in the past years. Now as technologies have changed and we are becoming more
digitally enhanced, so now accounting software has emerged, which helps in the revolution of
business.
In the following report, we have discussed the company Eureka Limited where we have
pointed their control risk of not using the software the features and function of using the software
we have also compared about the software of different vendors, and we have chosen the software
which will be appropriate for Eureka Limited Company.
So these are the outlines which are covered in the following report.

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Introduction
Accounting plays an important role to occupy an important position in the operation of the total
business. As for every organization, it is very significant to be up to date with their financial
records that should be tracked by the organization. Accounting has several processes, i.e. from a
simple process to complex processes. The organization should update them with the ongoing
changes in information technology to maintain the correct book-keeping data, statutory records
and inventory system. It has been observed in the past that organization who have implemented
an accounting information system in their companies have increased their performances, profit,
and efficiency. The accounting system helps in dealing with the company’s client and suppliers.
The implementation of the new technology has relatively increased the performance of the
organization (Chong Y., Nizam I., (2017) p-2)
Accounting Software is a type of computer programs that helps you to run your organization’s
monetary transactions. This software distinct broadly in the scope where some programs are
designed for more than keeping accounting details and some software is designed to manage the
total monetary transactions and goings of a large business. The accounting software helps
businesses to use their assets in their accounting departments easily and reduce costly accounting
mistake (Walton A., 2019)
Key business processes for Eureka Limited
Eureka Limited is a limited family company which has been around the business for 55 years
with 73 employees, and the company had a turnover of more than $18.5 million during the past
years. Eureka Limited is a successful business company they have been selling beverages around
55 years to different business organization and the different supermarket and the pub chains.

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Eureka had good growth in their company but over the years they had a mixed business, but they
had a superb growth in their business when they bought a new brand drink in their market it was
an instant success, and they had a high rate of profit return. So the business process which
Eureka follows out is that they try to innovate in their products and try to produce new beverages
which are very healthier to drink. The innovation in products has led them an instant success in
their business growth. The next business process which Eureka Company tries to follow is that
they tie up with different supermarket chains, restaurants, pubs, etc. so that they can sell their
products on a massive scale. By tying up with different restaurants, pubs, and supermarket chains
they can sell their products on a larger scale and here they can attract more customers and there
can products can get mouth publicity from different customers which will increase their sales.
The next business process which Eureka Limited follows is that they have to build a trust with
their customers as the customers have been buying their products and as they have in the
business for 55 years so maintaining a cordial relationship with the customers is very important
as their customers helps Eureka Limited to promote their products in markets and their products
are also being sold. So maintaining a healthy relationship with the customer is very important,
and it is also a key business process for Eureka Limited.
So these are the business process followed by Eureka to run their business and also be
successful in establishing themselves for 55 years as a company but this business process needs
to be changed as the people are more digitized so they should go for promoting their products in
social media and make their products more available to the customers, and their sell of the
beverages will also be increased. Though the business process is good for Eureka, they should
update themselves and be more digitized in doing their business.
Control risks for the business processes of the company

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1- Streamlined System-Eureka Limited is in business for the last 55 years, and around year
its sales revenue has increased more than $18.5 Million. It indicates that the business is
boosting right now. Keeping balance with that and to keep track of all records, the whole
organization should be streamlined. Introducing billing and payroll management system,
keeping records for tax and saving all business related financial information at one place;
the whole business can be organized to provide better result in future. (Johnson G., 2015)
2- Cost Effective- Cost cutting is very important for an organization. Putting manual effort
for every work will increase the production cost and hence, the profit margin will be low.
By transferring a few manual works like normal data entry, billing, keeping track of daily
expenses to be automated, time and money, both can be saved.
3- Business prospective forecast- To grow a business and to increase sales in future, or to
guess future market trend, it is necessary for an organization to be guided by a good
business prospective forecast. By analyzing current and previous financial records,
tracking cash flow, revenue and expenses, we get a rough idea about what would be
future market demand or what new product can be launched or what marketing strategy
can be implemented to gain more revenue.
4- Digitalization- In this current age of Digitalization, every organization should keep
digital records of all their data, financial reports. This is helpful in many ways. To check
reports from anywhere or from any system or to saving all the data securely,
digitalisation is a must have for nowadays.
5- Speed and accuracy- Every company wants productivity in minimum time. Since sales
have increased hugely in last year and besides it, Eureka has lost few key accounts
because of being unable to produce some of their products at a competitive price; it is

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very important to increase speed and accuracy by analyzing real-time data or automating
few manual works.
Some of the possible accounting software features and functionalities that the company
should consider to achieve its business objectives and minimize the control risks
To achieve business objectives and to minimize the control risks, the key software features and
functionalities for Eureka should be-
 Integrated invoicing module- While choosing accounting software for business,
having an integrated invoicing module is a must. This keeps a record of the entire
invoice generated, total cash flow on day by day basis, inventory management etc.
As the whole process is automated, it reduces extra headache, cost and time too.
 Accessibility- While we count on accounting procedures and financial
calculations, it is not that easy. Measurements of financial metrics, evaluation of
resources, calculating tax amount or to organize financial reports properly, and all
the tasks are quite difficult, and there is a high chance to mess it up while doing
all these manually. Accounting software can easily handle these works
automatically. So, while choosing accounting software, it should be kept in mind
that the navigation process and user interface should be easy and comfortable to
use.
 Security-Accounting software plays with the most sensitive financial data for an
organization. It saves all information’s digitally in cloud server so that authorized
employees can access it from anywhere, from any device. So, before buying

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accounting software, security and firewall mechanism should be checked and
buying it from a reputed vendor is preferable.
 Time and cost saving- The benefits of advanced accounting software is it
always reduces manual paperwork with an environmentally friendly approach.
Besides it, it should be one-time pay and lifetime use software to deduct the cost
burden on business.
 Back up and up-to-date- There should be an automatic back up the process from
time to time in the software to save all information in one place. Besides it, to
keep balance with changing time marketing strategies, the software should be up
to date with the latest technology.
 Full Financial Transparency- The Eureka Company should use the accounting
system, which should provide them with less error and prevent the extra costs.
The manual calculation of the sums or failing to report the data in time has
already led Eureka in a business loss. So having the accounting system will help
Eureka to grow out as a business organization. (Finances Online, What is
Accounting Software? Analysis of Features, Types, Benefits and Pricing, (N.D.))
These are some of the possibilities and features of the accounting software which Eureka
Company should choose to improve their business prospect and be a successful company in their
advancement.
Vendors and different types of software description

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An ERP-system is implemented by implementation partners that have their implementation
methodologies. ERPS implementation methodologies typically also include a business process
development program (Granlund M., Malmi T., (2002) p-304)
SAP-
SAP is a resource planning software with tailor-made products for small, medium and large
enterprises developed by the German company SAP SE.
Products-
1. ERP and digital core- ERP or Enterprise Resource Planning software provided by helps
organizations by providing
• Simplifying IT and enhancing business productivity.
• Managing businesses with a single cloud ERP system.
• Streamlining the way of work of an organization with ERP business system.
2. CRM and customer experience-
• It creates a seamless customer experience with empathy and trust.
• Eliminates data silos for better contextual marketing.
• It provides data privacy and trust customer demands with transparency and control.
3. Network and spend management-
• It provides contingent workforce management with service procurements and lives
insights.

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• By strategic sourcing, it helps to gather supplier information and performance
management.
4. Business analytics-
• By providing SAP analytics cloud and business intelligence, it helps in reporting and
analytics, in-context collaboration, and builds a next-generation data warehouse.
• By predictive analytics model, it helps in data mining, management and scoring and
machine learning algorithm. (Quattrone P., Hopper T., (2006))
MYOB-
MYOB, having the full name as Mind Your Own Business, is a tax, accounting and other
business service software providing organization headquartered at Glen Waverley, Australia and
founded in 1991. The core clients of this organization are small and medium businesses.
Products-
1) MYOB essentials- It is easy online accounting software build for specifically small
businesses to manage their expenses and create professional invoices.
2) MYOB account right- It is powerful accounting software to keep businesses compliant by
helping in tax changes, making payroll and timesheets and keeping an eye on how much time
and money has been spent on daily basis.
3) MYOB account edge- It produces real-time based reports on PAYG, GST and BAS. It
also tracks all asset write-offs and depreciation and lodge taxable payment reports directly to the
ATO.

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XERO
Xero is a public software company and offers a cloud-based accounting software platform
mainly to small and medium businesses. Headquartered in Wellington, New Zealand, it is listed
in Australian stock exchange.
Products-
1) Invoicing- It helps to keep cash flow healthy by sending online invoices with payment
options.
2) Inventory- From tracking inventory to managing stocks and to adding items into invoices
and orders, it does all by automation.
3) Information security- In Xero, it protects information with an extra layer of security with
updated firewall system.
4) Business performance dashboard- Xero provides full up to date picture of how a business
is performing in a regular time interval.
Category of Software recommended for Eureka Company
After discussing the details of the vendor and the software in the previous section, we will now
be discussing the software that Eureka Company should be using in their business organization
to increase their accountability. We will be here discussing that software that Eureka Company.
Being a reputed company of 55 years Eureka should go for a high-end accounting software as it
will be incorporated with several features and these features will help the company because after
incorporating the accounting system in their technology. As they will be technologically
advanced, they can incorporate new products in their company so the sell of their company will

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increase and the number of customers will increase and to keep records of every data they need
high-end accounting software. Having high-end accounting software in the Eureka will help to
incorporate their balance sheets and directly incorporate them with their bank. Having high-end
accounting software will have access them to work at any place or at any time, i.e. on the go. So,
having high-end software will also help them have invoices or bills which will be free of errors
as the calculations can be done automatically. The other uses of having high-end accounting
software are that it will also help in conducting the payroll service, payment processing, easy to
accept invoices, payment online, and pay the employees. So these are other features of high-end
accounting software, which will be helpful for Eureka Company to use, and these features will
boost the company and make them use the accounting software to use. Other high-end software
uses will be like saving the time of the company. If we use the high-end accounting software, the
best feature that this software saves time and door gives payment before time, so these features
are very helpful as it doesn’t bother the organization and helpful for the Eureka Company.
So, a company like Eureka Limited who have been in the service for 55 years and have
been dealing with several customers should use the high-end accounting software for their
organization it will help them very much, and it will give them a high rate of success. (Fairbanks
L., Choosing the Right Small Business Accounting Software, (2019)
Compare and contrast the features and functionalities of two accounting software packages
offered by accounting software package vendors within your selected category
The two accounting software packages which we will be comparing different vendors and the
comparison will be made based on the high-end accounting software. The comparison which we
have done in the earlier section about the vendors and the company we have selected two

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vendors and their products which we have liked. The vendors which we have selected for Eureka
Limited is MYOB and Xero. For companies like Eureka Limited, these two provides the best
accounting software for that company. Both MYOB and Xero are accounting software they
provide their support in different countries. The accounting software packages which they are
providing are good, but we will just have a lookout as which companies offer the best accounting
software packages on the high end.
If we take a look at the MYBO Package, then we can see that MYBO offers a different package
of software to different companies whether it’s a small or a big company, accountants, etc. The
packages which they offer are very distinct, and under those packages, there are many sub
packages. The features which they provide for the high-end accounting software have been given
in details
1. Pay Staff: The features of pay staff is a very good feature of MYOB that if there is an
increase in the number of staff the payroll in MYOB is automated as it will automatically
calculate the salary of the increased employee
2. Easy to create Invoices: Another feature of MYOB is that invoices can be created easily
there is an inbuilt template of invoicing, and you can access the MYOB invoices by
downloading their app and doing the work on the go
3. Easy to meet TAX requirement: MYOB handles tax, GST and BAS requirement easily
and effectively.
4. Reports and Budgets: Another feature of MYOB is that it can handle the reports and
budgets of the company very efficiently, and they prepare, which will help your business
to stay on top.

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5. Inventory Management System: The next feature of MYOB is their inventory
management system; it keeps all the records of stocks sent, stocks needed to buy, stocks
which are left everything.
Many other features are also there, but these are the important features which we have discussed.
Next, we will have a look at Xero accounting software and the features which they are providing,
and we will have a look at whether it will help Eureka Limited.
1. Pay runs for the employee: The Xero also provides the features where we have to enter
the details of the employee, and their payment slips will be printed
2. Invoicing: The next feature which Xero provides is that invoicing here they also provide
custom templates and you can custom design theme, and another feature is that Xero send
reminders for the automated invoices
3. Tax report: The tax feature by Xero is unique where we can give our custom rates, and
the rates will be adjusted, and it is calculated.
4. Reports and Budgets: The next feature of Xero software is that we can get reports and
budget in real time without waiting for a month. It will also help you to track down the
reports and budgets of the previous years with the present ones.
5. Inventory: The next feature is the inventory system where we see that it keeps track of
stock and values daily. Their bulk import can be done at a time, which will help to save
time.
So we have compared the features and functionalities of the products of both the companies
according to high-end accounting software (Dimitriu O., Matei M., (2014)
Most suitable vendor and accounting software package for the company

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After analyzing the accounting software packages of both the companies and keeping in mind
about Eureka Limited. The best product would be MYBO Accounting Software as it will help
Eureka Limited in a very broader way. The features we have discussed already is very helpful for
the limited company, and we will here also discuss some other features such as
Financial Management: This tool helps in providing instant information, and it also helps in
having better performance results.
Business Intelligence: The Myob Greentree provides the ability to explore critical data and
simplify analysis with a few small clicks.
HR & Payroll: This system will help Eureka Limited to pay their staff on time and reducing
paper files as main documents can be stored in the system.
Inventory System: One of the major systems is the inventory system where they can keep the
track and records of the stocks and will have live updated pictures and the inventory will able to
manage you multiple warehouses together.
Customer Relationship Management: The MYOB will provide the customer relationship
management as it will help to store the information of the consumer and it will be given to
different staffs so it won’t cause a problem for any staff to work.
Manufacturing Costs: The MYOB will help in giving the manufactures to have an understanding
about the resources they needed, and it helps to bring together planning, labour and resource
management for greater efficiency.

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So, looking after the feature of MYOB Greentree accounting software it is quite evident that it
will help Eureka Limited and it will boost Eureka Limited to a greater and Eureka Limited will
reach new heights in their business organization. (Ng F., Harrison J.A., Akroyd C, (2013)
Conclusion
Accounting Software is a revolutionized process for the industry. The software has been a boom
for the business as it gives a push to the business, and the software has made the work very easy
for the business organization. The organization is nowadays relying on accounting software
technology as this technology is very evident and helpful as it is very transparent and work
effective, and the total work is done through the use of technology. So having the use of
technology makes the business runs smoother and faster.
So, Accounting Technology has got a good advantage in the business field.

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