HA2042: Accounting Information Systems - Software Selection Report

This report provides a comprehensive analysis of accounting software selection for Eureka Limited, a beverage manufacturing company. The study examines the company's business procedures, including manufacturing, pricing, and accounting management, along with the challenges faced, such as production and accounting risks. The report identifies the major needs and requirements of an accounting information system, focusing on the features and functionalities of accounting software. It then delves into the core packages of SAP, MYOB, and XERO, comparing their features, vendors, and product offerings. The analysis includes a comparison between SAP and XERO based on cost, flexibility, and other relevant factors. The report concludes by recommending suitable vendors and accounting structural packages for Eureka Limited, providing valuable insights into optimizing their accounting processes.

ACCOUNTING INFORMATION SYSTEM
Page 0 of 18

ACCOUNTING INFORMATION SYSTEM
Executive Summary
In the recent years, it can be observed that the organization has maintained the rules
and regulations of the government and installed the accounting system for
measuring the internal amount of funds and the flow of the records.
In this study, it can be noted that the business entity has optimized over three main
accounting software tools and techniques, which includes the SAP, MYOB and
XERO, which have been primarily accessed by the organization.
The Eureka Limited should optimize for the Android or the OnTheGo applications
that are the basic elements the MYOB which has provided immense support to the
customers within a specific time frame.
Page 1 of 18

ACCOUNTING INFORMATION SYSTEM
Table of Contents
Introduction...................................................................................................................1
A. The requirements of the business............................................................................2
1. The business procedures of the Eureka Limited..................................................2
2. Different controllable threats and the risks within the business stages................2
B. The major needs and requirements of the System..................................................4
1. The main features and the functionalities of the accounting software.................4
C. The selection of the appropriate software................................................................5
1. The core packages of the accounting software....................................................5
2. The sections and the categories of the accounting software...............................9
D. Selection of the Vendors........................................................................................10
1. Comparison between the vendors......................................................................10
2. Suitable Vendors and the accounting structural packages................................11
Conclusion..................................................................................................................12
References.................................................................................................................13
Page 2 of 18

ACCOUNTING INFORMATION SYSTEM
Introduction
The main motive and the objective of the study have been to demonstrate the
important roles and regulations of the accounting software. On the other hand, the
management procedures of the organization have also been established at the same
point in time. The accounting software has also been known as one of the important
aspects of the organization for making the accounting procedures simpler and
efficient for overcoming various problems within the organizational culture. On the
other hand, it can be observed that the Eureka Limited has also managed the
process of the accounting software in the very significant manner for making the
business process more lucid and will be identified by all other organizations of the
external business environment. Moreover, Eureka Limited has maintained the core
procedures of the accounting software with the help of the tools and techniques for
mitigating the major risks and threats to the organization.
Page 3 of 18

ACCOUNTING INFORMATION SYSTEM
A. The requirements of the business
1. The business procedures of the Eureka Limited
It can be observed that the Eureka Limited has been one of the largest organizations
of the world, which produces and manufactures the beverages products for the
customers. It can be further noted that there are only 73 workers and staffs for the
organization and the organization has been established 55 years ago in the external
business environment. In recent years, the organization has visualized inevitable
growth in the business environment and there are also some of the core business
procedures that have been elaborated below
The manufacturing of the core cocktail or the beverage items
There are many price bars for the products that are manufactured by Eureka Limited.
It is because the organization has targeted to deliver their products at all levels of the
customers. This has been regarded as one of the most important strategies taken by
the organization, which helped them in the core business procedures that have been
initiated by the organization in the recent years (Libby 2017).
The process and the procedures of the accounting management
In recent years, it can be observed that the Eureka Limited has processed for the
core accounting management techniques for managing the balance sheets and the
profit and loss statements of the organization. On the other hand, the accountants of
the company have also been forced to mitigate the number of transactions at the
same point of time.
The management of the different innovations
The technological advancements and the innovations are very common within the
organizational culture of Eureka Limited and they have installed new types of
machinery in recent years (Schaltegger and Burritt, 2017).
2. Different controllable threats and the risks within the business stages
Within the business procedures of Eureka Limited, the employees have faced many
problems, threats and issues at the same point of time. Thus, it can be further
understood these threats and the issues have affected the growth of the accounting
Page 4 of 18

ACCOUNTING INFORMATION SYSTEM
management process and the steps related to the management of the innovations
and technologies. Some of the issues have been described below
The Production risks and problems
It can be observed that there are some of the risks and threats related with the
production of the materials and the finished products, which created the major loss of
accounts and the depreciation of the types of machinery at the same point of time. In
this case, it can be further understood that due to the unavailability of the data, the
Eureka Limited has also felt much problems at the time of decreasing the core
manufacturing cost (Collier, 2015).
The accounting risks and threats
It can be observed that there are core risks and threats related to accounting
management because the whole work is the responsibility of the cost and the
chartered accountants of the company. Thus, due to the core reason, it has been
observed that the manual or the physical system of accounting have been very slow
and accountants failed to calculate long balance sheets manually (Prasetya and
Utama 2019).
Page 5 of 18

ACCOUNTING INFORMATION SYSTEM
B. The major needs and requirements of the System
1. The main features and the functionalities of the accounting software
In this section, the main features and the functions of the accounting software
installed and applied by the Eureka Limited have been described for the core
mitigation of the control threats and risks. In the recent years, it can be observed that
the organization has maintained the rules and regulations of the government and
installed the accounting system for measuring the internal amount of funds and the
flow of the records. The features and the functions of the accounting software of
Eureka Limited have been elaborated below
Features of the accounting software
The efficient production and the manufacturing system: It can be understood
that with the help of the core accounting software, the organization has been able to
increase the units of production and increased the readiness of the manufacturing
process (Maskell et al. 2016).
Processing and the collection of the data: The gathering of the data and
processing the same has been one of the important features of the accounting
system of the Eureka Limited. Thus the calculations of the balance sheet and the
profit and loss account of the organization have been even much faster than before
(Prasad and Green 2015).
Functions
Budgeting with core assumptions:
In case of the Eureka Limited, there have been many analysts of the organization,
those who are much employed for the budgeting and forecasting of the profit margin
for the benefit of the organization.
The managerial procedures for fixed assets:
The management as well as the assessment of the fixed assets can be done with
the help of accounting system.
Page 6 of 18

ACCOUNTING INFORMATION SYSTEM
C. The selection of the appropriate software
1. The core packages of the accounting software
In this section, the core package of the accounting software has been described
along with the other functions of the SAP, MYOB and the XERO. It can be further
observed that SAP, MYOB and the XERO have also been one of the important
software tools for the creation of productive packages at the same point of time.
Vendors
The SAP process has been manufactured and first set up by five entrepreneurs in
Germany in the year of 1972. The name of the organization was SAP which has
more than 437000 employees in the current financial year.
Features of the SAP products
There are some of the important features of the SAP, which includes some of the
accurate reporting methods and systems for the further enhancement of the
business organization.
On the other hand, it can be observed that the SAP software has also been highly
configured for the core benefits of the employees within the organizational culture.
Page 7 of 18

ACCOUNTING INFORMATION SYSTEM
Figure 1: SAP Accounting Software
(Source: Gelinas et al. 2017)
Products:
There have been some of the SAP Products which are included within the
accounting software are listed below
 Network Management software and Spend initiations
 ERP and digital methods or core
 Human resource management and employees
Page 8 of 18

ACCOUNTING INFORMATION SYSTEM
Figure 2: SAP Products
(Source: Fagbemi and Olaoye, 2016)
Page 9 of 18

ACCOUNTING INFORMATION SYSTEM
Accounting Software: MYOB
In case of the Vendors, it can be observed that the MYOB has been one of the
largest organizations of Australia, which has the primary task in providing the
taxation services and the accounting and managerial business practices at the same
point of time.
Features of the MYOB are as described below
 The Android or the OnTheGo applications are the basic elements the MYOB
which has provided immense support to the customers within a specific time
frame.
 On the other hand, it can be observed that the MYOB process also supports
the core consumers of the organization with the help of many technological
and innovative implementations at the same point of time.
Figure 3: MYOB Accounting Software
(Source: Laudon and Laudon, 2016)
Page 10 of 18

ACCOUNTING INFORMATION SYSTEM
The core products of the MYOB software are as follows
 Account Right Premier
 Edge Basic of Accounts
 Edge Pro
 Live Accounts
Accounting Software: XERO
In case of the vendors, it can be observed that XERO has been one of the largest
and the listed organizations of the New Zealand stock exchange, which provides
valuable data and information that are much related with the cloud computing. On
the other hand, it can be noticed that the organization has also distributed a number
of goods and services to different countries like Australia, Canada, Asian countries,
United Kingdom and the United States of America.
Features of the XERO product
 The time frame for the core process of the software has been incorporated
within the learning system of the organizational culture.
 In most of the times, XERO requires the core support of the ICT terminals
Page 11 of 18