Accounting Software for Eureka Limited: A Business Report

This report provides a comprehensive analysis of accounting software solutions for Eureka Limited, a family-owned business. It begins by outlining key business processes, including customer strategy, financial analysis, and accounting management, and identifies major control risks. The report then delves into the features and functionalities of accounting software, explaining how it can achieve business objectives and minimize risks within Eureka Limited. It further explores three accounting software package vendors: MYOB, SAP, and Xero, providing brief descriptions of each. The report categorizes accounting software, differentiates between features, and ultimately recommends the most suitable vendor and accounting software package for Eureka Limited, based on a thorough evaluation of their specific needs and requirements. The analysis covers aspects such as features, functionalities, and vendor comparisons, providing a detailed framework for informed decision-making to optimize business processes and mitigate risks.

Strategic Information Systems for Business and
Enterprise

Executive Summary
It has been used the ERP system for managing and controlling the information about the
financial and accounts. It useful for organization to reduce the control risk overall system in
appropriate manner. In this report, it has been found the functionalities and features of
accounting software to understand their logical concept which help for collecting and gathering
all records to arrange in proper manner. It has been demonstrates that ERP software suitable for
organization which handle the complex situation and condition during executions.

Table of Contents
INTRODUCTION..........................................................................................................................3
MAIN BODY..................................................................................................................................3
Discuss about the key business process of Eureka Limited........................................................3
Determine the major control risk for the business process of Eureka Limited...........................5
Discuss about the Features and functions of accounting software..............................................5
How it can achieve the business objectives and minimize the control risk in Eureka Limited.. 7
Describe the three different accounting software package vendor such as MYOB, SAP and
Xero and brief description of each vendor or its products..........................................................7
Categorise the accounting software and what suitable for Eureka Limited. ..............................8
Differentiate between the features and functionalities of two different accounting software
package that offered by vendor...................................................................................................9
The most suitable vendor and accounting software package for Eureka Limited and why. ....11
CONCLUSION.............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Strategic information system is a process that implement in the organization to manage
the operations and functions. It will implement the information services sources that applied on
the enterprise to increase the capabilities and abilities. This report will discuss about the key
enterprise process of Eureka limited and also identify the major control risk in the organization.
Moreover, there are different type of accounting software available which provided the services
by vendors in global marketplace. This report will discuss about the business objectives and
minimize the control risk in Eureka Limited. Furthermore, it will understand that which software
is the most suitable for business process to handle the business operations and functions.
MAIN BODY
Overview:
Eureka Limited is a based on family owned organization with around 73 employees and
sales revenue increased to more than 18.5 Million during the last years. This type of business
has been exploring their products all over the world, it also supply the beverage products to the
different business such as supermarkets and other supply chain. Eureka Limited has experienced
the mixed fortunes over the year to maintain the business performance and efficiency. It has
launched the new healthy products in global marketplace.
The organization has required to use the Package of accounting software that can
maintain the financial statements of business. It also handle the business information to run in
smoothly.
Business Requirements:
Discuss about the key business process of Eureka Limited.
The team of Eureka limited has performed the business process when documentation
experts that equip with the platform that need to maintain overall structure of business
(Aboelmaged, 2018). It has a technical knowledge to get with the platform that are used by
front-line members and performed the task management. There are variety of business process
in the Eureka Limited and discuss in given below:
Customer strategy and public relationships
It is an essential business process which required for organization to create an effective
strategies and planning to manage the operations of enterprise in proper manner. Eureka firm has
planning the strategy to determine the need of consumer and their demand towards the product

and services. In this way, The organization has given the product as per demand that useful for
business to increase productivity and profitability in global marketplace (Akhtar, 2018). It can
possible when promoting the sales to mention the quality, technology and accounting details on
it. It is directly influence to build the strong relationship with the consumer and also maintain the
loyalty, trust.
Financial analysis
It is a process or method of evaluating the business, budgets, projects and other related
entities to identify the suitability and performance of organization. This type of operation can be
performed in the organization to analyze the profit rate in global market. In Eureka firm,
Financial analyst is conducting the report and concern about the cash flow, income statement,
balance sheet etc. These operations are performed by the system to handle every task in
smoothly manner.
Accounting management
Accounting management is a process to analyze the costs, records and accounts of
business. It helps the manager to take decision on the process of enterprise operations and
functions. It is act of making the sense of financial and costing the information or translating
into the useful information (Kasemsap, 2018). In Eureka Limited, Accountant look at the event
that happen around the enterprise while considered the requirement of enterprise. On the other
hand, cost accounting is a method of translating the actual estimation and information into the
knowledge that will be used in the decision making.
Determine the major control risk for the business process of Eureka Limited
Business risk is exploring the Eureka firm that has factor to decrease the profitability and
productivity in global marketplace. The organization has an ability to meet its objectives and
achieve the financial goals. There are different type of risk come from the sources. It is
associated with the overall operations of enterprise entity (Rouhani and Lecic, 2018). These type
of things improve the ability to provide the shareholders and investor with the adequate returns.
The major control risk influence by different type of factors in organization such as rules and
regulations, competition, demand and preferences of consumer. There are different type of risk
occurs in the business operations and functions of Eureka Limited.

Operational Risk- It involves the operational risk is that when it has required the proper
maintenance of essential system, equipment and resources etc. Eureka Limited has maintained
the different activities which only afforded at the time. If the account and financial operations
maintained by the staff members. They can easily calculate the overall cost of budget and salary
of employees. It has possibilities of risk related the fraudulent activity which causes the
operation risk.
In this way, Eureka Limited has planned the effective strategies and coordinate with the
other vendor those who provided package of accounting software to manage and control all
enterprise operations and functions in proper manner. This type of software has provided the
better quality of facility to handle the complex situation during the task execution.
System Requirements:
Discuss about the Features and functions of accounting software.
Accounting software is a type of fundamental application that allows the Eureka to easily
record all the flow of money for external and internal auditing as well as reviewing. It is
primarily platform for assessing the financial condition of business and also meeting the legal
aspects through financial tools such as accounts payable, inventory, billing, purchased and
inventory management etc. These are different type of application implement in the system to
expand the overall application in different works (Shanks and et.al., 2018). A good accounting
software will help the enterprise success because it has capabilities of managing the profit and
loss of financial transactions in effective manner.
Features of Accounting software
 Accounting software should able to handle the billing system and also keep track all the
activities of enterprise such as accounts receivable through consumer and its payment
activities.
 It useful for ensuring the overall revenue of business which never delayed because
employee forgotten to send the invoice. It is automated to maintain the statements, later
remainders and act as collection of department.
 It provide the facility for the consumer to pay bill by electronically. This software allows
to direct deposits into the accounts.

 Eureka Firm has a lot of payment by checks so that the accounting software easily print
and process to save time. It help to maintain the check voiding and duplication in check
payment notifications.
Functionalities of Accounting Software
 Accounting software is automated the financial transactions. It has created the multiple
documents from the single entry. It is also creating the invoice for the purpose of
calculation, taxes and shipping etc.
 Accounting software is added the security layer of enterprise financial data so that
employee can assign the user with the username and password to specific areas of
accounting. Employees are processes expenses those who manage the entire accounting
by using software (Shao, 2019). It is secure the financial information and cannot access
the data without any authorization.
 It has performing the function of reporting which give the view of enterprise. It can
customized the software as per requirement of resources. Reporting management is a
critical part of business which has required to use the accounting software to control and
manage the operations and functions.
How it can achieve the business objectives and minimize the control risk in Eureka Limited.
Accounting software is helping the business process to test the task of organization and
analyses the data which compiled. By automated the task, It has controls the collection of
practices, procedures, policies, estimation cost, price and budget etc. Accounting software is
developing the aim to provide the assurances of organization enterprise objectives. It will be
achieved to preventing the risks, taking the correct actions and detecting risk in the operations. It
is managing the overall internal control to reduce the risk that may pose potential threat to
achievement of business goals and objectives (Tanakade, Barros and de Souza, 2018). For
Example- There are risks generated at the time of auditing because it has increased the
misstatement in the enterprise financial reports, Without having the internal control of system or
audits. It is very difficult to create reliable and appropriate financial report in proper manner. In
this way, it is necessary for business to use the proper accounting software that can help to
generate the proper report.
Accounting software is helping the organization to achieve the enterprise goals and
objective. It is also reducing the risk in the business activities.

Software Selection:
Describe the three different accounting software package vendor such as MYOB, SAP and Xero
and brief description of each vendor or its products.
Companies have a bring to the efficiency in the processes to minimize the cost of operations and
functions which making profits, It has a making the process efficient by using computerized
technology such as accounting software package that control the faults in the system (Ullah
Baharun andYasir, 2018). There are different type of software package vendor to provide its
own accounting software in global marketplace.
MYOB:
It is a type of Australian multinational organization which provide the taxes, accounting
and other services to medium business. It was founded in early 1980 a team of developers and
also developing the accounting software such as MYOB product. This type of software product
now driving the global development of business management.
MYOB is basically suite of subscription based product which browse the accounting
product and released in 2010. MYOB essentials is cloud based online accounting software that
help to manage the cash flow and auto compliance requirement. It has become the household
brand in Singapore and other countries. It super easy to use the accounting software which
ability to create chart, real time viewing of reports and information of daily basis transaction.
This software supports the data entry information such as charts, images, details of control panel
displayed in the system. It allow the user create multi companies, modifying report, amend
purchase and invoice, cash flow chart etc.
SAP:
SAP is based on the German multinational software company that make business
software to manage and control the operations, functions and consumer relations. Its
headquartered is situated in Walldorf with the multiple regional offices in different countries.
The organization has launched the commercial accounting software such as ERP Ullah Baharun
and Yasir, 2018). It is the completes financial accounting system that sever the ongoing
development through different modules of software. It offers the system for multi tasking to use
of data storage and improve the maintenance of data.
Enterprise resource planning software is cloud based software that incorporate the
enterprise functions. It includes the ERP operations related the sales and distribution, production

planning, material management, financial supply chain and accounting manage etc. It is the most
suitable of information storage to calculate the record of financial details in proper manner.
Xero:
Xero is a based on the public software company that offers the cloud based accounting
software tool and platform for business. It is located in multiple countries such as New Zealand,
US, UK etc. The organization has launched the cloud based Xero accounting software that
perform different functions such as account payment, credit card feeds, reporting management.
It is automatically import the bank and other credit card statements. It offer the application
which enables the consumer and software vendor integrated with the external application of
Xero. This software is stored the financial information on the cloud and allows the employee to
work in same type of local or operating system.
Categorise the accounting software and what suitable for Eureka Limited.
Accounting software is targeting the business operations and functions, supporting the
accounting transactions, managing budgets and simple account reconciliation. Eureka limited is
established the business all over the world. It is used the most appropriate and suitable
application software that allow for managing and controlling the accounting functions. It is
performed frequently sever a single country market.
Accounting software can be divided into three different categories such as low, mid and
high ended etc.
High ended software is suitable for Eureka limited to resolve the issues and problem in
the task complications. SAP is a type of multinational organization to provide the ERP
accounting software which suitable for Eureka business to handle all type financial activities.
It has required the general accounting function which necessary for business software
that may capable of serving the need of multiple country accountancy standards (Ullah Baharun
andYasir, 2018).. Customize ERP system can be used by the Eureka limited because it helps
record the data for long term benefits. It is automatically set the functions which need the
significant integration, customization and configuration. This system is designed to support the
individual business with the specific processes and also tailored to exact the need of enterprise.

Vendor Selection:
Differentiate between the features and functionalities of two different accounting software
package that offered by vendor.
There are different ways to compare between the two different type of accounting software such
as SAP ERP and MYOB software.
Features:
SAP ERP MYOB
 It is the most powerful accounting
software as compare to MYOB
software.
 It is a less powerful accounting as
compare to SAP ERP system.
 It provide the facility when multiple
user can access the information at same
time.
 It is based on the multi currencies and
multi lingual etc.
 It also manage the cash flow
management system to record the
details about the task that can hold by
ERP system.
 It is supporting the financial activities
that occurred in the organization to
manage the business operations and
functions.
 ERP system is managed the inventory
system and delivers the powers or
flexibility with ease of use in the
industry.
 This type of software is reducing the
time period of sales cycle in time
intervals.
Functionalities:
SAP ERP MYOB
 It is providing the greater insight into
all facets in the business and also
control the overall flexibility to
increase the enterprise all over the
world (Aboelmaged, 2018).
 MYOB is providing the flexibility to
strong build the entire business
management ans its solution. It also
meet all type individual enterprise
requirement such as easy accounting,

fully integrated consumer management,
costing of projects and financial
transaction etc.
 It is mainly used the back office
operations when it automate the task
and streamline the cross workflow
between the departments.
 It give the power to process the
complex system and making chart of
accounting for the purpose of data
management.
 Users are integrated with the
accounting ERP system from the
telecommunication and other
companies. It offers the performance
management module to increase
productivity and profitability.
 It is performing the task to handle
consumer and supplier data base
tracking that run products, customers,
inventory and suppliers.
The most suitable vendor and accounting software package for Eureka Limited and why.
SAP is the most suitable vendor that provide ERP software package which help to
manage the overall business operations and functions. It is the best choice for Eureka and
support all type of ERP functionality. It useful for organize the file by modules. It has
capabilities to explore the strength and weakness. ERP accounting software is mainly used by
business purpose to track the information about the product cost, price and estimation . It is
easily store and enter the data into the single database system allow all department to work with
same type of information (Ullah Baharun andYasir, 2018).. The software can be analysed and
organized and made in the form of reports. It brings the customer management, inventory,
supply chain and business intelligence into one type system.
There are different type of features available in the software to make distinctive
competitors in global market. There are multiple version available that can use as per
requirement of business. It is one time investment and saving the money at all. It help the staff,
employees to utilise their time effectively. The organization is used the central database which
much easier to modify, retrieve in proper manner.

On the other hand, It consist of features to improve the collaboration between the
employee and management. The organization is used the centralised database which integral part
of ERP and provide the single source of trust at workplace. In this way, it has increased the
errors and and reducing the costs. ERP can record and store the information of users, it makes an
appropriate tool for the purpose of enterprise intelligence. SAP vendor provide strong features
and functionality to increase the speed in task management.
ERP system provide the customize dashboard to see all report on the system. It involves
expense statements, income generation that offers insight into the certain functions. It ability to
access the report quickly and enables to make better decision in proper ways. ERP system is
utilising the bar-coding, serial numbers and tags to keep on inventory during the supply chain
process. It help to keep record and track the inventory level of warehouses.
CONCLUSION
As per discussion, it concluded that Strategic information system is a systematic
process that can use in the organization to manage and control the business operations and
functions. It helps the business to increase the capabilities and abilities task management. It
summarised that key enterprise process of Eureka limited and also identify the major control risk
in the organization. This report discuss about the business objectives and minimize the control
risk in Eureka Limited. Furthermore, it understand that which software is the most suitable for
business process to handle the business operations and functions. It determine the features and
functionality of two different software such as MYOB and SAP ERP System.