HI5019: Accounting Information System for Eureka Limited - Report

This report presents a comprehensive analysis of accounting information systems tailored for Eureka Limited, a company with 85 employees and a revenue of $20.6 million. The study begins with an introduction to accounting information systems and their significance in modern business environments. It then identifies the key business processes of Eureka Limited, including customer relations, order fulfillment, and customer management, and evaluates the associated control risks. The report explores the different types of software programs, such as accounting, CRM, and ERP, and provides a detailed discussion on the characteristics and purposes of accounting software. The study emphasizes the importance of Oracle ERP and MIS systems for Eureka Limited, detailing their functionalities and benefits. It also includes a comparison of different accounting software options to help the company make informed decisions. The report concludes by highlighting the advantages of implementing an effective accounting information system to improve decision-making, enhance customer relationships, and optimize financial processes. The analysis is based on the case study provided in the assignment brief, with the aim to provide strategic insights for improving business operations.

Accounting Information System

Executive Summary
Accounting information is an apparatus that provides management to collect, save, evaluate and
convey all the information and data to the managers of the company. Another clause refers that
accounting information is a tool having specific data and approving a group of hardware and
software. Businesses use this accounting information to make a selection, examine the
differences between procedures and it also helps to make better relations with customers and
providers of services or goods. Nowadays, most of the organisations wish to adopt this
accounting software to perform their work and activities in the best manner and that will help the
organization to achieve its goals or objectives.

Contents
Accounting Information System......................................................................................................1
Executive Summary.........................................................................................................................2
Contents...........................................................................................................................................3
Introduction......................................................................................................................................4
Main body........................................................................................................................................5
Business requirements.....................................................................................................................5
The key business process for the Eureka Company....................................................................5
Control risk for the business processes of the company..............................................................6
For controlling these issues there are some infusions.................................................................7
System requirements........................................................................................................................8
Type of software program...........................................................................................................8
Characteristics and purposes of accounting software................................................................10
Software selection..........................................................................................................................11
Characteristics of MIS...............................................................................................................11
More explanation of accounting software.................................................................................12
Accounting software for the company.......................................................................................14
Comparison between the accounting software..........................................................................16
Conclusion.....................................................................................................................................18
References......................................................................................................................................19

Introduction
The companies in the current world of changing environment want to check and pursue the
application and the system of the accounting software that helps in solving the issues related to
accounting management. Moreover, this assignment will provide accounting and some useful
tools for growth of business and its activities, it would be helpful for attaining goals as well as
set up future plans for the organization (Al Bataineh & Bataineh, 2018). Further, this assignment
also refers to price and implementation process of software. Here in the assignment the limited
company named Eureka is taken which is having around 85 employees with them. Last year the
revenue of the company increased to $ 20.6 million. This company is having its business from
very long time and it is also related to providing beverages, drinks too many other businesses and
also involves chain stores with it. Eureka limited also deals in Ent ERP rise sports but from last 9
months it not having a good level and evolution in business due to its lack of resources.
Woefully, company disordered its all receipts and statements because it was unable to fix any
price and charges for its products.
.

Main body
Business requirements
The key business process for the Eureka Company
There are various business processes that the company maintains which includes the following,
 Administration and connections with customers- Eureka limited is having its chief
business and dealing in providing goods and beverages, food to its clients so for its
betterment company requires to maintain well and best possible relationships with
customers. The growth in customers due to its good relationships with customers also
enhance the number of investors in the company and also gave assurance to them for
more investment in the company (Collier, 2015). It also assists the company to make
more customers and increase their satisfaction level, due to this customers give their
feedback to the company and it improves its product quality also make products best in
manner. So sponsorship determination is must important for eureka limited.
 Customer management service- eureka limited is having its focal point towards its
customer’s management and having their feedback because with the support of customers
company can evolve and can access its objectives easily. The company planned many
procedures and regulations for having control and management for customers. It should
also provide a fresh and better meal to its customers and maintain a clear and correct
assessment report of its dealings with customers, the report should not have any
ambiguity.
 The accomplishment of orders of customers- Company also pays attention to identify
requirements of customers and fulfil their needs and accomplish their orders at the right
time. Eureka limited also having a full enquiry of customer’s satisfaction and their
product selection. The company also applies new alterations in the production of goods
and produce merchandise according to the requirement of customers. A company having
the staff members who are potential towards their working and they work with
punctuality without having any deferment in customer’s orders, with the help of it
company can get knowledge about customer’s captives.

Control risk for the business processes of the company
Produce the latest products with advancements and alterations according to customer’s choices,
apply new packaging manner and apply new infusion in the market without any risk.
The company can available best quality products with good packaging to its customers at an
international level with high advantages (Esmeray, 2016).
Achieve and maintain all sports-related with follow up rules and procedures of government
organization rules connected with society and the environment.
A company dealing in its business only in products and commercial business in an ordinary
manner and not applied any latest planning or policy for sports. Company and its employer made
many vagueness’s, variability and flaws in the company and its employees. The company
applied many accounting procedures and having a discussion point, there was not any validation
data for its employees and their revenue. There were also some main issues that impact business
procedures and its operating approaches moreover having the impact of manager’s selections in
the organization. There was a problem of controlling information system and due to this
company is unable to make the better transmission of information to suppliers and management
and due to this, it was not able to have correct data of its employees (Kieso, Weygandt &
Warfield, 2016).
There are many activities connected to receipts and transactions that are made inaccurate,
ambiguity and flaws with transactions even after applying proper management accounting
system and all transactions connected to finance. There are many transactions that are required to
record very carefully and without any ambiguity but manual accounting system is not able to
provide desired accounting information and data to the company because the company wanted
better financial records of the company to make access for company’s goals.

For controlling these issues there are some infusions
Eureka Company facing numerous issues connected to accumulate, examine, control and
available data to staff members related to the endowment of the company.
For the betterment of these Issues Company required to apply some accounting software such as
Oracle ERP and MIS. These software’s will provide assistance to the company to make policies
for products, its manufacturing and make advertisement for products moreover providing to
customers these products. Oracle ERP software provides the company to make better peer up for
choosing orders and made available to customers (Kothari, 2019). This software also provides a
monthly summary of all accounting transactions that are recorded in this system and it also
assists to the management team for their best decision in the organization to cope up with issues
that are emerging in the company. After adopting oracle ERP accounting Software Company will
get benefits to make and compare all bills in the organization. With the assistance of this
software transactions and information,’s can be made advantageous for future.

System requirements
Type of software program
There are various types of accounting software that are considered for the purpose of
implementation which includes the following:
Accounting: These are kind of utility software that helps to keep the file of monetary
transactions, bills payable, account receivable and trial balance. It capabilities as the accounting
records machine which includes the third party utility this is internet enabled. Exclusive styles of
accounting software are getting used for coping with the information and develop a brief eBook
of commercial enterprise accounting that facilitates to make selections for creating the
customized capabilities considering the strength and weak point. Eureka can use accounting
software for stock, inventory, expand the acquisition order, billing and income order to maintain
the record of economic activities. Furthermore, accounting software allows providing the digital
payment, taxation document and enterprise file planning. Majorly accounting software entails
the spreadsheets, agency accounting software program, custom accounting software program and
commercial accounting that have been utilized consistent with the desires and requirements of
the corporation.
CRM: Patron dating management (CRM) software program is beneficial for an employer to
accumulate and reading the facts about the client and craft development inside the products and
services accordingly. This form of software is used for managing the relationship with the
clients, retention, pressure the sales increase and communicate with them thru different online
assets. For business enterprise Eureka this software program is critical to increase the
commercial enterprise and maintain high-quality verbal exchange. There is various sort of CRM
software program are available that could be used for handling the relationship with a patron that
involve Salesforce, Infusion soft and fresh desk. By way of enforcing the proposed software of
CRM organisation may want to have an impact on the overall performance of sales teams
advertising and marketing and music lead era and remedy the customer complains in much less
time. Furthermore, this software program will help Eureka to preserve the clients with the aid of
presenting the products and offerings according to wishes and presenting prior information about
the features.

ERP: agency resource making plans (ERP) is a category of commercial enterprise control
software program that would be useful for Eureka to gather, keep, analyse and communicate the
information with the body of workers and clients. The principal sports of business enterprise are
product making plans in step with wishes of customers, manufacturing, inventory, transport,
payment and provider shipping. Which will manipulate all facts and operations ERP device
would be useful for the agency because it combines the commercial enterprise system and
develops the database for real-time facts. By the usage of the records, the pinnacle management
of Eureka can make the decisions for implementing the modifications in the operational and
functional sports a good way to help to overcome the problem of lacking in records and have
error loose transactions.

Characteristics and purposes of accounting software
The main sports of eureka limited is preparation for the product its manufacturing and
packaging, an advertisement for it also and available it to customers according to their demand.
It also assists to decide and manage, compares product prices. Accounting software provides all
information’s and knowledge to a company with related data and real-time facts. Eureka limited
owned 530 farms and produce merchandise, provide it to customers on a global basis. Oracle
ERP system provides work on a real-time basis not on a regular basis and its real-time data assist
company (Laudon & Laudon, 2016). Company seeking for accounting software that will help the
company to make transactions related to economic activities, staff members and data related to
purchasers. Oracle ERP system provides ordinary and company having all database in an
arranged manner. With the implementation of ERP, system management can make the best
selections and provide them to the higher management team without facing any issue that is
above mentioned.
Oracle ERP is a very effective and appropriate for the company because of its available
economic accounting, budgeting and cost control. Eureka limited can reach all correct data and
information and with the help of this company maintain effective relations with consumers,
suppliers and management of the company (Libby, 2017). This accounting software provides
better maintenance of cash inflow and cash outflow with each transaction.

Software selection
Characteristics of MIS
 The flow of database- in MIS accounting software there are effective information’s and
continuous flow of database without any issue it is helpful to take better decisions in the
company. It provides cash transactions in digital format and it easy for the company to
maintain consumer database on a regular basis.
 Decision making- MIS system provides real-time data not data on a regular basis and this
0real-time basis database helps the company to take decisions by managers and
employees in the company.
 Collection of information- computer system and latest technologies combine and provide
help to achieve, manage information of quantities data (Maskell, Baggaley & Grasso,
2016). This software combines the latest accounting database and information’s to attain
the latest evolvements.
 ERP procedure- MIS system is a complex procedure it can be typical for a company to
carrying business activities at a worldwide level. It requires each business to manage its
database according to the value of time and data.
 Software is economical- it provides to maintain a huge database and make information at
very low cost and the inconvenient way by using a laptop. This software does not record
all transaction with it, it only records relevant and important data for the company and it
also mitigates the cost of recording and maintaining data.
 Varieties- it maintains an only basic and relevant database for the company and also
records information’s that are required for record and these are recorded at very
minimum cost.
 Perfect for future- the market is varying and having alternating situations in it so software
is designed to collect data and manage problems according to future alterations (Patel,
2015). It is made for the future. It is selective and provides assistance to the manager to
make better decisions.
 Mould ability- the accounting software that has to be implemented is having flexibility
and nature of getting changes easily according to changing the environment.

More explanation of accounting software
To attain it set goals and objectives of business it requires to choose and implement an
accounting system and it assists the company to increase its operational activities and processes.
In the present scenario, there are many types of accounting software’s these are provided
pathways, dealing with customer’s information. After finding out all requirements and
characteristics of an accounting system employer that MYOB is select to refer to it (Schaltegger
& Burritt, 2017). MYOB accounting software is the best suitable option for business who is
dealing in online and offline both the activities and access connected to the business. MYOB is
very important software to collect, implement and record all data and information related to
customers and their orders. MYOB is the software that assists the management team in the
company and with the help of it software decisions can be taken very effectively and these
effective and relevant decisions help to gain revenue and sales. It very utilizes the database for
the management team to impact all operational activities in business and provide information
related to sales and income and it helps the management to manage sports. In this accounting
software database and information is provided in the text, tables, charts and very easy manner
that can be easily accessed and manage by the company. To solve long and complex calculation
in an organization can be done very easily and in very less time with the help of this accounting
software. This accounting software provides accounting data with all accuracy and relevant
information. It is very useful for choosing options and help to make operational activities.
Application
For the application of these accounting software systems like MYOB and CRM, an organization
seeking for collecting data, evaluating data and examine values and other wishes of hardware
and software. After examining about accounting software its cost is approx. $72000and with
additional costs like set up and installation charges will increase its value. Complete and
effective utilization of this accounting software can be made easy for personnel and other staff
members who are authorised to work with it requires to provide better knowledge and proper
training about accounting information to them (Sledgianowski, Gomaa & Tan, 2017). For the
implementation of this accounting Software Company needs to provide proper knowledge and
training to employees, arrange sufficient fund for selection of software and it also recruit some
new employees who are having expertise in working on software. The company also make
proper infrastructure for implementation of it and make its effective use.