Cloud Accounting Software Analysis Report for Action Sports

This report analyzes various cloud accounting software options for Action Sports, a sports clothing and accessories business. It evaluates software like Reckon One, QuickBooks, Saasu, Xero, and MYOB, highlighting their features, benefits, and suitability for small to medium-sized businesses. The report emphasizes the importance of selecting software based on individual business needs, considering factors like cost, design, and user-friendliness. It also includes a practical component involving setting up a company in Xero and processing transactions, along with generating financial reports like Profit & Loss statements, Balance Sheets, and Aged Payables/Receivables details. The document is available on Desklib, a platform offering study tools and solved assignments for students.

11636433-Action Sports
11636433-Action Sports
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Contents
Part A: Reports are attached as PDF files........................................................................................3
Part B:..............................................................................................................................................7
Introduction......................................................................................................................................8
Cloud Accounting Software............................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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Part A: Reports are attached as PDF files
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Part B:
Executive Summary
The report has been undertaken to analyze the feature of various type of cloud computing
accounting software to gain an understanding of their benefits to software accountants.
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Introduction
In the fast changing world, the use of computers has been increased a lot that makes
accountants dependent on the use of accounting software to process the business transactions and
to generate the financial accounts. There are various online accounting software available in the
market that provide with all the features required to process the various transactions and have
embedded features of GST, Payroll, Digital Dashboard, bank reconciliations and option to
generate the reports. In this report, information to David and Victoria has been provided on other
cloud accounting system available apart from Xero.
Cloud Accounting Software
The cloud accounting software helps all the types of business structure and ranges from
small size enterprise to large size enterprises. The cloud accounting software if similar to the
basic accounting software but it has few unique functions such as maintenance of complete
accounts, online option to edit the accounting details and save them to get access anywhere and
anytime. Some of renowned cloud accounting software that has all such features is as follows:
 Reckon One: It is the one of the newest online software accounting packages that is
regarded as the most flexible and also economic to be used. It is relatively easy to be understood
by the end users and thus reports can be easily generated through the help of this accounting
software (Tracy, 2013).
 QuickBooks: This accounting software is relatively easy to be understood by the end
users and is also economical to be purchased. The software helps the businesses to create the
invoices such as outstanding bills, bank reconciliation and receiving payments through gaining
information about the GST rates. The use of online banking integration feature provided by
QuickBooks facilitates in automatic update of the accounting transactions. The software is
mainly used by the small and medium-sized companies for managing the invoices and payroll
functions.
 Saasu: This software package enables the businesses to monitor the financial statements
on a continuous basis and also managing the outstanding bills. It can also update the daily
business transactions on the bank and supports the inventory management system and payroll
functions (Jenkins, 2016)
 Xero: It is type of cloud computing software that is mainly designed for managing the
accounting transactions of the small and medium sized companies. The software accountants can
create, reconcile and settle the invoices through the use of the software. The software has to be
subscribed and is relatively flexible and easy to use by the new users.
 MYOB: It is the most widely used accounting software that comes with the trial session
of 30 days and its dashboard is simply designed with easy click options, that is, money out and
money in. The software stores the scanned coy of bills and thus it is easy to extract the records of
the bill for calculating the payments (Smith, 2013).
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Conclusion
Thus, it can be summarized that business owners should select the type of clod
accounting software as per their needs and requirements by taking into account all the available
features of the accounting software. The selection criteria of the accounting software can be the
cost, design and user-friendly interface for the business owners.
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References
Jenkins, J. 2016. Learning Xero. Packt Publishing Ltd.
Smith, H. 2013. Converting to Xero from MYOB In A Day For Dummies. John Wiley & Sons.
Tracy, J. 2013. Accounting For Dummies. John Wiley & Sons.
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