Business Analysis: Accounting Software for Eureka Limited Case Study

This case study analyzes Eureka Limited, a family-owned beverage company, focusing on its business processes, control risks, and the selection of appropriate accounting software. The report details the company's key processes: product delivery, customer satisfaction, and fund management. It identifies major control risks, particularly those related to asset losses, and emphasizes the need for accounting software to mitigate these risks. The study explores essential features of accounting software, including quick insights, cloud storage, security, and productivity. It then examines three accounting software vendors: MYOB, Xero, and SlickPie. The report compares and contrasts the features of two accounting software packages, ultimately recommending the most suitable vendor and software package for Eureka Limited based on its specific business needs. This case study provides a comprehensive analysis of the company's financial management challenges and potential solutions.

CASE STUDY

Contents
INTRODUCTION...........................................................................................................................3
Business requirements.....................................................................................................................3
Key business processes for Eureka Limited...........................................................................3
Major control risks for the business processes of the company.............................................4
System requirements........................................................................................................................5
Features of accounting software.............................................................................................5
Software selection............................................................................................................................7
Three accounting software package vendors..........................................................................7
Category of accounting software suitable for the company...................................................9
Vendor selection..............................................................................................................................9
Features and functionalities of two accounting software packages offered by accounting
software package vendors.......................................................................................................9
Most suitable vendor and accounting software package for the company...........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Information system refers to the term which is used by the organisations for establishing
a way through which the individuals of an organisation interact with technology in order to
support the various processes of business. This system is very beneficial for the firms in
determining the requirements of the various processes so that these can be met by the firm.
Accounting software falls under this category which are used by the firms for managing and
controlling their financial information. Taken firm for this assessment is the Eureka Limited
which is a family owned company having 73 employees and sales revenue of more than $ 18.5
million during the past year. Company is providing their beverages to the different supermarkets
and pubs. This report will discuss the key business processes for Eureka Limited along with the
major control risks for the business processes of the company. Further, this report will also cover
possible accounting software features and functionalities for achieving organisational aims and
objectives. This report will also cover the description of three accounting software which can be
used by firms. In the end, this report will also compare and contrast the features and
functionalities of two accounting software packages offered by accounting software package
along with the suitable recommendation for the firm.
Business requirements
Key business processes for Eureka Limited
There are various processes of Eureka limited which are performing their work with the required
efficiency and performance in order to accomplish the desired organisational goals. These
processes perform their work in an effective manner so that the organisational goals can be
achieved in an effective manner (Agbejule, 2011)
. The key processes of the Eureka limited are divided into three categories which are
discussed below:
 Product delivery: This process of the Eureka limited is performed by the production
department which ensure the quality in the developed products. This process is essential
in the company for improving the sales and efficiency of the company so that Eureka
limited can sustain in the market for a long period of time. The company is using several
methods of operation management for ensuring the quality of products.

 Customer satisfaction: This process in Eureka limited is performed by the marketing
department which ensures that the customers are satisfied with the provided products so
that they can purchase the products of the firm again. This is beneficial for Eureka limited
in enhancing the quality of their products if the customers are not satisfied with the
current offerings of the firm. The marketing department of the Eureka limited is using the
social media platforms for enhancing the customer satisfaction.
 Fund management: This process in Eureka limited is performed by the finance
department so that proper funds can be managed for performing the business operations.
This is also beneficial for the firm so that proper amount of required funds can be
managed if proper funds are not available in the firm. The company is however deciding
to implement the accounting software for managing their financial information and
records as well as to manage the information regarding the payrolls and other finances of
firm.
Major control risks for the business processes of the company
Control risks refer to the term which is used in accounting sector in which probability of false
information or misleading information in the accounting statements. This risks falls under the
inherent risks which are of three types. Control risk occurs in an organisation when financial
statements get wrongly developed due to lack of proper accounting controls in the firm. This is
most likely to surface in the form of fraud or lazy accounting practices (Al-Hiyari Al-Mashregy,
Mat, and Alekam, 2016). There are different types of control risks which can impact the business
process of Eureka limited. Major control risk is associated with asset losses in which financial
statements can show profit even when the firm is facing the loss. This can impact the image of
firm among the stakeholders which can also impact the sustainability of firm in the market as
well as in the mind set of the customers. This risk should be highly avoided by the Eureka
limited so that the financial record can be maintained properly. This can be overcome by the
company by implementing the accounting software in which the data can be maintained
effectively. Also audits can be done at regular basis for analysing the data or information of the
company.

System requirements
Features of accounting software
Each and every business firm has different set of features which is suitable for different
types of businesses but only the accounting is the only sector in which the businesses irrespective
of its size, type and industry needs common software features so that the business requirements
can be fulfilled. These business organisations use accounting software for managing their
financial data in pre determined time period. These accounting software has some features and
functionalities due to which these are preferred by the business organisations. Some of the
functions and features of these accounting software are as follows: Quick Insights: These accounting software provides well developed and maintained
reports which are easy to understand. These reports which are developed by the software
assist the organisations in getting better insights. Cloud Storage: In this modern technological world, The software developers design the
software in such manner through which the data can be kept safe on online or cloud
storages. The hosted software allows businesses to keep their data safe on the cloud
which reduces the cost of firm in maintaining the data in local hard drives and storages. Security: These online or cloud-based accounting software are very beneficial for the
organisations in ensuring that the data kept online is safe and secure and can be only
accessed by the authorized users (Dillard and Yuthas, 2013). Collaborative Environment: Through these web hosted or cloud software, multiple
persons can access the same data at same time without any disruptions and issues to
others. Through this, they can minimise the chances of errors and can work in real-time. Paperless Workplace: The cloud option is a smart tool for the firms as they can switch to
environment-friendly type of accounting as the work is stored in the cloud and firms does
not needs to maintain the records manually which will also lower their costs. Enhanced Security: The cloud based accounting software brings advanced security to the
business through which they can keeps sensitive information/data completely safe which
is impossible in maintaining the data from manual accounting system. Cloud software are
also helpful in case the hard drives or hard disks get crashed.

 Accurate forecasting: This is also an major function or feature of accounting software in
which they understand the trends and patterns in financial performance of the company
which can't be done by using the manual system. Through this understanding of trends,
these software can provide accurate information regarding the where to cut expenses or
where to invest more as well as can forecast the future requirements of firm based on the
analysis of trends. Productivity: Businesses desires to choose single suite of digitized services in order to
improve their performance which is mostly done by using the accounting software. These
software analyse the day-to-day tasks of companies, collect, organize, as well as their
most sensitive data so that better performance and productivity can be obtained.
Tax compliance: Accounting software in today's world are dedicated to payroll assistance and
reporting and adhere to tax regulations automatically (Soudani, 2012). Firms can take the
assistance from these software for getting the tax and audit information as they store all the
important details of the company in order to maintain transparent workflow.
 Accounting: It is an important component in each system because it provides better
solution at those situations when funds are required within business operations.
Accounting is a general word but it includes several functions like maintenance of journal
and ledger accounts, bank reconciliation etc. by maintaining these books and Systems
Company can easily define its position in marketplace.
 Billing & Invoicing: This function of accounting system is directly related with billing
and invoicing but most of them still treat similar operations as an integral module of
finance operation. This function of accounting system also provides supports the firm in
adjusting operations in effective manner. In addition, it also helps the firm in maintaining
its good position in front of their clients.
 Budgeting and Forecasting: This is also an accounting system which calculates and
interprets finance performance of organisation in current year. In addition this method is
also beneficial for organisation in estimating cash reserves and expenses for upcoming
time. It also helps the organisation in preparing their estimation for feasible and
optimistic sales targets.

 Management of fixed asset: It is a separate technique which helps the managers in
managing fixed assets and cash reserves of organisation. it also includes several functions
like cost records, depreciation calculation, resource allocation etc.
 Payroll management: This function is most effective tool of accounting systems because
it not only helps the managers in calculating and managing employee payments, prepare
and print their checks without delays respond to all active tax commitments without
defaults. This system also defines dedication in payroll management used by
organisations for managing their better financial situations in marketplace.
Accounting software are very essential for the firms so that they can meet their needs and
demands. When selecting the right type of accounting software, firms needs to determine
whether the software is having the above discussed features or not. If the selected software has
these features then there are high chances that Eureka can achieve their desired organisational
goals by eliminating the control risk in managing their financials through which firm can achieve
huge success at the marketplace. There are various accounting software which are having these
above discussed feature such as SlickPie, Xero, MYOB etc.
Software selection
Three accounting software package vendors
Eureka is a Medium sized firm having several employees which are performing their
work in an effective manner for achieving the organisational goals. The company is planning to
use accounting software in their business process due to which several options has been
considered by the firm. There are various software package vendors which are providing their
products and services to the firms so that businesses can manage their financial information and
records (Onaolapo, and Odetayo, 2012). These vendors provide their products and services so
that the firms can meet their demand and needs. Some of these vendors along with their
description and products provided to the customers are discussed below:
MYOB (mind your own business) is an Australian multinational corporation who is
providing various products and services to their customers through their accounting systems.
These services includes payroll, accounting software and web hosting for medium and small
businesses. In the year of 1996, Data-Teach software and Australian re-publisher acquired the

intellectual property rights of the accounting software of MYOB and changed the name to
present name. After changing the name, business go listed on the Australian Stock Exchange
(ASX) on 9 July 1999. MYOB was developing their accounting packages according to the
business environment in Australia and New Zealand in initial time. After 2008, company started
expanding the business operations in other countries such as UK, USA, Asia and Ireland. MYOB
is the most common and popular accounting software in Australia and the business are heavily
rely on the software package of company for their business management and accounting
management. The company is providing their products to the companies according to their size
and type. For example: company is providing Myob Essentials, Myob Account right, Myob
Account edge etc. for small firms. For big firms, company is providing Myob Exo, Myob
Advanced, Myob Pay global, Myob Green tree etc. The company is also providing service such
as Invoice Payments, Kounta, Myob Payby etc. to the customers for payment and point of sales
purpose.
Xero is also one of the famous accounting service provider which is leader in the
accounting category. This system was developed for meeting the requirements of the small
business in an industry through which the firm can manage their financial data and record
effectively for managing their financial activities. Xero is user friendly due to which it is helpful
for the firms in closing the gaps in accounting system. User who does not have the proper
accounting knowledge can use the software for managing their financial as it is easy to handle
and learn. This system was developed in New Zealand in the year of 2006, and since then it has
seen outstanding growth rate in various countries such as Australian, American, UK and
European market (Maskell, Baggaley, and Grasso, 2016). This system is having more than 20
offices settled in different parts of the world. This system has several benefits such as painless
setup, simplified transactions due to which the firms can easily manage their financial records in
an effective manner. This system ha also transformed the inventory management for the firms as
it is a payroll performer which allows the firms to create detailed record of each transactions
done by the company.
SAP stands for Systems Applications and Products in Data Processing which is a market
leader in the development of enterprise application software. The firm is assisting other firms
irrespective of their size and industry to run with their maximum efforts. The company is

providing machine learning, Internet of Things, and advanced analytics technologies for
converting the customer based businesses into intelligent firms. The company is having end-to-
end suite of applications and services which are assisting the customers in operating with better
profitably, adapt continuously, and make a difference among the firms of market. SAP is having
global network of customers, partners, employees, and thought leaders which is supporting the
world in running properly as well as to improve the lives of people. Company is having a strong
portfolio of products such as ERP and Digital Core, CRM and Customer Experience, Network
and Spend Management, Learning and Development, Performance and Compensation,
Workforce Planning and Analytics, Data Management, Analytics, Predictive Analytics,
Intelligent Technologies etc. which are assisting the firms in performing their business functions
effectively.
Category of accounting software suitable for the company
There are mostly three type of category for the accounting software which are low,
medium or high-end. The medium type of category is suitable for the Eureka as it is medium
sized firm having several purposes for which the company desires to implement the accounting
system. This category of accounting system is very beneficial for the Eureka as they want more
information for running their business effectively and efficiently. This category of accounting
software provides additional modules for the various aspects of the business operation and
activities for ensuring their successful execution. These aspects includes inventory, human
resources, points-of-sale, and purchases etc. Also in this category, accounting software perform
the role of managing not only financials but as well as other aspects of the business too due to
which it is also known as enterprise resource planning (ERP) solution. The software of this
category allows up - to twenty-five simultaneous users which is useful for the businesses having
several location so that they can coordinate with each other for monitoring their real-time figures
(Hall, 2012).

Vendor selection
Features and functionalities of two accounting software packages offered by accounting software
package vendors
Most of the firms nowadays have realised the blessings of cloud computing. The list will
consist of convenience, improved collaboration, superior safety, and lower IT fees. As a result, it
isn't always sudden that a lot of small and medium-sized firms has shifted to cloud and outsource
accounting. This era provides corporations with far off running capability and statistics get right
of entry to from any area. Two of the more famous online cloud accounting software program
available today are MYOB and Xero. A evaluation of those is essential determining which is
suitable for the Eureka limited company.
MYOB has been in the industrial organisation for years, however concerning cloud
accounting, Xero has a big head begin. The dispositions within the past couple of years endorse
that MYOB is decided to capture up. It has made some of development considering the fact that
2014. Here are a few functions that make Xero and MYOB handy for users:
 These both of the software works online due to which data is also saved on cloud server
which is more secure as compared to hard drives.
 Everything in these both software automatically updates due to which user do not have to
perform manually.
 These software also constantly backup the data online at cloud server which is a secure
place for information of the firm.
 These both software also allows multiple user access.
 Clients can use various online payment methods, including PayPal
MYOB
MYOB is the accounting software of choice for small and medium-sized corporations from the
last century (Gelinas, Dull, and Wheeler, 2011). It commenced as a computer-primarily based
software package deal-joining the bandwagon and launched its cloud version in the year 2014.
Benefits of using MYOB:
 The interface is the same as the computing device model. It reduces the learning curve for
lengthy-time period MYOB customers.

 It allows users to down load account files and shop them as backup on the pc. As soon as
the account is cancelled, the software program keeps records for seven years extra.
 The software program allows brief charge software towards quite a few invoices
immediately.
 It additionally automatically applies discounts to clients who pay within certain terms.
Xero’s, alternatively, requires manual ticking of invoices.
 customers can post prices to clients with MYOB. as soon as the client accepts, the
software program generates an invoice in a click.
Xero
Xero established its cloud-based accounting gadget in 2006. Seeing that then, it led cloud
accounting software program marketplace. The software program encourages higher levels of
collaboration among individuals of the team. This specializes in casting off accounting strategies
inefficiencies via automation, a couple of browser transaction processing, and rapid loading time.
Xero advantages:
 Xero has a faster loading time as compared to MYOB. This may also allow customers to
open a couple of tabs to carry out different transactions as well as simultaneously generate
reviews. MYOB customers, alternatively, can most effective do one venture at a time.
 The software freezes, thereby compelling customers to anticipate a transaction to finish first
before beginning a brand new undertaking. This permits users to send invoices through a
consumer’s e-mail address. If a customer is a Xero user, they can down load statements and
invoices from their net portal (Goldkuhl, G., 2012).
 Xero’s audit path monitors while clients view the invoice.
 The app is constantly on. Invoices and bills are despatched or settled mechanically even
without logging in. This way, it gives the equal facility to set up repeating transactions.
Most suitable vendor and accounting software package for the company
MYOB is the suitable accounting software package which can be chosen by the Eureka limited
in order to manage their financial information and other aspects of their business. This tool is
very beneficial to use for the firm in securing their financial information so that proper privacy
can be maintained.

 Greater speed of input: The MYOB is slowly replacing the manual accounting systems
which is painfully slow. MYOB automates different types of accounting processes which
can waste huge amount of time and money. The implementation of MYOB is also useful
for the firm in reducing the time of automating credit notes, purchase orders, payroll and
more. The organisation can effectively manage their cash flow and financial transactions
by using this tool.
 Greater accuracy: The MYOB is also beneficial for the Eureka in maintaining effective
and accurate data for effective financial management. Chances of errors in human work
are more occur than the technology due to which this tool is useful for the firms. This
automates the entire system so that accurate data and information can be gathered for
reducing the room for human error (Leech, 2011).
 Reduced costs: The MYOB software uses cloud computing or data servers due to which
cost of the company in maintaining the records online as well as the company can reduce
their cost of managing the information on the offline or local data storages. This
eliminates the ongoing costs of maintenance, updates, and backups. Also issues such as
server failures, hardware upgrades and other technical issues cannot impact the
operations of the company as data is saved online which can be accessed from anywhere.
CONCLUSION
It has been summarised from the above discussed project assessment that there are various
key functions and processes of an organisation which should be considered by the management
so that proper results can be obtained from the implemented systems. It is essential for the
organisations to determine the requirements of their finance department so that proper system for
accounting can be implemented at the workplace. This is also essential for firms in maintaining
the different types of financial data at the workplace. The organisations needs to consider the
different types of accounting software before selecting the suitable software so that better results
can be obtained from the implemented decisions.