Choosing the Best Cloud-Based Accounting Software for Adairs Ltd.

This report delves into the significance of cloud-based accounting software for businesses seeking to improve their operational efficiency through advanced technology solutions. In today's fast-paced business environment, managing finances accurately and efficiently has become paramount. Cloud computing offers a transformative approach by enabling real-time data processing, seamless integration with other systems, and robust reporting capabilities. This study focuses on three prominent vendors: SAP, XERO, and MYOB accountedge, each offering distinct features tailored to different business needs. SAP is renowned for its comprehensive suite that supports large enterprises with complex accounting requirements. In contrast, XERO offers user-friendly solutions primarily targeting small to medium-sized businesses. MYOB accountedge stands out by providing a balanced approach suitable for diverse operational scales and complexities. The report evaluates these software options based on criteria such as usability, scalability, real-time data processing capabilities, integration ease, and customer support services. Through comparative analysis, it is observed that while SAP offers extensive features, its complexity might be overwhelming for smaller businesses. XERO's simplicity and cost-effectiveness make it ideal for small enterprises, but it may lack some advanced functionalities required by larger organizations. MYOB accountedge emerges as a versatile solution offering substantial benefits in automating financial tasks, enhancing decision-making through detailed reporting, and supporting scalability needs. For Adairs Ltd., the recommendation is to adopt MYOB accountedge due to its comprehensive feature set that caters to real-time data analysis, payroll management, and tax obligations. The software's ability to provide weekly updates facilitates timely financial record maintenance and strategic planning. Furthermore, MYOB accountedge's integration capabilities allow seamless operation across various business functions like accounting, invoicing, and tax compliance. This choice not only streamlines operations but also equips Adairs Ltd. with the tools necessary for effective financial management in a competitive market landscape. The conclusion underscores the critical role of cloud-based accounting software in modern businesses by highlighting how these technologies enable enhanced operational efficiency through automation, improved data accuracy, and informed decision-making processes.

System Analysis and
Selection

Executive summary

Table of Contents
INTRODUCTION...........................................................................................................................1
BACKGROUND.............................................................................................................................1
SYSTEM REQUIREMENTS..........................................................................................................1
SOFTWARE SELECTION.............................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
A computer system plays crucial role in processing data and storing information. In present
times cloud computing accounting systems is emerged as new technology. It has allowed
companies to implement software that enables in recording transactions and storing in database
(Attri and Grover, 2015). There are many other features provided by these systems which
improve efficiency of business. The integrated process eases in recording of data and getting
real time info. On basis of it, decisions are taken and reports are developed. This report will
provide background of firm and its process. Also, it will describe system requirements identified
by firm and what accounting software is suitable for them and why.
BACKGROUND
Adairs ltd. is a retailing company operating in Australia and dealing in variety of products.
They provide home decor products both through its stores and online. In home decor there is
range of products such as bed sheets, furniture, homewares, etc. The company is engaged in
many activities such as products design, development, distribution, sourcing, etc. there are two
segments of Adairs ltd. one is staple product categories and other is fashion and decorator
products. There are approx 130 stores in Australia. So, these all activities enable enterprise to
install and use accounting cloud software. It will allow them to
There are several business processes performed in Adairs ltd.. As they operate both in online
and offline mode, there is some extra process which is carried out. There are several operations
below :-
Receiving order- it is a process where Adairs ltd. receives order from customer in online and
offline mode (Zhang and et.al., 2016). In includes writing name, quantity, address, etc, of
customer and overall order details.
Invoice – The enterprise generated bill of order received and provide detail of bill to customer.
Basically, an invoice is used for recording sales and transactions and receipt for payment.
Shipping products – As Adairs ltd. is also engaged in distribution this is another process where
products are distributed across different stored and areas. Here, number of products and sales of
that in particular time period is recorded.
Payments- It is a process where enterprise does payments of all raw materials that are purchased
from suppliers. They receive invoice from them and do payments accordingly.
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SYSTEM REQUIREMENTS
The identification of system requirements depends on types of business activities and how
they are interlinked to each other. It is very necessary for Adairs ltd. to identify software needs
according because there are many business activities exist. Also, company operate in online and
offline mode so there are many business processes performed by company. It includes invoice,
payments, shipping orders, etc. So, it is required that organisation must install that accounting
software through which it is easy to store data and perform all financial activities. So, there are
some features or requirements of software describe below :-
Integrity – the software should contain feature of integration where all activities are integrated
with one another. This will allow in having a centralised software where both online and offline
financial transactions are managed. It will support in getting real time data of online sales.
Security – As Adairs ltd. operates in online mode as well, it is important to maintain security of
data and info. This is because it will help in ensuring integrity and reliability of data. Besides
this, storing of data online may result in interruption (Sugiyarti and et.al., 2018). So, software
must include proper security features that maintain integrity of data.
Customisation- the software should have customisation feature as it will help in giving reports
of both online and offline sales and purchase. This will support in analyzing sales and profits
differently and evaluating performance of business and taking effective decision.
Automatic reports- this is the major function that is required software. It is because it will
support in giving reports in specified time period of both online business and physical stores. The
automatic report generation will be useful in interpreting real time data. Furthermore, it will be
helpful to compare performance of enterprise. The manager does not have to develop reports.
Thus, these all functional requirements in software will support Adairs ltd. in their
business activities. It will help in managing and recording of daily transactions in cloud.
However, with help of it they will be evaluates performance of company. The main advantage
cloud accounting software will provide is centralised and integrated system for all business
activities.
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SOFTWARE SELECTION
The cloud computing services are provided by third parties for specific fees. In this the fees
is charged on basis of services provided. This is because cloud services are run on either public
or private network. There are many vendors that are providing cloud based accounting software.
For each software it includes various features. Also, there are different services which are
provided as well that differs from vendor to vendor. The vendors that deals in accounting
software are as follows :-
SAP- It is a German MNC that develops various software and offers services to manage process
and operations of business. The company majorly deals in computer software that are related to
CRM, SCM, accounting, ERP, etc. Each product is having various features that depend on its
type and usage.
XERO- It is an Australian based company that offers cloud based accounting software to small
and medium size enterprises. Basically, cloud based software are based on software as a service
(SaaS) concept where third party is involved in offering services to customers via applications on
internet. In this subscription is charged on services used by companies (Kannan, Govindan and
Rajendran, 2015). XERO only provides cloud computing based accounting software.
MYOB- This is also a MNC based company that provides tax and accounting software. Its
software is subscription based that works in cloud based concept. The company offers various
products and services. Besides this, it also develops software related to payment, point of sale,
ERP, etc. for both small and big enterprises. However, MYOB provides solution to different
problems of HRM, clients, etc.
Two cloud based accounting software are
SAP ERP core finance software – The core feature of this software is it provides real time data
and statistics in computerised manner. It provides high security to data as there is SSL encryption
installed within software. Moreover, daily data backup helps in customising payroll reports.
Furthermore, another feature is SAP software is run on private servers that restricts other
websites to access. It is completely automated which saves time. The data entered is accurate that
helps in improving business efficiency. Basically, in cloud computing software non installation is
required as overall activities are performed on internet.
MYOB accountedge – MYOB also contains feature of automation where data is entered and
saved. Here, the data is backup on servers. This software runs on public network.
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By comparing software it can be evaluated that both software provides real time data and
statistics in computerised manner. Also, the data is backed up on server which makes it easy for
enterprise to access. Additionally, it contains a function of generating automatic reports by in
computerised way. Moreover, both software runs on different platforms and operating system
such as MAC, windows, etc. (Hussain and et.al., 2017) However, it s easy to install and access
cloud accounting software. The integration of software with various accounting activities helps
in recording financial data and info. There is also an option to store data from dropbox and cloud
and restore it.
On other hand there are some differences in features of both accounting software. These
features differentiate its functioning and accessing services. Besides this, on basis of features
cost is paid by company to avail services. The difference is described below :-
SAP ERP core finance software MYOB accountedge
Its function is the software is accessed on
private server.
The software is accessed on public server.
In this daily back ups help in customising
payroll reports.
There is no such function or feature in MYOB
accountedge software.
It performs wide function such as managing
payroll, tax, etc.
The functions performed are less as compared
with SAP software.
The security is high due to implementation of
SSL encryption technique.
There is no such encryption technique through
which transactions are recorded.
For Adairs ltd. it is essential for them to chose suitable accounting software as per their
business activity. This is because it will help in carrying out financial process smoothly and
recording transaction in real time. Also, it will be useful in performing many activities related to
payroll, invoice, tax, etc. Moreover, by using accounting software Adairs ltd. can process
financial data and develop reports. Through this, it will enable in taking effective decisions in
real time and developing strategies and plans. Besides this, software will integrate accounts, tax,
etc. Therefore, the suitable software that can be used by Adairs ltd. is MYOB accountedge. This
is because it will provide real time data on weekly basis. With this it will be easy for company to
analyze and maintain their financial records. Alongside this, software will make it tax obligations
easy, providing accurate and precise report in time. In addition to it, in quick snapshot it will
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evaluate business indicators like cash flow and profitability. The MYOB accountedge software
will enable in effective handling of payroll and timesheets. So, with use of it, Adairs ltd.
financial activities will be automated (Balo and Şağbanşua, 2016). It will provide real time data
about sales and purchase.
CONCLUSION
It can be concluded from above report cloud based accounting software is a technology used
by business to perform all financial activities. The software is used to integrate overall
accounting system. There are several vendors such as SAP, XERO, etc. that act as third party and
offer cloud based accounting services. They provide various computer software and other
products and services. These all consists of various features that is based on type of software.
Adairs ltd. can use MYOB accountedge that will help in handling and managing of all financial
activities and providing real time data.
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REFERENCES
Books and Journals
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Balo, F. and Şağbanşua, L., 2016. The selection of the best solar panel for the photovoltaic
system design by using AHP. Energy Procedia. 100. pp.50-53.
Hussain, S and et.al., 2017. Optimisation of hybrid renewable energy system using iterative filter
selection approach. IET Renewable Power Generation. 11(11). pp.1440-1445.
Kannan, D., Govindan, K. and Rajendran, S., 2015. Fuzzy Axiomatic Design approach based
green supplier selection: a case study from Singapore. Journal of Cleaner Production.
96. pp.194-208.
Sugiyarti, E and et.al., 2018. Decision support system of scholarship grantee selection using data
mining. International Journal of Pure and Applied Mathematics. 119(15). pp.2239-
2249.
Zhang, S and et.al., 2016. An optimal structure selection and parameter design approach for a
dual-motor-driven system used in an electric bus. Energy, 96, pp.437-448.
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