HI5019 Strategic Information Systems: Eureka Limited Business Analysis

This report provides a comprehensive analysis and recommendation of the most suitable accounting software vendor for Eureka Limited, considering vendors like SAP, MYOB, and DacEasy. It details Eureka's key business processes, including sales, accounting management, and procurement, along with the associated control risks such as manual controls, IT general controls, and IT application controls. The report also explores various accounting software features and functionalities like check handling, variable wage scheduling, and graph summaries. Ultimately, the report recommends DacEasy accounting software as the optimal choice for Eureka Limited, based on its features and suitability for the company's needs. Desklib provides access to similar solved assignments and past papers for students.

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Strategic Information System for Business And Entrepreneur
By (Name)
Course
Instructor’s Name
Institutional Affiliation
The City and State
The Date

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Executive summary
This report provides an analysis and recommendation of the most suitable accounting software
vendor that Eureka Limited shouldconsider. Also, the paper illustrates the features and
functionality of various accounting software vendors. Further, the report illustrates that a
business process refers to a number of steps that are performed by various stakeholders with the
intention of achieving a given goal. The business processes of Eureka limited include sales
processes, accounting management and procurement. The major control risks for the business
processes of Eureka are Manual controls, IT General controls and IT application controls. The
report also illustrates the accounting software features and functionalities such as check
handling, schedule of variable wages, graph summaries and many others. Also, the report
illustrates the accounting software package vendors such as SAP, MYOB, and DacEasy. The
report recommends DacEasy accounting software as the most suitable for Eureka limited.

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Contents
Executive summary....................................................................................................................2
Introduction................................................................................................................................3
Business requirements...............................................................................................................3
Systems requirements................................................................................................................5
Software selection.......................................................................................................................6
Vendor selection.........................................................................................................................7
Conclusion...................................................................................................................................9
References.................................................................................................................................10

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Introduction
This paper aims at providing a report of Eureka limited by making an analysis and
recommendation of accounting software for the company. Because of the continuous
technological evolution, the use of computers is regarded as the major element for ensuring
effective business operations across the world. This report aims at illustrating the most suitable
accounting software for Eureka limited. In addition, the paper aims at illustrating how the
accounting software can be in the position to increase Eureka's business transactions by ensuring
efficiency and effectiveness. Also, the paper will demonstrate various needs of Eureka business
so as to ensure effective implementation of the system, for example, the major business
processes and the main control risks. The report will also illustrate processes to be used in
carrying out a selection of suitable accounting software for the organization such as the vendors
of the accounting package, and the operation or functionality of the software that is to say, "low,
medium and high-end software." More so, the paper will mostly focus on the appropriate or
suitable accounting software that may create a positive impact on the organization'sactivities in
the long run (Malhorta & Temponi 2010).
Business requirements
Key business processes for Eureka Limited
A business process refers to a number of steps that are performed by various stakeholders
with the intention of achieving a given goal. The steps are performed several times by different
users and mostly in an optimized and standardized manner. Any business process can either be
automated or manual. In case of a manual system, the process can be attained minus using
technology or manual system while automated systems require technology to help users

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implement a business process more accurately, optimized and standardized. For this case, the
business processes of Eureka limited include accounting management; this involves many
responsibilities that move along with managing an organization’s financial accounts and forming
various legally compliant forms from the business budget to balance sheet and "cash flow
statements." The organization is supposed to appropriately perform these tasks on time, all the
time and without any fail. By doing so, the business processes of an organization are done
appropriately. The business process helps in minimizing human errors with the use of clear and
enforced processes that are estimated in real-time so as to prevent outputting incomplete or false
information. Account management involves payment records of a company, payment processes,
business tax checklist and reports of a business cash flow (Lunden 2013).
The sales process, this involves the selling of products to customers. After developing a
product, the next thing is to sales of the business. In regards to the "sales management
Association", at least ninety percent of the companies performing well use a proper guided
process of sales. This is quite surprising but true mostly to businesses which have never
implemented the process. For Eureka, it uses this business process by incorporating it with other
specific guidelines and tactics that are followed by its salespeople at different stages. Within the
sales process, there are other processes which are documented, defined and managed with the
intention of managing higher sales and productivity levels of execution (Smith 2009).
Procurement, this is a business process that involves various practices that are beyond
purchasing. This business process involves the selection of vendors, establishing different
payment terms, negotiating, and strategic vetting. As a result of the streamlined process of
procurement, the performance of an organization is improved. By incorporating this business

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process, Eureka has been in the position to eliminate high levels of costly misunderstanding and
frustrating that may arise as a result of poor communication (Wauters 2010).
The major control risks for the business processes of the company
In business processes, risk controls are referred to various processes or procedures that
are used by an organization to ensure effective management of directives. This is performed by
ensuring effective implementation of the necessary actions so as to reduce the risks that may
arise in an organization hence achieving business objectives. Control risks vary between
different activities, that is to say, reviewing the activities of the business, authorization,
verification, and security. The major control risks for the business process of Eureka include; IT
General control, this illustrates are an organization’s general controls about the technological
environment such as user, change management, and access management (Wauters 2012). The
risk control involves the analysis of various information technology risks and their sources.
Further, IT general controls result in greater benefits towards the computer applications by
preventing various actions from happening place in an organization hence improving the
integrity of data processing. IT generalcontrol is categorized under "logical and physical
security", program and development changes. IT general controls are vital to the company by
creating a major impact on the company’s financial reporting p issues (Haghighat, et al 2015).
Manual controls, these are mostly applied in case organization needs discretion or
judgment. These controls help in illustrating increased risk controls for an organization in
regards to its transaction processes such as reviewing an organization’s system reports so as to
obtain detailed knowledge about the control transaction reports. Further, these controls assist the
business managers to monitor an organization’s cash flow transactions with the intention of

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ensuring data integrity. More so, the controls help an organization to determine the type of
decisions made by the business managers in reporting financial data. For effective
implementation of manual controls, Eureka is required to incorporate it with automatic controls
(Netto, et al 2018).
IT application controls or "automated system based controls", these are concerned with
business transaction processes. IT application controls involves differentiated processes or
procedures used in an organization by data managers. According to Pankaj (2014), IT application
controls involve "program controls that are embedded in the developed application so that they
can perform given control related practices that are to say computerized edit checks of input data,
checks of numerical sequence, exception reporting and validating major fields." Therefore, these
controls are more essential for the effective management of an organization’stechnological
applications (Kohlbacher 2010).
Systems requirements
Accounting software features and functionalities
Accounting software packages or systems are made up of various features and
functionalities. However, software features and functionalities depending on different vendors.
In this case, some accounting software packages provide users a chance to work without
involving them to physically take part while others require them to involves themselves in
business transactions. For Eureka limited to achieve its business objectives and minimize the
control risks it is supposed to put into consideration various accounting software features and
functionalities. The major features and functionalities supposed to be considered include;
payment processing, most of the accounting software packages provide business customers with

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a tool for making electronic payments. This is advantageous to vendors in various ways such as
reduced time for business staff to make deposits in banks, provides greater payment security, and
also reduces processing time (Ryan, et al 2009).
Schedule of variable wages, in case of organization employees, are paid hourly, software
that can be in the position to perfectly calculate the financial data of the company is the most
essential. However, a problem may arise in case the company has very many intermittent part-
time staff or employees. In this case, some organization staff may be paid monthly, biweekly or
others weekly or as required. Therefore the best accounting software should be in the position to
handle various payment schedules together with various compensation categories such as
salaries, bonuses, profit and many others and benefits such as retirement, and health insurance
(Christine, & Antoine 2016).
Check handling, in case the organization makes a lot of check payments, it is required to
use a system that can be in the position to process and print its checks. This feature will help
Eureka limited to save time in manually processing checks and separate printing of payment
slips. The company should also consider other features such as duplicate-check-payment and
check voiding notification. By considering the check handling functionality of the accounting
software package, Eureka limited will be in the position to achieve its objectives (Mathias 2012).
Graph summaries, in most cases, financial reports made length numbers make it difficult
for the users to interpret. This implies that accounting software that can be in the position to
translate an organization’s data into pie charts, line graphs, and other picture formats is the most
preferred. In order to achieve its objectives and minimize control risks, Eureka limited to
implement such accounting software system because it will be helpful to the business by making

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an evaluation of how the money is spent or earned. For easy comparisons of various data on the
graph, the company should consider the accounting software system that has good graph
capabilities with the ability to display the previous accounting information for the previous years
(Bruce 2011).
Cost perdition
Accounting software which can be able to identify various organization trends by
interpreting data, production forecast and make financial statistical analyses can help a business
to perform its financial decisions based on facts but not guesswork. Therefore, Eureka limited
should consider implementing an accounting system that consists of costing, estimating and
budgeting functions (Morongo, & Kayigamba 2015).
Software selection
Accounting software package vendors
For this paper, I visited three websites of accounting software packages vendors such as
SAP, MYOB, and DacEasy. Each accounting software packaging vendor will be described
according to its products, operation, location, and servicesprovided. The software accounting
vendors include; DacEasy, this is a software accounting organization that consists of various
accounting features. The company has been in operation for very many years. The major aim of
the company is to provide different accounting integrated systems that organization users can
implement so as to acquire vital organization information that is necessary for business activities
(Yang 2016). The company mostly deals with window-based products for medium systems.
DacEasy's products are well featured thereby enabling them to perform effectively for both small
and medium scale businesses, contracts, retailers, and manufacturers. DacEasy's products are

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used by companies that can be in the position to "convert tier "sales orders" into "invoices."
DacEasyprovides other products such as "DacEasy Order Entry Version 13", "DacEasy Payroll
Version 13", "DacEasy Database Query Programming Services" and "DacEasy Job manager
Version" (Christauskas, & Miseviciene 2012).
SAP: this is a worldwide company that deals with the design and implementation of
software systems. SAP is made up of 52,921 employees who are responsible for an
organization’s sales and development process in different countries worldwide. SAP has helped
very many businesses across the globe to improve their business operations and relationships
with their clients and partners. This helps in attaining strong business efficiencies and also
enhance business operations. Many business across the world use SAP accounting software
packages. The company has been considered among the best providers of ERP software systems
across the globe. The company deals in a number of products that is to say SAP manufacturing,
SAP ERP, SAP Jam, and many others (Emilio 2014).
MYOB, this is a global corporation with its main offices located in Australia. The
corporation is widely known for providing various accounting services such as accounting and
taxing to medium and small scale businesses. MYOB has been in operation for over 38 years.
The accounting software package was designed by different software developers like Teleware.
The company has experienced various transitions in its leadership and management since 1980
forexample, the company's founder ceased his membership with MYOB in 2003. MYOB's
products are cloud-based that is say browser-based product and subscription-based products.
The Corporation released another accounting software package known as "AccountingRight
Live" in 2001 (Andrew, & Yucan2017).

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The category of accounting software (low, medium or high-end) suitable for the
company
Today, most of the businesses across the world use accounting software systems that are
in line with their needs. The intention of using software accounting systems by the business is to
improve their activities with reduced costs. Companies make decisions for using given software
package depending on their business operations such as work processes, number of customers
and the size of the company. Accounting software systems are k own as tools that are used by
businesses to arrange their financial information or data aiming at evaluating their financial
performance. Because Eureka is a small business with a staff of only 73 people and sales revenue
of about $18.5M in 2018, this position is supposed to deploy accounting software packages that
are best for medium range business. A medium range accounting software package is the best for
all organizations with revenue earnings ranging between $ 1 million - $25 million. This
accounting software package is considered to be stronger than the "low range accounting
software" (Wiem et al 2017).In addition, the medium-end software is very crucial for providing
financial services to the business with the help of other systems leading to improved business
operations. The medium-end software is the most suitable for Eureka business it supports various
databases and operating systems. Due to the growth of the company's in the number of customers
and purchases and increased variation of products, Eureka is supposed to use "medium-end
accounting software." This accounting software mostly suits the company's business activities as
compared to low and medium-end software packages. Because Eureka is dealing in accounting
activities, "the medium-end software system" is the most suitable for the business because it aids
in incorporating various accounting processes or systems thereby reducing taxation errors and
costs incurred in the operation of the business (Geary, et al 2017).

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Vendor selection
Compare and contrast the features and functionalities of two accounting software
packages
This section is aimed at making a comparison of the features and functionalities of two
accounting software package vendors, that is to say, DacEasy and MYOB. The comparison
includes;
Inventory
DacEasy is made up of various sub-categories such as periodic, inventory, Reports,
Assembly, and corrections. The company's inventory subsection helps users to update different
services and products, use a number to identify items, arrange items together for easy assembling
and inventory adjustment. By using this software accounting system, users can manage the cost
of the inventory by using average cost, LIFO and standard methods. However, DacEasy does not
provide users with a major storage location that can be used for storing financial data or
information. Further, the users of DacEasy are not given an opportunity to make an analysis of
their items. On the other hand, users of MYOB can be in the position to make adjustments for
their prices thereby accessing their average costs. More so, users of MYOB can be able to define
the storage locations of their items depending on different numbers. For items not in the
organization’s stock, MYOB users cannot be able to make shipments for such items. Further
users of MYOB can now be able to make a decision about the method for costing such as FIFO
and LIFO (Johnson, and Halabi 2011).
Accounting payable