Strategic Information Systems Report: Australian Banking Software 2017

This report provides a comprehensive overview of strategic information systems, specifically focusing on banking software and packages available in Australia in 2017. The report begins with an introduction to the role of technology in the accounting and finance industry, followed by a case study of Woolworths' organizational structure and its challenges. It then explores the processes of system acquisition, including sales processes and control issues. The report delves into the current market size, market leaders like MYOB, QuickBooks, Saasu, Reckon, and Xero, and their competitive advantages, along with their respective costs. Challenges for users, such as security issues and hidden costs, are also discussed. The report concludes by emphasizing the importance of technology in accounting and the need for careful planning and analysis before implementation. The report includes references to support the information presented.

Strategic Information Systems
Table of Contents
Introduction.................................................................................................................................................3
Woolworths: Organizational Structure........................................................................................................3
Problems with Current Organizational Structure.........................................................................................3
Processes of System Acquisition.................................................................................................................3
Sales Process: Flowchart.............................................................................................................................4
Control Issues & Frauds..............................................................................................................................4
Development and Adoption.........................................................................................................................5
Current Market Size....................................................................................................................................5
Market Leaders and Competitive Advantages of Accounting Packages......................................................5
MYOB Accounting Software..................................................................................................................5
Intuit QuickBooks...................................................................................................................................6
Saasu.......................................................................................................................................................6
Reckon.....................................................................................................................................................6
Xero.........................................................................................................................................................7
Cost of Packages.....................................................................................................................................7
Challenges for users....................................................................................................................................8
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
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Strategic Information Systems
Introduction
Technology has witnessed a number of transformations and advancements in the recent years.
There are a number of tools and processes that are based on technology that have been
implemented in the past. However, with the changes and transformations in technology, these
tools and processes are also required to be upgraded. Such practices have allowed the business
sectors to flourish at a rapid rate. One such industry is accounting and finance which has made an
advanced use and application of technology and has been home to many transformations.
Woolworths: Organizational Structure
There are a number of online retailers that have established their e-commerce websites and web
applications to offer the services to the clients. Woolworths is one such Australian online retailer
that deals in the product categories as groceries and household products.
Organization structures make up for an essential part of the organizations. Woolworths has a
three-layered architecture which comprises of senior management at the top followed by middle
level managers and department heads. The members of the operational team are placed at the last
layer at the bottom (Woolworths, 2017).
Problems with Current Organizational Structure
Human resources form an extremely important part of every organization. The success and
failure of the organization and the projects that are carried out in the organization has a lot of
dependence on the human resources. It is therefore required for the organizations to have an
adequate culture and structure for enhanced employee satisfaction. There are issues of
communication and collaboration that have been witnessed in case of the organizational structure
that is followed at Woolworths. There are issues in terms of integration and cohesiveness that
have also been observed (Henderson, 2004).
Processes of System Acquisition
In case of Woolworths, the information systems in the areas of accounting and finance can be
acquired with the aid of a number of different methods. All of these methods have their
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Strategic Information Systems
respective sets of advantages and drawbacks. The one that fits the best is acquisition of
Enterprise Resource Planning (ERP) software (Yang and Tamir, 2015).
The current issues with the organizational structure will be avoided with the same (Mallery,
2011).
Sales Process: Flowchart
Sales Process at Woolworths
The sales process in the company is executed in four different stages. The initiation of the sales
activities takes place keeping the business goals and objectives at the baseline. Gradually, there
are opportunities and agreements that are carried out and explored which leads to the fulfillment
of the objectives and results in the customer satisfcation (Gulledge, 2002).
Control Issues & Frauds
Control and monitoring is a necessity for all the activities and operations in all the companies
and organizations. In the department of sales, there are issues with control and monitoring that
leads to the emergence of a number of frauds and problems (Mohapatra and Patnaik, 2011).
There is an incomplete validation and verification of the compliance with the best practices that
is observed that leads to numerous deviations. The quality of the end-product is therefore
adversely affected.
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Strategic Information Systems
Development and Adoption
Accounting processes were largely paper-based a couple of decades ago. Gradually, there were
developments in the technological areas that were carried out which led to the development of
the technologies being used in the accounting sector as well (Seethamraju, 2012).
Today, there are automated processes and applications that are being used for the execution of
accounting activities. These automated systems not only ease out the entire process but also
make the processes faster and more accurate in nature (James, 2016).
Current Market Size
There are numerous vendors and service providers in the market that provide the accounting
packages and applications (Afpbb, 2016). There are organizations that are actively making use of
such applications which has led to the growth of such vendors to over 10,200. There are over
138,000 resources that work in these organizations and the growth rate of the entire sector is
estimated to go up by 8% by the end of this year (Bankwest, 2015).
Market Leaders and Competitive Advantages of Accounting Packages
MYOB Accounting Software
There are many accounting software and applications that are available in the market. One of the
integrated solutions that are being used widely is MYOB accounting software that offers the
following features and benefits.
 Real-time data and information is provided for making accounts-related decisions
 Strong integration with the other systems
 Offline mode can be used for accessing the application
 MYOB complies with the quality guidelines and standards
 Personalization and customization options lead to enhancement of the user satisfaction
levels (Myob, 2016).
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Strategic Information Systems
Intuit QuickBooks
Intuit QuickBooks is an accounting software package that offers increased levels of system
qualities and functionalities that lead to enhanced user experience. It offers the following features
and benefits.
 Can be acquired by small scale firms as it comes with low cost
 Performance is not impacted by the type of the user or the platform that is being used
 The data of the customers can be easily managed and stored
 Offers the accessibility to the users on the web as well as the mobile platforms
 The package offers excellent and advanced management of the risks (Advisoryhq, 2015).
Saasu
There are many accounting software and applications that are available in the market. One of the
integrated solutions that are being used widely is Saasu accounting software. The package offers
flexibility and scalability to the users with the following features and abilities.
 The package allows integration with the other applications and systems in the
organization to be easily done.
 The package can be customized in terms of the language options that are available.
 The package can be personalized in terms of the currency options.
Reckon
Reckon is an accounting software package that offers increased levels of system qualities and
functionalities that lead to enhanced user experience. It offers the following features and
benefits.
 Market study shows that the software offers great customer support and services and has
a huge customer base as a result.
 The investments and customer shares are never put at risk.
 Credit management can be done with ease (Carey, 2015).
 There are many billing activities and operations that can be executed with convenience.
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Strategic Information Systems
Xero
Xero is an accounting software package that offers increased levels of system qualities and
functionalities that lead to enhanced user experience. It offers the following features and
benefits.
 Implementation time that is involved with this package is quick.
 The software allows the users to execute and carry out reconciliation tasks and activities.
 Users can easily navigate through the application and can also understand the layout
pretty easily.
 The tool offers enhanced collaboration and cohesiveness (Miller, 2016).
Cost of Packages
Cost Software/
Package -
MYOB
Software/
Package -
Intuit
QuickBooks
Softwar
e/
Packag
e -
Saasu
Software/
Package -
Reckon
Software/Package
- Xero
Initial cost –
Basic Version
$50 is the
cost that
the users
will be
required
to pay to
access the
software
for thirty
days
$12 is the cost
that the users
will be
required to pay
to access the
software for
thirty days
$15 is
the cost
that the
users
will be
require
d to
pay to
access
the
softwar
e for
thirty
days
$5 is the
cost that
the users
will be
required
to pay to
access the
software
for thirty
days
$9 is the cost that
the users will be
required to pay to
access the software
for thirty days
Cost of the $99 is the $21 is the cost $180 is Depends $70 is the cost that
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Strategic Information Systems
premium
package
cost that
the users
will be
required
to pay to
access the
software
for thirty
days
that the users
will be
required to pay
to access the
software for
thirty days
the cost
that the
users
will be
require
d to
pay to
access
the
softwar
e for
thirty
days
upon the
features
that are
acquired
the users will be
required to pay to
access the software
for thirty days
Cost Details (Advisoryhq, 2015)
Challenges for users
 Security attacks in the form of flooding attacks, integrity attacks and malware attacks.
 Hidden costs that are not revealed at the time of purchase (Crowder, 2016).
 Technical faults and failures leading to poor performance or a complete breakdown.
 Operational errors and difficulties.
 Lack of support and difficulty in the maintenance.
Conclusion
Technology is an element that cannot be missed out or played with in the current times. There
are various technological elements that are used in the field of accounts with accounting software
and systems as the prime element. These systems include the automated set of features and
functions. These shall be included in an organization after an in-depth planning and analysis of
the operations and requirements.
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Strategic Information Systems
References
Advisoryhq.com, (2015) 5 Best Small Business Accounting Software in Australia. [online]
AdvisoryHQ. Available at: http://www.advisoryhq.com/articles/5-best-small-business-
accounting-software-in-australia/ [Accessed 22 Aug. 2017].
Afpbb, (2016) The Australian Accounting Industry. [online] Afpbb.net.au. Available at:
http://www.afpbb.net.au/Resources/TheAustralianAccountingIndustry.aspx [Accessed 22 Aug.
2017].
Bankwest, (2015) Accounting Services Industry Report. 1st ed. [ebook] Bankwest. Available at:
https://www.bankwest.com.au/cs/ContentServer%3Fpagename%3DFoundation/CS/Blob/
Document%26id%3D1292539844555%26ext%3D.pdf+&cd=3&hl=en&ct=clnk&gl=in
[Accessed 22 Aug. 2017].
Carey, M. (2015) Cloud Accounting Overview 2015: MYOB Essentials vs Xero vs Intuit
QuickBooks Online vs Reckon One - Digital First. [online] Digital First. Available at:
http://www.digitalfirst.com/2015-overview-cloud-accounting-software/ [Accessed 22 Aug.
2017].
Crowder, C. (2016) [online] Techin.oureverydaylife.com. Available at:
http://techin.oureverydaylife.com/disadvantages-accounting-software-1965.html [Accessed 22
Aug. 2017].
Gulledge, T. (2002). Business process management: public sector implications. Business Process
Management Journal, 8(4), pp.364-376.
Henderson, L. (2004). Encoding and decoding communication competencies in project
management ? an exploratory study. International Journal of Project Management, 22(6),
pp.469-476.
James, D. (2016) 7 accounting packages for Australian small businesses compared: including
MYOB, QuickBooks Online, Reckon, Xero. [online] BIT. Available at:
http://www.bit.com.au/Review/344651,7-accounting-packages-for-australian-small-businesses-
compared-including-myob-quickbooks-online-reckon-xero.aspx [Accessed 22 Aug. 2017].
Mallery, M. (2011). Project Management Portal (PMP) from the University of Washington
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Strategic Information Systems
Information Technology Wiki -
https://wiki.cac.washington.edu/display/pmportal/Project+Management+Portal. Technical
Services Quarterly, 28(3), pp.365-367.
Miller, K. (2016) Xero Review 2016 | Reviews, Ratings, Complaints, Comparisons. [online]
Merchant Maverick. Available at: https://www.merchantmaverick.com/reviews/xero-review/
[Accessed 22 Aug. 2017].
Mohapatra, S. and Patnaik, A. (2011). Sustainability in HRIS implementation through effective
project management. International Journal of Project Organisation and Management, 3(1), p.78.
Myob, (2016) Online Accounting Software for Businesses | MYOB. [online] Myob.com.
Available at: https://www.myob.com/au/accounting-software/compare [Accessed 22 Aug. 2017].
Ryan, E. (2016) The Evolution of Accounting Software: Past, Present and Future|. [online]
Gaaaccounting.com. Available at: http://www.gaaaccounting.com/the-evolution-of-accounting-
software-past-present-and-future/ [Accessed 22 Aug. 2017].
Seethamraju, R. (2012). Business process management: a missing link in business education.
Business Process Management Journal, 18(3), pp.532-547.
Woolworths, (2017). Woolworths Supermarket - Buy Groceries Online. [online] Woolworths
Online. Available at: https://www.woolworths.com.au/ [Accessed 22 Aug. 2017].
Yang, Y. and Tamir, G. (2015). Offshore software project management: mapping project success
factors. International Journal of Project Organisation and Management, 7(2), p.111.
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