Project Management Report: Implementation of XERO for ABC Ltd. (UK)

This report examines the project management aspects of implementing XERO accounting software at ABC Ltd., a UK-based accounting firm. The report details the project's objectives, which included maintaining accounting records, facilitating easy data collection, reducing costs and time, and en...Read More

PROJECT
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
End of Project..............................................................................................................................1
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Project management is defined as the practices to initiate, plan, execute, control as well
as close the task of team for attaining specific objectives as well as meet particular success
criteria at certain time duration. This is essentials as this assures what is bring facilitated, is
appropriate as well as will deliver real value against business opportunity (Fleming and
Koppelman, 2016). Moreover, an effective project management assures that project goals are
closely align with strategic business objectives. As per the given report, the chosen company is
ABC ltd., which is a accounting based firm that operates in UK. The purpose of this report is to
demonstrate an academic competence, reflective practices as well as execution of role and
responsibilities into project team by the end of project report while adapting a structured as well
as concise approach.
TASK 2
End of Project
As the changing takes place into all the area so this is crucial for firm to adopt those
modification for operating the business with market trends. The ABC Ltd. Company is planned
to adapt new accounting software XERO in order to maintain their accounting transactions as
well as records. So, the objective of project is to make the plan for implementing new software in
effective and efficient manner as this help them in maintaining separate accounts that enable
them to obtain statement as required for particular accounts. Also, through this respective
company can able to move towards technological advancements an perform as per the changing
trends and world (Heagney, 2016). This objectives were achieved effectively and efficiently as
for managing this project PRINCE2 is utilised which is considered as the structured methods. As
this assists to scheduled the project and whole requirements are arranged efficaciously.
Moreover, new professional are hired for working on that software. Project is accomplished one
time with decided budgets.
There are various benefits for the ABC Ltd. after the implementation of new software
that is XERO. Some of them may be expected and few are unexpected. The benefits are
discussed below: Maintaining accounting records: Within an accounting firm, this is very essential for
them to maintain records effectively and efficiently. As ABC Limited is an accounting
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company so with the implementation of new software that is XERO they can able to
maintain the accounting records of firm's such as sales, purchases, expenditures and
many others in fast as well as accurate manner at certain time duration. Easy collection of data: In an accounting company various books are prepared so at the
time of preparing final accounts (Kerzner, 2017). ABC Ltd. Which is an accounting firm
and records all the data manually so their employees have to carry the bulky books. So,
with the implementation of new software which is named as XERO benefits aids
respective organisation staff not to carry the bulky books everywhere as well as can able
to access their accounts from anywhere with the assistance of networks. Reduces the cost and time: In accounting company various types of books are prepared
for which incurred more cost and takes time. As ABC Ltd. is an accounting firm and used
manual methods due to which more cost are incurred as well as takes more time. So, with
the adoption and implementation of new software XERO respective organisation can able
to maintain a uniform base of accounting over whole their branches and offices
effectively and efficiently which minimises their time and cost.
 Transparency: With the adoption as well as implementation of new software XERO the
ABC Ltd. operations become transparent which aids respective organisation stakeholders
and shareholders to get knowledge about the position of the firm. By which, they can able
to make effective decisions and invest more into their projects this enhances their
profitability in efficacious manner.
All these benefits are expected and achieved as ABC Ltd. Company are implementing the
new software into their business by analysing their advantages and disadvantages in effective
and efficient manner.
Yes, the project stay with their original scope. As per the project provided, the scope is
essential part of project management because project manager are accountable for developing the
scope statements. In this project the scope statement is appropriate implementation of Xero
software at stipulated time as well as under their estimated costs. So, the execution of new
software have a boarded scope as this is requirement of the company (Marchewka, 2016). As the
whole world is moving towards the advancement of technology so this is essential for ABC Ltd.
to adapt those changes as this make accounting transaction simple and easy. Moreover, by
switching towards new software minimises the staff work as well as employees can able to
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formulate entries with immediate impact. In addition to this, they can also able to address their
reports on an annual basis into particular time duration. So, the project stay with their original
scope as the budgeted cost that they were decided is GBP 3000 and also the time is decided for
every steps so the estimation is about 41 days to 7 months this enhances the project costing by
15%. Also, in some steps they are diverted from the objectives and some risk is occurs due to
which they the costing maximises. But later, they manage all the budgets and time as well as
accomplish the project on time by staying upon the original scope in effective and efficient way.
There are various changes that may performed while doing the project up-to completion.
At the time of making plan the expected budget is which were proposed is GBP 3000, this were
decided by viewing the structure as well as another essential things which were needed for
project. Moreover, the cost of purchasing computer and another equipment is around 60% of
budgeted forecast that were GBP 1600 as well as the cost cost of professional is approx 20% and
rest 20% were for training and development of staff. All these were planned but some changes
are done mostly in the part of cost and time. As the costing of the project raised by 15% and the
time period is enhanced up-to 7 months. Also, the changes occurs into their human resources,
they recruit the professionals as new software are implemented (Meredith, Mantel and Shafer,
2017). Moreover, they have to change their procedures as well as have to adopt and formulate
the new strategies and process as per the government of the United Kingdom. All these changes
that are occurred have impacted the project due to this the project cost enhanced as well as time
maximises as an outcomes they can not able to accomplished the project at stipulated time
duration. Moreover, the respective company have to bear more cost and again has to develop the
budget again which is totally considered as the wastage of time. As the new professional staff are
hired so they has to change their recruitment process, this effects the project as respective
organisation project manager have to trained the new employees regarding the implementation of
new software as well as existing one about the changes recruitment procedures.
During the project, I have learned that changes are the essential and the company have to
move as per the changing trends. Also technology becomes advanced day by day so the I has to
work accordingly. Moreover, I get to know about the PRINCE2 method which is the structured
method of project management. It basically deals with project divisions within stages which
could be managed and controlled in effective and efficient manner (Mir and Pinnington, 2014).
Also, this has principles through which I can able to deals with continuous up gradation of
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project, maintain project logs, separating the roles from persons, bifurcating the project among
stages like planning , upgrading of business business case and many others. Moreover, I get to
know about how to prepare the schedules effectively and efficiently as per the task performed
into project. Also, there are various requirements which are to be fulfilled such as monetary,
technology and professionals. As monetary is the vital part of project without this any operations
or plan can not be implemented appropriately. In addition to this, I also learned that without
effective deliverables of the new procedures then the changes can not be implement in
efficacious and precise manner. I also learned that with the assistance of computerised
accounting system, an organisation will be has remote access over their accounting records. The
new software that were implemented through ABC Ltd. Are very much beneficial for them and
its staff. Also, I get that timing is a crucial aspect into project management as project can lose
their significance if its objectives will attained into target and extension beyond time limits.
Also, I face various risk such as monetary and others. Apart from this, I also learned that all the
things has to be communicated effectively and efficiently to team members so that they can
easily understand the objectives as well as scope and perform consequently.
Next time I will make sure that I will not have to face the several risk as I had faced this
time as extra budgets are prepared, updated with the legal procedures and many others. Also, I
will more work on the schedule part and make its more effectively and efficiently. Also the
communication areas are to be improved they have to used various ways so that its team
members can easily understand the objective and coordinate with one another (Pemsel and
Wiewiora, 2013).
Recommendation:
As per the above mentioned things, it can be recommended that in future projects they
may utilised the PRINCE 2 methods in more effective manner so that they can deals with
continuous up gradation of project, maintain project logs, separating the roles from persons and
many others. Formulate extra budgets and formulate the schedules in more efficient way.
Also, the roles and responsibilities of the project team are to develop the scope statement
as this laying upon proper plan, arrange all the required things, formulates the effective budgets
and so on. Moreover, its roles is to represent a planned proposal along with inclusive time as
well as its responsibilities is to assure the project quality. Also, assures that the all the things that
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is objective, scope and other things are communicated effectively and efficiently to their team
members.
Risk is defined as the any unexpected event which can impact project for better or worse.
Also, this can effects anything such as human, procedures, resources, technology and many more
(What is Risk in Project Management?, 2019). Moreover, these are the events which mights
happen as well as it may not capable to tell when. Yes there are several risk which have been
identified earlier on in the project such as monetary risk, human risk and legal risk. While
performing the projects, so the project management have to face various risk which are discussed
below: Monetary risk: This is defined as the term which is a risk which includes monetary loss
to organisation or project (Pinto, 2013). This usually raise because of insufficient funds
and many others. The project management of ABC Ltd. have to face monetary risk as
finance is the crucial term that is required in doing all the work. As the time of the project
enhanced so the its costing also get maximised. So, they can not able to arrange the funds
for the execution of project as well as the organised funds are not adequate or
insufficient. Human risk: This is considered as the major risk that is related with the changes is
associated to human resource of the organisation. Staff can not able to accept the changed
procedures of accounting due to several reasons such as resistance of procedures or
professional may not coordinate with existent staff that created the whole procedures
complex for the ABC Ltd. Project manager to implement that.
 Legal risk: This is defined a the risk of reputation al or financial loss which can outcomes
from lack of awareness or misunderstanding or the way legislation as well as regulation
applied to their business, their relationship, procedures, products and services (Schwalbe,
2015). The changes of the procedures was executed due to mandatory needs of
government. As the procedures is almost new for the firm so the default into compliances
with any process can leads legal fines as well as penalties for organisation. As for
implementing the project respective company used the PRINCE2 which was developed
according to the standards of United Kingdom government that was especially about
information system of project. If this were not executed effectively then there will be the
risk in the project.
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All these risks can the prevented through various measures monetary risk can be
avoidable through formulating extra budget while performing project management plan. If the
the budgeted figure is more so in case more cost were incurred during implementation of project
plan then there will be less chances of financial risk or it is unavoidable. Moreover, human risk
is unpredictable and this can be prevented through providing training as it assists them to get
knowledge about the new software through which they can able to perform effectively and
efficiently (Too and Weaver, 2014). Also, conduct some activities and session that whole team
members of the project can able to co-ordinate with one another so there will be less chances of
human risk. In addition to this, legal risk can not be unavoidable as the project manager of
respective organisation have to comply all the legislation as well as regulation of the United
Kingdom government. Moreover, the project manager have to be updated with the changed laws
and legislation as well. Also, adopting of new technology changes so this changes the working
procedures of the ABC Ltd. From these, it is analysed that some of those risk can be unavoidable
such as financial risk and legal risk as well as the human risk is unpredictable as the project
manager do not supposed that their team members will not coordinate with each others.
CONCLUSION
As per the above report, it have been concluded that Project management is essentials as
this assures what is being facilitated, is appropriate as well as will deliver real value against
business opportunity. The project objective is to adopt the changes and implement the new
software into organisation and attained the goals. There are various benefits such as maintaining
accounting records, easy collection of data, reduces the cost and time, transparency and many
others. Also, all these benefits are expected as well as attained in effective and efficient manner.
In addition to this, the project stay with their original scope and the scope statement is
appropriate implementation of Xero software at stipulated time as well as under their estimated
costs. While doing the project several changes are occurred in time and costs. Also, there are
several risk such as monetary, human, legal and many others which can not be unavoidable and
unpredictable. This can prevented through formulating extra budget while performing project
management plan, facilitating training to its team members and many others.
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REFERENCES
Books and Journals
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management.
Project Management Institute.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Marchewka, J.T., 2016. Information technology project management: Providing measurable
organizational value. John Wiley & Sons.
Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking
project management performance and project success. International journal of project
management, 32(2), pp.202-217.
Pemsel, S. and Wiewiora, A., 2013. Project management office a knowledge broker in project-
based organisations. International journal of project management, 31(1), pp.31-42.
Pinto, J.K., 2013. Project management: achieving competitive advantage (No. s 57). Upper
Saddle River, NJ: Pearson.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual
framework for project governance. International Journal of Project Management, 32(8),
pp.1382-1394.
Verzuh, E., 2015. The fast forward MBA in project management. John Wiley & Sons.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Online
What is Risk in Project Management?. 2019. [Online]. Available
Through:<https://www.wrike.com/project-management-guide/faq/what-is-risk-in-
project-management/>
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