Accounting Software Package Application

Question: Discuss about the Accounting Software Package Application. Answer: Introduction: For accounting softwares, they may be bought from third party developers or may be built inhouse. In this time and age where technology blooms it makes the accounting software grow in many dimensions thus making it be not limited to carry out recording and processing of data but to also facilitate and give practical useful modules for administrative decision process. The accounting software Falls beneath accounting information systems which is labelled as computer software that does documenting and managing accounting transactions within convenient elements which are payroll module, accounts receivable, accounts payable module and the wholesome full purpose financial report module. There have been remarkable developments in Australia due to the high growth in technology that has really given the economy a boost and also opened up new ideas and agendas in growing of the industry. By so doing this research tries to review or better yet look at accounting software packages more deeply so as to try and get the essence and know-how of what they really do and how it affects us in its own unique way based on an Australian company Machiraju Gaurav, (2015). The beginning of accounting software is noted to be in the 1950s where the IBM were the generators of the machine that was able make a report language which allowed clients to be able to collect and access systematized data from their computers databases. As the generation of the report language the companies opened up eyes and started to be interested in getting more ways to be able to account for their expenditures and business transactions thus when machines developed more higher functions and capabilities the idea of incorporating more ideas In the generation of accounting software became more realistic as this was experienced in the year 1973, with the growth of the SAP RF that handled financial decisions quickly with reduced parties involved. The uptake of accounting software is growing at a rampant pace as more companies prefer to use them so as they fall in line with their set targets n dreams to further develop and expand. In Australia alone there was a case study done by Xero who found out that the small businesses majorly use the software and also another fact was that it happened mostly in Australia where the acceptance of accounting software is taken warmly as in comparison to other countries. The basics of every accounting process is that it starts with buying of the ledgers which include sales, purchase, cash book and petty cash. The accounting software has really cut costs in times of speed of uptake of info and processing and storing the data it saves the old ways of manual accounting Institute of Chartered Accountants in Australia, (2008). Its agility and ability to be so efficient makes it easy to be adopted by an ever-growing customer base in the country. The current organisation structure for azure group starts off with the enrollment hierarchies as they define how services are structured within an enterprise agreement. the enterprise portal accepts users to share access to Azure resources associated with an enterprise agreement based on flexible hierarchies customizable to a companys unique needs. It should match a companys management and geographic structure so as the associated billing and resources access can be accurately accounted for National Library Of Australia, Commonwealth National Library. Hacking of the system- if the users do not have passwords that get generally changed the system can easily be hacked by a customer or user who wants to trade information with another company. Network errors too much overloading- this is due to it all being placed in one way on the network thus the client using the accounting system might conflict with another network trying to render the same assistance. Manipulation of programs A competitor can affect, modify or delete a file concerning the program thereby making it unusable thus making the company experience a shutdown in running as the manipulation of programs can cause the whole system to crash. Theft of time in computers theres no original copy thus information created by one person may easily be taken by another person and they end up claiming it's theirs. Theft of data- data is stored on a computer can be easily copied to a disk or flash drive as insiders share important information with other companies. The most likely acquisition method is custom software. As through this method, small enterprises and also large can be able to customise their product in order to decrease mismanagement of accounting information and so forth. Custom software is a software that is developed by a user or some specific company. This is most preferred as it accommodates the users preferences and tastes and expectations that allow possible hidden risks to be taken into account, also pinpoints issues that were not mentioned in the original requirement specifications. Most large organisations use custom software serious functions that include content management, inventory management, and human resource management. Azures group system flowchart of the sales procedure indicating how the sales procedure takes place. It starts with buying the product by the user whereby the then fills a credit form so as to get the order entry where the next protocol is pass through the order form where the order is now placed. After that, it goes to review accounts receivable balance where it now flows onto the calculate terms where the user's term of credit is checked up if its worth. Here it either flows onto terms approved where now the bought item is now sold and the user shall receive it whereas if it goes to the credit issued report then the trade is cancelled as the credit reviewal is bad thus no good can be bought. Also, the credit criteria here is where the credit form is checked and rechecked to see whether all data given is correct and if it's usable. If it's wrong it shall flow down through credit check then review accounts receivable back down till terms approved. Reconcile agency accounts every month- this is good as it helps the system to be able to tabulate what the math is of every cost undergone. Systems should have login IDs and passwords that authenticate the user, so as the user can be able to use the computer. Do not share passwords and change them periodically. Virus protection-this helps as it acts as a shield in wielding out unwanted viruses and worms so as not to affect the computer as viruses cause the system to behave in a manner that can jeopardise the companys work and statements saved on the machine. it can also bring an entire accounting system down making it unusable and ineffective Morschett Zentes (2015). Backup-this is a standard procedure so as to have the documents already on standby in case of an accident or calamity occurs there is backup to lift up. Considerations this is where if a machine is being sold or donated the party receiving it should get the system cleaned up by a professional so as not to violate any rules by going through data left on the hard drive Heintz Parry (2008). Manipulation of programs- a competitor can affect, modify or delete a file concerning the program thereby making it unusable. in computers theres np original copy thus information created by one person may easily be taken by another person and they end up claiming it's theirs. data is stored on a computer can be easily copied to a disk or flash drive as insiders share important information with other companies National Library Of Australia, Commonwealth National Library (Australia) , (2009). Most organisations have computers that share data with each other using networks. In this process, it is easy for a different user to access files or service from the machine. Data encryption- this refers to changing data into an unrecognisable form, then transmitting it over a network and decrypting it back so as the intended user can be able to view its details. Its flaw is that if an unauthorised person taps into the network heshe can go through its contents Schramm-Klein Zones, (2015. The organisation employee may copy the software purchased by an organisation and copy it to his home computer cunningly Sale Salter, (2007). Accounting software describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, receivable, general ledger trial balance and payroll. The configuration of the system at the client can be a larger consideration than the actual software chosen. the adoption of the accounting software packages begun where the scenario of problems given by the older accounting methods like misplacing of data or being misread due to errors forced the emergence of better ways to store valuable data in a place where they cannot be corrupted as easily thus the cloud scenario. They make work way easier as one if requires a document they can access it through the accounting information packages Cseti, (2010). The Xero accounting software optimises a model software. It gives a free (API) for third-party merchants and clienteles to combine other applications on a solitary fused ledger in the cloud. The ability to deliver clients with applications functioning on a cloud setup and operated via an interface such as a web browser the method is known as (SaaS). The accounting software packages have transformed and really changed the scenery of information technology by bringing cost effectiveness, quicker time to market, invention and scale to demand. The current market size for Xero is roughly 717,000 subscribers but rapidly increasing as it is offering a better product for the small and large companies around. As it maintains a firm focus on executing on a global strategy of high margins and diversified global revenue. Its also used in more than 180 countries around the world showing just how global and diversified the company is. The leaders in the market in accounting software packages market in Australia comprise of Intuit, Xero and MYOB. What gives them a competitive advantage over the rest is that they major on targets that directly affect most people and also easily accessible as in the case for Xero it offers the best accounting software for small and medium-sized businesses, zero, in particular, was able to get gaps in user accounting software as it was a problem as companies faced autonomous units thus here is a good picture of how it used this to get users to make use of it Marsden, (2010. Cloud computing lacks security morals as cloud providers will use their own security modules and technologies. This now opens up the risk of cyber crimes to information thats associated with the cloud computing. In resolving some of these challenges and identity management measure is used to carry out authentication of services rendered, another process is by use of the information-centric security as it controls data and security in the cloud. Its on the basis of self-defending and describing. Conclusion Here we see how accounting information technology is and how it has helped grow the business structures and gradually helped their growth. The accounting softwares have proved to be more helpful than thought of and also have their faults but the main agenda is that they have improved workability in Austarlian market. References Machiraju, S., Gaurav, S. (2015).Hardening Azure applications. RIFKIN, J. (2015).The Zero Marginal Cost Society: the internet of things, the collaborative commons, and the eclipse of capitalism. New York, Palgrave Macmillan. Rose, D. S. (2016).The Startup Checklist: 25 Steps to Scalable, High-Growth Business. John Wiley Sons. Plunkett, Jack W., Balan, Andreea, Brison, Brandon, Jordan, Daniel P., Kolber, Maria. (2008).Plunkett's Wireless, Wi-Fi, RFID and Cellular Industry Almanac 2009. Plunkett Research Ltd. National Library Of Australia, Commonwealth National Library (Australia). 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