Provide an overview of the accounting software Xero.
Identify key features of (6 marks) and use screen shots (or demos) to discuss these features.
Compare the advantages and disadvantages of the accounting software.
Mining Support Services (MSC) is a company supporting specialist software in the mining industry in Queensland. MSC has a small systems staff that designs and writes customised software. The data centre is installed in the basement of its two-story headquarters building in Brisbane. The data centre is equipped with halon-gas fire-suppression equipment and an uninterruptible power supply system.
The computer operations staff works a two-shift schedule, five days per week. MSC’s programming staff, located in the same building, have access to the data centre and can test new programs and program changes when the operations staff are not available. Programmers make changes in response to oral requests by clients using the software. Since the programming staff is small and the work demands have increased, systems and programming documentation is developed only when time is available. Backups are made whenever time permits. The backup files are stored in a locked cabinet in the data centre. Unfortunately, due to several days of heavy rains, MSC’s building recently experienced serious flooding that destroyed not only the computer hardware but also all the data and program files that were on-site.
a. Identify at least four weaknesses in MSC’s backup and DRP procedures.
b. Evaluate the change controls at MSC.
A report has been prepared on the xero software and a brief overview of the same has been given. The advantages and disadvantages of using the same as an accounting software has been using the screenshots and how the same is being used in the given business scenario. The second case study is on Mining Support Services (MSC), which is one of the specialist in software designing for the mining industry. Since it has many critical data, back up and software so the requisite internal control processes has been discussed. Along with the same, the disaster recovery planning (DRP) procedure of the company has been discussed along and recommendations have been given for what are the changes in control that are required.
Xero is one of the widely used web based accounting software in the industry for accounting and financial report preparation and book keeping purposes. All the given transactions of the business for the given period can be recorded in the software and various reports can be generated through it for the decision-making by the users of financial statements (Belton, 2017). It was established in 2006 and is generally being used by small businesses. It helps in connecting with the partners and give the financial overview and visibility of the given business in a consolidated manner. Even the people with no accounting knowledge find it easy to operate the software as it converts some of the most complex and standardised transactions into the easiest transactions and in a user-friendly manner. More than 475000 businesses are using it as of now (Boccia & Leonardi, 2016).
There are a number of number of features that the software has to offer to the user, some of which are mentioned below:
Some of the major advantages of the software is mentioned below:
Some of the major disadvantages of the accounting tool are as follows:
In the given case, the scenario for Mining Support Services (MCS), a mining industry software specialist has been given as to how they keep up with their back up and the DRP plan and what can be changes in the control.
Weaknesses in MCS’s backup and DRP procedures
Some of the major weaknesses in the MSC’s backup and DRP procedures are mentioned below:
There are a number of changes, which are warranted in the control measures. Some of them are:
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Werner, M., 2017. Financial process mining - Accounting data structure dependent control flow inference. International Journal of Accounting Information Systems, Volume 25, pp. 57-80.
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