Discuss about the Advances in Systems and Measurements.
The report focusses on how Westpac is able to balance with the different accounting data and the formats related to the payroll and the inventory. (Westpac, 2017). Here, the functionality is based on working over the secured networks with proper solutions of data feeding in the business. The small business customers with the broad range of the financial services are working with the AIS, where the operations are for the product teams, and the transactional banking. Westpac focus on the operations that are in Australia, New Zealand, US etc. Here, there are funds management operations which include the distribution of the investments and the product retirement as well. This works with the solutions that covers the manufacturing and the proper distribution of life that includes the lenders of the mortgage insurance. The Westpac includes how the inefficiency and the errors need to be evaluated with the proper meeting of the demands and the other accounting forms. The proper access is allowed with the third-party package software that could be accessed at any time with the internet enabled functions with the complexity and the costs. The proper access is through the business systems which includes the handling of the security of the data, where Xero and MYOB is able to handle the transactions. All the small business customers work on allowing the customers of the bank to use the ATM card or the check card, but to make sure of not sharing their personal details. (Zaheer, 2015).
It has been that Westpac is working on operations with the financial services that are being offered through the electronic banking, deposits and the loans. It includes the international trading facilities to handle the personal and the business customers. The bank also focuses on the product development with the easy delivery of the services to the customer, with handling the responsibilities based on the customer segments for the better leadership. The structure also includes how the customer bases with the retail banking is able to work towards the different procedures of banking. The investments with the insurance includes the support services which include the third-party functions from the brokers and the agents. Westpac also works on the changing organizations with the funding mining company Bathrust with gaining the resources to mine the coal. The effects are based on the assessment of the sustainability development.
There is a possibility that Westpac has to handle the different issues related to the ATM card not working or the overcharging that is being done to the customers other of Australia. Hence, for this, there is a need to keep a check on all the cashless transactions so that the customers do not have to face issues which will deplete the usage of the electronic services as well. (Adenike et al., 2016). Here, the errors also include the online platforms with customers who tend to drive away.
It includes the Integrated Banking Service that will also be able to offer a proper support and the automation, security and the management of the files, then transferring the files in between the organizations. The host-to-host communication will also help in enabling the financial application systems with sending the payment instructions and receiving the reports and the account information to properly handle the bank reconciliation process. (Westpac, 2017). The ERP will help in the saving of time and the money with the automation of the payment process. It will also work on the improvement of the business efficiency and the increased accuracy is for the processing in the payment along with mitigating the fraud risks and by properly encrypting and then transmitting the payables and the receivables data. The gain is for the greater visibility of the accounts with the increased control to handle the reports and the automation reconciliation. The positions and the preparation of the business is set through the standardized message formats.
This includes the working on how the sales and the other vendors are able to manage with the reviewing of RFQ and the preparation of proper quote so that there is a timely delivery of the orders. Along with this, the preparation of the invoice and then receiving of the payments is done through the forms where there is a proper approval to work on reviewing the quotes. (Tan, 2016). The preparation is based on working over the system evaluation with the proceedings set for the shipping officers.
There are other standards which include how the standards and the other functioning processes need to be evaluated based on the Xero system. The functionalities and the possibilities of the data are based on evaluating the linkages for the system setup. (Westpac, 2017). The employees ID and the data deletion is considered to be a major issue where there are some people who try to connect their bank accounts to the name of the employees who have left the company. The issues are related to how the users work on accessing and making use of the different system network connections (Olayinka et al, 2016). The floating of the money and handling the account ID is through working over the systems with the user sets that are for the lower patterns. Here, the issues are also related to the use of the storage systems and the working that is done through proper designing of the software. It is important to balance and work towards the performance standards which needs to evaluate the unbalanced errors.(Smith, 2017).
The best and the major solution to the system is to work on handling the system files with the possibility where the user works to maintain the system privacy. The possibility is set for the monthly updates with setting and data deletion of the files, that are seen to be irrelevant.
The AIS is based on the system of the IBM with the focus towards the handling of the system dynamics. With this, there is an easy report generation for this which includes the different types of the regulatory frameworks as well as the tax agencies. The working is based on the inventory orders with the real time applications that include the sales that could be made through the invoice customers and the processing of the efficiency with the reduction in the fraud risks. (Lim et al., 2014). The integration with ERP system includes SAP and Oracle where there are standards for the institutional bank to access the innovative online portal Quick Service that will help in the easy flow of the cash and the management. (Hansnata, 2016). It will lead to the enhancement of the visibility with the control to the applications based on the formats and the increased Straight Processing and reconciliation with ERP and the back-office applications. Here, the structural standards also include the accounting applications which work towards the management of the processor system and meeting the MYOB which includes how the company is able to acquire and then meet the larger number of the organizational structures. The standards are set with the reduced forms of the paperwork. (Yigitbasioglu, 2015).
For this, the check is on how AIS is able to improve the software requirements with the setup on how the investors and the creditors are able to proceed towards the booking and the accounting system technology. Here, ERP works on the check with the basis to improve the accounting systems and the software packages. The architectural dimensions are based on processing the data with the focus on collection and working on the proper information storage. The information also depends on the working where the clerk can also enter the details of the different marketing structures and the invoice. (Westpac, 2017). The costs are determined through the different ledgers and the generation of handling different accounts.
Westpac is working on the corporate customers with the ability to handle the payments and work for the handling of the different transactions. Here, Xero also focus on the marketing standards which includes how the sectors are able to maintain the system programming with the accounting software. The consistency is based on how Westpac is able to administer to the different uses of the reliable standards and handling the consistency of the system. (Olayinka et al, 2016).
There are issues related to the working and handling the security of the system. For this, the check is on how to work towards enabling the users with the hold to work for the third party vendors. It includes the handling the of the market with the fast time access with proper check on the system functioning as well as the other individual forms. There are other issues for the industry standards where there is a increased risk related to the vendor business failure or the smaller development team. This will also include the reduced availability of the support and reducing the cost of implementation as well. (Smith, 2017). Hence, for this, the evaluation of the training time and the costs need to be done for proper implementation.
The Westpac should work on the cloud computing patterns where there is an easy processing and handling of the encryption that could be done. Hence, for this, the major focus is on development of the structure of the system.
Along with this, the challenge is to acknowledge and work on the desktop factors with the cryptography standards related to the associated software.
The measures are also related to work on the security factors along with working over the reports that are mainly to deal with the consolidation programs with the proper evaluation of the system requirements. Here, the competitive edge is important for improving the efficiency and then working on the needs with risks management and the governance techniques.
The check is maintaining the documentation with the proper check on how ERP will be able to work on the system standards with the retrieval of the records that are for the internal and the external sources. The online order for the customers and the procedures are acknowledged to work on the different functioning of the system. (Dunbar et al, 2016). The storage of the information, and then retrieving the records are mainly to handle the sources of the internal and the external frames, where all the customer online orders and the procedures are for storing the information to work with the different users and the information. The accounting information is based on including the financial patterns, with the related activities that are for the management with the focus on the measurement, analysis and the records that are for the bookkeeping processes with the double entry that is considered to be important. The accordance is set to hold and work on the financial statements which relates to work on the system standards. The general accounting functions with the management of the information systems could easily be integrated to take hold of the robust databases and plan for the ERP software in an effective manner.
Adenike, A.T. and Michael, A.A., 2016. Effect of Accounting Information System Adoption on Accounting Activities in Manufacturing Industries in Nigeria.
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Hansnata, M., 2016. The impact of digital innovation on the social structure of professional public accounting practice in Australia.
Lim, N. and Perrin, B., 2014. Standard Business Reporting in Australia: Past, Present, and Future. Australasian Journal of Information Systems, 18(3).
Olayinka, O., Wynn, M.G. and Bechkoum, K., 2016, May. Process Analysis and e-Business Adoption in Nigerian SBEs: A Report on Case Study Research. In eKNOW 2016, The Eighth International Conference on Information, Process, and Knowledge Management (pp. 57-63). ThinkMind.
Olayinka, O., Wynn, M.G. and Bechkoum, K., 2016. E-business adoption in Nigerian Small Business Enterprises. International Journal On Advances in Systems and Measurements, 9(3/4), pp.230-241.
Smith, H., 2017. Xero for dummies. John Wiley & Sons.
Tan, L.M., 2016. Professional skills required of accountants: What do Australian and New Zealand job advertisements tell us?.
Westpac.com.au., 2017. Annual reports | Westpac. [online] Available at: https://www.westpac.com.au/about-westpac/investor-centre/financial-information/annual-reports/
Yigitbasioglu, O.M., 2015. External auditors' perceptions of cloud computing adoption in Australia. International Journal of Accounting Information Systems, 18, pp.46-62.
Zaheer, H., 2015. How do innovative digital start-ups achieve success?: perspectives of Australian founders.