Accounting system software assists in tracking different financial actions of the corporation in a very systematic way. The contemporary business environment is essentially particularly competitive in nature. Owing to this, different forms of contemporary corporations have the need to adopt diverse types of advanced technology in a bid to maintain their business and to compete with their rivals. The current study analytically evaluates the requirement of effectual accounting system of the corporation B Bakery. In particular, this corporation B Bakery follows a manual version of system of accounting and has not yet undertaken the mechanized accounting software. Different forms of system of accounting as well as accounting software is hereby proposed to the corporation and the advantage of this kind of processes is also elucidated in detail in this study.
As rightly mentioned by Prasad and Green (2015), individual manufactures different kinds of breads as well as cakes with the assistance of a heated source can be regarded as a baker. However, bakery is referred to as the place of work in which the baker essentially utilizes and markets their own bread as well as cakes.
Procedures of business of the business concern B Bakery
The business entity B bakery essentially undertakes a wide range of business actions that includes the following:
Production or Manufacture of Diverse Bakery Products
The corporation under consideration deals with diverse bakery products in different forms such as manufacturing of bread as well as other items. The chief unique-selling proposition also simply referred to as the USP of the company is that it attaches importance to different health associated facets while manufacturing the products of the company (Du et al. 2015).
Annual Business Actions of the firm
The most critical limiting factor of the corporation B Bakery is that it undertakes the business actions manually. However, this specific factor recommends that the corporation records business dealings and accounting actions by following a manual practice rather than a technical accounting procedure by utilizing any specific kind of accounting software (Prasad and Green 2015). Essentially, this can be regarded as a limitation of the business concern since it has failed to adopt any suitable ERP procedure.
Distribution of Product
The business entity B Bakery is engaged in the process of distribution of bakery products in diverse forms. As such, this further proposes that the corporation markets their own products by deploying diverse distribution outlets that include supermarket chains and many others.
Less effectual in management of human resource
The business case mentions that the corporation employs around 70 employees. Nevertheless, this corporation also utilizes diverse manual procedures to generate monthly salaries. It can also be hereby concluded that inadequacy of proper accounting division has adversely influenced the employees of the corporation by a huge amount (Tazik and Mohamed 2014).
Part B: Essential procedures of business
The corporation is extremely successful in generating adequate amount of turnover. Nevertheless, it is also apparent that the business procedures of the corporation might suffer in the upcoming period owing to the manual adoption of different procedures of business. The following actions involved in the business procedures can be proposed to the corporation in a bid to make their procedure even in the long run.
Structure of the pay roll with computerised accounting software
Presently, the corporation essentially follows a manual structure/framework of pay roll for the purpose of providing salaries to the workforce. It is very important for the corporation to adopt an automated pay roll framework for crediting salaries to all the members of the staffs of the corporation since it is a developing corporation (Tazik and Mohamed 2014).
Appropriate evaluation of diverse inflow along with outflow actions
It is very crucial for the corporation B Bakery to categorise diverse kinds of costs required for firm’s production as well as manufacturing procedures. Essentially, this corporation B Bakery also has the requirement to minimize the overall operating costs and this in turn can assist in sustaining in upcoming period. Essentially, this can be made possibly only if the corporation adopts computerised accounting software (Diatmika et al. 2016).
Determination of Production Cost
The corporation B Bakery has the necessity to adopt an effectual procedure for determination of the production cost or else the costs of goods sold. Essentially, this procedure also helps in of determination of costs of the entire procedure of processing different raw materials to finished products.
Preparation of financial assertions and annual declarations
In contemporary times, majority of the corporations declare their financial declarations along with annual reports. Essentially, this has become an obligatory function of the corporation since this assists in evaluating their business procedures (Romney and Steinbart 2012).
Ascertainment of apposite market value and disbursement of taxes
Business concerns have the necessity to determine the market value whilst adopting a appropriate method of accounting. Besides this, the bakery business also has the need to give back all the liabilities such as make payments for tax and many others.
Fitting results of the business procedures
The firm can seamlessly achieve several results in case if the business concern can adopt all the above mentioned procedures of business. As such, these results that can be achieved are hereby mentioned below:
Maintenance of control over different variable as well as operating costs
The business entity B Bakery can seamlessly achieve numerous positive results and control operating costs by adoption of the automated system of accounting. The business concern can get to know about the highest along with the lowest unit of production and by this the firm can control the entire variable costs of operation. Essentially, this might further help the business entity to minimize those production units that incurs greater amount of costs of operation (Adenike and Michael 2016).
Effectual method of arranging and preparing financial assertions
The business entity can introduce effectual along with fault-free financial structure with the assistance of the automated software for accounting. Fundamentally, this can aid the firms in analyzing the business performance over the preceding years and accordingly can plan different business actions to be undertaken in the upcoming period (Collier 2015).
Enhancement in sales
The business concern can understand the overall cost of sales or in other words the production cost along with per unit cost (Khalil and Zainuddin 2015). In essence, this can additionally help the management in determining an effectual strategy for pricing for both short as well as long term period. By applying a fitting strategy for pricing the business entities can enhance the overall revenue from sales. This in turn exerts a positive influence the profit figure of the business concern.
Determination of customers’ demand
It is essential for any business concern to evaluate the demand as well as supply conditions in the market for their products and services. Using this automated procedure of business, management of the firm B Bakery can analyse the demand and supply conditions and accordingly optimize the process of production and minimize the overall unused stock (Collier 2015).
The business concern can achieve these results by appropriately adopting the above mentioned indispensable procedures of production.
A bakery firm has the need of certain requirements in an accounting system that can be possibly be in the form of analysis of financial assertions in an effectual manner along with documentation of various forms of records associated to specific debtors, creditors as well as vendors.
Seamless system of online accounting
In today’s world, majority of business concerns adopt online system of business transactions. Thus, it is essential for bakery firms to employ a system from where it can accept payments or make payments related to business. It can be hereby conclude that the management of the business entity B Bakery has the need to know about all the important information regarding the financials of the firm easily and in a go, so that it can assume quick actions (Fitriati and Mulyani 2015).
Analysis of financial assertions
The bakery firm B Bakery has the need of different types of accounting software for recording and documenting different financial transactions. The business entity can make use of software such as MYOB and DacEasy among many others. The management of B Bakery can decide to adopt the basic accounting software for keeping track of daily business transactions and financials that can sequentially help in attainment of future success (Fitriati and Mulyani 2015).
Recording different types of financial information and carrying out analysis
As rightly mentioned by Bonollo et al. (2016), any kind of business entity whether be engaged in large or else small scale of business get engaged in different types of business dealings. However these dealings might be in the form of accounting/financial transactions that are very important. Thus, this bakery firm also have the requirement of effectual accounting software that xan handle all the financial dealings of the firm. Besides this, the recorded transactions also need to be compared in a bid to enumerate the financial performance over a certain period of time and across different players operating in the market. Additionally, the firm also have the need to maintain a record of all the traders (retailers/wholesalers), distributors, debtors as well as creditors (Collier 2015).
Evaluation of diverse categories of costs
The business entity B Bakery can employ effectual accounting software for analysing diverse categories of cost on a regular basis. This is essential for generating effectual reports on cost sheet.
The business concern B Bakery can implement different types as well as forms of accounting software that are best suited to meet their business needs. Essentially, different types of accounting software packages that are available are hereby mentioned below:
-b) Selection of appropriate accounting software
Low end accounting Software
Zakaria and Ilias (2017) asserts that there are different types of low end software for accounting that can be implemented for handling less amount of business dealings. In general, different professionals such as lawyers, consultants as doctors make use of this type accounting system procedures. However, small scale firms hardly employ this kind of software since these are not properly structured and are very intricate transactions cannot be recorded using these software.
Medium End Accounting Software
Medium end accounting software is generally adopted by corporation to meet their basic requirements that include preparation of pecuniary reports, recording, documenting and presenting daily business transactions and many others (Sari et al. 2015). This type of software is necessarily appropriate for particularly the double entry system and this is the primary reason why different small as well as medium scale firms implement such kind of accounting software
High End Accounting Software
A high end accounting software is necessarily fitting for diverse types of accounting procedures and recording different intricate business transactions. It can be witnessed majority of the large transnational firms implement this kind of system of accounting as this high end software are essentially built using advanced technology with greater potency of recoding all kinds of financial transactions. Essentially, the output generated by this process and software of accounting is particularly useful for these types of large scale firms. As such this is the primary reason why greater amount of cost is borne by firms for the purpose of application of this high end software. Particularly, small as well as medium scale firms fail to implement this software because of the huge cost requirements as well as necessity for human resource (Abduljalil and Zainuddin 2015).
Relative comparison of accounting software package
The business concern B Bakery can implement certain accounting packages. The accounting packages might be in different forms that include MYOB or else DacEasy and many others. Thus, it is important for the corporation to compare different software packages in a bid to select a fitting software package. However, the comparison between different software can be carried out founded on different components such as capacity of recording and documenting specific number of documentation, payment associated framework of the employees, functional expends, risk as well as sustainability, time scheduling, understanding complexities and sundry creditors as well as creditors among many others (Ibrahim 2013). Thus, the comparison between specific software is as presented below:
Capability of recording suitable number of data
MYOB is capable to registering and recording suitable number of data within a specific system. Besides this, MYOB can also present output in a swift manner after providing input. However, this is principally due to the fact that the software contains a button present on each and every page at the time when input is given. Contrarily, DacEasy also utilizes a specific index to discover the requisite information on the device’s screen. Essentially, both the software is capable of recording suitable number of requisite information and documents, although the process is entirely different (Rahman et al. 2015).
The operating cost and the cost of implementation of both of these software can be categorised as either medium or else high end accounting software. As such, the single version of this software is comparatively less costly, while the multiple version of these software is relatively more costly. Thus, it depends entirely on the specific corporation that decides the software that they need to be used for undertaking operating actions (Simkin et al. 2014).
Structure related to disbursement to the employees
In essence, there exists a difference between particularly the MYOB, DacEasy as well as Xero based on the framework of payment of the employees. Mancini et al. (2015) asserts that the software DacEasy is quite useful when considered in terms of effectiveness of depositing salaries of the members of the staff of the corporation. Additionally, the accounting software also assists in the process of classification of the entire amount of tax liability that needs to be paid. Again, on the other hand, it can be said that the accounting software XERO is extremely helpful when considered in terms of effectiveness of system of mechanized bank reconciliation. Besides this, MYOB is useful for the purpose of creation of different types of alternatives to monitor and control the entire salary process as well as tax pay off system of the members of the staff of the corporation (Tazik and Mohamed 2014).
Risk as well as sustainability
It can be hereby mentioned that all the above mentioned software is necessarily free of any kind of error and is sustainable at the same time depending on the overall potential of all the users (Prasad and Green 2015). Additionally, administration of the business entity B Bakery also has the need to develop the overall speciality before managing the software.
Time Scheduling and intricacies
Essentially, XERO has successfully provided easy online accounting dealings, yet, the initial procedure is a bit intricate. Again, DacEasy is also useful for users for simple operations (Diatmika et al. 2016). Contrarily, the function of the software MYOB is exceedingly simple and can be comprehended by individuals having basic knowledge on accounting as well as bookkeeping.
XERO can be considered to be very flexible and it functions on improved payrolls of different third parties. Again, DacEasy also generates nearly fifty reports and cannot be regarded to be very flexible, while, MYOB can be regarded as exceedingly flexible and has a potential to generate over and above 175 reports (Du et al. 2015).
Sundry creditors as well as debtors
Adenike and Michael (2016) assert that MYOB backs the system of e-payments as well as e-receipts and helps in the process of billing of different creditors along with suppliers. Contrarily, it can be hereby mentioned that DacEasy primarily functions in the process of printing cheques and enumeration of different quotes of diverse purchase order. Essentially, Xero helps in creation of purchase orders and present claims of different expends when considered in terms if creditors (Wijaya et al. 2015).
Selection of suitable vendor
The bakery firm have the need to select an apt accounting software package that can serve the purpose of operating different business functions. This system needs to be simple so that it can be applied in a successful way. MYOB can be adopted since it has the potential to develop a broad range of pronouncements that is fitting for diverse functionalities of the business. Besides this, MYOB manages different credit functions that can suit the style of business functions (Salehi et al. 2010). However, these features are not obtainable in case of software such as DacEasy as well as Xero. Transfer facility is present in MYOB and is not present on other software. However, Xero can enumerate the mechanized bank reconciliation assertions whilst MYOB aids in enumeration of costs of inventory using mechanisms of LIFO and FIFO.
The corporation B Bakery can develop its operations by means of producing reports that essentially MYOB produces. Besides this, the security level of the corporation can be improved with apposite execution of software (Romney and Steinbart 2012).
In conclusion it can be hereby mentioned that it is extremely important for business entities to enhance their operations. The corporation B bakery is expected to develop their operations and attain strategic objectives with the implementation of the accounting software MYOB. This can also assist the corporation in improving the security issues and gaining access to customer’s invoices. The corporation can attain success by evaluating different reports of various vendor and this can again aid the corporation to apply effectual pricing and distribution strategy founded on the outcomes.
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