Discuss about the Research on Accounting Software/packages used in Australia.
Implementation of the off-the-shelf Small Business Accounting (SBA) software has turned out to be renowned among the medium and small sized businesses, as it has started becoming technically powerful and affordable. In addition to that, implementing and choosing affordable accounting software from among several accessible software packages is generally complex for the Australian small businesses (Contractor et al., 2015). Employing interpretive approach relied on a qualitative research methodology, the current research deals with the challenges experienced by small business in Australia through implementation of SBA software. User confusion that is devoid of external support and guidance along with accounting skills have been recognized as vital issues experienced by small businesses in Australia through SBA software implementation. Moreover, external consultant’s has a considerable role in considerable implementation of the SBA software but recently extremely, less research exists in this subject.
Accounting Software/Packages Concept
According to Kyng et al., (2013) accounting software falls within the “accounting information system (AIS)” serves as a computer software that stores and processes accounting transactions in the functional modules like accounts payable, payroll, trial balance and accounts receivables. A third party might acquire the company that uses it by off-shelf pacakaged software such as QuickBooks and MYOB or can develop this in-house. Loyeung et al., (2016) stated that accounting software/packages can also be combination of third-party application software package along with local advancements that differs increasingly in its cost or difficulty. In contrast, May (2016) indicated that modern packaged accounting software records financial transactions efficiently along with presenting useful accounting reports.
However, this would help in providing functionality to aid in the decision-making process of the managers to ensure competitive supremacy. Ng et al., (2013) revealed that “Small Businesses Accounting (SBA)” software employed in Australia has attained great huge technological advancements in speed, power, flexibility, and sophistication in the current years. These researchers have also observed that with the growing years, software supplies considered adding highly innovative features to their financial packages namely web interfaces along with efficient integration along with supply chain and several applications. These have also modified products of the Australian small and medium companies for making them useful for the non-accountants.
Research on Accounting Software with Evidence
According to Olasolo et al., (2016), there are five major small businesses accounting software in Australia that includes Intuit QuickBooks, Reckon, MYOB, Xerox and SaaS. These researchers also stated that Intuit QuickBooks acts among the most renowned accounting software employed on the part of the Australian small business owners. Palmer, (2013) stated that there are two major factors that contribute to the popularity of QuickBooks as the major small business accounting software in Australia. One of such factors is price and second factor is the comprehensive level of the characteristics that is offered by QuickBooks. All the business owners within Australia employ QuickBooks for identifying their incomes, profits along with expenses. Stefanou, (2014) indicated that these software or accounting packagers are capable to send unlimited amount of invoices, attain their data online across broad range of desktop and mobile platforms for managing pay bills along with making free payroll payments.
In contrast, Tucker & Schaltegger, (2016) observed that MYOB is also among the efficient accounting programs used by Australian companies that intend to have extended features than just acting as functioning accounting software. Such accounting package was developed in order to perform general accounting functions. In addition, this software is developed to facilitate business owners to enhance their profitability to make effective decisions with real-time position of the company’s financial operations. According to Olasolo et al., (2016) for the Australian retail businesses, The accounting software of MYOB does not only perform the activities of a store register. With the help of MYOB Kounta interface, all the point-of-sale (POS) transactions might be integrated within the Australian companies overall business operations. MYOB Kounta interface works both the offline and online along with ensuring that consumers will not observe if the company’s internet connection glides. Stefanou, (2014) revealed that MYOB’s free ATO-certified super stream solution is developed to maintain up-to-date compliance obligations along with offering the capability to work online with the company’s bookkeeping personnel. Along with the software package’s Add-On-Centre, one can simply develop software along with wide variety of add-on solutions from the company’s tools.
According to Ng et al., (2013) Saasu is deemed the future of accounting that is relied on the due diligence. Along with Saasu accounting software, all the businesses in Australia can generally carry out cash flow cashing with just a click with no further synchronization. It is simple for a company to connect quickly with the Saasu accounting software along with the company’s CROM, e-commerce along with e-mail platform. Kyng et al., (2013) stated that along with the invoicing interface Australian companies could easily generate customized invoices along with or devoid of associated payments. For the purpose of collections, an organization can simply generate customized invoices and decrease the chances of accounts payable from remaining behind with the accounting software’s scheduled reminders and statements. Ng et al., (2013) indicated that with Saasu businesses along with global operations can deal with transactions in 50 distinct foreign currencies. Employing the Saasu accounting package can facilitate Australian companies to schedule regular occurrence of sales and expenses without bothering about the invoices. These researchers also observed that this accounting software is among the best accounting software packages for the Australian businesses.
In contrast, Kyng et al., (2013) revealed that Xero is extremely popular Australian online accounting software that has real-time data monitoring capacity. Such software comes with a great range of business accounting characteristics that offers rapid online invoicing along with offering an update at the time the consumers of the Australian companies considers the invoice. An advanced reconciliation of the accounting software facilitates the Australian companies to categories and imports the transactions of the bank. PayPal transactions are categorized and imported by means of this accounting software. Loyeung et al., (2016) observed that small and medium sized businesses could consider purchasing “off-the-shelf” accounting programs at significantly less cost. Established businesses in Australia are intended to have customized programs for their business. Accounting programs conduct certain accounting functions such as dealing with payments, invoicing, salary payment and offering regular reports of accounting that includes trading along with profit and loss accounts and balance sheet of small and medium Australian companies.
Previous research had certain limitations majorly because of its exploratory nature by considering small research population. Previous research just considered small businesses from several industries and consultants in Australia that made it quite complex to generalize gathered research findings. The current literature review addresses the existing research gap on investigating the use and advancement of the accounting software/packages in Australia (Hyvönen, 2013). For this reason, more comprehensive theory development along with empirical evaluation will be conducted in the current research. In consideration to the significant role played by the external consultants, research gap is addressed by realizing the role of accounting software in Australia along with their effectiveness in implementing the SBA software.
It has been observed that in the current years, IT consultancy businesses are increasing rapidly in the Australian organizations. Recently, developing research in the recent area and more particularly, research on effective implementation of SBA software in Australian firms is limited. Considering the same, the current literature review explores the role along with the effectiveness of the consultants in implementing the SBA software within Australian organizations (Kaefer et al., 2015). Addressing the research gap, the recent research has significant implications for the vendors that explain that there is greater scope for further enhancements in the software packages. This is in consideration to the fact that external consultants have a major role in successful implementation and use of the accounting software within the small and medium businesses in Australia.
Employing interpretive approach relied on a qualitative research methodology, the current research deals with the challenges experienced by small business in Australia through implementation of SBA software. The literature review revealed that there are five major small business accounting software in Australia that includes Intuit QuickBooks, Reckon, MYOB, Xero and SaaS. These researchers also stated that Intuit QuickBooks acts among the most renowned accounting software employed by the Australian small business owners. All the business owners within Australia employ QuickBooks in order to track the business income, profits along with expenses. MYOB is also among the efficient accounting programs used by Australian companies that intend to have extended features than just acting as functioning accounting software. Such accounting package was developed in order to perform general accounting functions. Saasu is deemed the future of accounting that is relied on the due diligence. Along with Saasu accounting software, all the businesses in Australia can generally carry out cash flow cashing with just a click with no further synchronization. It is simple for a company to connect quickly with the Saasu accounting software along with the company’s CROM, e-commerce along with e-mail platform. In consideration to the significant role played by the external consultants, research gap is addressed by realizing the role of accounting software in Australia along with their effectiveness in implementing the SBA software.
Contractor, S., Alexander, L.V., Donat, M.G. & Herold, N., (2015). How Well Do Gridded Datasets of Observed Daily Precipitation Compare over Australia?. Advances in Meteorology, 2015.
Hyvönen, T., (2013). ICT systems and cost management. The Routledge Companion to Cost Management, 56.
Kaefer, F., Roper, J. & Sinha, P., (2015), May. A software-assisted qualitative content analysis of news articles: Example and reflections. In Forum Qualitative Sozialforschung/Forum: Qualitative Social Research, 16(2).
Kyng, T., Tickle, L. & Wood, L., (2013). Academics’ perceptions of the use and relevance of software in quantitative and financial disciplines. International Journal of Mathematical Education in Science and Technology, 44(2), 214-231.
Kyng, T., Tickle, L., & Wood, L. (2013). Academics’ perceptions of the use and relevance of software in quantitative and financial disciplines. International Journal of Mathematical Education in Science and Technology, 44(2), 214-231.
Loyeung, A., Matolcsy, Z., Weber, J., & Wells, P. (2016). The cost of implementing new accounting standards: The case of IFRS adoption in Australia. Australian Journal of Management, 41(4), 611-632.
May, S. (2016, February). ABS: Accounting for Water An overview of the Water Account, Australia. In 2016 Conference (60th), February 2-5, 2016, Canberra, Australia (No. 235406). Australian Agricultural and Resource Economics Society.
Ng, F., A. Harrison, J., & Akroyd, C. (2013). A revenue management perspective of management accounting practice in small businesses. Meditari Accountancy Research, 21(2), 92-116.
Olasolo, P., Juárez, M.C., Olasolo, J., Morales, M.P. & Valdani, D., (2016). Economic analysis of Enhanced Geothermal Systems (EGS). A review of software packages for estimating and simulating costs. Applied Thermal Engineering, 104, 647-658.
Palmer, P.D., (2013). Exploring attitudes to financial reporting in the Australian not?for?profit sector. Accounting & Finance, 53(1), 217-241.
Stefanou, C. J. (2014). Adoption of free/open source ERP software by SMEs. In Information Systems for Small and Medium-sized Enterprises (157-166). Springer Berlin Heidelberg.
Tucker, B. P., & Schaltegger, S. (2016). Comparing the research-practice gap in management accounting: A view from professional accounting bodies in Australia and Germany. Accounting, Auditing & Accountability Journal, 29(3), 362-400.