Discuss about the Strategic Information System and Process Management.
In the early 2000s, most of the small businesses were using paper-based accounting systems. However, the invention of accounting software has made easier for the organization to execute business process management in an effectual manner (Chua, Cheong and Gould 2012). In Australia, there are different types of accounting software including MYOB, Quickbooks online, Xero or Reckon. The initiation of the GST has experienced that many organizations switch to the accounting software. Due to the increasing business transactions, most of the organizations have been utilizing the cloud accounting software. Although the previous accounting systems have facilitated the business process, the organizations need to utilize the new generation software for enhancing the business opportunities in an effectual manner (Pan and Perera 2012). By involving the accounting software into business, the organizations can link their bank accounts. On the other hand, such accounting packages can easily prepare Business activity statement (BAS) (Lignier and Evans 2012). Hence, these accounting software have been facilitating the organizations in upholding the business process management. In this particular report, the development of the accounting software like MYOB has been discussed in an efficient manner.
Evidence of research:
In recent years, most of the organizations have been focusing on utilizing the enhanced accounting packages for improving the execution of the business. Most of the organizations consider different factors for selecting the accounting software for the business. The management needs to identify whether the packages can calculate all payroll requirements including PAYE, annual leave, long service leave, etc. there are several software options for the organizations such as MYOB, Reckon, Sage, Nominal, Cashflow Manager etc. (van Dijk et al. 2014). there are several pieces of evidence where organizations have gained their business opportunities by including the accounting software. It connects with a wide range of solutions and applications tailored to the industry or the business needs. For example, MYOB accounting software has provided the better solutions to execute the taxation (Seethamraju 2012). On the other hand, it facilitates in boosting up the profitability of the business. Moreover, the management can take better decisions with the real time of the finances by utilizing the MYOB online accounting software. On the other hand, the Reckon accounting software has several facilities that facilitates in enhancing the business opportunities in an effectual manner. The particular software facilitates in executing the bank transaction, preparing an invoice, inventory tracking, fixed assets and depreciation, create and tracking the budget (Ismail and King 2014). On the contrary, most of the organizations avoid this particular software due to its limited bank transaction system. The organization has stated that they have been trying to add extra specifications into the software for enhancing their sales activities. On the other hand, Xero-Premium 10 has been increasingly popular due to its easy accessibilities. Moreover, it has unlimited bank transaction facilities. QB online plus is also accounting software widely used in Australia. It has also included different features related to accounting. With the involvement of the particular software, the organization can track the job appropriately (Usmanij, Khosla and Chu 2013). Moreover, it would facilitate in enhancing the inventory tracking in an effectual manner.
Development of discussion:
In Australia, the small industry has been experiencing enormous growth due to the accounting packages including Reckon, Xero, QuickBooks, MyOB etc. in the previous decade, most of the small organizations have utilized the paper-based accounting systems (Sam et al. 2012). Most of the financial analysts have discussed the fact that business process execution needs adequate attention to the different financial details. In the modern era of business, technological advancement has facilitates the organization in obtaining success. With the involvement of the accounting software, most of the Australian organizations have obtained several advantages including Data accuracy, time, inventory and reports (Bryce, Ali and Mather 2015). On the other hand, the accounting software can facilitate the business in daily basis also such as preparing invoice of customers. However, the popularity of the accounting software has been increased due to decreased pricing of the products. Moreover, these days, the utilization of the accounting packages have increasingly popular, as it facilitates the management to execute the business process management in an effectual manner. For preparing invoices, the usage of the accounting software has become popular (Yigitbasioglu 2015). In some of the specific businesses including construction, back office, consulting practice, the usage of the accounting software has increased for the betterment of the business execution. The usage of the accounting packages facilitates in speed, minimizing errors, reporting and organizing report.
Nowadays, the usage of the computerized accounting software has become very popular in the small and medium enterprises in Australia. MYOB is one of the popular software used for accounting practice in small and medium businesses. The accounting program includes several functions such as dealing with payment, invoicing, paying wages and preparing regular accounting reports (Chua, Cheong and Gould 2012). These accounting reports include trading and loss accounts and balance sheets. Hence, it can be assessed that a typical computerized accounting package would offer a number of different facilities including sales, invoice, providing payments to the suppliers, auto updating the stock records etc. a reliable accounting software is essential for any business (Pan and Perera 2012). Most of the Australian organizations have been obtained several benefits including simplifying data entry, speeding up the entire process, automating reports analysis, reducing errors, and supporting other functions. On the contrary, some of the small business enterprises have highlighted the fact that they are unable to obtain equal benefits of the accounting packages, as they cannot afford the package cost due to increased price rate of the product (Lignier and Evans 2012). Moreover, the organization face challenges at the initial stages in executing the process. On the other hand, the organizations need to purchase the yearly maintenance and support for the packages. For some of the unusual business process, the accounting software may not be able to provide fruitful outcome to the organization, as the software is designed based on the similar business components (van Dijk et al. 2014).
SAP is one of the popular software in Australia, which delivers adequate flexibility in the business process execution. On the other hand, it provides the customized solutions in the business that facilitates in enhancing the business opportunities in an effectual manner. Most of the small and medium enterprises employ the SAP ERP for the reduction of sales order processing costs (Seethamraju 2012). However, it increases the cash flow process in the business. With the involvement of the SAP software, the management can reduce the time for calculating selling price. Although SAP is very complex accounting package, different user transaction can be executed through the implementation of the system in the process (Ismail and King 2014). However, the particular software allows the management to reduce the communication time, as the information can be accumulated at any point of time. In the growing industry, the utilization of SAP has been facilitating the Australian organizations to execute the business process management in an effective manner. In Australia, there is a wide range of SAP training available for the students. SAP training is required for the payroll managers, human resource experts, financial managers and customer service teams in the organization (Usmanij, Khosla and Chu 2013). Consequently, in the Australian competitive market, the SAP training actually facilitates the people to enhance their workability skill in an effective manner. The software has been developing its features for providing enhanced services facilities to the business. On the other hand, the small and medium enterprises in Australia have started employing MYOB accounting packages due to its enhanced features (Sam et al. 2012). Business analysts have agreed with the fact that the MYOB online accounting packages made it easier for the tax calculation. With the involvement of the particular accounting application, the management of the organization can boost up the profitability of the business. In a recent business report, top five accounting software has been published such as Intuit QuickBooks, MYOB, Reckon, Saasu and Xero. Intuit QuickBooks software has been highly ranked in Australia (Bryce, Ali and Mather 2015). Most of the small business owners prefer this particular software, as the cost of the product is quite low and it got several features. With the involvement of the particular software, the organization can easily track the business income and expenses along with the profits calculation (Yigitbasioglu 2015). Hence, it can be assessed that the development of the accounting software has facilitated the small and medium enterprises in Australia to enhance the profitability of the business in an effective manner.
It can be concluded that the enhancement of the technological advancement has facilitated in enhancing the industrial growth in Australia. During the past few decades, most of the Australian organizations had been facing challenges in executing the financial work in an effective manner. After the invention of different accounting packages, the organizations have improved their individual performance in the competitive market. With the involvement of such enhanced accounting packages, most of the Australian organizations have experienced better profitability in the business. In this particular assignment, the description of the top rated accounting packages widely used in Australia has provided. In the modern age of the business, the accounting packages including Reckon, MYOB, SAP, XERO, Intuit QuickBooks, etc. have facilitated in enhancing the business profitability in an effective manner. The evidence of the research has been given the particular assignment. On the other hand, the discussion consists of impacts of the accounting software on the Australian business environment.
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