In the current time of globalization, there are several types of accounting software and packages are used in the Austrian business sector to attain their strategic objectives effectively. For example, MYOB, Xero, Reckon/Intuit, ERP etc are the major players in the Australian accounting software industry. These are providing a lot of specific features accounting software or packages to their corporate and individual clients. In addition to this, it should also be noted down that, these accounting software are developed and adopted by both corporate and individual clients for the different purposes and use. For example, an individual customer develops and adopts accounting software in order to make future financial plan and perform day to day tasks (Shim, and Siegel, 2005). On the other hand, business firms use, adopt and develop various types of accounting software to run different business functions related to invoicing, billing, taxation, supply chain, bookkeeping, payroll analysis etc. These software packages are allowing the business firms to overcome various business challenges, reduce cost and improve business functioning. For case, accounting software could be adopt and develop in order to bring innovation, development and improvements within the current business process and systems. At the same time, an individual client could prepare and develop budget, financial plan and could perform other functions in an effective and more significant manner (Parsons, and Oja, 2012).
The given below chart is clearly and effectively presenting that, MYOB is the market leader in the industry with the highest market share, profit, revenue and sale. In addition to this, it is also analyzed that, in the Australian accounting software industry, MYOB had covered more than 80% market share of the overall industry. Moreover, the unique features, functionalities, unique services available with the MYOB had helped the company to gain maximum market share as compared to other accounting software firms. For example, with the help of MYOB, a company or individual could perform a number of tasks and functions accurately, effectively and properly (MYOB. 2017). In contrast, Recon is the second largest company in the Australian accounting software industry that has 12% market share of the total industry. Along with this, it is also analyzed that, Xero had only 8% market share of the total market that is very low as compare to Recon and MYOB. Finally, based on the overall analysis, it can be said that, with 80% market share, MYOB is the market leader in the industry (Xero. 2017).
Each and every accounting software packages have their own functionalities, features and services that provide scope of competitive advantages to the user directly or indirectly. For example, MYOB provides competitive advantages to their uses by allowing them to conduct a wide range of functions effectively such as: accounting, GST and BAS, payroll management, manage customers and suppliers, inventory management, manage multiple currencies, time billing, live reporting, multi-user access. On the other hand, with the help of Recon, the user can gain competitive scope effectively. For example, it helps the users to gain real time information quickly and develop best strategy as per organizational needs. In contrast, Xero is allows the users to perform functions related to inventory, purchasing, banking etc. Overall, it can be said that, these software packages are providing opportunities to the uses to gain competitive advantages from the market effectively (Needles, Powers, and Crosson, 2010).
It is accessed and found that, a lot of serious and significant issues or challenges are faced and encountered by the individual customers and corporate customer in using and implementing various types of accounting software or packages. For example, cost and time are the important factors that directly affect the user’s ability and financial position. It means the implementation process is more complicated that require more time, high cost and more efforts. For example, in order to execute the accounting software within the organization, a company may have to invest huge money on the training and development programs for the employees. So, the employees can effectively understand the new system (Gitman, and McDaniel, 2007). This directly brings direct and indirect cost for the company. On the other hand, in order to properly install and run the new software, a company is also requires technical staff and IT professionals this negatively affect the profitability of the company. Moreover, several issues related to security may also be faced by the users of accounting software. For example, someone could hack the important and valuable data and information of the company through unauthorized access. Hence, it may create the chances of fraud, cyber crime for the company. But, in order to effectively address and overcome such issues, the users should adopt specific security measures and strategies. Moreover, the company should train their employees or staff about the new technology (Morley, and Parker, 2009).
Gitman, L.J. & McDaniel, C.D. (2007). The Future of Business: The Essentials: The Essentials. USA: Cengage Learning.
Morley, D. and Parker, C.S. (2009) Understanding Computers: Today & Tomorrow, 2009
Upate: Today and Tomorrow. USA: Cengage Learning.
Needles, B.E., Powers, M. and Crosson, S.V. (2010). Financial & Managerial Accounting. USA: Cengage Learning.
Parsons, J.J. and Oja, D. (2012). Computer Concepts: Illustrated Introductory (9th ed.). USA:Cengage Learning.
Shim, J.K. and Siegel, J.G. (2005). The Vest Pocket Guide to Information Technology (2nd ed.).USA: John Wiley & Sons.
MYOB (2016). Available At: https://myob.com.au/ [Accessed on 15 May 2017]
Xero (2016). Available At: https://www.xero.com/ [Accessed on 15 May 2017]
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