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History of Accounting Software

Discuss about the Evolution of Accounting Software.

This assignment will thoroughly review the use of accounting software. The focus of research will be the Australian market to examine competition, identification of market leaders and their comparison. Assignment will also shed light on the challenges faced by customers using accounting software and possible suggestions to cater them.

More as every year passes, we rely on upon technology for practically everything in our day by day lives. It run our ventures, provide source of amusement, empower worldwide correspondences, and that time is not far when they’ll be driving our cars too. Accounting software and its advancement is also connected to ever progressing technology.

In accounting software the next revolution may be soon arrive upon us. If a firm is lacking behind in use of technology and not ready to exterminate out dated proprietary software package, client server you might stand in line of firms in early 80’s who never wanted to adopt evolving technologies and use of computers.

In spite of the fact that the present day advanced PC grew bit by bit over decades, the first run through was made in 1955 when a cutting edge PC was sold to a private business and utilized for accounting and book-keeping purpose.

The study of the recent and ancient human past through material remains or commonly refers to archaeology gave out confirmation of what we'd call archives of accounting – records of products exchanged – was found in Iraq and somewhat goes back around 7,000 years. There are solid signs that the rise of crucial ideas in cash, science, and composing (even, eventually, letters in order) were driven by the requirement for bookkeeping administrations (Doebeli, 2010).

As time passed, PC limit developed to empower the utilization of larger amount improvement devices. These permitted individuals to characterize and encode business rules without expecting to comprehend everything down to the fundamental wiring of the machine. Genuine scripting languages and programming structures took after.

Today, accounting programming handles most of the stray bits of taking after the advancement and jobs of money in every practical sense everyone on the planet. Pushes in gear and the rising of flexible advancement mean we not any more stretched out must be secured to monstrous and expensive boxes remembering the ultimate objective to get their favorable circumstances. Progressed UIs are neighborly and open at first, deserting us more open door for the human segments of our business. And all from such humble beginnings!

Accounting software and Australian Marketplace

In the mid-1980s, an innovative and youthful organization known as Teleware Inc created imaginative and eye-discovering accounting package which got the attention of Best Software Inc., who moved immensely and boldly to buy Teleware in 1993. A couple of memorable years after the fact, the Australian distributor of the item purchased out the organization, and in 1999 changed the name to – did you figure yet? – MYOB Limited (Henning, 2012)

Today, bookkeeping programming handles the greater part of the stray pieces of following the development and employments of cash for all intents and purposes everybody on the planet. Propels in equipment and the ascent of versatile innovation mean we no more extended must be secured to massive and costly boxes keeping in mind the end goal to pick up their advantages. Advanced UIs are neighborly and open initially, abandoning us more opportunity for the human components of our business. And all from such humble beginnings! (Ryan, 2012)

According to an article by A. Hoecherl, Senior Consultant, the distribution has greatly changed over the decade.  And vary from country to country.  In Australia, Xero has about 65% of market share. Where Sage 50 at 10 and Intuit at 20%. While another article indicates Intuit, MYOB, and Xero as giant players in Australian market.

The organizations go after strength in an enormous market: each business needs to monitor its records and these organizations make that basic. They evacuate the requirement for clerks and permit organizations to settle on invoicing and capital administration choices on the gone through portable and desktop applications. In Australia, that’s MYOB – have been racing to build out their own offerings, maintain market share and raise between $AU831.7 and $AU833.8 million based on an indicative price range of $3–$4 a share in its IPO (HEBER, 2015).

Examining the increasing need of accounting software, Intuit, Xero and MYOB will focus on reducing their churn rates and aim to improve customer acquisition and retention rates as they jostle for the overall leadership title.

Accounting software widely used in Australia and their comparison

As mentioned above, Intuit, Xero and MYOB are being used extensively in Australia.
Here is the comparison of features each one of them has to offer:

Features

Myob

Intuit

Xero

Works online

Yes

Yes

Yes

Calculate and Track GST

Yes

Yes

Yes

Manage invoices, statements and quotes

Yes

Yes

Yes

Sell services or items or both

Yes

Yes

Yes

Pay and track expenses

Yes

Yes

Yes

Manage Suppliers and Customers

Yes

Yes

Yes

Super stream Compliance

Yes

No

No

Payroll

Yes

Yes

Yes

Inventory

Yes

Yes

Yes

We can see by reviewing their features that every company is on the same page when it comes to implementation of advancement and customer needs. All software listed above have all features to offer yet it the technology and internal control that differentiate and stand out one (Carey, 2015).

Accounting software widely used in Australia and their comparison

Cost – Some commonly used accounting packages are quite affordable, but cost is not the only issue. To run and use accounting software computers of certain configuration should be used in regards to processor speed, hard drive memory and RAM. More storage is required to create backup of accounting data as compared to Microsoft Excel spreadsheet, which can be copied more conveniently to flash drive (Morris, 2016).

Time – In accounting software, the processing invoices and expenses usually consume more time in comparison to recording them on spreadsheet or ledger pad and create spreadsheet invoices or hand-written invoices. If you are using computer of low configuration and not so advanced version to perform your daily tasks, the time needed to carry out basic financial data may over shadow any advantage picked up from the software.

Sustainability and Maintenance – To keep accounting software up and running not just requires performing frequent up-gradation of the accounting package, additionally managing and updating all the essential hardware to use the accounting software package as new forms can require redesigned and latest versions. Talking about devices for this purpose we generally refer to your Laptop or computer, screen, printer, Internet association and modem, reinforcement drive and working framework (Songtao Mo, 2005).

Why an organization put their money into accounting software

  • Data centralization and organization
  • Make analysis of your business easier
  • Helps you to comply with tax law and regulations
  • Minimizes chances of error and ensure data accuracy.
  • Automated reports, payroll processing, invoicing and other finance related functions.
  • Good accounting software automatically tracks inventory (Sara Angeles, 2016)

While making choice for accounting software you need to have following thoughts clear in mind:

  • Your business is expanding
  • You want to channelize your operations
  • Your current practices are out-dated and complicated
  • You are compelled to comply with certain set of laws

What are the basic functionalities you should consider in an accounting software package?

  • Easy automation – Such as recurring payments, billing and past due notifications along with some other automated procedures
  • Integration – They can be easily integrated with your current processes to make its utilization to the fullest.
  • Creation of Quote and Estimation – it should contain pre-defined templates to create estimates and quotes for client and further convert them into invoices automatically. It should include multiple tax rates, tax reporting, and automatic tax calculations. Also ability to instantly make correspondence relating to all necessary data and files to your accountant.
  • Payroll processing – Can enter timesheets, pay calculation and print cheques.

Conclusion:

The assignment is best of knowledge compiled for the purpose of examining the way accounting software progressed through the years. The Australian marketplace was studied to evaluate the market leader and MYOB stands out as per the study conducted. We also shed light on challenges an organization may come across and suggestions to adopt perfect fit of accounting software for your organizational needs. The accounting software has gained popularity in Australian market as prices have decrease due to huge competition. The companies have made the simplest versions which are easy to use even for those who are less familiar with accounting basis. The industry is still evolving and will continue to innovate with usage of technology on the rise in human life.

Such software have a couple of other advantages too in making the financial side of the company a bit stronger. In order to maintain your credibility in the market, sometimes we have to initiate such plans which help us making our lives easier and especially in a country like Australia where market values are very high. This is why there is a need of such accounting software or IT package which can handle your accounting or finances queries.

References

Carey, M., 2015. Cloud Accounting Overview 2015: MYOB Essentials vs Xero vs Intuit QuickBooks Online vs Reckon One. [Online] Available at: https://www.digitalfirst.com/2015-overview-cloud-accounting-software/[Accessed 13 December 2016].

Doebeli, M., 2010. Inclusive fitness is just bookkeeping. Nature, 467( 7316), pp. 661-700.

HEBER, A., 2015. The cloud accounting supremacy war in Australia. [Online]
Available at: https://www.businessinsider.com.au/charts-the-battle-for-supremacy-in-australias-cloud-accounting-market-2015-4[Accessed 14 December 2016].

Henning, J. J., 2012. Partnerships – Limited partnerships and limited liability limited partnerships. Amicus Curiae, 2000(31).

Morris, K., 2016. Challenges of Using Accounting Software. [Online]
Available at: https://smallbusiness.chron.com/disadvantages-using-accounting-software-3823.html[Accessed 13 December 2016].

Ryan, E., 2012. [Online]
Available at: https://www.gaaaccounting.com/the-evolution-of-accounting-software-past-present-and-future/[Accessed 13 December 2016].

Sara Angeles, 2016. Choosing the right Business Aaccounting Software. [Online]
Available at: https://www.businessnewsdaily.com/7542-choosing-accounting-software.html
[Accessed 13 December 2016].

Songtao Mo, 2005. Accounting: How to Meet the Challenges of Relevance and Regulation (Revised). Research in Accounting Regulation, Volume 18, pp. 359-361.

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[Accessed 27 February 2024].

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