HA2042 Accounting Information System
EXECUTIVE SUMMARY
Enterprise resource planning is described as the process which the business organization manages illuminates fundamental elements of the business operations. Amongst the aspects of Enterprise Resource Planning is the adoption of Accounting Information systems which are used by the company while operating its functional financial operations. The primary purpose of the study is to evaluate and examine the influence of accounting information system which acts as a primary element of ERP environment on an operational business organization. We shall also examine the involvement of top management in the implementation of accounting information systems.
Apparently, the paper will analyze the different features of accounting software which are essential in delivering the best services to the company; the discussion will investigate on relevant accounting software which is used by the baking organization. Therefore, the discussion will represent the report which explained the pertinent aspects and issues relating accounting information system in operational firms.
ha2042
Contents
EXECUTIVE SUMMARY.. 3
INTRODUCTION.. 3
BUSINESS PROCESS. 4
BUSINESS REQUIREMENTS. 5
Business requirement 5
Business requirement outcome. 6
SYSTEMS REQUIREMENTS. 7
System Requirement 7
Interoperability. 7
Automatic updates. 8
SOFTWARE SELECTION.. 8
SAP accounting software. 8
Xero accounting software. 9
MYOB accounting software. 9
Category of accounting software suitable for the firm.. 10
VENDOR SELECTION.. 10
Features and function of two accounting software packages. 11
SAP Accounting Software. 11
Feature of SAP Accounting Software. 11
Function of SAP Accounting Software. 12
Xero accounting software. 12
Feature of Xero accounting software. 12
Functions of Xero accounting software. 13
Best accounting software vendor 13
CONCLUSION.. 15
INTRODUCTION
Baking comprises the activities of producing prolong foodstuff such as bread, meat, and cakes without directs exposure to heat. B Bakers is one of the organizations which has involved itself in baking activities of producing prolong food stuff are manufactured without direct exposure to heat. The company is a family own organization that been in operational for the last 50 years, the firm has employed over 70 employees who have played a key role in increasing and improving the company performance. The information indicates that the company has increased its sales revenue to more than $13.5 million during the past year. While the company revenue increases, B-Bakers Company has installed the substantial and strategic measures which have allowed it operation to improve and thus improving the company performance. B-Bakers Company has embrace relevant information system by adopting the importance of enterprise resource planning measures.
Financial accounting is a formal and a wide spread of accessing accounting information’s in an organization. It provides the relevant information on how the company accounting system operates as well as how they are utilized in delivering best products and services to the clients. Based on the report, B-Bakers Company has to install on the Accounting Information System which will improve on the accounting information which is disclosed to the stakeholder in order to measure the company performance in terms of its financial performance and position in the market.
BUSINESS PROCESS
B-Bakers Company operates many activities which require to explicit better company performance, this will allow the company to gain a competitive advantage over other market players in the environment.
The B-Bakers company activities entail evaluating production materials, production cost as well as essential cost which are used by the company during its production process. Inventory evaluation is also what the company should focus on implementing the strategic measure which will make the company not making regular losses which may arise as a result of high or low inventory turnover.
An ERP is a complex arrangement active application intended to incorporate the procedures and capacities inside the operational organization. This framework provides a holistic vision of the organization’s business by sharing a typical and incorporated database. In the time of the ERP framework, the AIS have ended up wealthier. The measure of data has turned out to be more essential, and the information is upgraded significantly to the company activities. The utilization of new management bookkeeping strategies that meet the internal and external needs of the business enterprise embraces the involvement of the company management in implementing the Enterprise Resource policies and procedures
BUSINESS REQUIREMENTS
Business requirement
B-Bakers Company provides a variety of products which are supplied to wholesale and retail business enterprise. Business requirement is often what the organization require and not what to be improved. A business organization is required to make specific requirement which seeks to improve its production in terms of producing quality products which meet the consumer’s demand in the market.
B-Bakers company have to make a decisive decision which will reflect their performance in the market, the company is required to allow its employee to contribute during decision-making process particularly when discussing the factors and issues relating to the enterprise resource planning and Accounting information system.
The company is required to ensure that it has implemented on the strategic measure which is relevant to their operation, the element of enterprise resource planning should be the foundation of the company success. Accounting information system should be well defined in the company, this also is the basis of the company success since it will use to obtained accurate and reduce errors and frauds relating to financial accounting.
Purchasing of equipment is also the primary requirement of the B-Bakers company. The company is required to ensure that equipment used during the production process are relevant to the operation, they should not increase the company losses by wasting the raw materials to be used during the production process. The company is required to ensure that the accounting software’s display accuracy and produces relevant information is used while making the financial decision.
Business requirement outcome
The mission of the B-Bakers Company is to produce desirable bakery products which are costly friendly and clean to the environment. B-Bakers Company has to ensure that it achieves its mission and objectives by allowing the employee to participate in decision-making process. An employee is the key stakeholders of the company; their participation decision-making process allows the company to make the comprehensive decision which will improve its operations in the market.
While striving towards achieving its goals of improving the reputation of the products in the market, B-Bakers Company has the obligation of ensuring that the enterprise resource planning is well comprehended with regard to the operations. The strategic measure of accounting information system as part of the Enterprise Resource Planning should be well embraced by the company (Pearlson, 2016). The company has to use significance accounting system which will reflect the financial operation relating to the activities of the company, this will allow the company to produce products which are cost effective and are affordable to the consumers in the market, the accounting information obtained from using the pertinent accounting system should be used in making fundamental decision for the company.
The requirement of the purchasing relevant equipment is also vital in achieving the organization objectives, the increase in profitability making requires the company to ensure that the equipment used during the production process does not increase company losses by wasting much of raw material, the equipment should also be linked with the accounting system which is installed by the company management.
SYSTEMS REQUIREMENTS
System Requirement
Accounting information systems (AISs), is a large part of the study report, it is embraced to be the overall application of information technology IT in a business accounting system. B-Bakers have to embrace on essential approaches of investment in IT; this will allow the company to achieve its objective within its time framework.
Increasing in income is one of the company objectives in IT investment, investing in IT implies the application of the significant accounting information systems which are the essential elements of information technology. The company is obligated in observing on the IT investment measure which will allow it to increase its income and profitability making as well as improving the company operations.
The company should invest in IT based on the features of the accounting software which are relevant to their operation in the market. Identifying the relevant feature as well as the function of the required software’s in the company will be a platform of improving achieving the strategic goals and objectives of the company.
Interoperability
Interoperability is one of the features which the company should focus on while push towards adopting the new accounting information systems. Interoperability is explained to be an element of accounting software which the data produce by the software could be used in the different sections of the company. The company should ensure that they adopt software which produces appropriate data which could be used in decision making.
Automatic updates
This is also a prime factor which should be considered by B-Bakers Company while making the decision on what software to be used in their operation. The company has the responsibility of ensuring that they get an automatic update of information, the information should be ease to be updated and should reflect the general production process of the company.
SOFTWARE SELECTION
Accounting software is explained to be a type of application software that is used to record and process the financial transaction within functional modules such as the payroll, accounts payable and accounts receivable. Accounting software is one of the key elements of enterprise resource planning in an organization. B-Bakers should evaluate the considerable accounting software which suits their operation. The company should evaluate and understand the accounting software that will allow them to achieve their mission with minimum limiting factors.
SAP accounting software
SAP offers a full-highlighted suite of financial management capacities accessible in its SAP ERP Financials platform and in addition various different modules. SAP accounting programming empowers organizations to enhance understanding into their fiscal procedures by streamlining accounting systems and better-overseeing hazard. Your organization additionally has the alternative to coordinate this platform with one of the merchant’s Business Objects answers for a complete business management framework.
SAP ERP is a comprehensive software platform that saps accounting software enables open communication inside and between all organization capacities. It gives continuous deceivability into the organization’s procedures, which reduces errors, enhance communication and streamline the financial operations of the company.
Xero accounting software
Xero is an accounting package that was developed by the Xero Company in Australia in 2006; this was after the inception of the company. Xero is an alternative of Intuit QuickBooks; it is online financial software that is used by Small Business Enterprises. The software offers the variety of financial service such as inventory evaluation, payroll system. The development of the Xero accounting software is observed to be the best advancement of proving the company activities. This is because of its uniqueness in term of functionalities and features (Song, 2015). Xero accounting software allows the company to aces its information at any time anywhere, and therefore, Xero software embraces the automatic updates of company information thus allows the company to make a comprehensive decision which the data obtained from Xero is used as the basis of the decision.
MYOB accounting software
MYOB is accounting software that was developed by Christopher Lee and a group of developers at Teleware. The accounting software was developed by Australian multinational company which provides the hosting website for small medium business, the company software products allows providing accounting services which relate to employee payroll system, inventory evaluation in relation to the production process in the company.
Category of accounting software suitable for the firm
Enterprise Resource Planning is explained to be business management software which allows operating companies to utilize the intergraded application to manage and automate their operations relating to technology, services, and human resource elements (Ibrahim, 2013). B-Bakers Company is a developing manufacturing company which has the obligation of analyzing the risk as well as the misfortunes that might affect their activities in the bakery industry. The company is mandated to implement on the ERP and accounting information system policies which will act as the pillars of its success (Ismail, 2014).
Xero software is the appropriate accounting technological software that suits the company operations. Xero offers the variety of financial services which includes the payroll system, inventory evaluation where very information relating to the company operations are clouded (Knežević, 2012). The online accounting software allows the barking company to aces it relevant information at any other time, thus allows the company management to make an influential decision regarding the firm production process (Kaplan, 2015).
Xero software will be used by the company since it allows diversification of the company operation, this, therefore, supports the financial decision which is made by the management while they embrace their involvement in Enterprise Resource Planning as well as their participation in implementing the Accounting information system under the IT investment process(Moghadam, 2013).
VENDOR SELECTION
This part of the report provides the authentication of accounting software which is realized to be relevant to the operations of a baking company. The accounting information system allows the company management to tail on the comprehensive decision-making process which will support the positive running of the organization.
Features and function of two accounting software packages
SAP Accounting Software
SAP accounting software is one of the leading accounting systems which is used by the SMEs organizations. It is accounting software which offers the variety of financial related services which are used by the organizational management.
Feature of SAP Accounting Software
SAP support the global financial reporting principles, this implies that it allows the company to operate using different languages and currencies of different versions. B-Bakers Company has been operating for the last 50 years and it ought to segment its market to the different region. SAP allows the company operates in various regions, and thus aiding in achieving the strategic goals of the company.
SAP is accounting software that comprises the integrated solution which combines core financial as well as providing the report on the capabilities associated with management performance and the supply chain. B-Bakers management have the mandate of ensuring that they implement on the relevant administration of the company based on complying with the policies of accounting integrated systems.
SAP accounting software is an element of ERP adopted by the small business organization, the software has the ability to improve finance, customer relationship with the company, procurement, supply procedure and defining the human resource contribution towards achieving the company strategic goals and objectives.
Function of SAP Accounting Software
SMEs organizations who need the powerful abilities of a completely highlighted SAP ERP solution with included adaptability and more spending plan cordial value offerings will discover SAP accounting software as one the platform. The accounting software covers the majority business needs, from monetary management and client relationship management to stock observing and business intelligence functionality.
Small size organizations and large business enterprise will gain more by adopting the use of the fully featured accounting system. The accounting software allows the companies to get access to scalable business standards that will allow the company to gain the competitive advantage in the market.
Xero accounting software
In comparison with SAP accounting software, Xero has specific feature with QuickBooks accounting software. Xero accounting software is a leading online Enterprise Resource Planning element that is commonly used by the Small Medium Enterprises; the software offers different financial service which is relevant while running the operation of an organization.
Feature of Xero accounting software
Xero accounting software is a cloud base accounting system. The accounting package entails collaborative bookkeeping features. It allows the company to access the latest business accounting numeric which is accurate, it supports the financial decision which are used by the management to accomplishment the strategic goals and objectives.
Xero accounting package is considered to be the leading software which used by operating business organization which operates it business activities using the internet. Xero software possesses a unique and noble feature which allows the company to connect its transaction with bank accounts; Xero accounting software automatically synchronizes banks accounts with the latest banking services such as credit cards and PayPal transactions.
Xero accounting package allows the company to connect with its customers, the accounting package allows the company to create an exceptional and professional invoice as well as providing an even schedule.
Functions of Xero accounting software
Xero accounting package plays a key role in the decision-making process of the company, it allows the company to access the historical information which relates to the financial performance of the company.
Xero accounting software allows the company management to make a comprehensive decision which relates to inventory evaluation and analyzing the production of the baking products with regard to the equipment used by the employees.
Best accounting software vendor
Adoption of new Enterprise Resource Planning and Accounting information System will enhance the accomplishment of the strategic goals and objectives of the company. B-Bakers is a small business organization which has needed to improve in its production of services, the company management has the mandatory of responsively implementing the strategic accounting measure which will reduce the company milestone which prevents the company operations.
Xero accounting software is a leading adopted accounting software which commonly used by the SMEs business organization. B-Bakers of recommended to utilize the function of Xero accounting packages. Xero accounting package will enhance the company has diversified its operation by segmenting its market by using the online available data.
Xero accounting software is appropriate to the baking company because it is affordable to purchase, it installation is also easy. The software is easy to be used by all company stakeholders. Customers use the online data to obtain the products produced by the company. The development of the Xero software has been observed to be the best progression, this implies on its functionality in the business organization.
Xero software is the appropriate accounting technological software that suits the company operations. Xero offers the variety of financial services which includes the payroll system, inventory evaluation where very information relating to the company operations are clouded. The online accounting software allows the barking company to aces it relevant information at any other time, thus allows the company management to make the influential decision regarding the firm production process.
Xero software will be used by the company since it allows diversification of the company operation, this, therefore, supports the financial decision which is made by the management while they embrace their involvement in Enterprise Resource Planning.
The automatic update of the data by the software shows that the software is appropriate accounting package which allows the accomplishment of strategic objectives of the company. Updating the company operation on the daily basis of the company activities allows the company to cope with any changing aspects of the market environment.
. Dynamic change in the internal and external market environment will force the company to use the appropriate accounting system, Xero accounting software becoming one of the elements of new accounting information systems.
CONCLUSION
In conclusion, the paper has elaborated on the enterprise resource planning strategies which are significant to the baking companies. Accounting information system is explained to be an improved structure which the business is using to collect, store, retrieved and process its organizational data which are used by the business stakeholders including management and employees such as the accountants. Enterprise Resource Planning and accounting information system in an operational company are the primary pillars which are used by the management while they determine the success of their business organization, they provide the pertinent strategic at which the company will produce its products and services. Therefore, the Enterprise Resource Planning and Accounting information System will enhance the accomplishment of the strategic goals and objectives of the company.
The research report has comprehended the role played by the top manager while they evaluate and implement policies and significant principles of accounting information systems. The paper has evaluated the accounting software’s which are commonly used by the small business enterprise. Xero accounting software is embraced to be an online accounting software which is also to be a cloud saving financial package used by the accounting, its essentiality is described by it an exceptional feature which allows the business enterprise to accomplish its strategic goal. MYOB accounting software provides accounting services which relate to employee payroll system, inventory evaluation in relation to the production process in the company. SAP is accounting software that comprises the integrated solution which combines core financial as well as providing report on the capabilities associated with management performance and the supply chain
Reference
Al-Hiyari, A., AL-Mashre, M.H.H. and Mat, N.K.N., 2013. Factors that affect accounting information system implementation and accounting information quality: A survey in University Utara Malaysia. American Journal of Economics, 3(1), pp.27-31.k
Anandarajan, M., Anandarajan, A. and Srinivasan, C.A. eds., 2012. Business intelligence techniques: a perspective from accounting and finance. Springer Science & Busines Media.
Buyya, R., Yeo, C.S., Venugopal, S., Broberg, J. and Brandic, I., 2009. Cloud computing and emerging IT platforms: Vision, hype, and reality for delivering computing as the 5th utility. Future Generation computer systems, 25(6), pp.599-616.
Chang, J.F., 2016. Business process management systems: strategy and implementation. CRC Press.
Christauskas, C. and Miseviciene, R., 2012. Cloud–computing based accounting for small to medium sized business. Engineering Economics, 23(1), pp.14-21.
Collier, P.M., 2015. Accounting for managers: Interpreting accounting information for decision making. John Wiley & Sons.
Demski, J., 2013. Managerial uses of accounting information. Springer Science & Business Media.
Domeika, P., 2015. Creation of the Information System of Enterprise Fixed Asset Accounting. Engineering Economics, 60(5).
DRURY, C.M., 2013. Management and cost accounting. Springer.
Du, K., Huddart, S. and Xue, L., 2015. Accounting Information Systems and Asset Prices.
Elbashir, M.Z., Collier, P.A. and Sutton, S.G., 2011. The role of organizational absorptive capacity in strategic use of business intelligence to support integrated management control systems. The Accounting Review, 86(1), pp.155-184.
Ferris, J.M., 2008. Methods and systems for optimizing resource usage for cloud-based networks. U.S. Patent Application 12/196,459.
Geerts, G.L., 2011. A design science research methodology and its application to accounting information systems research. International Journal of Accounting Information Systems, 12(2), pp.142-151.
Gelinas, U.J., Dull, R.B. and Wheeler, P., 2011. Accounting information systems. Cengage learning.
Grabski, S.V., Leech, S.A. and Schmidt, P.J., 2011. A review of ERP research: A future agenda for accounting information systems. Journal of information systems, 25(1), pp.37-78.
Hall, J.A., 2012. Accounting information systems. Cengage Learning.
Ibrahim, A., 2013. Impact of Accounting Information System onthe Quality of Financial Information-An Applied Studyofthe Ministry of Finance and National Economy (Doctoral dissertation, Sudan University of Science and Technology).
Ismail, N.A. and King, M., 2014. Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms. Journal of Information Systems and Small Business, 1(1-2), pp.1-20.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Knežević, S., Stanković, A. and Tepavac, R., 2012. Accounting Information System as a Platform for Business and Financial Decision-Making in the Company. Management (1820-0222), (65).
Moghadam, H.M., Akhavansaffar, M., Bakhshaei, Z. and MirHosseini, S.Y., 2013. Effect of investment in information technology system on providing desired services of accounting information system. Elixir International Journal A, 55, pp.13268-13273.
Patel, P., Ranabahu, A.H. and Sheth, A.P., 2009. Service level agreement in cloud computing.
Pearlson, K.E., Saunders, C.S. and Galletta, D.F., 2016. Managing and Using Information Systems, Binder Ready Version: A Strategic Approach. John Wiley & Sons.
Rainer, R.K., Cegielski, C.G., Splettstoesser-Hogeterp, I. and Sanchez-Rodriguez, C., 2013. Introduction to information systems: Supporting and transforming business. John Wiley & Sons.
Song, M., Wang, S. and Cen, L., 2015. Comprehensive efficiency evaluation of coal enterprises from production and pollution treatment process. Journal of Cleaner Production, 104, pp.374-379.
Soudani, S.N., 2012. The usefulness of an accounting information system for effective organizational performance. International Journal of Economics and Finance, 4(5), p.136.
Urquía Grande, E., Pérez Estébanez, R. and Muñoz Colomina, C., 2011. The impact of Accounting Information Systems (AIS) on performance measures: empirical evidence in Spanish SMEs.
Ward, J. and Peppard, J., 2016. The Strategic Management of Information Systems: Building a Digital Strategy. John Wiley & Sons.
ha2042
The Best Assignment help is one of the best website for assignment help. For more details you may contact us at thebestassignmenthelp@gmail.com
ha2042
visit at : HA3051 Accounting theory Sample