HI5019: Strategic Information System- Literature Review - Assessment Answer

December 18, 2018
Author : Sara Lanning

Solution Code: 1ADCE

Question: Strategic Information System

This assignment is related to ” Strategic Information System” and experts at My Assignment Services AU successfully delivered HD quality work within the given deadline.

Strategic Information System Assignment

Assignment Task

The research would cover history, development and adoption, the current market size, identify the leaders in the market and what gives them the competitive advantage. Students are also required to identify the current gaps or challenges encountered by users or customers of accounting software/packages and make relevant suggestions or recommendations.

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Solution:

Introduction

Accounting software is defined as computer software that is used for the recording and processing of any business account transactions. It applies the use of different accounting modules such as trial balances, payrolls, accounts receivable, ledger books among other methods of processing accounting transactions (Janvrin et al. 2015, p. 723). With the competitive nature of the global market today, the use of technological innovation among individuals, organizations as well as the institution has become a normal and vital for the development of business organizations. This paper examines the history, adoption, and the development of the accounting system that has been adopted by Australian business in the current market. It identifies the current market size and leaders in the market of the packages that have been adopted and what makes them outstanding in their performance in Australia.

Accounting systems that companies or businesses adopt are aimed at increasing their efficiency and effectiveness in achieving their goals. The competitive nature of the global business environment, thus requires proper accounting decision-making what has been made possible by the advancement of technology as pointed out by Johns and Vander (2010, p. 827). The accounting packages have thus been adopted in the essence that financial records have been simplified and producing accounting reports for decision-making is easier. As a result, Horompolil (2015, p. 22) points out that the use of the accounting software in business, has hastened financial decision-making for small, medium, and large-scale businesses that have adopted the use of technological accounting packages. In his study, O’Brien (2015) records Quicken, Intuit QuickBooks, MYOB, Xero, Reckon, Money Works, and Saasu as the major accounting packages that have been adopted in Australia.

A history of developing and adopting accounting packages in Australia

In their study, Edga (2016) reports that the demand and audition compliance of accountancy policies has for many years affected the efficient development of the accountancy system for many business enterprises. Before the advancement of technology in accountancy, many organizations adopted the use of physical accounting methods such as the use of accounting books and files that not only occupied large office space, but was also cumbersome to update regularly. Most of the business enterprises progressed to client-server packages that were obsolete when it comes to the efficient update of accounting files, documents, and related information.  With the expansion in technology, it reached a point when many businesses realized that there needed to be a system that has the ability to automatically document transactions so as to monitor the financial flow of the business. Janvrin et al. (2015) point out there were a sole necessity of the accounting knowledge as businesses were expanding to higher levels and in different regions globally. As opposed to the ancient accountancy methods that were used in Europe, Egypt, and the Middle East between the late 1970s to early 1990s, more technical and sophisticated systems were necessary to manage cash flows and market competition strategies effectively.

Many businesses require increasing the number of employees, market target, business activities, etc. that requires good financial records other than the physical files and documentations. The results of continued innovation were evident in the early period of the 20th century, when the success of the design of different packages was introduced in Australia. QuickBooks was introduced into the Australian market as the earliest and remains to be the most used accounting packages in the market today. The use of MYOB latter found root in the Australian market after many businesses realized the importance of using accounting software especially in large scale businesses. The use of other software such as MoneyWorks, Xero, Quicken, Saasu and Reckon followed suit later but most of them were introduced when many businesses were rooted on the advantages and originality of MYBE and QuickBooks according to Edga (2016, p. 45).

Market size, leaders and the competitive advantages over other providers

Intuit QuickBooks is one of the major used accounting package systems in the Australian market. Using Intuit QuickBooks accounting software optimization in corporate tax bills has gone viral as one of the major advantages of adopting the technology on accounting in the economies of developed market. As the general accounting software packages have been adopted in keeping track of different business activities such as the daily sales, financial profit and loss balances, and  payrolls or inventories, the cost as well as the sort are normally transferred to the tax accounting software. Intuit QuickBooks hence help in the calculation of the most ideal tax scenarios, payroll solutions thus keeping the track records of prepared returns and overhead costs (Horompolil 2016, p. 22).

Despite the many comprehensive features and add-ons that come with it, Intuit QuickBooks is popular in the Australian market as a result of its price. The ordinary basic version costs $12/month while the premier version costs $21/month for the validation of a user subscription within one year. It also offers accountants and bookkeepers among other users the opportunity for a payment processor interface platform that can be used in accepting debit or credit card payment via a mobile phone (Nadel 2013, p. 15). The software gives them the opportunity to make secure and free payroll payments, manage pay bills, send an unlimited number of invoices, access online data across wide ranges of mobiles and computer platforms. Business individuals as well as organizations and enterprises across the Australian market, thus use QuickBooks in tracking their expenses, business incomes, and profits (Bilgen, Erten, & Tastekin 2015, p. 71).

Current gaps and suggestions for solutions

Using accounting packages come with several advantages, not only to the Australian market, but across the globe as well. Accounting packages are used for creating reports and financial progresses of the business. The process has even become cheaper as accounting costs only count for the scanning papers thus reducing the cost of processing the accounting information. As denoted by Horompolil (2016), most of the accounting packages come with different add-ons that integrate the packages with other internet services such as downloading or sharing files. For instance, Intuit software offers over 450 add-ons which can be integrated with QuickBooks for the use with a third party.

Using accounting packages has also paved way for limited office space where the accounting information only needs to be kept in different documentation folders on a computer other than the book and file shelves that originally required a large office space. Such information can easily be shared, retrieved for future used, and accessed at any location as long as the device used is internet connected. However, John and Van (2010, p. 825) points out that there are many challenges facing the adoption and use of the accounting software packages not only in Australia but across the globe. Factoring in issues such as compatibility, flexibility, and control of the use of the software is a major challenge so most small-scale businesses. As a result, many users get the difficulty of choosing the most suitable software to be used that they can easily access and update whenever necessary (Bessant, Emslie & Watts 2011, p. 145). In the case of limited knowledge on such factors, the user tends to wonder how they can access effective external support that can give the technical support necessary for the use of the chosen software. O’Brien (2015) denotes that there is a need for a customer to consider the general features of the chosen accounting software that are vital and affects its output such as seller support, ease of installation, use, and its capability of an update.

There is also a need for support in terms of the knowledge base in the use of different accounting software in addition to the user guide that always accompanies most packages. For instance, in page 20, Javrin et al. (2015) points out that making a choice of the suitable software to be used requires guidance in the best decision-making depending on the business or accounting purpose intended.  With continuous innovations in the designs and compatible features for use in different packages, more research should be done on the challenges faced by users as the packages are upgraded with time. More research is also necessary to increase the understanding of the gaps that users experience not only in Australia, but even the global market while using accounting packages.

Conclusion

In a summary, development and adoption of the use of accounting software in Australia have gone through many transformations. It has led to the expansion of businesses across the global market as the management of the financial flow within the business is easy and can be documented. Organizations can easily monitor the flow of the fiancés and make wise decisions regarding the progress and success of the business. It is hence vital to find solutions to the challenges faced, especially by the small-scale users so that they are able to use the software effectively for the expansion of their businesses.

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