Eureka Limited - Case Study, Holmes Institute, Australia
HI5019 Strategic Information Systems for Business and Enterprise
GETTING STUCK WITH SIMILAR BUSINESS ASSIGNMENT? ENROL WITH EXPERTSMINDS'S EUREKA LIMITED - CASE STUDY ASSIGNMENT HELP SERVICES AND GET DISTRESSED WITH YOUR ASSIGNMENT WORRIES!
Executive Summary: The paper is in relation to the analysis of an accounting system which is cloud-based that should be analysed by the company for its maintenance of accounting system. The company here is Eureka Limited which has lost data of its key accounts due to some issues in the accounting system. The company Eureka Limited is into business of supplying beverages to number of businesses. The company wants to evaluate from the various accounting system available to it and also needs the report wherein the selection of the accounting software suitable for the company is provided with justification. The three major accounting software vendors that has been analysed are SAP, MYOB and Xero. The various features of the software along with its functionalities have been analysed and assessed to select the most suitable vendor and the accounting software package for the company Eureka Limited.
Introduction: Nowadays there have been adoption of computing software by the company that provided facilities of being hosted on the remote servers (Vangie Beal, 2019). These cloud based software have the capabilities of accounting which have similarity in terms of fashion with that of the SaaS i.e. Software as a Service. The major thing which is necessary for these software to operate is Internet. The company Eureka Limited is a company which is into the business of supplying beverages to a number of different business. The company needs to adopt the accounting software for maintenance of its accounts since it has lost some key accounts since it was unable to provide its product at competitive price. Therefore, analysis has to be conducted for justifying its investment in the alternatives of the cloud based accounting software. The analysis have been conducted taking into considerations three major accounting software viz. SAP, MYOB and Xero. The company is a mid-sized company and is into business since 55 years. The company have shown growth in its business and therefore wants to go for further expansion which is not possible unless the company understands the cost of its product to sell the same at a competitive price to gain from it.
Using a cloud based accounting software benefits the organization in many a ways since it allows using the software through any of the device which helps the accountants to stay connected to the data from anywhere. These software are scalable, effective in cost and they are very simple in using. The security of these software are world class security, and they give real time updates. Moreover, these software helps in saving paper since reports are generated electronically and they can be customised as per the business needs.The bills and invoices can easily be trackedby using these software. The most important benefit out of all is that it allows organisation aware of theirfinancial position along with real time revenues and costs. The cloud based accounting software SAP have such features of programming which is suitable for all business types including start-ups. SAP ranks third in terms of effective accounting software across the world. Xero is a top accounting software which helps in meeting the needs of accounting of company of all sizes. MYOB is an accounting software that provides many value added services other than mere accounting reports. The analysis of the company and its requirement of the new software along with the analysis of the software that should be chosen have been conducted.
Question 1: What are the key business processes for Eureka Limited?
Answer: The company Eureka Limited is the company which is into the business of supplying beverages to different companies and businesses. The company was formed 55 years ago and is a private company which is owned by family members. The company is among the medium sized firms since there are around 73 employees. This company have undergone through many thick and thins and had its sales revenue increased amounting to more than $18.5 million last year.
The company operates in Food and Beverage where there are many other companies that also supplies beverages to many other businesses and so the level of competition is very high among these companies. The companies within the industry supplies diverse range of products to major distribution channels, retail, food service and food ingredients. There is a requirement to have flexibility within the industry since so that the supply of product can be quickly matched with the trends of consumers including convenience and value for money. The company operating in a sector which is a major sector for an economy as because it contributes both in terms of finance as well as employment. There are diversification to a very great extent in terms of sizes including multinational companies to small players. This diversification helps in meeting the demands of the products of consumers. The company provides a diverse range of beverages to facilitate the demands of various businesses starting from supermarkets to the pubs. The company have adopted innovation by using technology through manufacturing and packaging. The company is required to follow provisions as outlined by the food and beverages community as because maintenance of standard norms are required so that there is less and in fact no chances of any quality manipulation by the company. The company have come up with some healthy range of product in recent times and this have contributed in the growth of the company. However, since the company have its accounting done in an old fashioned manner where an accountant keeps its books of accounts manually have resulted in losing some major clients since the company was not able to chalk out its cost of the product because of which it failed to provide its product at competitive price. Therefore, the company is seeking analysis of the various accounting software packages available in the market and wants to invest in the one which will be most suitable for it so that they will be able to get enhanced information leading the company to go to the next level.
Question 2: What are the major control risks for the business processes of the company?
Answer: The company Eureka Limited have control risks for its business processes because of the fact that the company does not uses any accounting software and rather gets its financial information maintained by an accountant. This give rise to risk of Internal Control the resources of the companies are unable to have direction, cannot be monitored and measured. Absence of such control gives rise to fraud and misappropriation and fails in the protection of the resources of the organization. Controls are evaluated so that business operations and functioning can be improved. When there is risk associated with the control of a business, it gives rise to problems in business operation in terms of efficiency. In case of Eureka Limited, the major control risks that the business is facing is the lack of the accounting software. In case of absence of accounting software, the availability of financial information becomes difficult since maintenance and providing information through manual means turns out to be inefficient. There are many uses of accounting software which the company needs to understand in order to gain out of it and to minimise the risk of control. As stated above the company have already started losing its key clients because it was unable to provide its product at a competitive price.
HIRE PROFESSIONAL WRITER FROM EXPERTSMINDS.COM AND GET BEST QUALITY EUREKA LIMITED - CASE STUDY ASSIGNMENT HELP AND ASSESSMENT WRITING SERVICES!
Question 3: What are some of the possible accounting software features and functionalities that the company should consider to achieve their business objectives and minimise the control risks?
Answer: The three accounting software package vendors that have been analysed herein are SAP, MYOB and Xero. The Xero, an accounting software company which is public company having its domicile in New Zealand offers a cloud based accounting software for meeting the accounting requirements and needs of the businesses. A platform of software meeting the needs of both small and medium sized firm is being provided by Xero. The model of SaaS is being followed by this company and these are being sold by subscription which is having basis of the type and the number of companies being managed by its subscriber. There are nearly 180 countries which are using the products of the company Xero for meeting their accounting solutions. This company is traded in the Australian Stock Exchange as XRO since it's a public company. There are many features of the accounting software package being provided by this vendor but its basic feature is the automation of the various feeds of account with respect to the bank and credit card, invoices, accounts payable, claims of expenses, depreciation on fixed assets, orders of purchases and the various reports that are exported for meeting thestandard business requirement and its effective management. The software Xero have options wherein it can import the bank and the credit card statements automatically and it also supports tax rates and currencies that exists for multiple laws. This is possible because the software have all the advanced features that should be there to reduce mechanical calculation to the extent possible. This helps in using the efficiency of accountants in jugements rather than using it in mechanical calculations. One of the effective feature of Xero products is payroll and projects. Those company that uses Xero software package can have access to their local teams in spite of the location barrier viz. New Zealand, Australia, Europe and the United States. The working style behind this software is that there exists one ledger which is unified wherein all the data of finance are stored allowing the users to work in the same set of books regardless of their location and the operating system. The company have gone into digitalisation by launching an app named as Xero Touch mobile apps which is available for devices configured under iOS and Android, allowing the users of the accounting software to raise invoices while on site with the clients. In recent times, the company have expanded its digitalisation by partnering with the PayPal on 2016 allowing payment of the invoices through PayPal. Thus, we can assess that the major feature of this software is easy invoicing, going mobile, tracking of inventory, maintenance of accounts in multi-currency, connecting with third party apps, attaching files to data, creating orders of purchase, claiming the expenses, paying bills, etc.
MYOB, is an Australian multinational company which stands for Mind Your Own Business providing tax and accounting software to small and medium sized organizations. This company provides a range of product including cloud based accounting software. The MYOB software company have many functions included in it for accounting like it can work online, calculate and track GST, Accept Payments Online (since the company have partnered with PayPal), track and pay expenses, manage suppliers and the customers, can be synced with bank account and credit cards, have features of Payroll, Inventory Management, etc. The company have a mobile app for Apple and Android phones, thereby making accounting functions easy and compatible even when an accountant is away from his system. The solutions of accounting software covered in MYOB is compatible for all kind of business irrespective of their size. There are different plans being offered by MYOB vendor to meet the different requirements of the businesses. There are high number of options offered by MYOB and these can be accessed and worked in even when one is offline. If there is unavailability of Internet many a time, then choosing MYOB over other software package will be beneficial for the organization.
SAP Company is an accounting software company the offers different products on accounting as per the needs of different company sizes irrespective of the number of employees a company have. A company that have less number of employees to company that are the leaders in the world having high number of employees are using SAP and are gaining the best out of it since there is versatility in the range of the products being offered. The company is a third largest company in the software industry which was founded in the year 1972. This company is traded as it is a public company which is being traded in the Australian Stock Exchange. The accounting software that are being offered by SAP vendor are suitable for companies of all sizes. SAP is beneficial to all company types starting from growing companies to leader companies.This is achieved through upgrading the software timely. There is an option of customisation available for different industries and for companies where the employment standard differs. There is an app which helps in accessing the software any time on the mobile phones. The company is well known for offering medium range products for those companies which are not ready to invest much on the accounting software package. The medium range package is the SAP Business by Design that helps in keeping financial information of the company handy. SAP Business by Design is an extension of SAP Business One which is used by small and medium sized enterprise. The company SAP offers features which is great reporting abilities and faster processing. The software is ideal for companies usinginformation with exchange of information with the parent company. The product of SAP includes a product called S/4HANA that provides end to end accounting and its management for the largest corporations of the world. This product is implemented directly on the premises of the client.
GET READYMADE EUREKA LIMITED - CASE STUDY ASSIGNMENT SOLUTIONS - 100% PLAGIARISM FREE WORK DOCUMENT AT NOMINAL CHARGES!
Question 4: Which category of accounting software (low, medium or high-end) suitable for the company? Give your justifications in detail.
Answer: The company Eureka Limited should move towards using a cloud based accounting software for its book keeping and for keeping financial information handy. This is because when a company have a manual system of keeping its books of accounts then it is in real terms very tedious process where generation of financial report is frustrating on part of the accountant. The cloud based accounting software help in streamlining all the process of business and accounting and helps in benefitting the business in many ways. The company Eureka limited if adopts the accounting software for maintenance of its account it will be able to have the following advantages:
• GST Compliance simple,
• Time will be saved of the company because of automation where many reports are generated automatically and is provided to the user,
• Real time data can help in tracking inventory, sales and expenses,
• Since these software are accessed using internet so it allows to check the financial information of the company from anywhere.
• Compilation of financial report is easy by using these software
• The rate of accuracy increases since software cannot make mechanical mistakes where human are obvious to make that
• There is no requirement of getting the software installed since they are hosted online,
• There is Technical Experts of software which are available in cases where the company finds difficulty in operating the same.
Because of the above mentioned features the company should adopt a cloud based accounting software. On analysis of the three vendors which are available for accounting software SAP, MYOB and Xero, it is assessed that the software Xero is much better in position in terms of accounting software than the other two since it provides all features starting from small to complex one and even there is customization process available for the highest and complicated features. Another factor for selection of Xero over the other two is the price of the software packages available in Xero. This software is more flexible as per the requirement then that of the MYOB and SAP. All the software have the feature of supporting only English as their language. The prominent clients of Xero is Crush + Lovely, Three Babes Bakeshop, CEP, New Zealand Drug Foundation, etc. whereas the prominent client of SAP are McLaren Group, Great Panther Silver Limited, Trigon LLC, Umasons, etc. Xero have more than 400 partners which helps in working of the software smoothly and there is advanced level of integration available in the software of SAP.
After assessing three software vendors and their products of accounting which are cloud based, it is concluded that the most suitable software for the company Eureka Limited is the software company Xero. This is because of the fact the features available under this software package are high and these are majorly useful for a medium sized company and Eureka Limited is a medium sized company which though is a family owned but have high revenues. The company will be able to take the full advantage of the available features of the software. Some of the features of the software which are of utmost importance and have given due importance while selection of the software are features of bank reconciliation, keeping the track of customers and suppliers, claims of expenses, reporting, support of email, invoicing, returns of GST, multi-currency features, etc. By using these Eureka Limited will be able to keep its financial information in an organized manner and very handy. The information stored in the software can be accessed easily and in a timely manner. The software is also available on various devices such as mobiles and can be accessed even through laptops. Since the company Eureka Limited have not gone into globalisation and is just operating in the domestic market, so Xero will be able to meet the needs of the company with its features.
The software Xero will enable the company to keep records of the costs incurred towards making particular beverages including healthy drinks which have become popular in recent times thereby helping the company to arrive at a price on which they can sell the product to gain out of competitive pricing. Maintaining the accounts and financial information online helps in access easily and appropriate for quick decision making. Moreover, all the financial information can be accessed which is not possible in other cases or through using other software.
24/7 AVAILABILITY OF TRUSTED EUREKA LIMITED - CASE STUDY ASSIGNMENT WRITERS! ORDER ASSIGNMENTS FOR BETTER RESULTS!
Conclusion: In today's financial world, the level of competition is very high where financial information are required to be assessed quickly for decision making. Using a normal accounting software and relying completely on accountants are risky matters and so an accounting software package which is upgraded with the latest technology is needed for keeping the financial records update. These software are very quick and handy and the information generated from them cannot be ignored since they have high rate of accuracy. These features of accounting software are included in the cloud based accounting software. There are many cloud based accounting software vendors that provides range of products within their software to meet the dynamic needs of the business starting from small companies including start up and also the large corporations having their presence in multiple countries.However, it is to be noted that many accounting software companies have within themselves various product lines which further depends upon the process included within the businesses and organization who are eager to adopt these software. Initially, the company is required to understand the needs of the users of the financial statements as because that helps in the evaluation of the features of all available software for identification of the one which will be the most suitable one for the business.Eureka limited a company which is medium sized company having its private operations i.e. its operations restricted within its own country will get all its needs of accounting fulfilled if it take the software package from Xero as because, the mentioned software carries many features within it and is also cost friendly and effective.Moreover, the software is flexible and can be used even to meet over ever changing demands by mere up gradation, thereby having less efforts. The software is a digitalised one which can be accessed from all the mobile devices irrespective of it being ios or android by further making accounting easy and convenient for the accountants as well as the managers of the company. Although MYOP and SAP are also software than are effective and are used by major large corporations having feature of up gradation with the expansion of the business. However, when MYOB and SAP are compared with Xero, it have been analysed that they carries less features than that of Xero for a medium sized company specifically Eureka Limited for this case. Therefore, it is advisable that the company Eureka should adopt Xero as its cloud based accounting software.
It is to be noted that the transition of a company from normal accounting software to a cloud based accounting software is a big step. But this helps in saving lots of time and money of the company which can be utilised for further increasing the efficiency of the company's processes. The step of Eureka limited to switch to a cloud based software is a great one which will have many positive impacts. The company is not required to purchase and install the software rather the information is typed on the address bar of the web browser and employee can log into the account where all the financial information are stored and kept. There is no need of having an IT department since there is a team which is a Technical Support Team which is available and helps in solving the issues arising during course of time.
We at Expertsminds serve the Holmes Institute assignment help service for below mentioned course and units, such as:
- HI5001 - Accounting for Business Decisions Assignment Help
- HI5002 - Finance for Business Assignment Help
- HI5003 - Economics for Business Assignment Help
- HI5004 - Marketing Management Assignment Help
- HI6005 - Management and Organisations in a Global Environment Assignment Help
- HI6006 - Competitive Strategy Assignment Help
- HI6007 - Statistics for Business Decisions Assignment Help
- HI6008 - Business Research Assignment Help
- HI5009 - Leading and Managing People and Relationships for Performance Assignment Help
- HI5010 - Innovation and Entrepreneurship Assignment Help