HI5019 Strategic Information Systems for Business and Enterprise Assignment - Holmes Institute, Australia

Case Study - Eureka Limited

Purpose of the assessment (with ULO) - Students are required to:

• Appreciate the purpose of computer controls and auditing in digital economy.
• Describe the processes use in the development of computer-based systems/ERP and the ways in which processes are managed.

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Required - Prepare a report to evaluate and recommend an accounting software for Eureka Limited.

Answer - STRATEGIC INFORMATION SYSTEMS FOR BUSINESS AND ENTERPRISE

Executive summary

The paper discusses the company Eureka Limited in regard to its need to develop the accounting software for the development of their firm. The company needs to improve its productivity as well as the competitive advantage that it has in the market place where it conducts its business dealings of supplying beverages. Identification of a proper software package for accounting can help in the implementation of the appropriate software that the company needs for digitally developed accounting measures. Comparison of possible accounting software and selection of a suitable vendor along with the accounting software is the aim of this research.  

Introduction

Business organizations aim to build a productive workplace that will ensure profit. However, the involvement of the capital and the various financial aspects of a company have to be monitored closely in order to be able to earn maximum profit. In the case of Eureka Limited, which is a company that is owned by a family and comprises of 73 employees the increase in their sales revenue has been up to $18.5 million. The business organization has been in the market for 55 years and has supplied beverages to pubs and supermarkets. The growth of the firm was the result of the range of healthy products that it delivered, but with the growth, it became difficult to improve productivity without keeping a proper record of the economy through accounting.

Such being the case, the company involved an accountant who helped with the competitive prices but further software development became necessary so that investments can be done accordingly. Therefore, the paper discusses the possible accounting software that the company can implement for growth and profit.

Business requirements

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Key business processes

The company Eureka Limited has been working in the market place for 55 years and has seen varying levels of fortune. It is the dedication and hard work that has made the company survive so long in a competitive market with not more than 73 employees. The focus of the firm, however, is not only on its profit, productivity or revenues but also to provide healthy food to the consumers (Hammer, 2015). It is what has made the company grow in the first place. In order for all this to happen the company, Eureka Limited has formulated a proper business process to help them achieve its targets. Business process, in general, is the collection of various tasks that have been linked together so that they are able to find the end result either by delivering a product or a service to the consumer or client. When all the activities or the tasks of a business process have been completed then it can be safely assumed that the goals of the firm can be achieved. The process comprises of specific and properly defined inputs, whereas there is one significant output, which in this case is the growth of the company and of its financial aspects (Hammer, 2015). The inputs are responsible to have factors that add value to the product or service that is being offered, which while considering Eureka Limited is its ability to produce healthy products at competitive prices. There are, however, certain key elements to the business process that has to be detailed in order to signify the company in question.

• Leadership is significant so that the small company is able to work efficiently in order to keep up the production of the beverages to be supplied in the market that is demanding (Rosemann and vom, 2015).
• Manufacturing is the process of assembling the product that is to be supplied to the supermarkets and the pub-chains.
• Finance is the process of invoicing that involves the process of billing as well as risk management as there are a number of risks that are associated with the economy of the firm.
• Marketing is a process that introduces the product into new markets and thus opens new platforms for the business dealings to expand. Marketing is also associated with sales and the understanding of the competition from other companies (Rosemann and vom, 2015). It further develops a brand name for the company that focuses on the quality of the products.
• Human resources involve a starter's process as well as a leavers process. It signifies the human resources of the firm, which although few are responsible for the significant amount of revenue that has been earned.
• Innovation process helps the company to develop new ideas and culture creative minds that can come up with advanced products to attract a number of clients (Rosemann and vom, 2015).
• Quality and compliance involve legal checking, safety audits, approval for the food and the beverages produced, etc.

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Control risks for business processes

There are a number of risks and threats that are associated with the business processes of Eureka Limited that challenges the firm on a regular basis. These risks have to be managed by the management team so that the processes are running smoothly and as was intended (Rosa et al., 2017). The identification of the risks makes the implementation of the solutions easier. The control risks that have been identified are as follows:

• There can be a possible risk to the whole infrastructure of the firm be it the internal or the external infrastructure of the company.
• The risks related to the Department of Information Technology leading to leaks of serious kinds, money laundering, etc.
• The chances of human error are great considering that humans are the ones keeping the accounts and resources in place (Rosa et al., 2017).
• The issue of workplace safety has to be considered.
• In a beverage and food production company there can be mechanical failure occurring at any point in time.
• The issue of bottlenecks is related to the human error aspect that can slow or even halter a process that is ongoing.
• The chances of redundancy or the duplication of the work done.
• Without the leaders acting as they should, there can be a lack of total visibility.
• The issue of integration lies with the changes made in the already existing processes or the implementation of advanced technologies (Rosa et al., 2017). There can be an issue of communication gaps as well as malfunctions keeping the company in danger.

Systems requirements

Features and functionalities of accounting software

For an organization such as Eureka Limited, the financial aspect is quite vital for their sustenance in the long run. The annual report that the accountant presents provides the essential details of the economy that has been part of the company in a year (Diadiun, 2018). However, there are further details that have to be focused on and specified in order to achieve greater production and success. The books with the financial statements are not enough as much more information is necessary for the business to run in an efficient manner. The use of accounting software will achieve just that and will help the company to reach the next level of innovation and technology.

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The accounting software can be explained as the application that is fundamental and it allows an organization to identify and record the cash flow for the purpose of external and internal auditing as well as reviewing (Diadiun, 2018). It is a significant tool that helps a firm to assess the economic health of the firm all the while meeting with the various legal compliances with the help of core tools of finance such as purchase order, accounts receivable and payable, inventory or stock, billing and general ledger. There is certainly a modern and advanced implementation of the stated application that expands to electronic payment, payroll modules, expenses, and timesheets so that the company is able to grab a better chance at the market. Accounting software can help the company in various ways to increase productivity and keep up with the competitive prices of the market.it can save a lot of time as well as money along with the reduction of possible human errors (Yusup et al., 2017). The process of data entry becomes speedy and simple with the involvement of accounting software and that can be used for the advantage of the company. The significant functions of the application of accounting software are:

• It saves time.
• It manages the cash flow of the company to records all the payables and receivables. The bills and the invoices can be saved up for future purposes.
• The financial statements and bookkeeping become easier.
• It is a learning curve that can be sued by a firm such as Eureka Limited to access data related to money and then provides it to the suppliers, representatives or the clients (Yusup et al., 2017).
• This software can provide an accurate kind of forecasting that the company requires looking into future prospects.
• They provide different digitized services to increase productivity and performance along with providing full economic transparency.

There is various accounting software that is available in the market for the company to grab and apply it as it deems fit (Machado, 2016). They are available at different prices and can be used for different measures as is the requirement of the stated firm. Software such as FreshBooks, MYOB, QuickBooks, Xero, Wave, SAP, Declaree, CashMnagaer, ZohoBooks and more can be utilized by the firm in question. There are various features to the software for accounting that can be used differently by each firm. These are:

• There are billing as well as invoicing systems for the everyday tasks and it gives validation and authorization.
• Systems for payroll management give control over receivables and payables of the account (Nguyen and Pham, 2016). From the calculation of the salary of the employees to producing the tax forms, there is a range of tasks that it does.
• Systems for resource planning of the enterprise for material purchasing, control distribution, product planning, accounting, finance, marketing, inventory management, and HR.
• Systems for the management of time as well as expenses. With the aspects of forecasting and budgeting, these salient features of the software can help the firm predict the future risks that might come their way all the while solving the threats that they are facing presently (Machado, 2016).

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Software selection

Discussing the vendors of accounting software and their products

SAP: SAP is a software company. The German-based company's products permit industry to track consumer and business communications (Ossimitz, Wieder, and Chapman, 2016). Data management programs and enterprise resource planning is the major programs, for these SAP is popular. SAP is a short form for system, application, and products. In venture application software market SAP is the leading company. The company (SAP) helps all size of companies and industries to progress at their best. 77% of the world's business revenue is provided by the SAP system. SAP's end-to-end suite of applications and services enables their consumers to run profitably. Their analytical technologies are very advanced; technology helps consumers to turn their business into brilliant enterprises. The industry is continuously adopting new technologies. The adaption or up gradation makes a variation (Henningsson et al., 2016). There are different scale of industries, who are using the software, like Reliance Industries, Jindal Steel, ONGC, GAIL, Tata Steel, BPCL, Bajaj Auto, Tata Motors, TVS motors, Indian Oil, Eicher, Honda Two wheelers, Ford India, Dabar, Tata Chemicals, Maruti, Hero Honda, Tata steel, Britania Industries, etc. the core modules of SAP are, MM module, PP module, Security module, FICO module, SD module, ABAP module, HR module, and Basic module. Functional modules of SAP are, Human Resource, Material Management, Project System, Quality Management, Production Planning, Plant Maintenance, etc. the products of the leading software company SAP are, SAP S/4HANA, SAP,s different management products are Customer Relationship, Product Lifecycle, Supplier Relationship, and Supply Chain. Enterprise Resource Planning is another product of SAP (Henningsson, Kude, and Popp, 2016).

MYOB: As per the reports, about 60 percent of accountants in Australia use Myob as the main software of their accounting solutions. Myob is a company who accounting software. The software company has been providing service since the early 1990s. MYOB stands for Mind Your Own Business. This accounting software is suitable for business of any scale from a small family business to big enterprises (Raj and Alexander, 2018). The software comes with a free trial period of 30 days and free upgrades as well. Many variants are available in the market from browser-based application, cloud-based and desktop clients as well. Myob is an all-round application which provides accounting solutions, payments, and tax and payroll solutions (Bradshaw et al., 2015). This is one of the most widely accepted accounting solutions in the country. The interface of the software is user-friendly. There are plenty of courses, walkthroughs, and tutorials all over the internet to help anyone getting started with MYOB and start managing the accounts. In 2012 Myob released the cloud-supported version of itself called account right. What makes Myob is excellent accounting solution software is that it has partnerships with various other companies to boost the utility. It is compatible with all operating systems. It has a partnership with PayPal which comes handy for integrated e-commerce solutions. It also offers a business start-up toolkit for small and new businesses. Unlike other applications, MYOB offers a choice to opt for a suitable version, PLUS or Premium according to the need of the business (Bradshaw, Pulakanam and Cragg, 2015).

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Xero: Xero is cloud-based application software which provides accounting solutions to small scale and medium-sized business. This is a New Zealand based company which was founded in 2006. Though Xero only serves to small and medium-sized businesses, the scope of the application is huge. The main features of this accounting software include automatic credit card and bank account status on the dashboard (Young and France, 2017). The bank accounts can be linked to the application directly and payments can be made. The business is able to send quotes to customers through the Xero app. The customer is able to accept the quote with just one click of a button. This makes all the processes so much easier with most of the steps done electronically and less paperwork. The application also supports timesheet entry for the staff members and helps to manage the payroll as well (Redpath and Gourdie 2017). Xero provides a wide range of in house applications to cater to different kinds of businesses. This application demands fewer system resources and is lightweight software. Like other options in the market, this software also comes with a free trial period. The cost of full the versions range from $10 to $60 per month depending upon the features.

Category of suitable software

The type of business under consideration for this case study is a small family business with only 73 staff members (Redpath and Gourdie 2017). Considering the fact that Eureka had only employed only one employee to look after their accounts and was able to carry out their day to day business-as-usual activities properly, lightweight software with low cost seems like a suitable option to go for. This will help the company to maintain the accounts accurately at low cost and also save the cost of one employee. It also seems like the accounting needs for Eureka are very basic which does not need a very high-end software application. So on first analysis, it seems like low-end software like Xero should be sufficient for a family business like Eureka (Ossimitz et al., 2016). However, if a deeper analysis is done, it can be found that in today's age where there is a huge competition in every field and everyone relies on big multinational companies, the survival of a small family business like Eureka is very though just by doing okay in the business. The company is very old and has a good reputation among its customers. Bad business as can be seen in the last few years, will risk the reputation and also losing customer base. So, on a deeper dive, it can be seen that the company needs a robust and complete accounting solution which is better than low-end software to compete in the market and stay in business. Also, with the rapid growth in the food and beverage industry, there is a huge scope for Eureka to grow. Low-end software will not be able to support a growing business. So medium end software like MYOB seems like a perfect for Eureka to invest its money into (Raj and Alexander, 2018).

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Vendor selection

Compare two accounting software packages

The company that is being discussed in the paper is a small unit comprising of only 73 employees but is quite old in experience. Eureka Limited has been in business for 55 years and has earned much in revenues (Sanghvi et al., 2016). However, it is always to be considered that high-end accounting software such as Oracle People Soft Enterprise for such a firm is quite a risk. Keeping up with the increased prices can be the cause of ruin for the firm and can lead to the dissolving of the unit. On the other hand, low-end accounting software such as QuickBooks Online will also prove to be of less significance as it will not be able to keep up with the increased business and productivity of the firm and neither will it yield necessary information for the firm to utilize (Sanghvi et al., 2016). For the purpose of comparing the software and contrasting their features, there are a few aspects that can be considered for the two accounting software MYOB and Xero.

Considering the difference in their functions and their features were so similar, it can be stated that all these products that the vendors provide are equally useful for the firm. The two vendors that have been considered for the company Eureka Limited are MYOB and Xero as both of them works well in a mid-end market as the company is actually (Loughran and McDonald, 2016).

MYOB or Mind Your Own Business is a multinational corporation in Australia and listed in the Australian Stock Exchange that provides a number of services such as accounting, tax as well as various other business services to the small and the medium business enterprises or SMEs. A public company working in the industry of Information technology, the main product that it delivers is accounting software (Loughran and McDonald, 2016). The products detailed above in the table MYOB AccountRight and MYOB EXO Business are part of the products offered by the vendor for the purpose of accounting and other financial aspects that goes on within an SME.

Xero is a software company based in New Zealand and the company is listed in the Australian Stock Exchange. It offers accounting services to small and medium enterprises that are cloud-based. It follows the SaaS model or offers software as a service to the clients that opt for the products that it has to offer (Patel, 2015). The Xero accounting software has a number of useful features such as importing bank as well as credit statements automatically. There is the incorporation of a project feature as well as a payroll feature within the software that can help firms to improve their accounting stances and be prepared in a better way for the future. While both the vendors offer significant products and accounting software packages the company can use only one that can fit within its operational units perfectly (Patel, 2015).

Suitable vendor and accounting software package

The two vendors that are suitable for the company are mid-end software providers and they can be of value to the company whose revenues rounded up at $ 18.5 million. However, MYOB as a vendor can be more appropriate for the firm with its product MYOB AccountRight. It will work perfectly for the firm that is medium in size and profit and it works well with both OSX and Windows so the systems of the company do not have to be modified or changed, which would have been an added budget (Nguyen and Pham, 2016). The purpose will be served properly and the company will be able to keep up with the competitive prices with the help of the selected accounting software. It works online as well as offline and provides bank feeds, tracks PAYG as well as GST, and works on the tablets and smartphones as well. It also provides with job tracking services, multi-currency as well as inventory.

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Conclusion

The paper has been able to discuss successfully the business processes that are involved with the company Eureka Limited along with the possible risks that the company faces. These processes and the risks can be improved and avoided with the utilization of proper accounting software that can help the firm maintain a strong competitive position in the market. As was stated earlier, software such as MYOB can help the firm run in a rather efficient manner by signifying the necessary financial aspects to be covered. Being medium end software it is not only productive but will save expansion of the budget for the small firm.

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