Strategic Information System Banking Software

Question: Discuss about the Strategic Information System Banking Software and Packages in Australia. Answer: Introduction Accounting is a necessary department in the organizations and plays a significant role in its business processes and activities. An organization cannot function well without the presence of a strong and efficient accounting department. The accounting activities are being done since years and there have been several modifications in the journey. The latest advancements that have been observed are in the software and tools that are used for the execution of activities. There are automated information systems and software packages that are being installed and are successfully being used in the industries. Australian industries have also adopted these latest practices to have advanced services with better quality and result. The document highlights the details of the accounting software packages along with the information of an organization in Australia along organizational structure and challenges. Organizational Structure Woolworths Limited is an Australian company that is a retailer of groceries and associated products. The company has its online portal in the form of a website to allow the customers to easily buy groceries from any location. The organization is composed of senior, middle and low level management along with the technical and operational staff members. There are several components and departments that are present in the organization that are interlinked and interrelated with each other (Woolworths, 2017). Problems with Organizational Structure There may be several problems that may be associated with the current organizational structure of Woolworths as it requires a strong integration of the departments and sub-components that are present. It is also necessary to have the information systems in place in order to avoid the issues associated with the operational and security threats. There may also be insider threats and attacks that may come up due to this structure (Henderson, 2004). System Acquisition Method There are numerous system acquisition methods that are present that include implementation of custom software, commercial software or Enterprise Resource Planning (ERP) software (Yang and Tamir, 2015). The method that would apply the best in this case would be ERP. It is because of the reason that the ERP packages will offer several advantages to Woolworths in terms of the business processes and their continuity along with the performance and integration of all the components (Mallery, 2011). System Flowchart of the Sales Process System Flowchart of Sales Process at Woolworths The sales process that is followed at Woolworths is as described above. There are several sales activities that are performed in the organization and it is necessary to make sure that these activities are carried out with the required levels of performance, processing speed and reliability. The sales activities in Woolworths are therefore divided in to a number of four phases as described in the flowchart above. Each of the phases has its own set of activities and sub-activities (Gulledge, 2002). Control Problems Frauds With the presence of so many activities in the sales flowchart of the operations at Woolworths, there may be a number of control and monitoring problems that may emerge. Not all of these activities are automated in nature and therefore there may be issues associated with timely tracking and review of the status of these activities. The same may give rise to the problems associated with the performance and the outcome. There may also be some of the frauds that may be given shape by the employees in association with the sales activities. Such frauds may be associated with deliberate steps to incorrect operations, operational errors along with insider threats that may possess threat to the security of the information (Mohapatra and Patnaik, 2011). Development and Adoption There has been a lot of change in technology in the present times and the same has had an impact on the accounting software packages as well. The primary demands of the customers in the present times are associated with the speed and availability of the services along with their reliability. The same expectations are now associated with the accounting software packages as well. The expectations and demands of the customers are associated with better performance along with enhanced handling of queries and cost effectiveness of the software (Seethamraju, 2012). It is because of these changes in the customer expectations that the accounting software packages that are being developed in the current times are fully automated and require a very little human intervention. The focus on the service providers are also in accordance with the customer expectations and are associated with the minimization of the costs and enhancement of the technology. There are numerous interesting and useful features that are being incorporated in these packages such as automated and customized reporting, frequent and scheduled alerts, ease of transactions and easier management, integration and convenient development (James, 2016). Current Market Size The accounting activities are huge and varied in terms of volume and operations. However, there are primarily three classes of services and operation that the accounting software packages of Australia offer to their customers viz. accounting services, auditing services and bookkeeping operations (Afpbb, 2016). There are close to 10k companies that provide automated accounting services and the employees that are associated and collaborated with these companies are over 134,000. The expansion of the companies, their clients and their operations is on an ever increasing pace and it is because of this reason that it has been estimated that there will be further development of close to 5.5% in the year 2016-17 in order to achieve AUD 20.7 billion (Bankwest, 2015). Accounting Packages Present Market Leaders and Competitive Advantages Intuit QuickBooks Accounting software packages and the companies that are developing and providing the same are huge in number in Australia. There are several such packages that can be deployed and acquired by the customers and one some extremely useful and popular one out of the list is the Intuit QuickBooks package. The package offers the features and benefits associated with cost-savings and cost-effectiveness. The package has an equally good performance for the business users as well as the individual users. The package scores exceedingly well in terms of the storage of data, management of data along with the other operations on the data and information. The package allows the users to do the payroll payments for the free of cost. The package can be accessed on mobile platform as well as on the web platforms without any performance issues. Security is the most important advantage of this package as it comes with basic as well as enhanced security mechanisms to allow the customers to avail the same without any security risks and threats (Advisoryhq, 2015). MYOB Accounting Software Accounting software packages and the companies that are developing and providing the same are huge in number in Australia. There are several such packages that can be deployed and acquired by the customers and one some extremely useful and popular one out of the list is the MYOB package. The business users can experience and view the real-time situations and context with the aid of this software package. Point of Sale (POS) transactions and operations can be done easily with the aid of this software package. There are no issues with the continuity of accounting activities even in case of network loss or breakdown as this package can be used in the offline mode as well. There are no issues with the compliance and related formalities associated with this software There is an option of customization that is also available that allows the users to include additional features and functionalities (Myob, 2016). Reckon Accounting software packages and the companies that are developing and providing the same are huge in number in Australia. There are several such packages that can be deployed and acquired by the customers and one some extremely useful and popular one out of the list is the Reckon package. The customer base that is associated with this package is huge and therefore the investments that are made using this accounting software package remain safe and secure. It offers easier integration with the rest of the activities and services in the organization. Some of the advanced features that are offered by this package include management of credit, management of billing activities, resource planning, processing of taxes and many more (Carey, 2015). Saasu Accounting software packages and the companies that are developing and providing the same are huge in number in Australia. There are several such packages that can be deployed and acquired by the customers and one some extremely useful and popular one out of the list is the Saasu package. The integration and connectivity that is offered by this particular accounting software package has no comparison and also it offers the activities to be completed and customized on the basis of several currency options that are available for the customers. Also, there can be customizations that can be done in this package in terms of language and themes. Xero Accounting software packages and the companies that are developing and providing the same are huge in number in Australia. There are several such packages that can be deployed and acquired by the customers and one some extremely useful and popular one out of the list is the Xero package. The processing speed along with the online transactional speed is extremely fast. The software allows the reconciliation activities to be done quickly and without any compromise in performance as well The software package allows the users to experience enhance usability along with rich user experience. Integration and connection that can be done with this package is easy and quick (Miller, 2016). The following table brings out the comparison of the cost that is associated with the accounting software packages that are listed above. Cost of the Accounting Software Package Intuit QuickBooks MYOB Reckon Saasu Xero Basic Cost of the Package $12 to be charged in a time period of one month $50 to be charged in a time period of one month $5 to be charged in a time period of one month $15 to be charged in a time period of one month $9 to be charged in a time period of one month Premium or Advanced Cost of the package $21 to be charged in a time period of one month Can go up to $99 to be charged in a time period of one month Increases upon addition of features Can go up to $180 to be charged in a time period of one month $70 to be charged in a time period of one month Cost of the accounting software (www.advisoryhq.com, 2015). Challenges for users There can be numerous frauds that may be given shape by the attackers and hackers in terms of the information security threats and there may also be a number of insider threats that may also emerge. Companies look for the accounting software packages that may be cost-effective in nature. There are many packages that are available at basic rates but the cost of the add-ons is huge and that disturbs the estimated budget for the company (Crowder, 2016). There are requirements for the users to have some sort of system documentation available to allow them to run several functionalities without any errors. Accounting is one department in which there is lesser scope for errors and any mistake can prove to have devastating results. Companies at times do not provide adequate documentation and therefore the users face troubles during the usage. Maintenance and support is also often the major challenges as these activities are not developed correctly. References Advisoryhq.com, (2015) 5 Best Small Business Accounting Software in Australia. [online] AdvisoryHQ. Available at: https://www.advisoryhq.com/articles/5-best-small-business-accounting-software-in-australia/ [Accessed 10 Apr. 2017]. Afpbb, (2016) The Australian Accounting Industry. [online] Afpbb.net.au. Available at: https://www.afpbb.net.au/Resources/TheAustralianAccountingIndustry.aspx [Accessed 10 Apr. 2017]. Bankwest, (2015) Accounting Services Industry Report. 1st ed. [ebook] Bankwest. Available at: https://www.bankwest.com.au/cs/ContentServer%3Fpagename%3DFoundation/CS/Blob/Document%26id%3D1292539844555%26ext%3D.pdf+cd=3hl=enct=clnkgl=in [Accessed 10 Apr. 2017]. Carey, M. (2015) Cloud Accounting Overview 2015: MYOB Essentials vs Xero vs Intuit QuickBooks Online vs Reckon One - Digital First. [online] Digital First. Available at: https://www.digitalfirst.com/2015-overview-cloud-accounting-software/ [Accessed 10 Apr. 2017]. Crowder, C. (2016) [online] Techin.oureverydaylife.com. Available at: https://techin.oureverydaylife.com/disadvantages-accounting-software-1965.html [Accessed 10 Apr. 2017]. Gulledge, T. (2002). Business process management: public sector implications. Business Process Management Journal, 8(4), pp.364-376. Henderson, L. (2004). Encoding and decoding communication competencies in project management ? an exploratory study. International Journal of Project Management, 22(6), pp.469-476. James, D. (2016) 7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero. [online] BIT. Available at: https://www.bit.com.au/Review/344651,7-accounting-packages-for-australian-small-businesses-compared-including-myob-quickbooks-online-reckon-xero.aspx [Accessed 10 Apr. 2017]. Mallery, M. (2011). Project Management Portal (PMP) from the University of Washington Information Technology Wiki - https://wiki.cac.washington.edu/display/pmportal/Project+Management+Portal. Technical Services Quarterly, 28(3), pp.365-367. Miller, K. (2016) Xero Review 2016 | Reviews, Ratings, Complaints, Comparisons. [online] Merchant Maverick. Available at: https://www.merchantmaverick.com/reviews/xero-review/ [Accessed 10 Apr. 2017]. Mohapatra, S. and Patnaik, A. (2011). Sustainability in HRIS implementation through effective project management. International Journal of Project Organisation and Management, 3(1), p.78. Myob, (2016) Online Accounting Software for Businesses | MYOB. [online] Myob.com. Available at: https://www.myob.com/au/accounting-software/compare [Accessed 10 Apr. 2017]. Ryan, E. (2016) The Evolution of Accounting Software: Past, Present and Future|. [online] Gaaaccounting.com. Available at: https://www.gaaaccounting.com/the-evolution-of-accounting-software-past-present-and-future/ [Accessed 10 Apr. 2017]. Seethamraju, R. (2012). Business process management: a missing link in business education. Business Process Management Journal, 18(3), pp.532-547. Woolworths, (2017). Woolworths Supermarket - Buy Groceries Online. [online] Woolworths Online. Available at: https://www.woolworths.com.au/ [Accessed 10 Apr. 2017]. Yang, Y. and Tamir, G. (2015). Offshore software project management: mapping project success factors. International Journal of Project Organisation and Management, 7(2), p.111. Strategic Information System Banking Software Question: Discuss about theStrategic Information System. Answer: Introduction There are several entities and departments that make up an organization. It is essential for the organizations to have an integrated unit with all the departments linked together. There are often certain departments which are essential and there are also some which are not very essential. One of the extremely essential departments in the organization is Accounts department. This is the department that was entirely functional upon paper based records and manual processes to carry out the accounting operations. Technology has evolved itself and has applied to the department of accounts which has led to the use and application of automation in the same. Automated and integrated packages offering required services and accounting activities are being provided by numerous providers in the market. Australian industry has also witnessed the presence of a lot many providers in this regard. Background of the Organization Online retailing is on a rise in the present times and there are several organizations in Australia and on a global scale that are doing business in this field. Woolworths Limited is one such organization that has set its foot in Australia and is a retail store that provides the customers with a variety of products such as groceries and many more. The organizational structure that is followed at Woolworths comprises of several levels in which the resources have been placed. Some of these levels include top level management, leadership levels, operational staff and many more. Collaboration of these resources from all the levels is essential to ensure that Woolworths succeeds in achieving the goals (Woolworths, 2017). Issues associated with Current Organizational Structure As stated in the overview of the organization and its organizational structure above, it can be observed that there are many resources in Woolworths that have been placed at several levels. Woolworths will be able to achieve its objectives only when the resources collaborate with each other and function as one team. However, such a strong integration is currently missing from Woolworths which leads to a lot many problems in the operational and managerial activities (Henderson, 2004). Method of System Acquisition System acquisition methods that can be applied in case of Woolworths are many in number. The organization can go for utilization of custom software and can also implement the required functionalities with the aid of commercial software. The most applicable methods out of all will be the use and implementation of enterprise application as Enterprise Resource Planning (ERP) (Yang and Tamir, 2015). ERP will provide the organization with the ability to overcome the issues associated with the organizational structure as stated above (Mallery, 2011). Sales Process: System Flowchart Sales operations in Woolworths are carried out in four phases one after the other as depicted in the flow chart above. Woolworths: Sales Process Business objectives act as the input for the sales procedures which lead to the satisfied customers as an outcome. There are numerous sub-activities that are carried out in between (Gulledge, 2002). Control Problems Frauds As seen in the flow chart above, there are four phases in the sales procedures with multiple activities and sub-activities being carried out at each phase. As a result, there are several problems associated with control and monitoring of the entire process. Manual tracking and management of these activities is not feasible due to the vastness of operations and therefore use of automated systems would be essential to tactfully control and monitor the sales operations. Because of the varying activities and excessive numbers, there are also some of the frauds and malevolent practices that have been observed in terms of information handling and exchange of information (Mohapatra and Patnaik, 2011). Adoption Development One of the extremely essential departments in the organization is Accounts department. This is the department that was entirely functional upon paper based records and manual processes to carry out the accounting operations. Technology has evolved itself and has applied to the department of accounts which has led to the use and application of automation in the same. Automated and integrated packages offering required services and accounting activities are being provided by numerous providers in the market (Seethamraju, 2012). There has been a shift and transformation in the customer expectations as well. Earlier, customers did not complaint regarding the involvement of long queues and waiting hours; however, such delays are not acceptable in the present times. In case of a system downtime, customer engagement and level of satisfaction will immediately drop down. Similarly, the levels and expectations in terms of performance of the system along with its usability has also changed and evolved with time (James, 2016). Market Size in Current Times One of the extremely essential departments in the organization is Accounts department. This is the department that was entirely functional upon paper based records and manual processes to carry out the accounting operations. Technology has evolved itself and has applied to the department of accounts which has led to the use and application of automation in the same. Automated and integrated packages offering required services and accounting activities are being provided by numerous providers in the market (Afpbb, 2016). There are more than 11,000 firms that work in the area of accounts and related activities and more than 135,000 individuals are engaged as employees in these firms. With such a huge share of market, it is expected that the industry will grow to another 6% in terms of revenues and profits in the current financial year (Bankwest, 2015). Accounting Packages: Leaders in the Market and their Competitive Advantages Reckon The market share and market size that is associated with accounting industry is huge as can be seen from the number presented in the previous sections. According to the requirements and demands from the customers, there are numerous providers that have established themselves and have emerged in the market to provide customized automated accounting software package. One of the leading accounting package providers in the list is Reckon. The unique features of the provider have been illustrated below. Excellent reputation in market with good reviews from customers Ensures that the investments will remain safe. There is no risk involved in this regard Provides the ability to easily integrate the system with other sub-systems Use of latest technology at the back-end for faster processings (Carey, 2015). MYOB Accounting Software The market share and market size that is associated with accounting industry is huge as can be seen from the number presented in the previous sections. According to the requirements and demands from the customers, there are numerous providers that have established themselves and have emerged in the market to provide customized automated accounting software package. One of the leading accounting package providers in the list is MYOB. The unique features of the provider have been illustrated below. Real-time picture can be seen with the aid of this package Point of Sale (PoS) transactions can be easily done Does not depend upon the network issues for delivering the excellent performance Adheres to the standards and compliance policies Scalability and supportability offered is excellent (Myob, 2016). Xero Market share and market size that is associated with accounting industry is huge as can be seen from the number presented in the previous sections. According to the requirements and demands from the customers, there are numerous providers that have established themselves and have emerged in the market to provide customized automated accounting software package. One of the leading accounting package providers in the list is Xero. The unique features of the provider have been illustrated below. Back-end processing is very quick leading to shorter response time Reconciliation tasks and processes can be easily executed Usability and user experience is super rich Easy integration with the rest of the systems (Miller, 2016). Saasu The market share and market size that is associated with accounting industry is huge as can be seen from the number presented in the previous sections. According to the requirements and demands from the customers, there are numerous providers that have established themselves and have emerged in the market to provide customized automated accounting software package. One of the leading accounting package providers in the list is Saasu. The unique features of the provider have been illustrated below. Easy collaboration with the rest of the systems Customer base is strong Scalability and supportability along with adaptability of the system is excellent There are many currency and language options Intuit QuickBooks The market share and market size that is associated with accounting industry is huge as can be seen from the number presented in the previous sections. According to the requirements and demands from the customers, there are numerous providers that have established themselves and have emerged in the market to provide customized automated accounting software package. One of the leading accounting package providers in the list is Intuit QuickBooks. The unique features of the provider have been illustrated below. Charges extremely low from the customers for providing the services No issues with performance have been observed Data related operations and the management of the data is excellent Payroll services can be availed without spending any penny Mobile application for the package has also been developed There are no security occurrences and breaches that have taken place in the past (Advisoryhq, 2015). Cost of the Accounting Software Packages Type of Cost for the Accounting Software Package Reckon MYOB Xero Saasu Intuit QuickBooks Basic Package $5 would be charged from the customer with the validity period of the package as one month $50 would be charged from the customer with the validity period of the package as one month $9 would be charged from the customer with the validity period of the package as one month $15 would be charged from the customer with the validity period of the package as one month $12 would be charged from the customer with the validity period of the package as one month Advanced Package Decided as per add-ons that are included $99 would be charged from the customer with the validity period of the package as one month $70 would be charged from the customer with the validity period of the package as one month $180 would be charged from the customer with the validity period of the package as one month $21 would be charged from the customer with the validity period of the package as one month Cost Table (Advisoryhq, 2015) Challenges Faced by the Users There are a number issues and challenges that are associated in terms of the security vulnerabilities that may have an adverse impact upon the information of the users and the system The overall cost is sometimes not revealed by the providers at the time of purchase and the customers are then asked to pay a heavy amount at the later stages (Crowder, 2016). System documentation and user manuals are not provided to the customers that bring them to a situation when it becomes very difficult to understand the steps to follow to execute a particular operation Support after the deployment and delivery is often not up to the mark References Advisoryhq.com, (2015) 5 Best Small Business Accounting Software in Australia. [online] AdvisoryHQ. Available at: https://www.advisoryhq.com/articles/5-best-small-business-accounting-software-in-australia/ [Accessed 25 Apr. 2017]. Afpbb, (2016) The Australian Accounting Industry. [online] Afpbb.net.au. Available at: https://www.afpbb.net.au/Resources/TheAustralianAccountingIndustry.aspx [Accessed 25 Apr. 2017]. Bankwest, (2015) Accounting Services Industry Report. 1st ed. [ebook] Bankwest. Available at: https://www.bankwest.com.au/cs/ContentServer%3Fpagename%3DFoundation/CS/Blob/Document%26id%3D1292539844555%26ext%3D.pdf+cd=3hl=enct=clnkgl=in [Accessed 25 Apr. 2017]. Carey, M. (2015) Cloud Accounting Overview 2015: MYOB Essentials vs Xero vs Intuit QuickBooks Online vs Reckon One - Digital First. [online] Digital First. Available at: https://www.digitalfirst.com/2015-overview-cloud-accounting-software/ [Accessed 25 Apr. 2017]. Crowder, C. (2016) [online] Techin.oureverydaylife.com. Available at: https://techin.oureverydaylife.com/disadvantages-accounting-software-1965.html [Accessed 25 Apr. 2017]. Gulledge, T. (2002). Business process management: public sector implications. Business Process Management Journal, 8(4), pp.364-376. Henderson, L. (2004). Encoding and decoding communication competencies in project management ? an exploratory study. International Journal of Project Management, 22(6), pp.469-476. James, D. (2016) 7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero. [online] BIT. Available at: https://www.bit.com.au/Review/344651,7-accounting-packages-for-australian-small-businesses-compared-including-myob-quickbooks-online-reckon-xero.aspx [Accessed 25 Apr. 2017]. Mallery, M. (2011). Project Management Portal (PMP) from the University of Washington Information Technology Wiki - https://wiki.cac.washington.edu/display/pmportal/Project+Management+Portal. Technical Services Quarterly, 28(3), pp.365-367. Miller, K. (2016) Xero Review 2016 | Reviews, Ratings, Complaints, Comparisons. [online] Merchant Maverick. Available at: https://www.merchantmaverick.com/reviews/xero-review/ [Accessed 25 Apr. 2017]. Mohapatra, S. and Patnaik, A. (2011). Sustainability in HRIS implementation through effective project management. International Journal of Project Organisation and Management, 3(1), p.78. Myob, (2016) Online Accounting Software for Businesses | MYOB. [online] Myob.com. Available at: https://www.myob.com/au/accounting-software/compare [Accessed 25 Apr. 2017]. Ryan, E. (2016) The Evolution of Accounting Software: Past, Present and Future|. [online] Gaaaccounting.com. Available at: https://www.gaaaccounting.com/the-evolution-of-accounting-software-past-present-and-future/ [Accessed 25 Apr. 2017]. Seethamraju, R. (2012). Business process management: a missing link in business education. Business Process Management Journal, 18(3), pp.532-547. Woolworths, (2017). Woolworths Supermarket - Buy Groceries Online. [online] Woolworths Online. Available at: https://www.woolworths.com.au/ [Accessed 25 Apr. 2017]. Yang, Y. and Tamir, G. (2015). Offshore software project management: mapping project success factors. International Journal of Project Organisation and Management, 7(2), p.111.