History
Discuss about the Accounting Software used in Australia.
The accounting software systems are used in a wide range of business process and it facilitates in easy handling of the files and invoice of the organization. There are different accounting softwares available in the Australian market the literature review is done on the Intuit QuickBooks accounting softwares (QuickBooks and Premiere 2013). There are different issues faced by the business organization in implementing the accounting software package in their business. The enterprise may face problem regarding the management and running the accounting software system, they might need skilled employees to handle the software and put information in it (Horne 2013).
A literature review is done on the chosen accounting software system i.e. Intuit QuickBooks used in Australia. The QuickBooks software is mainly targeted for the small and the medium sized business and it is marketed by Intuit and thus it is called Intuit QuickBooks. It has gained a major part of the Australian market and is discussed in the literature review. The external consultant of the small scale business organizations play an important role for the managing the QuickBooks accounting software system.
In the year 1983 Scott Cook and Tom Proulx founded the Intuit in USA, California (QuickBooks and Premiere 2013). The Quicken software was built under this company and it had a great success for managing the small business finance (Campbell 2012). The quicken software has limited functionality like it does not support double entry and it could run only on DOS platform. It required not much training and a user with little knowledge in computer can use the software efficiently (Lambert and Bee 2015). But the software did not meet the expectation of the professional accountant and it had poor security. In the end of the year 2000 Intuit developed the software and resolved all the problems of the previous version (Long 2013). From then onwards it has been updated several times and the functionality of the software and the usability has increased.
Intuit QuickBooks offers various services like remote accessibility, online banking, mapping with the integration of Google map, email functionality etc. It was developed keeping in mind the requirement of the business organization. The Quickbook was developed with the integration of several applications into the accounting framework such that it can cover a wide range of business activities (Biafore 2013). The developer team worked on the development of the system implementing the capabilities of managing the payroll system, outsourcing, implementing e-payment for easy transaction in the business and tracking the income of the business. Implementing Google map in the system the functionality of QuickBooks increased the business organization can track the supplier and the employees in the organization (Zhang et al. 2016). The software was made portable such that it can work on different platforms. The development team added some features like importing data from excel and help options that increased the usability of the software. It was created such that the users can access the system from any remote location (Hossack 2015). The users can login into the system via the web browser and it allows third-party applications to build a custom system for managing their business. The users can also use their phones to login into the system.
Development and Adoption
The QuickBooks was accepted in the Australian market in the year 2014, it had 624,000 online subscribers using the Online QuickBooks (Curtis and Averis 2014). There are many competitors of QuickBooks like Xero, MYOB, etc. The online version of the QuickBooks is different with limited functionality from the static desktop version. The QuickBooks can be adopted by the system to track the expense, income and profits of the business. It can also send invoices and quotation from any remote locations. The bank transactions can be tracked and other online data can be accessed (Wilson 2013). It can also manage the payment of the employee and bills of the suppliers and it can also add authentication on the user accessibility and restrict the number of users accessing it. Quick Books have 1020 million users worldwide and it is the appropriate software for managing a small scale business process (Biafore 2013).
The accounting software used in different Australian business sector is being disseminated in three bookkeeping programming bundles such as, MYOB, XERO and Intuit QuickBooks. Among the three accounting software packages the XERO application can be used in all industries irrespective of its volume (Ashby et al. 2014). XERO is the most noticeably utilized programming bundle utilized as a part of Australian subcontinent with 63% of the aggregate business sector scope. Then again, MYOB and Intuit QuickBooks spread 15% and 22 % separately. These information change for medium scale business venture as 25% business sector scope by Intuit QuickBooks and 43% by MYOB (QuickBooks and Premiere 2013). In substantial scale business sector CA, VAR and SAP are used for the development.
Figure 1: Different accounting softwares in Australia
(Source: QuickBooks and Premiere 2013)
The Intuit QuickBooks is the best application for managing the small scale business. It has a simplified user interface that does not require much knowledge of the users. The Inuit QuickBooks is designed to automatically track the business inventory and automate the business process (Altman et al. 2013). Moreover remote accessibility is provided to the user where the users can work from multiple locations.
These elements of Intuit QuickBooks have helped it to increase upper hand over it contenders. The majority of the bookkeeping programming does not give office of cloud administration. The user interface of the Intuit QuickBooks programming is basic and simple to utilize programming arrangement. Its simple setup procedure and upkeep of client access has made the product application get an edge over the other accounting softwares (Zhang et al. 2016). They shape granular access for supplying and addressing the requirements of clients. The user interface has been given numerous easy routes and more prominent precision for managing the accounts of the organization. The Intuit QuickBooks helps in lessening the operational and money related costs of the organization (Wilson 2013). Thus the majority of the associations and organizations use Intuit QuickBooks for managing the financial statement and other accounts of the organization.
Identification of the Leaders in Accounting Software Market
The real difficulties confronted by Intuit QuickBooks are security and rivalry from the adversary organizations. The security of the Intuit QuickBooks is of well engineering and outlined with numerous efforts to establish safety. In any case, the greater part of the association does not use the security gave by Intuit QuickBooks, as it is excessive (Curtis and Averis 2014). Aside from cost calculate, the security of the Intuit QuickBooks is not easy to understand for learner clients. It requires prepared and propel level of comprehension of the application. The Intuit QuickBooks likewise confronts challenges from its adversary organizations. The bookkeeping programming of Xero and MYOB go about as a danger for addition of business sector by Intuit QuickBooks (Hossack 2015). These adversary organizations cause impact on the successful clients of Intuit QuickBooks by giving them their administrations.
There are some problems associated with the Intuit QuickBooks and the developers must resolve the problems in order to have a competitive advantage over the other companies providing the same accounting software package. The accompanying is a few proposals that clients of Intuit QuickBooks can use for enhancing their budgetary and bookkeeping operations.
Improvement of the Security: There is an inbuilt security system in the Intuit QuickBooks software the developer team must work for analysing the risk associated with the security. The data of the customer must be secured against any unauthorised access.
Improvement of online services: Intuit QuickBooks has an objective of accomplishing 2 million clients that can be accomplished if Intuit QuickBooks would enhance their online administrations. Different components for facilitating the online administrations must be added to the product application.
Analysing other leading companies: The business process of the other competitors is needed to be analysed and a report should be made on the analysed company. The factors affecting the company to take a lead should be noted and analysed that if QuickBooks can deploy such techniques to take the lead.
Conclusion
Intuit QuickBooks comprises of numerous capacities and components that has assisted the bookkeeping programming with gaining name and popularity in the business sector. It has offered incredible open doors for little and medium scale business associations to build up their bookkeeping framework. Intuit QuickBooks has additionally given the component of advancement charging and online administrations. Notwithstanding, Intuit QuickBooks has extended its operations with giving remote access to the information base utilizing the cloud framework and expanding the exactness of the framework. The time taken for working the application is additionally less when contrasted with other programming utilization of same level. The Intuit QuickBooks can accomplish its objective of business sector catch by expanding the online administrations of the application.
References
Altman, E.J., Nagle, F. and Tushman, M., 2013. Technology and Innovation Management. Oxford Bibliographies in Management. New York: Oxford University Press.
Ashby, H.Y., Hardy, E.C.P. and Mickens, E.S.E., 2014. Small Businesses, Big Opportunities.
Biafore, B., 2013. QuickBooks 2014: The Missing Manual: The Official Intuit Guide to QuickBooks 2014. ” O’Reilly Media, Inc.”.
Campbell, J., 2012. Intuit QuickBooks Enterprise Edition 12.0 Cookbook for Experts. Packt Publishing Ltd.
Curtis, V. and Averis, L., 2014. Bookkeeping For Dummies-Australia/NZ. John Wiley & Sons.
Horne, J., 2013. QuickBooks Pro 2013: A Complete Course. Prentice Hall Press.
Hossack, S., 2015. Cloud-based accounting and productivity tools for practitioners and taxpayers. Taxation in Australia, 50(5), p.265.
Lambert, S.L. and Bee, S., 2015. Assembly FG: An Education Case Study Using QuickBooks as the AIS for a Small Manufacturing Business. AIS Educator Journal, 10(1), pp.26-31.
Long, S., 2013. Chase MasterCard QuickPort for Small Business. GRIN Verlag.
QuickBooks, I. and Premiere, C., 2013. Accounting Software Supported: Accounting Software Version MISys Manufacturing Version. Sage, 6, pp.0-7.
Wilson, K.N., 2013. Technology Expectations of CPA Firms: Hiring and the Accounting Curriculum.
Zhang, Z., Nan, G., Li, M. and Tan, Y., 2016. To Lead or to Follow? Market Entry and Pricing Strategies for Saas Provider. Market Entry and Pricing Strategies for Saas Provider (June 7, 2016).
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