Structure of NAB
Discuss about the Accounting Software Package Of NAB.
The current software used for accounting is based on a kind of application as well as software which assist in recording the distinct accounting information associated with the company. For instance, this software recording methods of the specific company on the routine basis, record payment work, record reception of transactions, showing the general ledger of distinct accounts, exhibit trial balance towards the end of the month and work on information set in context of the account (Aduamoah et al., 2017). This accounting method is distinguished into two distinct kinds of the first one which is also considered as the branded one and further made by the software organization and another one is well prepared by the company and utilise the software at the personal basis.
National bank of Australia or NAB giving the banking services in the nation like Australia. This company has at least five million of consumers in the country like Australia. The company has at least five million consumers in Australia. The bank has many branches all over the country and provided services of web-based banking as well as ATM services for the consumer of the country (Smit et al., 2017). The company has distinct kind of brands of banking also called as U Bank and Benefits or Advantage. The bank provides a distinct kind of the commercial bank to perform business. The bank also utilises the conventional structure in the field of accounting, which is considered extremely cost-effective, however, some of it does not provide a clear opinion and right amount. This structure contains paperwork which is not considered ideal or good these days in the opinion of loss of data.
The accounting structure of the bank is developed error many times in the methods of the transaction since the bank is utilising the conventional method of accounting by utilising this method that all accounting-based work is done in a manual way with the hand, so the structure develops the mistakes in the accounting system and also balance the account. There are times when the wrong entry also happens since there is the use of conventional methods of accounting (Tan et al., 2016). The next problem is time since of using the old methods and performs all the work manually and it further takes a lot of time to perform a specific task and it takes the whole day and more workforce to conduct the complete work. In the current system related to NAB, it is further found out that there are so many consumers reported the system of accounting as well as balancing figure, which addresses to loss of consumers for the bank (Anderson-Gough et al., 2017). There are many consumers that have to actually wait for the complete day to their personal work.
Operational level challenges associated with the accounting system
After noticing, there are so many kinds of accounting issues by using the conventional accounting the management of the bank is determined to ERP based software of accounting, which also assists to remove so many different types of accounting issues in the current system. The management is deciding to implement the XERO accounting software, which is considered as an ERP based software. The accounting software of XERO is created in the places like New Zealand (Šim?nek et al., 2016). The Enterprise Resource Planning is based on the forms with the integration of applications with the management of business and automation processes with functions related to technology, services with human resource. The operations are based on the product planning with the integration of the operational facets with the focus on the development, manufacturing, sales and marketing. It includes the single database with application and user interface. The software designing works on the use of the larger business with the dedicated teams work on customising and then analysing the data. With this, the small business ERP applications with the management software solutions with focusing on the specific needs and the technical capabilities. The ERP module works on the business with product development or marketing (Tan, 2016). The accounting standards, material purchasing and then inventory control, accounting with finance and HR. The distribution process management, supply chain management with service knowledge base with configuring the bases. The facilitation is based on the proper project planning with automating the employee life cycle with standardising the business procedures. There are different strategic benefits related to the ERP with the solution to the organisation, that tends to reduce the chaos with alignment of the strategies and the operations with the consideration of the benefits with ERP systems. It includes the improvement of the productivity and then reducing the manual processes with maintaining the cross-functional data control and transparency that includes the reduction with automation of inter-company transactions. Here, the focus is on the use of business processes with standardisation works on processes with consolidated view to business across the distributed enterprise (Wahab et al., 2017). The evaluation is based on the software viability and reputation, with proven success show case, with marketing leadership and footprints to meet the global compliance requirements.
The amount of flow of work is utilised in the places like the bank on routine basis mainly every month where the software provides the complete characteristics to the bank to perform the entry of new base of the consumer in the bank and so many associated procedures based to new entry of the consumers. This process is completely well maintained the system software also called as Xero (Wahab et al, 2017). Moreover, it provides characteristics many kinds of advantages to the consumers in the relation of many banking methods.
Acquiring ERP based on accounting software-XERO
The possible issue can take place with Xero software is based on Xero software is complete with web related software which needs a connection of network to operate and it also requires the right kind of web browser to function (Leon, 2014). But the software does not provide the complete administrator kind of right for the user so that the level of privacy of the structure is immensely low in nature. There are times where link connection of the current software is a complete failure and it further takes a lot of time to properly recover it.
The answer of eliminating this issue is that when the consumer is working on the file, the complete destination of that specific file should be on the domestic drive of the structure so that the consumer can comfortably perform the work in an offline space without any right kind of connection to the internet (Šim?nek et al., 2016). Also, to maintain the right form of privacy of the database of the current software must connect with the domestic hard drive of the structure so that the consumers can also update the data and remove the data as per the selection to highly maintain the proper connection of the user since they must use the ideal network-based connection which assists the consumer to provide right form of connectivity in the current link of the system (Tarhini et al., 2015).
There is a number of popular accounting software packages in the country like Australia consist of MYOB, Saasu and Xero. This kind of programming of the bookkeeping answers since they are very cost effective for many small as well as media companies. It comes with the finished product with sales as well as purchasing process, accounting process and comes with additional inventory modules. It is also very intense, yet with simple kind to use the business-based program and is important for any kind of business (Smit et al., 2017). This bookkeeping of the business with many virtual answers that will assist while dealing deals and purchase, also keep a track of many payables as well as GST.
The table below, MYOB important saves more income as per unit which is a complete contract with XERO. But, it also has the higher as well as stir rates. With high edges, the software LTV is based on higher but there are experts further expect after some time the software will usually likewise increment as it increases the overall net margins (Chang et al., 2015).
Possible issues and frauds and its counter
Decreased level customer mix is important based on the space in the cloud but customers have a majorly high lifetime with esteem which is complete opposite with the desktop advertisement. As shown by the report, the software like MYOB’s annually churns over it cloud-based customer is around along with sixteen percent while software annually falls between twelve percent in a country like Australia (Smit et al., 2017).
Features
Dashboard
- Shows current money-based position: all three software like Sassu, MYOB and XERO cover this. The important thing to note here that it quickly observes bank related parties along with many unpaid bills or agreements (Hossack, 2015).
- Options to change: Except MYOB, both Saasu and Xero provide options to customize. In case of MYOB, the important part is that it can be changed completely as a part of business targets (Tan and Laswad, 2016).
Data export or import
There are so many imports as well as export out to highlight the records, things along with solicitations, manual diaries. This feature will be covered by all three software. Especially MYOB takes into consideration of import of bank which is articulated, contacts along with things.
Multi-user scope
It is important here to take notice that there is more than one customer that operate with the product at one point in time which is covered by all three software.
Bank Feeds
Following is the detailed discussions: –
- Bank data bolstered especially into different bundles or capacity to manually import banks details into one bundle. This feature is also covered by all the three software.
- A simple form of conciliation with rapid money coding is also covered by all the three software. The method of reconciliation is formed in a natural manner and supported with rapid with instinctive coordination of the current data towards the approaching bank to keep or sustain data (Dimitriu & Matei, 2014).
Customers
Following is the detailed discussion: –
- Form and send solicitations towards customers with straight with the bundles which are mentioned in all the three software.
- Forming estimates along with orders are also discussed under all three software. In the current time, software like MYOB or XERO never provides the capacity to form a deal which further arranges still with both kind of offer as well as the ability to raise cities (Mageto, 2017).
Suppliers
- Provide payables with the help of solicitations which is internal to the bundle is covered by all the three software.
- Purchase orders: this feature covered under Saasu and XERO but MYOB doesn’t allow this feature. Up till now, MYOB never provides buy orders.
- Handling of expenditure-based assertions: this feature again covered under Saasu and XERO but not under MYOB (Wahab et al., 2017). A software like XERO makes a higher showing with regards to take care of cost features than Saasu.
GST and BAS
Following is the detailed discussion: –
- Ability to gain advancement BAS discussing to utilise in dealing with action-based proclamations is covered by all the mentioned software.
- GST based recording of audit and GST calculation log is covered by MYOB and XERO and not under Saasu (McKeefry, 2009).
Multi-currency
Following is the detailed discussion: –
- Provide multicurrency operations by Sassu and XERO but it is not covered under MYOB. The important thing to understand is that multicurrency cannot be accessed in every form of arrangement-see testing joins for more amount of data.
Reports
- Provide a finished collection of reports which is discussed in all the three software.
- It also bolsters along with the formation of the taxable level payments with yearly reports is covered by all the software (Wells, 2018).
Budgets
Sassu and XERO provide usefulness of planning but MYOB doesn’t cover this feature. Also, Sassu can predict cash flow.
Conventional accounting foundation has many disadvantages since they usually wind up providing wrong data on costing which discusses taking incorrect options from top-level administration when used for many control features or while establishing offers costs. Moreover, the complete distribution of the current aberrant cost does not really mirror the current assets which are devoured by the end outcome.
- There is a number of overhead recuperation charges, for instance, machine-based hour cost along with work hour cost and further is used for ingestion of many current expenses which means overhead.
- The uncommon form of expense is authorised and further reallocated of the items stages just in the wake of collecting items (Yigitbasioglu, 2015).
- There is trouble in collecting, arrangement, portion as well as recuperation-based overheads to people-based items which are quite precise.
ERP related bookkeeping system assist an association of so many dimension and see the companies in a right manner and more clearly. There is a reconciliation of data which is over the venture and ensure that people have clearer and permeability in every feature of the business, from routine operation as some key options.
Usage of ERP based accounting answers like XERO will assist in:
- International operation from far more than one office section
- Reduce or eliminate cost as well as an asset with wasteful features
- Upgrade level of revenue along with customer loyalty as well as control and adaptability (Zuo et al., 2017).
- Increase the level of correspondence along with combined efforts as a part of all range of business.
- Rise in better form of control-based processes.
Conclusion
There is a time when conventional accounting structure is completely gone and in the modern time of advancement technologically, usage of ERP related accounting software structure is based on de-facto in the current industry (Zuo et al., 2017). Also, with so many characteristics based on the offer, usage of accounting software like MYOB, Saasu or XERO will certainly assist NAB to overcome its current system disadvantages. The functional software requirements work on underlying technology and future scalability with budget resources. It includes the advanced functions that is set into the higher priced systems with ERP system working on business disruption, training and lost time.
References
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Chang, B., Kuo, C., Wu, C.H. and Tzeng, G.H., 2015. Using fuzzy analytic network process to assess the risks in enterprise resource planning system implementation. Applied Soft Computing, 28, pp.196-207.
Dimitriu, O. and Matei, M., 2014. A new paradigm for accounting through cloud computing. Procedia economics and finance, 15, pp.840-846.
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