Organizational Structure (Macquarie)
Discuss About The International Of Economics Financial Issues.
The main aspect which is taken into consideration in the report is the role of an accounting information system which is implemented by most of the organizations which are located in Australia. The main benefit which can be achieved from the concept is that it directly enhances the sector of the performance and on the other hand the activity which is performed within an organization. In order to alter the internal and external activity of the organization there are different types of tools which can be implemented to enhance the working. The main factor which play a vital role in the scenario is the placement of the system, this means the whether the system would be implemented on top of the existing system or it would be directly replacing the system (Clegg, Kornberger and Pitsis 2015). One of the fundamental features which is related to the system is that it would be requiring appropriate training to that the system could be properly used and taken advantage.
The company which is taken into consideration is an Australian based organization Macquarie. In this section the organization structure of the organization is majorly discussed. The organization structure of the organization which is taken into consideration can be divided basically into five groups or parts. The structure which can be related to the non-hierarchical structure mainly include the managing director, global chief operation officer and the head of the operation which majorly include the risk management head who are directly responsible for the managing sector of the organization. The following chart gives a clear overview of the organization structure which is involved in the working of the organization.
There are different types of problem which can be faced within the operation of any organization. The impact of these type of problem can affect the working of the organization and hamper the overall efficiency of the organization. As stated by (Lindahl et al. 2017) “the different groups strive to place a particular person in charge who are committed and competent to the aim of the group”. The main aspect which should be taken into consideration is the mitigation of the factors of the risk so that it does not possess any type of risk into the normal working of the organization (Clegg, Kornberger and Pitsis 2015). The factors which should be taken into consideration is the working of the roles of the people and how they perform their roles , the power which is affecting the corruption and the motivating factors which basically impact their performance in the organization. All the task which an individual is assign have to performed in a timely manner and in manner of ethical prospective. The level of commitment can be considered one of the important factors which should be taken into consideration by the employee due to the factor that if the level of commitment is not achieved then there could be different types of problem which can be faced regarding the aspect. The factors can be very much beneficial in a way to improving the standard which is related to the aspect of improving the leadership style and the decision making capability from the view point of the management and the individual. As stated by (Kanellou and Spathis 2013) the concept which is related to the aspect of corruption would be directly creating a barrier to directly impact the sector which is related to the achievement of the goals of the organization. At the sector of the empowering concept a person who has the power in excessive amount can directly make them selfless, this makes up for the concept which is related to the empowerment of the leader towards the misuse of the power which is assigned to him. If a person is assigned with lot of power he or she can misuse the power in different types of manner. This can lead to different types of problem which is related to the working of the organization and it can be stated here that ones the problem are attached with the working of the organization it can directly impact the overall working of the organization and in most of the cases the mitigation aspect become very much difficult.
Problems related to operation
Taking into consideration the development of an organization it can be stated that the ERP (Enterprise Resource Planning) can be considered as one of the most trending aspects. The implementation of the ERP system can be directly related to the aspect of operation with the organization. As stated by (Boulianne 2014) the focus point should be on the concept which is related to the process of data acquisition which is directly proportional to the aspect of the globalized and competitive economy relating to the working of the organization. The classification of the aspect which is related to the working of the acquisition process can be directly be classified into the benefit of the preexisting system of the organization under which the overall working of the organization is conducted. The concept which is related to the data acquisition relating to the system production can be considered to be more difficult that the production system which is very much automatic. There are different types of identification process which are very much automatic at the source of data or can be considered as a control system of the organization. The main focus which is related to the aspect is the gaining of the focus with the focus of the acquisition of the data that is directly achieved within the element of the industry automation and the system of control (Clegg, Kornberger and Pitsis 2015).
The concept of the ERP can be considered as one of the vital aspects which directly improves the sector which is related to innovation, efficiency and system of management which can be considered very much effective. On the other hand it can be stated that there are certain types of fraud activities which can be performed within the working. These types of activity can directly impact the overall working and performance of the organization. The activities can be directly be categorized into the working and the manner which they are performed. The different aspects which can be related to the possible fraud are stated below:
- Fraud 1: Non Purchase payment: If some of the user gets involved into the activity which is related to the purchase of the good or the good receive it can be stated as a fraud activity within the concept of the organization.
- Fraud 2: Misappropriation: If any of the user gets involved into the aspect of the purchase of the order or approval of the product it can be stated as a fraud activity.
- Fraud 3: Anonymous customer payment: The sector which is taken into consideration is aspect which is related to the anonymous customer payment. The main consideration which is taken into consideration in the aspect is the person is involved in the creating (modifying master card of vendor) and creating of the invoice which is directed towards the customer. This aspect can be considered as a fraud activity.
- Fraud 4: False invoice payment: Any user who is involved into the concept of creation of any type of false invoice can be considered as a fraud activity.
- Fraud 5: Anonymous vendor payment: any type of user or person who is involved into the payment without involvement of any type of authentication can be considered as a fraud activity (Clegg, Kornberger and Pitsis 2015).
Many of the organization now a days tend to move towards the concept of the accounting Software package due to the factor that it has different types of advantage which are related to the aspect. In most of the cases the organization know the success factors they can reach and directly implement the software within their working. The main advantage factors which are related to the aspect of the working can be subdivide majorly into four groups which are stated below:
- Characteristics of the organization
- Characteristics of the business environment
- Characteristics of the management
- Characteristics related to technological innovations.
System acquisition method
Information technology is playing a very vital role in the sphere of the business innovation concept. Most of the organizations tend to achieve different types of benefits with the implementation of the technology. It can be directly stated here that most of the researchers are putting focus on the different aspect of the benefits and how they can be improved within the working of the organization. There are different types of packages which are involved into the concept which can be implemented by which different levels of strategy and calculation parts can be done quite easily. They are considered to be altering the overall working of the internal as well as well external working. In recent times most of the organization tend to improve their standard of operation but the main aspect which should be taken into consideration in the aspect is the type of adaptation they should take into consideration (Kanellou and Spathis 2013). In most of the cases a wrong implementation can directly impact the overall working of the organization and can also lead to failure of the organization.
To achieve the concept of the accounting of the business between different organization accounts are set. The accounting information system can be considered one of the most important software’s which help any organization to deal with the different types of transactional sectors which are involved into the normal working of the organization or any business body. It directly removes the aspect which is related to human oriented calculation which is very much prone to errors and implementation of a system oriented working are taken into consideration. Taking into focus as stated by ( ) proposed a recommendation which is directly related to the use of the CAS adaptation relating to the concept of the accounting system in the SME activity of the business. In the field of operation activity it can be stated that the CAS adaptation can be one of the most important sectors which would directly help any organization in the field of the accounting divisions. On the other hand it can be mentioned here that accounting software would be a way of placing a motivation for the employee as well. The MYOB accounting software in this field is one of the most trending software package which is adopted by most of the organization to benefit from the aspect of the innovation and the sector of precise system of accounting (Kanellou and Spathis 2013). The accounting software is recently used in most of the organization and different beneficial aspects are achieved from the concept. The software is also beneficial in a way due to the factor that it can be implemented in any type of organization for example banking, small business, real estate and many more.
Possible Frauds
There are wide range of advantage which can be achieved from the concept of the Accounting software package. It can be very much advantage due to the factor that it directly helps the organization to gain competitive advantage from the concept. The main competitive advantage factors can be divided into the following groups.
Anywhere and anytime: The software can be used anytime and from anywhere depending upon the need of the organization. In most of the cases it can be stated the software can be accessed from different locations and more than one person can acces the software at one particular time.
Speed of input: The entry of the data into the database can be done quite easily as compared to the concept of the normal paper work. The main aspect of the advantage which can be achieved from the concept is that it would be directly saving lots of time. On the other hand the organization can concentrate on more important activity of the organization.
Greater efficiency: The system being automated can help directly in the aspect of the reduction of the time factor. On the other hand it can also be stated that it is very much error prone.
Cost reduction: it can be stated that the software is very much cost effective and it does not involve the sector of services or maintenance which reduces the cost very much. Taking into consideration other software’s it can be stated that the software can be used by anyone who does not have any sort of prior knowledge related to the accounting system (Kanellou and Spathis 2013).
Conclusion
The report mainly focus on the different factors which are related to the accounting system and it can be concluded on a note that the software’s has different types of benefit attached towards it. Due to this factor it is very much widely used in many of the organization and they directly take advantage of the aspect. In most of the cases it is seen that a software should be handled by a professional person but in case of this accounting software it can be managed by anyone. The MYOB accounting software has relatively altered the normal functionality of many of the organization and it has directly helped in the concept of the helping the organization to achieve a greater standard of working. Other technology which can be stated to be one of the future prospective relating to the accounting system is the concept of the cloud computing.
Adaptation and development of Accounting Software package
Recommendation 1: The organization who is implementing the software should have a prior knowledge relating to the sector of the advantage which can be achieved from the concept.
Recommendation 2: The accounting software should be always placed over the existing software due to the factor that competitive advantage relating to the software can be achieved during the process of implementation.
Recommendation 3: The MYOB accounting software can be considered one of the most dominating software packages relating to the accounting software in the internal working of the organization. The organization should always take into consideration that the software can be beneficial for them in altering the working of the organization.
Recommendation 4: The software works in a predefined framework of the organization. In most of the cases it can be stated that the software implementation is done by someone who does not have a precise knowledge of the system. The software implementation should be done by someone who has earlier worked with the software so that the advantage which are related to the concept can be achieved in a less time framework.
References
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