Business Process Accounting Information Systems

Question: Discuss about the Business Process for Accounting Information Systems. Answer: Introduction The following report evaluates the business process of B Bakery. The brand is a family owned business enterprise dealing in confectionery as well as bakery products. The brand has been in the business in 50 years. The brand has been supplying the bread and the confectionery products to supermarkets and the pub-chains. In the recent years, the brand has experienced considerable growth in the sales revenue of the brand. The brand has lost some of its key customers due to its ineffective pricing policies. The management of the business organization feels the need for accounting software for the development of the authentic preparation of the accounting statements. It shall also analyze the financial statements of the business entity and take pertinent measures towards organizational growth and sustainability. The MYOB software shall be appropriate for the business of B Bakery in recording the financial transactions of the business enterprise. Abernathy (2015) mentioned that the MYOB software has achieved several benefits that can help the business entity in developing pertinent financial strategies for the business entity. However, the brand has been able to achieve the organizational objectives and goals for the business entity. Balakrishnan. and Cohen (2013) stated that the accounting softwares that has been of assistance to the business entity in executing its manufacturing and the distribution policies for the business entity. The issues present in the existing business situation of the organization shall be addressed by the implementation of the MYOB software. The MYOB software shall be cost beneficial and shall help the business enterprise in reducing the production expenses of the business entity., Business Processes B Bakery is a family owned business entity that consists of around 70 employees. In the recent years, the sales revenue of the business enterprise was equivalent to 13.5 million. It is a 50-year-old business entity. The brand has been offering bread as well as confectionery products to the supermarkets as well as the pub chain. The business entity has been an hiring an accountant to facilitate organization growth and authentic preparation of the financial statements., it can be stated that the business entity has been looking for advanced technological softwares to make authentic preparation of the accounting statements in the business entity . As such, the management of the business entity really felt the need of the accounting softwares in the business organization to record the transactions in an authentic manner. Thus, Baker being a family owned business enterprise felt the need of the authentic preparation of the financial statements in the business enterprise to correctly asses s the financial condition of the business entity. In this regard, it can be stated that the brand had performed exceptionally in the last accounting year. As such, there is the need to manage the accounting statements in the business organization to ensure there is s no discrepancy. A substantial portion of the Bakers revenue comes from supplying goods to various business units. As such, there is a large amount of distribution costs present in the organization. As such, such expenses need to be accounted for to ensure there are no financial irregularities in the business operational policies of the organization. Currently one of the issues that the brand is facing is the pricing policies adopted in the business entity. Recently, the brand has lost a substantial market share in the domestic market due to its inability to manage a competitive market share. Thus, this shall have an impact on the business functionalities of the organization and its goodwill as well as reputation in the market. Balsam et al. (2014) mentioned that adopting a new software in the organization shall lead the organization toward better financial resources in the market . In addition, to this the business organization shall have the ability to better assess the financial condition of the business organization and make the necessary measures towards achieving financial sustainability. B Baker has increased its product range in the lasts years. Due to this, it has been able to develop a positive consumer perception in the domestic market. In this regard, it can be stated that the brand has executed consistent sales performance in the recent years. The consumer base of the market s shall consist of different market segments in the domestic market. Therefore, the brand has different production, operation as well as marketing policies to lead the brand towards a greater market share. Beatt and Lia (2014) mentioned that the financial strategies of the business enterprise should have to be prepared in facilitating greater growth and sustainability in the domestic as well as the International market. Business Requirements The manufacturing as well as the distribution strategies of the business entity has to be indispensible to be executed. As such, this shall help the business enterprise for the determination of the goals as well as the objectives of the business entity. The brand has to meet the consumer demands on a regular basis to help the business activity to achieve the goals and objectives. The brand supplies bakery as well as confectionary products to the different market segments. As such, this shall help the business entity to achieve the necessary goals and the objectives of the business entity. Bevis (2013) mentioned that the brand has established distribution units to assist organizational growth and productivity in the international market. In this regard, it can be state that the brand has faced issues regarding the pricing policies adopted in the business enterprise. Thus, the financial policies adopted in the business enterprise. According to Biondi and Zambon (2013), the food and the confectionary industry operates in an intensively competitive market environment. The pricing policies that has to be followed in the business enterprise shall help in developing newer markets in the global market. In addition, the brand has the ability in achieving market growth as well as sustainability in the international market. An effective manufacturing as well as distribution process in the organization shall help in attaining the long-term objectives and the goals of the business entity. The production processes in the business entity shall facilitate in achieving organization growth. Brown (2013) stated that the operational policies of the business entity shall assist in aiding organizational growth and sustainability in the domestic and international market. It is necessary for the business entity to develop pertinent financial strategies to lead the organization towards financial strength and business sustainability in the market. This shall ensure that the business entity shall achieve the necessary business sustainability of the brand. In this regard, it can be stated that the operational and the marketing policies of the business entity shall considerably depend on the financial strategies taken by the brand. As such, it is necessary for the business to develop the marketing as well as the operational strategies that would depend on the financial policies. Bushman (2014) stated that the benefits of taking pertinent operational strategies are lowering the cost of the goods of the business entity. In addition, the implementation of the accounting softwares in the business entity shall help the business enterprise in preparing authentic financial statements that shall reflect the actual financial condition of the business entity. Beside s this, the brand has to execute the marketing , operational as well as the financial strategies of the business enterprise in a consistent manner on a regular basis . Concerning this, it can be said that these three processes in the business enterprise are interrelated and shall have an impact on the regular business functionalities of the business enterprise. System Requirements The software as well as the following features of the business functionalities shall address the following issues in the implementation of softwares in the business entity. In these regard , it can be stated that the operation and the marketing strategies of the business enterprise shall lead the entity towards growth and sustainability in the International market . According to Carlon (2015). the bakery business would require a simplistic yet effective software that would fulfill the organizational objectives and the goals of the business entity . In this regard, it can be stated that the marketing as well as the organizational goals. Recently, the brand has suffered due to improper goals and the objectives of the business entity. In this regard, it can be stated that the organization has been able to achieve the market goals as well as the objectives of the business enterprise. Thus, the investment accountings software that shall be implemented shall address the issue relating to t he recording as well as the assessment of the accounting transactions in the business organization. As such, Cheng et al. (2013) noted that the management of the business entity shall have to ensure that that the accounting software implemented in the business organization shall have to help the business entity in the development of the financial strategies of the business organization. In addition, the accounting software adopted in the business organization shall help the organization to identify the existing discrepancies in the financial statements of the organization (Henderson et al. 2013). Thus, the accounting softwares implemented in the business organization would facilitate the need for the authenticity of the accounting transactions implemented in the business organization. The brand has to ensure that the accounting software adopted in the business organization would ensure faster recording of the accounting transactions in the business entity. However, the implementation of the software transactions in the business enterprise wood requires certain additional budget fro m the business enterprise. Thus, the expenses incurred in the implementation of the budget shall have to be within the budget of the organization. As such, effective planning as well as monitoring of the expenses shall be a necessary in the process of determination of the accounting software and its necessary implications (Henderson et al.2013). Besides this, the accounting softwares implemented should assist the business enterprise in the process of financial decision-making. It should offer the relevant features for the business entity to develop ratio analysis as well as the financial decision-making. This shall help the business enterprise in the development of the accounting policies and strategies of the business entity. Thus, the accounting software shall be of pertinent help to the business enterprise in the development of the financial policies of the business enterprise. Besides this, Choi et al. (2013) these features the accounting software installed would be of help to the business entity in financial forecasting and the determination of budget. This shall be one of the necessary features for the business enterprise in the development of the goals and the objectives (Skaife et al. (2013). In this regard, it can be stated that the operational as well as the marketing policies of the business entity shall be facilitated through the implementation of effective accounting software in the business organization. Software Selection The MYOB accounting software shall be most suitable in recording the accounting statements as well as the reports of the business entity. In this regard, it can be stated the MYOB software has been developed to determine the investment solutions for small scale business enterprises. As such, this is necessary for the B. Bakery to record their statemements in an authentic manner. Thus, this is necessary for the business entity to correctly assess the financial situation of the business entity and respond appropriately. Ramanna (2013) stated that the MYOB accounting software should have to develop features that shall offer financing accounting statements for the business enterprise like ratio analysis and the capital budgeting techniques for the business entity. Otley and Emmanuel (2013) mentioned that the MYOB accounting software shall enable the business entity for the development of the financial policies for a business enterprise. In addition, the MYOB accounting software shall hel p the business enterprise in the development of the organization goals and objectives of the business entity. The Clinton et al. (2014) mentioned that MYOB accounting software has been most suitable in handling the complexities of the medium scale business enterprise. B.Bakery has been able to achieve substantial sales revenue in the existing year. As such,, it is necessary for the business entity to record and analyze the financial transactions of the business entity in an appropriate manner. The MYOB accounting software has been simple and easy to understand (Perkins 2016). Besides, the implementation costs of the organization have been very low and would not have any impact on the financial condition of the business organization. Thus, the MYOB accounting software shall not have any adverse influence on the existing condition of the business enterprise. The MYOB accounting software when compared to SAP, Xerox shall have many pertinent advantages (Henderson et al.2013). Thus, it lesser cheap and lesser complicated than SAP and Xerox. This softwares shall not be appropriate for medium scale business enterprises with limited business operations. Crawley and Wahlen (2014) mentioned that the MYOB accounting software has been appropriate for medium s cale business houses and lead the business entity towards developing pertinent operational strategies for the business enterprise. Vendor Selection Following is the contrast between SAP and MYOB in the business enterprise.. Scale of operations The scale of operations has a determining factor on the selection between the SAP as well as MYOB. Dai (2015) mentioned that SAP is more suitable for organizations, which operates in multiple countries. Therefore, it is more appropriate for business a organization that operates in several product and service lines. The scale of operations in the business organizations shall have a considerable influence on the selection of the accounting softwares. As such, the implementation of the SAP and the MYOB shall be dependent on the nature of the product and the service line the firm is operating. Business functionalities - SAP is the most effective software that help the business organization to execute a large number of business functions like marketing, human resources, finance and operates. Duggan et al. (2013) mentioned that a SAP module develops coordination between the various departments in the organization and facilitates the marketing, finance as well as the operations of the business entity order to attain the long terns of the business enterprise. On the other hand, the MYOB software shall have to be dependent on the determination of the accounting policies of the business entity. Expenditure Henderson et al. (2013) stated that the implementation of the SAP module requires considerable expenditure of the business entity. When compared to the MYOB, an implementation of the SAP module of the organization shall be considered substantial. The MYOB is less costly than all the accounting softwares in the business organization. Therefore, the MYOB shall have an adverse impact on the existing business condition. As such, it is more suitable to business entities to medium and small-scale business entities, which operates in a restricted market segment. According to Easton et al. (2013), the MYOB software in the business organization would gain a distinctive edge over other accounting softwares in the business entity. Thus, the accounting software used in the case of MYOB shall be cost- beneficial and have an impact on the operational and the financial policies of the business entity. Multi lingual Salako and Yusuf (2016) mentioned that the SAP system is multilingual and can operate in multiple languages. As such, the SAP system is more suitable to the global market. However, the MYOB system cannot operates in multiple languages. The SAP system implemented in the business organization supports a range of languages and business processes. Therefore, it is more versatile than the MYOB system adopted in the business organization. Integration- The SAP system plays a pivotal role in coordinating and integrating the activities of the various departments. It is an effective tool for the business entity in ensuring smoother business operations. Skaife et al. (2013) mentioned that the MYOB system in the business organization should only aid the accounting and the financial activities of a business organization. Therefore, it plays a narrow role than the SAP system implemented in the business entity. Customization - The SAP system can be customized as per the needs of the business entity. Thus, the SAP system can be adopted to as per the needs of the business organization. According to Biondi and Zambon (2013), each organization shall have different needs and the SAP system can be used to facilitate the needs of the organization. However, the MYOB system cannot be adapted as per the needs of the organization. Bushman (2014) stated that the MYOB system is an uniform accounting system that shall address the issues in the organization. It shall state the necessary financial policies as well as guidelines in the organization, which shall help the financial department in the organization to prepare the year ended annual reports of the business entity. This is a petinent benefit of the MYOB accounting system and shall facilitate the accounting and the financial policies taken in the business entity. In the case of B.Bakery, the most important SAP system in the business organization has been the MYOB accounting system in the business organization. As such, the MYOB system in the business organization has been able to determine the management of the organization. The MYOB accounting is most suitable for a medium scale business organization. As such, Gupta, (2016) noted that its implementation is less expensive and shall require minimum training for the staff. The brand has the ability to determine the operational as well as the marketing policies of the business enterprise. The MYOB accounting system has some specific features for the business entity. These include the CasH Flow management, payroll management as well as the inventory management in the business entity. Crawley and Wahlen (2014) mentioned that easy synchronization of the accounting strategies of the business enterprise. Thus, the Bakery business would benefit from the MYOB accounting software by achieving authenticity and transparency in the accounting statement of the business organization. Jameson (2013) stated that the accounting software facilitates a range of accounting softwares in the business organization. Narayanaswamy (2014) mentioned that these include the ratio analysis techniques as well a as forecasting as well as the budgeting techniques in the business organization. Therefore, the accounting software in the business organization shall help in the development of the financial policies as well as the strategies of the business entity. Stefaniak et al. (2012) stated that the accounting software shall facilitate recording of the accounts and the financial analysis of the organization. The MYOB accounting software shall play a pivotal role for the authentic recording of the financial transactions in the business entity. Otley and Emmanuel (2013) stated that the MYOB accounting software should have to play a pivotal role in the financial analysis of the organization. Therefore, the management of the business organization would have to consider the development of the organizational goals and the objectives of the business enterprise. Warren et al. (2013) mentioned that the MYOB accounting software is a powerful accounting system that does not have any discrepancies. In this regard, it can be stated that the MYOB accounting softrware is an effective portal that shall have an impact on the business functionalities of the organization. In the context of the Bakery business, the brand shall require effective financial strategies that would assist the business enterprise in achieving financial sustainability and growth in the domestic and the International market. Guo et al. (2015) stated that the brand targets different markets and would require pertinent financial and operational strategies for the business entity. This would ensure that the brand achieves a distinct brand reputation and goodwill in the market. Besides this, this shall attract the prospective customers towards the brand. Lin et al. (2014) stated the the bakery business shall require prospective planning and the development in meeting the demands of the consumers. The brand consists of many operational and the financial activities of the business activity. Thus, a proper asseesment of the financial condition of the business entity, shall assist the business enterprise in the development of the financial strategies and that have an influence on the b usiness functionalities of the business organization. Conclusion It can be stated that the MYOB software has been an effective tool in assessing the financial condition of the business enterprise. When compared with SAP, the MYOB software has been cost effective and has helped the business enterprise in the preparation of the financial statements of the business enterprise. In the context of B.Bakery, there is a need for pertinent marketing strategies to develop competitive pricing policies for the business entity. In addition, the MYOB softwares offers various financial techniques like ratio analysis, forecasting as well as the budgeting techniques in the business enterprise. In this regard, it can be said that the B Bakery has achieved considerable sales revenue in the recent years. Thus, there is a need for effective financial policies to lead the organization to profitability as well as business sustainability. This shall be achieved through the implementation of the operational as well as financial policies of the business entity. This shall assist B Bakery to achieve the long-term goals and the objectives of the business enterprise. References Abernathy, J.L., Beyer, B., Masli, A. and Stefaniak, C.M., 2015. How the Source of Audit Committee Accounting Expertise Influences Financial Reporting Timeliness. Current Issues in Auditing, 9(1), pp.P1-P9. 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