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Accounting Assignment Question
Each student will write a literature review of NOT more than 1500 words. The review should demonstrate that the student has thoroughly researched their topic. Students should use examples of business practice from the scholarly journals papers, conferences, books and professional magazines to support their arguments.
The literature review would be on accounting software/packages used in Australia. The research would cover history, development and adoption, the current market size, identify the leaders in the market and what gives them the competitive advantage. Students are also required to identify the current gaps or challenges encountered by users or customers of accounting software/packages and make relevant suggestions or recommendations.
Accounting Assignment Solution
The bookkeeping individuals have to perform a lot of computations – accounts payable/ receivable, payroll, trial balance, ledger, billing, stock/ inventory, purchase/ sales order and bookkeeping. As the customers to a firm increase, their doings also increase. A better option is to automate the doings. The accounting software available aid in automation and handles other issues providing ease to its users. Vendors like Reckon, QuickBooks Online, MYOB and Xero have adopted sophisticated computation to provide various accounting services to its users. Some of the challenges and benefits of the products are highlighted in the study.
Automation (Jr & C 1985) (Chourabi et al. 2012) is the keyword of the present trend. Users try minimizing the time consumption and increasing the profit margin by using different kinds of application software. Accounting software (Lev & Sougiannis 1996) (Jadhav & Sonar 2009) is used to compute several transactions – accounts payable/ receivable, payroll and trial balance. The bookkeeping strategies aids the users to compute their doings faster with time. The software comes with several modules aiding to compute the fed inputs – ledger, billing, stock/ inventory, purchase/ sales order, bookkeeping. The software benefits the users by cutting down the cost and simplifying the operations, takes care of technical failures by creating backups, provides expert advice, supports automation and stores a huge amount of data. The future readings detail the services provided by accounting software (Collins 1999) vendors at Australia – Reckon, QuickBooks Online, MYOB and Xero…………
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