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    ACC700 Principles of Accounting

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    Group Assignment Topic & Due Date Please read the following economist article that is attached at the end of this instruction paper: “The Future of Jobs The onrushing wave Previous technological innovation has always delivered more long-run employment, not less. But things can change” The Economist 18th January 2014. The article said that the accounting field in particular is highly susceptible to automation in the near future and implied that accounting jobs disappear because of future technological innovation such as automated computer software, artificial intelligence,...

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    Pat Kelly and Jeff Speer commenced a venture called Inflate-a-Dome Innovations that dealt in tents, which did away with metal that instigated tents to fall and used air-filled tubes instead. While they got good response through promotion on social media and online advertising, to manage operations better, Vic was roped in to take care of the supply chain. Vic introduced excel- based freeware and online communication with retailers that demonstrated better operation handling.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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