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    Weaknesses of the conventional system of accounting

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    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 an organisation (company) that is using accounting software packages in Australia. The research would cover: PART 1 1. The current organizational structure.2. What operational problems (e.g., inefficiency, errors) do you think the organisation could experience because of this structure?3. What is the most likely s...

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    The report will discuss in detail about the weaknesses of the conventional system ofaccounting utilised in organizations as well as promotes the advantages and the uses of the ERP related accounting solutions in software. The selected organization here in National Bank of Australia. The report will also discuss the disadvantages of the present accounting structure in NAB in addition to the discussion of the advantages of ERP based answers like Xero, MYOB as well as Saasu in addition to the advantages as well as market shares and the potential solutions for NAB.

    The accounting software is based on a kind of application which assist in recording variant accounting information associated with the organization, for instance this software will also record work of specific organization on the routine basis, record payment work, record accomplishing work, shown the general form of ledger of different kind of accounts, show trial form of balance at month end and work on data framework in context of accounts. The software is distinguished into two different kinds of the first one and is branded as one, which is formed by the software organization and the other kind is also prepared by the company and usage of the software at a personal level.

    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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