Application of Accounting Software Packages in Australia

Document Type:Thesis

Subject Area:Management

Document 1

Australia bears over sixty accounting packaging tools (different from each other) that may be utilized by the local economic market. Although this is the case, selecting the most suiting package to be used in an organization may sometimes prove to be troublesome. Regardless of such difficulties, it is essential for business owners to use a package that can be managed more easily and may also be able to match the current economic trends (Smith 66). Before choosing what package to use for the various accounting needs an organization requires professional advice from a qualified personnel in order to ensure that the various business operations undertaken may be matched. This is particularly essential as it often tends to increase the organizational efficiency in general.

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The integration between the two has enabled the bank to experience real-time payment services which then register the various expenses directly into the financial books (Curtis 45). Business competition in the Australian economic setting continues to gain considerable attention. The SMEs make up the highest users of the accounting software systems where the major software in the country include; Intuit, Xero, and MYOB. The three accounting software have tremendously grown over time allowing their users to enjoy additional services such as cloud computing. Cloud computing software is the most widely used today by a majority of business organizations in modern day Australia. Owing to the efficacy of the software, a considerable number of individuals have since been able to obtain adequate employment opportunities in the various accounting departments in the country (Curtis 87).

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Xero accounting software provides cloud computing advantages. In the contemporary business world, cloud computing has and continues to a major revolutionary move towards increasing the efficacy of conducting business from varied locations across the world. The introduction of accounting software to the commonwealth banking system has enabled the bank to experience considerable growth over the past decade owing to the increased advancements in modern technology. Xero computing software has enabled Commonwealth Bank employees to carry out various accounting procedures from their various branches from within and outside Australia. Despite such fears, a majority of business owners in Australia have since seen the need for incorporating the use of Xero software package to best meet their overall accounting needs. According to contemporary research studies, a considerable number of businesses have opted not to use cloud computing software as they feel that their overall accounting systems may be exposed to security threats.

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With the advent of Xero, business operators are now able to experience added advantages where their information is adequately secured from any external security threats. By using this system, a business may be able to enjoy backed up data that is may prove key for future reference. Such benefits have since enabled the Xero Company to gain more consumers over the past year. With relevant training, business owners are now able to access all the various features that are contained in the Xero software in general. Bookkeepers have confirmed that the package still remains to be one of the easiest to use which makes it the most suitable amongst most users (V. Curtis 34). In the recent past, commonwealth bank was able to come up with a platform that allows for easier application of data obtained from Xero on how it may be utilized by both big and SMEs in allowing them to experience profitable bookkeeping procedures.

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In addition, commonwealth bank has been able to come up with additional tools which enable accountants to come up with easer means of enabling its partners on how various data relating to clients may be relayed to Xero as well as its various partners (Pullen 109). This, therefore, means that the program is able to meet key SMEs operations such as lodging of BAS, keeping business records and financial recording. Most Xero users often find it easy and efficient to use the accounting software owing to its extensive support system. Whenever an accountant encounters a problem, he/she may be able to contact the Xero help center so as to ensure that they are able to obtain viable solutions to the problem.

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Such help may be obtained through Xero forums, Xero helps center or merely from the software itself (Smith 83). Another reason that has enabled the tremendous growth of Xero accounting software lies in the fact that it utilizes the Software as a service (SaaS) framework. Conclusion The use accounting software packages continue to gain considerable recognition in the business world today. SMEs in Australia are increasingly adopting the use of such technology as a technique of remaining relevant in the vat competitive economic market. Major business enterprises such as the banking sector are in the forefront of integrating the use of modern accounting software packages to better ensure that they are able to carry out business in a manner that is both sustainable and effective.

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