Business Studies Software & Solutions | MYOB Australia

Introduction

In the current era of technological disruption, the inclusion of modern digital technology within the operation of a firm helps the company in growing the effect of their business activities. In the current assessment, there will be discussion over Bendigo and the Adelaide Bank Group which is cloud base accounting software the following should use in order to boost the efficiency of the company’s accounting activities. This firm is an ASX listed public company operating in the banking sector of Australia. 

Background

Describing the client and its business activities

The headquarters are Bendigo based in Victoria and Adelaide in South Australia. They all started out as a building community and encouraged Australians to buy their own homes. Bendigo & Adelaide Bank Limited provides Australian retail and business banking services, as well as other financial products and services. Victoria-based Bendigo Bank employs approximately 4,530 people. Bendigo & Adelaide Bank is listed on the Australian Stock Exchange under the code BEN (Bernyk et al. 2016). The company merged in November 2007 with the merger of Bendigo Bank and Adelaide Bank. Before the merger, Bendigo Bank provided products and services through 900 branches in Australia, of which over 160 owned branches, 220 community businesses at Bendigo Bank and 100 agents. The store has 400 older branches. Bank branches are located primarily in Victoria and Queensland. The merged bank will have more than 400 branches, 25 of which will be due to the Adelaide Bank merger. Bendigo still has a national headquarters with headquarters in Adelaide, South Australia and offices in Docklands, Melbourne and Ipswich, Queensland.

Briefly describe the basic business activities involved in the revenue and expenditure cycles of the selected company

Bendigo and Adelaide Bank Group are retail banking agencies that conduct business or trade activities to collect and manage business expenses. Retail banks, such as Bendigo and Adelaide Bank, typically offer banking services to their customers which typically offer services such as mortgages, personal loans, auto loans, savings, savings, checks and ATMs at their clients. The main objective of a retail bank is to serve customers who have the financial and economic resources to gain from customers. Interest on loans and income from financial support are important business sources that allow a business to increase income from its activity. There are also costs currently in place to allow companies to do their jobs transparently (Abbas et al. 2015). It is important to understand that there is a certain cost of capital that the business has to bear through investments such as the depreciation of assets and the purchase of tangible capital assets, and inbound costs such as buyers are costs linked to assets which have to bear from the company. At present, Bendigo & Adelaide Bank has assets of over $ 71.4 billion and a market value of around $ 5.6 billion.

Identifying the weak internal controls in the business activities as well as identifying the risks associated with these weak controls

At present, it appears that the activity of the company is mainly related to financial assets. This is to provide financial support to clients associated with the business. It is important to understand that the use of financial and customer data is primarily transmitted and communicated. The Bank data is processed through outdated banking programs and networks (Milovanovic and Bojkovic, 2017). This creates difficulties in the processing of personal and financial data that businesses need to know in order to function properly in their business. It is important to note that the modern business of Bendigo and Adelaide Bank contains a large amount of data and information which must be managed and stored for the business to function properly (Lee, 2016). As the business uses traditional methods and programs to manage data relating to a customer's personal and financial aspects, it is important that it is properly protected and managed to reduce and optimize the risk of data breaches, which can involve financial risks for the financial resources of the customers related to the company. Therefore, an identifiable weakness in a company's internal control that can lead to data security risks and financial risks to clients' financial assets, because customer loyalty, starting with knowing customers and their expectations, starting with Axolotl continuously customer-centric, rich customer relationships, good customer relationships (Cleary and Quinn, 2016).

Systems requirement

Outline the software features and functionalities that the client should consider to support its business activities

Since the company operates on a large scale, there are certain cloud-based accounting software requirements that the company must meet in order to clearly support the business of the company. Here are the following requirements:

High-level data security- Due to many major omissions in recent years, safety accounting has been one of the biggest challenges for the banking industry, but also for bankers and customers of credit unions. Financial institutions should invest in security measures based on the latest technology to ensure the safety of sensitive customers (Kurschl et al. 2014). Financial and business accounting activities require high levels of security in cloud computing software. Indeed, companies must manage large amounts of data to ensure that they can adequately protect their data and that there are no privacy concerns in their business operations. In today's modern world, cybersecurity threats are increasing dramatically, and there is concern about the banking activities of companies with modern digital services such as cloud computing. By using the software as a service and as a platform, cloud computing enables companies that previously had multiple systems to simplify and unify their IT structure (Helo et al. 2014). Thus, banks and credit unions can take advantage of the latest technology to reduce costs and improve data analysis. 

Continuity of business-Cloud computing ensures business continuity in the event of an accident. Technology management studies are the responsibility of the service provider. Banks can achieve higher levels of data protection, fault tolerance, and disaster recovery. Cloud computing offers a higher level of redundancy and backup at a lower cost than traditional management solutions.

Efficient accessibility- The cloud has the flexibility to launch new products into the banking industry's business model, allowing our customers to respond faster and more efficiently. Therefore, cloud computing provides the cloud with non-basic services such as software patches, maintenance, and other processing issues, so Bendigo and Adelaide bank can focus on financial services rather on IT (De Capitani di Vimercati et al. 2016). For banking and accountancy firms to provide transparent banking services to their clients, they need efficient banking access to data and information. Easy access to data and information with powerful cloud computing services that businesses need in today's scenarios. This gives company employees quick access to accounting data and information. In order for financial transactions to be managed financially by the company's customers, it is necessary to provide information and data at all times. 

Storing large databases- It is important to remember that Bendigo and Adelaide Bank operations use different types of data and information, and there is a large amount of data and information that businesses need to store and manage in the course of their operations. In the course of our business operations, we must store data and information relating to accounting, customers, business activities, finances and other transactions. Therefore, businesses need a comprehensive and efficient database to manage and optimize the large amounts of data and information they use in their work. This allows businesses to efficiently store and access their data on the platform. Businesses need a comprehensive and efficient database that allows systems to slow down over time and store the data and information needed for business operations and it is effectively absorbed. This facilitates the efficient operation of your business by storing large amounts of data in large and efficient databases and by managing different types of data and information in business operations. With the automatic cloud backup function, banks can make it easier to back up important data. The cloud ensures system continuity in the event of a disaster (Marshall and Lambert, 2018).

Software selection

Identifying two software packages and describing their features

In order to effectively conduct the accounting activities of the firm, it is very important that Bendigo and the Adelaide Bank conducts operations that are effective in nature and provide all the services required by the company. Now the two selected accounting software that suits the system requirement of the Bendigo and the Adelaide Bank is MYOB accounting software and XERO accounting software (Puspa and Ilona, 2019). It is to be noted that both of this software is cloud-based software hence they match the modern requirement of the firm. MYOB and XERO are the two vendors that have been selected in the current analysis to understand which of the one should be selected in the current process. 

The first vendor is MYOB which is an Australia based multinational company providing tax accounting and other business software solutions to its customers in their operational activities. The foundation of the company was laid in 1980 by a team of developers at Teleware Incorporation which was an accounting software company. Currently, in the Australian domain of providing accounting software MYOB holds a promising name and brand value this shows that the firm is one of the companies in the country when it comes to providing services related to tax, accounting and other business software solutions. In 2008 MYOB was awarded as the best software solution company that is operating in the country (Mayasari, 2014). Hence it can be said that MYOB is a very big vendor in the Australian market that can be contracted for providing MYOB accounting Assignment help software to Bendigo and the Adelaide Bank. This will help the firm in contracting a vendor which is trustworthy and reliable having experience in providing such types of services beforehand. Now there are a lot of features in the MYOB accounting software and they are as follows:

1. Online operations:
2. Calculator and tracking GST
3. Manage quotes, invoices, and statements
4. Accept payment from invoices
5. Sell items, services, or both
6. ATO SuperStream compliance
7. Payroll with automatic leave calculation
8. Inventory management

Xero, on the other hand, is a New Zealand based technology company that provides cloud base accounting solutions to the customer in New Zealand and Australia. The firm also operates on a global scale and provides different business software solutions to different firms in the market. Xero was founded in 2006 by Rod Dury inn Wellington.  The firm is also currently headquartered in Wellington and provides the software-based solution for there. The firm has a large number of customers which shows that this vendor is very experienced in providing services on a large scale and will be able to provide cloud-based accounting software services to Bendigo and the Adelaide Bank (Smith, 2019). Thus it can be said that Xero is also a potential vendor that the company should consider in order to make sure they are able to get cloud-based accounting services in an evident manner within its future operational activities. Now the features of Xero accounting software packages are as follows;

1.  Online operations:
2. Calculator and tracking GST
3. Bank feeds
4. Accept payment from invoices
5. Sell items, services, or both
6. ATO SuperStream compliance
7. Payroll with automatic leave calculation
8. Manage customers and suppliers

Compare and contrast the features/functionalities of two cloud-based accounting software packages offered by accounting software package vendor

Now looking at the accounting software provided by both MYOB and XERO it can be said that XERO uses software as a service model and sells subscriptions and the same can be seen in the MYOB accounting software. MYOB accounting software is said to be a one-stop solution for different accounting operations that must be conducted by the employee of the firm that includes managing financial resources, recording them, monitoring them and reporting them in an efficient manner.  MYOB offers operations through mobile and laptops as well whereas the firm provides essential features such as Single touch payroll, payment methods through collaboration with Paypal. The system provides applications for mobile through which all essential operations can be done via mobile phones and it also provides an easy to use interface in collaboration with Microsoft Gold. The compatibility of the software with modern technological situations are very effective in making the MYOB system very effective and efficient in accounting operations (Mayasari, 2014). On the other hand, XERO uses a single unified ledger method that helps the system to be operated from anywhere the features include automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. The company has 200 compatible banks that help the system to perform transactions in the accounting activities of the firm. This makes XERO efficient accounting software for the firm’s to have for conducting their accounting activities (Cowling, 2020). It can be said that MYOB has proven itself in securi