Report on Accounting Information Systems

Question: Write a business report to David comparing the two accounting software, and in particular your report should cover the following: 1. Modules and functions; 2. Ease of use; 3. Security and control; 4. Report availability; 5. Costs; and 6. Your recommendation as to which accounting software is more suitable for his business, with justification. Answer: Introduction Accounting is a very important aspect in any business. Accounting is done in the order to understand the performance of the company. There are different accounting systems. In order to understand and analyze the different accounting systems, companies implement different software. These software helps to calculate and understand the different accounting techniques that will help to calculate the financial conditions of the company. With the help of the accounting software it is possible to calculate the accounts of a company in a matter of seconds. These software helps to calculate the different financial aspects of the company and upload it in a server that is essential for the people who require the accounting for their use. With the help of this study the researcher will be able to understand how different accounting software work and what are a few important features of the software. In the given case, two accounting software by the name of MYOB and Xero are taken into considerat ion (Cruz Rambaud, 2010). Discussion Various types of accounting information system are present in this context. From them, financial accounting system and the managerial accounting system are both play an important and a significance role in this scenario. It also represents a considerable variation or the differences in between them. Financial accounting has mostly focused on the financial reports or the statements that are probably distributed to the financial analysts, stockholders, lenders and the other outsiders of the organization or the firm (Curtis, 2008). Financial accounting courses cover the commonly accepted accounting guidelines and principles that need to be followed mostly when to reports the consequences of organizations past transactions over the statement of cash flows, balance sheet, income statement and also the statement of modification in equity of the stockholders. Managerial accounting system also represents to provide the information with the organization, so its management needs to operate the team more efficiently. Cost accounting and the managerial accounting also supply the instructions to compute the products cost to manufactures the enterprise. This type of costs needs to be than used in the external financial reports (Information technology, 2012). According to the cost systems for courses, manufacturers in the managerial accounting may incorporate topics like break-even points, cost behavior, operational budgeting, profit planning, relevant costs to makes the decision, capital budgeting, standard costing and finally the costing that is totally based on activity. Modules and functions of the software- both MYOB and Xero are cloud based accounting software. However there are a few differences between the two. The most basic difference between the two in terms of module and functions are that Xero has much cleaner and lesser cluttered interface than that of MYOB. The appearance of MYOB is blurry, dated and is irritating to the eyes after a certain length of time. Another advantage that Xero has is that the desktop can be easily customized according to the requirements (Curtis, 2008). Ease of use Navigation in Xero for the users to accounting software is new and also very much easier and simple like all others core functions and it also very easy to identify on the computer. Navigation within Xero is dependable with internet navigation and Google. To, to select the option "back" to return the previous screens and also have the capability to open the multiple "tabs". It makes navigation is very easier, specifically where the users are too familiar through the internet service. Moreover, if a user is almost a familiar with the help of the MYOB design, both they are straight forward to navigate, throughout the Internet it is a special type of navigation is not accessible with MYOB. Generally, for daily transactions, for example, coding of the bank statement, emailing and entering invoices, purchase the orders and also ready to send the statements Xero is very fast, and the entry is too much straightforward and overall it is very easier to use (Neish Kahwati, 2010). For such com plex tasks like to apply the bank rules or the coding rules to receipts the salary to obtain the accounts, and also matching invoices, MYOB is very simple and easy to use; moreover Xero has greater flexibility and functionality and also works effectively. Under overpayments, prepayments, and the payments is the little hassle to fulfill in the accounting software Xero than the other software like MYOB (Powner, 2012). Security and control In case of security, both Xero and MYOB are greatly reliable. With the features getting updated regularly online, it has become possible for the accounting system of the companies using either of the two to stay updated and online. Moreover both services provide online backup system and provide great security. Therefore it can be said that both the systems provide great security. The only difference is that ease of use. Xero provides a faster ease of use (Fisher, 2007). Reports availability MYOB has superior flexibility, options, and ease of use. To transfer EXCEL is well and simply formatted. With complex analysis, EXCEL transfers reporting are obtainable with the help of such limitations. Xero informations are satisfactory for all common and basic reporting requirements. So, it is very difficult to obtain more other complex analyzing statement or the reporting (Romney Steinbart, 2006). Cost MYOB has a constant throughout the costs of the board that is probably and affordable the better value in basic software at $21 in every month. Costs of the Xero is totally dependent on their transactions number. The starting package is same as the costs of the MYOB $25 in every month. Moreover, this level is closely related to the business. The premium and standard packages are $65 and $50 per month. Conclusions This study helped the researcher to find the different ways and procedures by which accounting cqan be done by implementing different software. In the present case the two accounting software that has been used is Xero and MYOB. The comparative study helped the researcher to understand which of the two software are more effectively usable for the accounting systems. Recommendation With the help of this study it can be said that despite MYOB is cost efficient service, yet Xero provides better services of the two. Depending on the type of business, the user can select the service. References Cruz Rambaud, S. (2010).Algebraic models for accounting systems. Singapore: World Scientific. Curtis, V. (2008).MYOB software for dummies. Milton, Qld.: Wiley. Curtis, V. (2011).Making the most of MYOB business software. Warriewood, N.S.W.: Woodslane Press. Fisher, I. (2007). A prototype system for temporal reconstruction of financial accounting standards.International Journal Of Accounting Information Systems,8(3), 139-164. Information technology. (2012). [Washington, D.C.]. Neish, W. Kahwati, G. (2010).Computer accounting using MYOB business software. North Ryde, N.S.W.: McGraw-Hill Education. Powner, D. (2012).Information technology. [Washington, D.C.]: U.S. Govt. Accountability Office. Romney, M. Steinbart, P. (2006).Accounting information systems. Upper Saddle River, N.J.: Pearson Prentice Hall.