Accounting Systems and Processes

New Age Designs Pty Ltd is a small to medium size organisation dealing in the sale of caps and hats to the govt Dept. Since John’s accountant is inexperienced in Xero the best approach is either enrolling in a structured program to get the full expertise or doing tutorials as understanding Xero is comparatively easy. The major constraint with Xero is its being the web portal a good and high-speed net is required for Xero.

There are lots of security risk concerned while working with a cloud-based software like IT bypass, corruption, theft or loss of sensitive data , user access risk, regulatory compliances, etc to meet these internal controls like first creating a cloud strategy covering points like whether the risk related to the cloud is being mitigated , data that needs to be moved to the cloud , criticality, etc. Furthermore, internal control with regard to user access and authentication is also required for safeguarding against risk. Xero assurance dashboard is also used as Internal control and the same is designed to ensure the efficiency of operation of the accounting system and to keep an eye over anomalies and errors.

The weakness which we found while working with Xero includes its dependency on the web , further details like purchase discount are not covered and most important the reporting feature of Xero is not that good. There is still scope of improvement with regarding reporting. Xero dashboard doesn’t give the complete picture of the business it can be prepared in a way that is more user friendly.

Since the organisation lies in between to small to medium size and considering the fact that bookkeeper has a low level of skills currently Xero can be used considering the fact that Xero is easy to use and work with however in the long term and in case of big organisation would suggest a better software rather than Xero.

References for New Age Designs Pty Ltd Analysis

Anon., n.d. Strengths and Weaknesses – Guide to Online Accounting Software. [Online]
Available at: https://digitalfirst.com/online-accounting-guide/strengths-weaknesses/
[Accessed 12 Oct 2020].

Buck, W., n.d. Not-For-Profit Finance Forum 2018 Xero and Internal Controls. [Online]
Available at: https://www.grow.co.nz/site_files/17682/upload_files/ClydeYoung&CourtneyWest-financeforum.pdf?dl=1
[Accessed 12 Oct 2020].

Neighbour, A., 2017. 4 Advantages and Disadvantages of Cloud Accounting and Storage. [Online]
Available at: https://www.reckon.com/reckon-blog/advantages-disadvantages-cloud-accounting-storage/
[Accessed 12 Oct 2020].

suggest, S., n.d. Key Internal Control Checks for Your Accounting Software. [Online]
Available at: https://www.softwaresuggest.com/blog/internal-control-checks-for-accounting-software/
[Accessed 12 Oct 2020].

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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