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Case – research project
As a newly appointed Accountant at Henson & Henson Accounting Practice, you have been asked by the Board of Directors to investigate the accounting software system Cloud-based Xero.
Required:
Hints: use internet and library resources to support your answer.
What is the accountant's role in the computer acquisition process? In what aspects of computer acquisition might an accountant provide a useful contribution?
Required:
Security awareness training is necessary to teach employees safe computing practices. The key to effectiveness, however, is that it changes employee behaviour. How can organisations maximise the effectiveness of their security awareness training programs?
Required: Identify FOUR ways to maximise the effectiveness of the security awareness training programs.
What risks, if any, does offshore outsourcing of various information systems functions pose to satisfying the principles of confidentiality and privacy?
Required: Describe at least TWO possible risks offshore outsourcing of various information systems functions,
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Development of online accounting software has revolutionised accounting system. Xero is an online accounting software designed by a New-Zealand based software company named 'Xero'. This software provides an online solution to the accounting problems of small and medium business houses. It is a web-based system which does not require the installation or maintenance of any software. All that required is a computer or a smartphone and an internet connection. It is a subscription-based system which needs an email-id and password for logging in. This system uses a cloud to preserve the accounting data and make this data available to the owners or employees anywhere and anytime through the Internet. Xero is connected to the bank account of its client's business organisation and each day this software imports the account statement automatically from the bank A/c and asks the client to classify accounts into Sales A/c, Purchase A/c, Asset A/c, Income A/c or expense A/c etc. This process of classification is called reconciliation. After reconciliation, the software provides up to date records of all the business transactions and makes the financial reports ready at any time during the accounting period. The business organisations are not supposed to keep their records, documents, or any invoices in the physical form or in any folder in their computer because Xero makes these records and documents available online. With Xero file, business houses can store these documents and records within Xero, and they can resort to online invoicing also. The business organisation can directly send an online link of the invoice to its customers, showing all details. The multi-currency option of the software allows the organisation to send invoices, make and receive payments in different countries. The exchange rate system of the software automatically transforms the value according to the currency of the country. The software, through its tax reports, complies with the taxation regulations.
