BFA504: Accounting Systems and Processes - Xero Case Study - Business Finance Assignment Help

Assignment Task:

Part A: XERO work

New Age Designs Pty Ltd (New Age) is a Tasmanian small to medium-sized enterprise which sells caps and hats to government departments (SME). New Age has decided to convert their manual system of bookkeeping to an online system using Xero. New Age has two stores (one in Hobart, and one in Launceston). They have been operating since 1st July 2019, but as the Launceston store opened on 1st July 2020, they have not previously had financial figures for each store. They would now like to have financial reports for both stores from 1st July 2020 (note: inventory is not recorded per store, but sales and purchases are). New Age previously posted sale transactions to the general ledger from bank records, rather than generating and posting sales invoices. Depreciation on fixed assets (as shown in the list of transactions) are accounted for monthly.

Part B: Business memo

John Huckaby, the owner of Ventura Products, has contacted you because they are considering replacing their current accounting package, ‘MYBP’ with Xero. John is unfamiliar with Xero and is not sure whether their current, relatively inexperienced bookkeeper will have the skills necessary to operate a new accounting software program. John is also concerned about the security risks associated with using a cloud-based program. 

Required:   

Prepare a short business memo to John (400 words maximum) communicating the following: 

• Given John’s accountant is inexperienced, suggest to him how he should approach training the accountant. For example, would you suggest one-on-one, on-the-job training, doing tutorials, enrolling in a structured, accredited training program, or a combination? Your suggestions should be based on the difficulties you have faced. Point out to John how you would approach training differently if you could. 

• Share with John the internal controls you have identified from your personal use of the software to address the cloud-based security risks.

• Share other potential weaknesses/discrepancies in the data you experienced in Part A and offer ways to mitigate these weaknesses. This should be a personal reflection, NOT a copy and paste from the Xero weaknesses found on the internet!

• Conclude with a recommendation to John as to whether you think he should use Xero, considering the discrepancies in the data you discovered and the bookkeeper’s low level of accounting skills. 

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