Cloud On-line Accounting: Action Sports- Xero- Cloud Based Accounting System- Report Writing Assignment

Internal Code: MAS7520

Report Writing Assignment:

Task: Part A, You are working as an accountant in a local accounting firm. You have been approached by David and Victoria, the owner of “Action Sports”, a brand new sports clothing and accessories business. They have chosen Xero as their cloud based accounting system and have employed you to set up their company in Xero and enter the first month’s transactions. You are required to enter a range of transactions and generate some reports to assist with the business start-up. All information has been supplied by the business owner for you to input. The set up and transactional data is provided in Interact Resources. Task requirements: Process your clients' transactions for March 2018. Generate and submit the following reports to your client for the month of March 2018; 1. Profit & Loss 2. Balance Sheet 3. Trial Balance 4. Aged Payables (detail) 5. Aged Receivables (detail) 6. Inventory Item Summary. The marks assigned include correctness of information and the presentation of your reports. They need to look professional, as though they could be provided to your client. Part B, It is now June 2019 and Action Sports has been moderately successful, experiencing steady growth. David and Victoria now employ 4 staff and have developed an online business as well as their initial shop front. They presently hold a range of inventory at both their shop front and at a large storage area in a central location. Their 5 year plan includes growing their current customer base by 20%. They are not sure that they have selected the right accounting package (Xero) for their business and are seeking advice regarding other possible cloud based accounting systems. Provide David and Victoria with a brief 2 page report discussing other cloud accounting systems available to them. Your executive summary should include: a. A comparison of at least three (3) cloud based accounting packages available to small business in Australia which have the following features:

1. General Ledger (GL), Accounts Receivable (AR), Accounts Payable (AP), Payroll for 20, Inventory and Reporting; 2. Digital Dashboards; and 3. Secure Bankfeeds.

a. A clear recommendation to ‘Action Sports’ regarding which accounting system you believe is best for their business, including your rationale.