Innovating Corporate Accounting and Reporting †MyAssignmenthelp

Question: Discuss about the Innovating Corporate Accounting and Reporting. Answer: Introduction Wesfarmers, a farmers organization originated in 1914, is one of the biggest recorded enterprises in Australia. The different business processes covered by Wesfarmers include markets, inns, accommodation stores, alcohol, office supplies, and retail establishments. It also comprises industrial division in the midst of firms in chemicals, composts, vitality, mechanical, and petroleum. This report is a literature review on Wesfarmers and its adoption of the accounting software package. It also discusses about the Wesfarmers current market size, their competitors, and relevant suggestions on accounting software. Any organization possesses a certain framework in order to distribute the enterprise duties to each and every worker in the organization. By this way, the employees will not have any confusion in their own role. Supervision of the work is carried out by task synchronization and organizational manoeuvre. The greatest business venture is attained by Wesfarmers with present income of $68.44 billion in 2017. The Wesfarmers Managing Director, Goyder stated that the groups exposure together with the revolution formation can be streamlined by the amendment in business operations (Young, Castleberry and Coleman, 2016). Two departmental stores namely Kmart and Target are announced by the Wesfarmers in the year 2016. Having an investor base of roughly 530,000, the largest Australias private division business employed about 220,000 workers. Homebase belonging to Home Retail Group is obtained for 340 million dollars that leads to adjoining of 15,000 workers in the Ireland and England to the Wesfarmers organization (Friesen, Kay, Eibach and Galinsky, 2014). None other noteworthy modifications are made in the organizational structure, ownership, or company size during the year. The hierarchical organization structure of Wesfarmers organization contains the administrator at the topmost position pursued by manager, and executives. The team leaders are responsible for verifying that the job has been completed. The employees give details to the team leaders who are also the ground level administrator. The consistence level cannot be achieved without the presence of proper organizational structure. A robust organizational structure of a company results in enhanced interaction, cohesive capability, and a properly delineated command. Some problems like productivity deficit and intrinsic inconsistency can be encountered even if the organizational structure is effective. For preserving a robust organizational scaffold, the issues associated with the organizational structure should be identified and dealt with (Hill, Jones and Schilling, 2014). Correspondence is another issue that is identified with the operational issues within the association. The perplexity and change extent inside the association due to the lack of correspondence inside the individuals from the organization is made in connection to the part of the hampered representatives. In the similar way, Wesfarmers is also confronted with some operational issues as listed below. If the new users in departmental stores do not hold valid credit provisions, the sales process may have certain divergence with accounting process. When the products are not constructed rapidly, the shipping deadlines are not met and the management become anomalous to manufacturing process. Competition arises inside various departments of Wesfarmers to ensure the success of the company. This results in the communication breaks and production failure in the organization. Due to the issues in the operational structure of Wesfarmers and its business acquisition during the year 2008, revenues were declined by 13.5%. Moreover, the analysts have anticipated the revenue fall since the multi-billion dollar expedited for the purpose of decreasing prices to increase the sales of provisions. Due to this, the Wesfarmers provisions sales growth was surpassed when compared to Coles. Hence, Wesfarmers is deciding to engrave the product assortment. Wesfarmers faced the retail challenge when its business division in Perth has blundered to a depleted development and no-intensification stage. This phase shift has decreased the organizations stock market price of about 6 billion dollars. The September month quarter sales of Wesfarmers exposed its disputes of larger dependency on the retail sectors notable alcohol and provisions sector that can be assaulted from various tracks. The Wesfarmers has confronted with accounting mistakes at Target subordinate. The revenues post tax was measured as 15 million dollars and it is 1.1 % lower than the reported tax. And so, Wesfarmers is currently engaged with their dealers in order to unravel the accounting procedure. Another operational issue concocting various designators is cost. The future insights of the Wesfarmers experts will be on the designation of the employment part. If the designation of the duty is not legitimately circled among the representatives, this issue will be emerged. As stated by Hill, Schilling, and Jones (2014), the supervisors take full control over the particular division or the whole enterprise. By this way, workers are de-motivated and the organizational operation was affected. Based on the necessity of an enterprise, selecting the suitable system acquisition method is a difficult process. Systems utilized by the enterprise are dependent on the companys own ability. Supervision is not provided while selecting the acquisition technique since there is more number of prevailing acquisition methods that results in mystification (Nica, 2013). By being a multinational corporation, Wesfarmers pact with several kinds of manufactured goods ranging from food to coal (Young, Castleberry and Coleman, 2016). Due to the nature of Wesfarmerss business, ERP software is selected for increasing the productivity. ERP software is efficient software comprising necessary potential required by an enterprise. The software can be utilized by the organizations for administering the whole business operations. ERP software is absolute for Wesfarmers, since the organization administration is versatile as it is covenant with home equipments, departmental stores, coal mining, etc. The main advantage of employing ERP software in Wesfarmers is that the amenities provided by the software are worthier than its installation cost. In addition to that, ERP system acquisition achieves all the accounting software requirements with excellent authoritarian capability and is more time effective (Jin, Ji and Gu, 2016). Sales Procedure Flowchart of Wesfarmers The Wesfarmers selling process comprises four stages namely promotion, eligibility, recommendation, and services and product delivery. This process is conceded with respect to its conjectures, business intention, prospects, pleased consumers, and contracts (Morse, 2016). Wesfarmers organized a project that is intended to explain the effectiveness of the companys sales force. The training incorporates sales training policy improvement and reassessment. The certified training is also provided in the domain of stores and frontier supervision. The sales process comprises variety of essential steps for attaining an efficient outcome. According to Mark Roberge, Running any business not including the sales process is same to steering in the dimmer area. The sales procedure procured by Wesfarmers is provided below. While acquiring the ERP software in various regions and enterprises, the software installation and updating concerns need to be taken into account. Nevertheless, technology adoption is not essential for installing the software. The modification in business executives leads to risk that should be managed inside the organization (Mayer, Melitz, and Ottaviano, 2014). The hazards encountered during the execution of ERP software are enlisted below: Projects administration mislay and software implementation adjournment Risks associated with information reliability, management, and process Price concerns and repeated modification Deficiency in the expertise to handle in-house business processes Conformity issues Lack of association in business objective, ERP execution, and organizational framework Detecting the counterfeits related to the ERP execution is a complicated process (Schaltegger, Etxeberria, and Ortas, 2017). But, the swindles in business operations can be managed by the deception investigators and examiners. Log is examined in order to detect the malevolent activities. The confronted frauds belong to different categories. And, transmitting the information and altering the information manually can create additional risk in the business process while installing the ERP. Adoption of Accounting Software Package in Wesfarmers While incorporating the accounting software in an organization, some dilemma is occurred in selecting between the existing accounting software and software that is opted by the enterprise. The contradiction mainly lies in the implementation cost of the accounting software that requires to be upgraded regularly (Yen, Hu and Li, 2015). The technology is evolving day by day so that the experts are encouraged to modify their subsisting software (Highmore, 2001). This leads to an enhanced performance in the business. Accounting software is also required to beat the competitors and to possess the competitive advantage. For adopting the accounting software, the organizations entire accounting system should be modified completely to match the system acquisition method with that of the organizational operation. Accounting software adoption also imparts the execution of already existing accounting software together with the cotemporary accounting software. More number of accounting software packages are espoused by various companies from various sectors (Leon, 2014). MYOB ERP is the accounting software implemented by Wesfarmers. Current Market Size of Wesfarmers The Wesfarmers organization is widely functioning in Australian country and contains marketplace availability in New Zealand. But the organization residing in New Zealand does not contain international presence and market availability. Business operating under the designation of Coles, Kmart, Bunnings, Target, etc. (Sorensen and Stanton, 2014) are functioned over many warehouses and departmental shops. In Ireland, the association has been quite recently initiated. For attaining long haul development in huge piece of the overall industry, the long haul systems are employed. The franked profit of 5.2% is another attribute for representing the share cost of Wesfarmers (Morawski, 2010). For beating the Woolworths organization, Wesfarmers has turned out to be the most distinctive organization in the Australian market. Various administrations and items are managed by Wesfarmers. Consequently, for working in various sorts of enterprises, this combination has been effective. The contenders who are giving intense rivalry to Wesfarmers include Metcash limited, Woolworths, and Caltex limited (Mas, Kolb, Paegelow, Olmedo and Houet, 2014). Even then, the alternate contenders have not yet arrived since the achievement of Wesfarmers lies in its business decisions. Nica (2013) noted that the flexibility nature of Wesfarmers allows them to work in various sorts of industry. The alternate contenders do not possess various clients acquired by the association. Wesfarmers bargain in different enterprises as opposed to the other pioneers in the market. The pioneers experience inconvenience of working in an assorted market (Sorensen and Stanton, 2014). Current gaps or challenges The accounting software MYOB ERP is utilized by the association for meeting the procurement framework strategy (Gollmann and Maurer, 2014). Moreover, majority of the association settling on across the board programming bundle utilizes the MYOB ERP for taking care of authoritative operation demand. Several organizations located in Australia broadly utilizes XERO, which is a new ERP program. The highlights provided by Xero is comparatively lower than the MYOB since it gives the upside of the main mover to the client (Hill, Jones and Schilling, 2014). The cost of XERO is comparatively lower than MYOB and comprises similar highlights like online help, application accessibility, and establishment program (Friesen, Eibach and Galinsky, 2014). To conclude with, the Wesfarmers are suggested to go for the change that introduces the XERO ERP as the accounting software. Reference: Friesen, J. P., Kay, A. C., Eibach, R. P., and Galinsky, A. D. (2014). Seeking structure in social organization: Compensatory control and the psychological advantages of hierarchy.Journal of Personality and SocialPsychology,106(4), 504. Gollmann, L., and Maurer, H. 2014. Theory and applications of optimal control problems with multiple time-delays.Journal of Industrial and Management Optimization, 10(2), 413-440. Highmore, B. (2001). Everyday life and cultural theory. New York: Routledge. Hill, C. W., Jones, G. R., and Schilling, M. A. (2014).Strategic management: theory: an integrated approach. Cengage Learning. Jin, J., Ji, P. and Gu, R., 2016. Identifying comparative customer requirements from product online reviews for competitor analysis.Engineering Applications of Artificial Intelligence,49, 61-80. Leon, A. (2014).Enterprise resource planning. McGraw-Hill Education. Mayer, T., Melitz, M. J., and Ottaviano, G. I. (2014). Market size, competition, and the product mix of exporters.The American Economic Review, 104(2), 490-540. Morawski, J. (2010). Social psychology a century ago. American Psychologist, 55, 427-431. Mas, J. F., Kolb, M., Paegelow, M., Olmedo, M. T. C., and Houet, T. 2014. Inductive pattern-based land use/cover change models: A comparison of four software packages.Environmental Modelling Software, 51, pp.94-111. Morse, J. M. 2016.Mixed method design: Principles and procedures. Routledge. Nica, E. (2013). Marketing implications of consumer behavior.Economics, Management and Financial Markets, 8(1), 124. Sorensen, L.J. and Stanton, N.A. (2013). Y is best: How Distributed Situational Awareness is mediated by organisational structure and correlated with task success.Safety science,56, 72-79. Schaltegger, S., Etxeberria, I. ., and Ortas, E. (2017). Innovating Corporate Accounting and Reporting for SustainabilityAttributes and Challenges.Sustainable Development, 25(2), 113-122. Yen, H. R., Hu, P. J. H., Hsu, S. H. Y., and Li, E. Y. (2015). A Multilevel Approach to Examine Employees Loyal Use of ERP Systems in Organizations.Journal of Management Information Systems, 32(4), 144-178. Young, S.Y., Castleberry, S.B. and Coleman, J.T. (2016). Advanced Selling: A Comprehensive Course Sales Project.American Journal of Business Education (Online),9(3), 119. Wesfarmers.com.au. (2017).Home. [online] Available at: https://www.wesfarmers.com.au/ [Accessed 24 Sep. 2017].