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Develop an information reference sheet that identifies and outlines the key features of the statutory requirements, codes of practice and any relevant organisational policies and procedures relating to accounting systems.
identify 4 different methods of data protection, and compare and contrast the chosen methods to determine their suitability for your workplace (or chosen workplace).
Develop a detailed procedure that outlines and describes the process to follow to records and store financial data in the accounting information system of your choice.
Identify the financial legislation that relates to taxable transactions and reporting requirements, and discuss the key features of that legislation.
An accounting system must be systematic and well-structured. It must facilitate compliance with the duty to provide information to the authorities.
The enterprise's accounting system must, as a minimum, meet the following requirements:
With the due passage of time, there have been various methods of data protection so that the organization can protect and avoid data loss. However, no protection is 100% accurate. The best four data protection methods are:
It is available from a very long period of time and is not an individual data protection system. There are standard and non-standard RAID levels. Different level of RAIDS functions in a different manner. RAID 0 offers no protection and is simply a booster of performance. RAID 1 and RAID 10 is a method of mirroring that helps to multiply drive in the array ((Barney & Ray, 2015). RAID 5, RAID 6, RAID 50 and RAID 60 stripe data that is available all over.
An erasure code helps in providing redundancy by splitting objects into smaller parts and storing at various places. The main attribute is that the data can be recovered from any combination of the fragments that are smaller in nature. Here, the data is split into mm fragments and then recording is done (Barney & Ray, 2015).
Data replication is enhancing with the due passage of time and among the best in the today’s storage products. In this method, it is easier to manage the copies of data in a cluster as compared to RAID. RAID involves a lot of overhead and hence, there is a strong urge of replication. In the method of replication, the data that is stored is configurable in nature. When the copies are more the protection of data is strong.
It requires a merge of encryption that is asymmetric, as well as symmetric in nature. It enhances the level of security, as well as performance. When there is a need to encrypt files with EPS then the user should contain an EFS certificate that can be utilized by an authority of Windows certification (Christensen & Bartman, 2016). The file of EFS can be opened by the user where the account is encrypted by them.
When it comes to the storage and recording of data, an AIS should contain a structure of database like a structured query language (SQL), a computer language that is used for databases. The AIS also requires many screens of input for various system purposes and various forms of data entry and even output of different nature that meets the requirements of various users and pertains to various type of information. The data present in the AIS relates to all the financial information that adheres to the business practice of the organization (Abbas et. al, 2011). The data that the business finances must finds its way into AIS. The data that is stored in the AIS rests on the business type and various other methods.
An accounting system should be systematic in nature and properly structured. It must ensure a compliance with the role to provide information to authorities. The statutory requirements are in regard to data collection that means all transactions and other accounting action must be meet for reporting process and should be registered. All transactions, as well as accounting actions, should be properly documented by vouchers. The vouchers need to be scanned to electronic format and should be disposed of once the backup is made. Moreover, the reports should be able to generate the list (Christensen et. al, 2016). The organization must have the requisite backup and manpower that will help in proper implementation. The process must be easy to use, precise and understandable in nature. The professional accountant must take into consideration qualitative, as well as quantitative factors while using the accounting information system. Hence, proper safeguards need to be introduced and specific rules must be taken into consideration.
A server is not needed when MYOB is used that is the situation when the software is used on a machine and installed on a drive
A server is not required if using MYOB software as a standalone (that is, where the software is used on one machine only and installed on the local hard drive). Please consult the Standalone section of the MYOB system requirements for further details. The software is tested when peer to peer network is utilized. The processor must be dual-core server and RAM should be 8GB or more. When it comes to optimal performance, the SQL server must be implanted and Microsoft exchange and other exchange can be installed on another server. It is important that SQL Express 2008 R2 32 bit is only supported and not backed up via MYOB AO (MYOB, 2017). However, the store size is directly linked to the volume of the electronic file.
The platform has been witnessed in many organizations and performs the function that stretches from scratch to regular function. Banks like Westpac, Commonwealth has used MYOB to enhance their accounting function and helps in enhancing the level of profitability, better decision making and helped to showcase a real-time view of the operations (MYOB, 2017).
The application of MYOB is in tune with the standards of the company and is done considering the objectives of the company. It exceeds the function of a store register. Keeping into consideration various laws it is implemented.
Initially, the banking system used to have a reliance on accounting software and packages that were feeble and could hardly provide the desired effect. The presence of online tools and orthodox methods used to be into implementation for the smooth conduct of the business. Going by the discussion, it can be said that the alternative system was less costly however, the functions were missing (David & David, 2016). The use of MYOB includes 50$ per month and $99 per month depending upon the free trial period (MYOB, 2017).
The old and orthodox system failed to find a place in the accounting system. The ATO complaint function is a huge attraction that means the system is following the code of conduct. The software work on an online mode, as well as the offline mode and the customers, can take notice even when the internet connection gets a slip. The MYOB is certified by a SuperStream solution that helps to remain well versed with the obligation and helps in working online along with a personnel for book keeping. All the criteria denote a strong presence and effective mechanism (MYOB, 2017).
System Acceptance
Preparation for system acceptance
Validation of data initialization and conversion – it is data validation result
TIER (Test, identify, Evaluate and react) – Acceptance of test results
Refine the materials that support
The main aim of system implementation is to consider all necessary steps to ensure that the upcoming system deployment, as well as transition happens effectively and smoothly.
In the case of implementation it is necessary to provide due emphasis to the consumer community.
Deploy system – the main aim of the deployed system is to consider all activities and ensure its availability to the consumers. It is the combination of efforts that were prior where all steps were considered such as deliverable, testing, development, etc.
Transition to performing – this helps in assuming responsibility and supporting the new software or system. In this scenario, the successful implementation of MYOB in the banking companies can be done with the help of proper rules and regulations drafted by the organization.
The implementation is done considering the level of requirement and such implementation is done by way of studying and evaluating the entire ambiance. If any problem arises then a contingent plan is kept so that the problem can be eliminated at the earliest. The implementation of MYOB is done considering the pros and cons and even the specific guidelines of the organization. The organization needs to adapt to the software and hence, the organization is studied accordingly (MYOB, 2017). The maintenance and recording of files are done as per the requirement and the ability of the software. To ensure this, the accountant or the employee needs to be well versed with the situation. Further, the performance can be ascertained by comparing it with the hand made the result, this will provide a glaring example of the comparison and helps in fulfilling the demand. Since it is banking software, it will help in the evaluation of taxation and various other liabilities. As it is accounting software it will perform functions to a greater extent.
Monitoring can be done if the parameters of the system are properly set and disclose all the rules and regulations. The data is feed into the system, however; back of data is kept so as to avoid any loss of data. Moreover, it helps in safeguarding the data. This will aid in decision making and helps to prepare the financial statements. The financial statements of this year should be compared with the previous one to understand the difference.
The information’s needed which is essential to prepare comprehensive specifications for accounting information system are the accurate accounting data’s so that appropriate financial results from the given accounting records and analysis are prepared, the necessary formats and grids through which accounting data’s are to be formatted. The latest updated version of accounting system being operated, the functions to be performed such as assembling, combining, authentication and other related resource data to be able to produce a detailed accounting information needed. It is important to review the features of any existing system and records to find out whether the system is operating at an efficient level or not, to see whether the system is up to date according to the competitive level, review is a must to detect problems arising from the current system and whether any alternative solution is needed or not to improve any problems arising due to use of the existing system.
The accepted principles that recording processes will need to be established according to ARMA International are Accountability Principle, Principle of Transparency, the Integrity Rule, Compliance Principle and Retention Rule. The features that would be needed to compare and measure against user requirement to enable the identification of alternative systems and solutions are the successful and unsuccessful level of operation of the system, the problems hindering the smooth operations of the business due to establishment of a particular system, the extent the system is user friendly or not, whether the system is matching the goal set, the efficiency of the system actually efficient or not with the user to achieve the targeted results.
The information’s to be included in a documented cost-benefit analysis are the providing accurate accountability to the organizations for a better decision-making process, to highlight any uncertainty involved in choosing a particular policy. The method to be used to reduce cost burden from the organization, measurement of the life cycle cost involved, any hidden cost or intangible benefits occurring.Provide ways to improve the quality of the products.
The requirements to ensure compliance when testing the system in its operational system are to ensure that proper control and disciplines have been elaborately written and maintained for malware or ill practice of system as and when it occurs, which will control the compliance measures, to ensure good quality guarantee in the system for maintaining records and equally capable of demonstrating compliance with the current norms associated with it. The system for documentation should have been fed with all the steps of the life cycle correct methods used for measurement and reporting
The information’s that should be included in formal written confirmations from users about the new system are written description of the new system allocated to them for operating, confirming its advantages and disadvantages in operating the system, any alteration that is needed for the improvement of the new system and makes it more user friendly.
The things to be considered when thoroughly and accurately preparing system supporting documents are the to consider the end users for whom the system documentation is being prepared, try to put in demos and pictures in the documentation prepared for better understanding of users, it should be detailed written with step to step instruction in a manuals that people by reading can be able to make out how to operate it, while testing the system supporting documentation prepare a document that would anticipate the problems and would work around and provide it to users and also provide a helpdesk.
The system documentation can be stored in various channel file, official arch files if it has to be stored physically to make it accessible to the staff and if it has to be stored electronically then a particular folder in the drive whose backup has been safely kept in a separate cd or DVD and thereafter that folder can be made accessible to staff for their future reference’s on system documentation.
The steps that are required for the implementation of the system, in accordance with specified guidelines and timelines are chalking out of a strategic planning for the implementation, reviewing the procedure to be followed ,collecting data for concrete establishment of the system, training of employees to new version of the system also testing the system effectiveness and evaluating the system.
To deal with any potential delays or problems is to start any project or assignment with a deadline to be anyhow completed, always keep a backup of everything and expect unexpected to happen to avoid any unnoticed problems occurring, always identify alternative plans in case of delay or failure of one plan, communicate with seniors or higher officials and work according to their guidance as much experienced persons have solutions to every problem (Mehdi, 2006).
The benefits of regularly updating systems and records are that since the business and organization run is not fixed and keeps on changing its functions with time similarly our systems and record keeping method should also be updated to level the functions otherwise a back dated system can cause hindrance to the operation of the organisations. Regularly updating ensures that the organisations are keeping a check on the needs and purpose in every regular interval of time which strengthen the weaker part of the organisations operation s paving way to level the competitive nature of economic market.
The discrepancies that can be identified and also remedied throughout the maintenance of files within organisational and statutory requirements are inaccurate data transactions which means that if proper bills record are not maintained maximum possibilities are there that incorrect data can be entered, if proper files are not maintained the bank reconciliation will never match which would create problem in financial accounting. A delayed payment of bills or debtors arrives if proper files are not maintained as well as vice versa happens if proper bill files are maintained.
An integrity report should be run to ensure the integrity of systems and records which comply with all organisational and statutory requirements whenever there is any alteration or change in records or even removal or destruction of any records, when any change in security measures have been done or any unauthorised access to the recorded data has to be detected (Basta et. al, 2013).
The transactions that will need to be monitored to identify taxation and other liabilities are the register of properties their sale and purchase exceeding beyond a certain limit and the limit varies from country to country, the receipt of cash valuing more than the limit prescribed by professionals through sale of any goods and services, cash deposited in banks beyond the prescribed limit in a financial year, opening of current account and dealing in transactions beyond a limit in a given period of time (Basta et. al, 2013).
The information required for analyzing and accounting for transactions relation to a specific accounting period which means a range of rime in which all the accounting transactions of that period is recorded ,tallied and summarised then a balance sheet and cash flow is prepared. The information needed will be all the revenue and expenses done relating to every transactions, purchase and sales bill, ledger entries, various taxes paid.
The methods to be used to communicate and promote the processes for recording and classifying transactions, to support internal verification which means a verification of the quality if the records maintained in an organization, whether the accuracy and proper systematic way are followed or not. The methods are the validity of the assessment of the instrument or the way used is appropriate or not, the second method arranging the registers or the computerized records maintained transaction wise, keeping a check on all the transactions done, meetings made (Abbas et. al, 2011).
The two methods that can be used to maintain back-ups in an accessible location to safeguard the data in accordance with the requirements of the organisation and auditors are maintaining two backups of all data on separate hardware’s all times, the main documents required mainly all the time by the organisation or for verification by auditors should be burnt to cd or DVD to protect as backup against any malware and sloe keep issues (Abbas et. al, 2011). The accounting records to be checked by auditors can be also simultaneously taken in pen drive as a backup method.
The sources needed for input data or documentation in order to check the accuracy and reliability systematically are honesty and integrity among all the employees who have the responsibility of maintaining data, management should adopt data goals to be accurate they should make the employees understand the goals for data entry system, Preventing of overloading the data team with too much burden which results in inaccuracy of performance, Management team should always take a review and keep a check on the system of data input. Create such system’s which can detect instant errors so that if during the input of data any mistakes arise there can be an instant reminder of entering a mistaken or inaccurate data (Layton, 2017). Keep a check on the source od data provided be it internal or external as wrong value and incorrect database may result in generating inaccurate final documentation
It is important to analyze the established reporting requirements on a regular basis in order to understand in detail and keep a check on the business performance caused through reporting information. It is necessary to answer on a regular basis the queries arising through reporting about the business from its end users. It guides the company as to why these queries are raised and help in recommending the solution about the problems.
The information needed to maintain in order to support source documentation is the paperwork even maintain in log sheets or worksheets which contains the detail of all transactions such as transactions date, brief description of the transaction, name and identity of persons involved in that transaction and other relevant important information needed for maintaining that source of transaction or documentation (Layton, 2017).
The two main considerations that apply in handling of financial reconstruction is Fraud in Financial Reports which means that the company manages to provide misleading and incorrect financial reports with the means to misguide the investors and increase the share prices of the company, which harms the investors and breaks their trust and it even harms the company itself in the long run. The second ethical consideration to be kept in mind is the Incorrect and Misappropriation of assets of the company which means that the company employees be at any level misappropriates with the assets be it stealing of the company’s assets for personal use or doing personal expenses and taking the money from business account both is considered unethical behaviour (Carroll, 2014).
A budget in the business world refers to a preparation of a formal statement of the specific amount of financial resources or investment which is kept intact to meet the expenses for carrying out specific business activities of an organization for a period of time. The key principles and practices of budgetary control are to be always cautious and not optimistic as in a budget should be prepared always in a rule to underestimate the income to be gained and overestimate the expenses to be made. Therefore in accounting systems there will always be an insertion of a head known as contingencies which will provide a more secure backup for planning the budgeting of an organisation The other principle of preparing a budget is to have an intact documentation preparation as based on these documents and papers the other accounting department who may not have the appropriate knowledge of preparing budgets can understand the working leading to a much smoother operation and it can avail transparency to all other concerned people.
Abbas, H, Magnusson, C, Yngstrom, L & Hemani, A 2011, ‘Addressing dynamic issues in information security management’, Information Management & Computer Security vol. 19, no. 1, pp. 5–24
Barney, J. & Ray, G 2015, ‘How information technology resources can provide a competitive advantage in customer service’, Planning for Information Systems, vol.3, no. 2, pp.444-460.
Basta, A, Basta, N & Brown, M 2013, Computer security and penetration testing, Cengage Learning.
Carroll, J.M 2014, Computer security, Butterworth-Heinemann.
Christensen, C.M., Bartman, T. & Van B, D 2016, ‘The hard truth about business model innovation’, MIT Sloan Management Review, vol.58, no.1, p.31.
Layton, T.P 2007, Information Security: Design, Implementation, Measurement, and Compliance, Boca Raton, FL: Auerbach publications.
Mehdi, K.P 2006, Emerging Trends and Challenges in Information Technology, Management. Idea Group.
MYOB 2017, MYOB System Requirements, viewed May 2016 https://www.myob.com/au/accountants-and-partners/support/minimum-system-requirements.
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