Cooperative Active Learning Methods †Free Samples to Students

Question: Discuss about the Cooperative Active Learning Methods. Answer: Introduction: The financial activities of organizations are tracked in a systematic manner using system of accounting information. It has been recognized that environment at in which modern business operates is complex and faces tough competitions. In light of complexities and competitive environment, it is required by modern organizations to employ and adopt various types of advance technologies that would help them in remaining competitive and sustaining their business. In present accounting report, the need of effective accounting system for firm B bakery has been analyzed and identified. As per case study, it was ascertained that products of Bakery Ltd were not produced at competitive prices. The firm followed a manual form of accounting system and Bakery firm did not yet adopt automated accounting software (Aidoo-Buameh, 2015). Furthermore, report will demonstrate different forms of accounting software and encompass suggestions to firm for adoption of technology suiting the produce capacity o f firm. B Bakery is a firm that is engaged in different forms of breads and cakes using heated utensil known as baker. Products sold by bakery is flour based and they might sell or serve goods to consumers who wish to consume. Wide ranges of activities are carried out by business of B Bakery and this comprised of followings acts listed below: Distributing products is another business activity of B bakery and they are engaged in this activity for over fifty years. Supplying of confectionary products and breads are main business activities and products are distributed to supermarkets, pub chains and different types of business. Various forms of bakery products are produced by firm include confectionary products and bread. It is engaged in manufacturing the bakery products or items. One of the factor that act is unique selling proposition of B bakery is that while manufacturing products, firm places importance on health related factors (Jones, 2014). The business process of B bakery is carried out manually and this is regarded as one of major shortcomings in their operation. Financial statements of each year is produced by accountants and records transactions. However, this has created inefficiency in carrying out business operations. Manual process of recording transactions and activities of accounting rather than employment of technical accounting software has forced them to switch to some latest technology (Boulianne, 2014). B Bakery has failed to adopt any appropriate ERP system or process that would assist them in running their business efficiently. Lack of efficacy in human resource management Around seventy employees are employed by B bakery and recording of their monthly salaries are done manually. Employees of firm has been affected to large extent due to lack of proper accounting system or it can be said that due to inexistence of accounting department employing accounting software. Sales revenue of B bakery is continuously increasing and hence it can be said that bakery has a good turnover. In this regard, organization is successful. Nonetheless, in near future due to lack of any proper accounting system, business process of organization would suffer. Therefore, in order to efficiently run business and to smoothly continue business in long-term, suggestions to business process are made. Appropriately analyzing the costs related with different outflow and inflow activities: It is required by organization to make classification of different types of activities in production and manufacturing process, this is so because B bakery is a growing organization that required classification of different costs. For organization to sustain in near future in light of competitive environment, operating costs should be minimized. Employment of automated accounting software would assist organization in reducing cost of production and operating costs. Employing automated accounting software lading to proper pay roll structure In the current scenario as depicted from case study, it is ascertained that for providing salaries to employees, organization relies on manual structure of pay roll. B bakery is a growing firm and therefore, they should have an automated pay roll structure for crediting employees salaries. Deciding upon products appropriate market value: Market value is required to be determined by organization when it comes to adopt suitable accounting system. They are needed to analyze the price of accounting software. Liability of taxation on B Bakery regarding their taxation should also be determined. Organizations are required to publish their financial statements annually or semiannually to their stakeholders. Business process of organization are able to be identified with the help of financial declarations made in annual reports and they are indispensable part and cannot be prevented. It is essential on part of organization to determine production cost and cost of goods sold by employing effective process. This comprise of determining raw material costs, work in progress and finished goods. If B bakery continues to carry out their operations using manual process, it is not possible on part of organization to carry out business activities. Firm would achieve several positive outcomes if they adopt above-mentioned process of business. All these outcomes are as follows: Successful adoption of automated accounting software by B Bakery would contribute in reducing and controlling operating costs. Controlling variable costs would be effective by enabling management to employ the automated system, as they will be able to determine highest and least producing unit. Furthermore, adopting the automated system would make the cost management effective. Production units of organization would be minimized using the automated system and this will assist firm in lowering their operating coats. Organizations are able to determine estimated loss and profits associated with selling products by employing proper accounting software. Supply and demand of their bakery products are analyzed with the implementation of automated business process. Firms minimize total amount or value of stocks that are not used by employing production process (Jones, 2014). If B Bakery is able to employ inevitable business process resulting from business, process and they can attain above listed outcomes. Effective preparation of financial statements With the help of adopting the automated accounting software, firm would be able to publish error free and effective financial statements. Proper depiction of financial declaration will help organization in analyzing the trend of their financial performance over five years. In addition to this, it will assist organization in planning their business activities. With the employment of this technique, organization would be able to estimate cost of production or cost of sales per unit. It would make organization capable of deciding upon pricing strategies for both long-term and short-term. This will help bakery in forecasting the sales and thereby value of revenue. Using the suitable pricing strategy would help organization to appropriately their goods produced and this would positively influence profit figures. Various types of accounting system are required by organizations such as bakery firms and such requirement can take several forms. Such requirements can be effective analysis of financial statements that is performed in proper manner. Moreover, another requirement can be documenting various forms of records of customers, suppliers, creditors and debtors. In an attempt to properly record financial transactions of bakery firm, it is essential to have different forms of accounting software. There are various types of accounting software that can be adopted by organization such as DacEasy and MYOB. All the mentioned are basic software that can be employed by organization as in current scenario, they do not have any accounting software. Adoption of this basic accounting software would help them in sustaining their business and continuity as going concern. Track of daily transactions are kept using the given accounting software. Adoption of appropriate accounting software will be secured by organization after having proper analysis and this will help in accessing internal system of organization (Dillard et al., 2016). Comparing Documentation of different kind of records Business carrying their organizations on large scale and small scale are engaged in performing various kind of transactions that are mostly accounting transactions. However, all types of transactions are considered equally importance. Therefore, firms requires adoption of effective accounting software that would take into account all the transactions. Moreover, for measuring and comparing financial performance of organizations over particular time, it is required by management to make the comparison of financial transactions. For measuring the performance, organizations are required to compare their financial indicators with their competitors. It is also essential on part of bakery to have proper recording of transactions related to debtors, creditors, suppliers, accounts payable and distributors. Due to all the reasons mentioned above, it is crucial on part of organization to have an automated accounting system that would ease the transactions recording (Mancini et al., 2014). With increase in competitiveness between organizations, more of them are being shifted to online platform for dealing with accounting transactions. Concerning this, it becomes essential to bakery firms to implement and adopt system that would ease the transactions system when it comes to receiving payment from vendors and making payment to suppliers. For enabling organizations management to take fast and prompt action, they are required to have proper knowledge about financials that would assist them in decision-making. Inventory process of bakery firm should be seamless, as this will positively influence firms growth (Belfo Trigo, 2013). Furthermore, for preventing information to be leaked to third parties, there should be adoption of information security system within organization. Growing organization such as B bakery should make the analysis of their operating and total costs regularly and this would be assisted by implementing effective and automated accounting system software. Preparing effective cost sheets report is an essential part of accounting transactions as organization would receive assistance in presenting accounting records in front of vendors. Cost sheets would also include total costs incurred by organization in carrying their operating activities and this would involve salaries paid to their employees (Charron Raschke, 2014). When it comes to selecting accounting software, they have various and specific requirements for meeting their long-term and short-term objectives. Selecting proper accounting software For small-scale organizations or organizations, witnessing growth and selection of software is regarded as challenging decisions for them. Several features are offered by such accounting software packages. However, it can be confusing for organizations to select appropriate accounting software. Organizations would be assisted in their decision making process by sticking to specified budget, setting timeline and soliciting employees. In order for organization to implement effective accounting software, small-scale organizations faces biggest challenges. Current needs of business would be served by selecting right accounting packages that can be easily adopted for meeting future needs of business. Accounting software are well equipped with several features like personal accounting spreadsheet, net wealth monitor, charts, budget planner, automatic updates, categorization of rapid file and they are embedded with such features (Riley Ward, 2015). Adoption of accounting software should be done based on organizations business process. Therefore, B Bakery depending upon their business process should adopt different types of accounting software. Three types of accounting software are currently available to B Bakery and they are listed below: SAP MYOB DacEasy Softwares mentioned value have unique and specialized features. Depending upon requirement, B Bakery cam employ software that are suitable and compatible with their business process. Accounting Software selection suiting B Bakery business process For the purpose of recording complex transactions, it is crucial for firms to implement high end accounting software that takes into account different accounting process. Such high-end accounting software are preferably used by big and large multinationals. High end accounting system helps in recording of complex transactions as they incorporate advanced information technology. Outcomes of such accounting software are of essentially important to organization. This is the reason attributable to fact that installation of such accounting software incurs huge amount of costs. Small and medium scale enterprises do not afford employment of such software due to higher costs and additional requirement of human resources. Embracing software suite forms the part of complex and expensive business accounting applications. Implementation suite of such software are quite high compared to low end and medium end accounting software (Broida Flora, 2015). Certain process of organization are supported by design of such software. According to needs of business, such high-end software can be customized. Low-end accounting software are used by small business primarily for the purpose of handling payroll, generating invoices and merging several accounts. Scalability and reliability are the advanced version of low-end software. Modules incorporated in software includes financial reporting, customer relationship management, e commerce and payroll. Organizations involves lower business transactions and not having complex business process relies on using low end accounting software. Professionals like doctors mostly use this type of accounting software, teachers and lawyers as their accounting transactions are fewer. This kind of accounting software is not capable of handling complex transactions and they do have any proper structure. Small-scale firms generally rely on this low end accounting software. Low end software are typically designed for small scale business and they can be purchased from major retailers and they are purchased off the shelf software. However, such types of software can be used across wide spectrum of business and does not relate to any particular or vertical market. Such software records basic accounting functions and records accounting transactions that occurs within functional areas such as payroll, accounts payable, trail balance and accounts payable (Galliers Leidner, 2014). Such software works as accounting information system. However, implementation of such software can be a challenging decision for small-scale enterprises. Medium end accounting softwares helps in meeting basic accounting and financial transactions requirement. Implementation of such software by organization would help in meting all primary requirements. It is ascertained that profit making entities and small-scale enterprise employ this type of software that helps in recording their daily business transactions along with preparing financial reports. Organization using double entry accounting system opines for installation of medium end accounting software. Various business accounting functions are widely performed by implementation of such software. Application of such software are incorporated with organizations management information system, databases and reporting tools. Furthermore, various business application are involved in suing such software that helps firms to maintain national accounting standards needs. Therefore, it is recommended for growing and profit making entities to employ such accounting software. Therefore, in orde r to improve business operations of B bakery, they can employ any medium end accounting software as per analysis. Contrasting and comparing functionalities of accounting software packages: There are few accounting software packages that can be adopted by B Bakery and they can opt for either, MYOB, DacEasy and SAP. Therefore, for selecting proper software package, it is essential to make comparison between the discussed accounting software. Several elements forms the basis of comparison of the accounting software and this involves payment related structure, documentation of recording, sundry creditors and debtors, sustainability and risks, scheduling of time and complexities (Trigo et al., 2014). Factors that differentiates tow accounting software packages are depicted in diagram below. Implementation costs of these software ranges from medium to low. Multiple version software are costly compared to single version software. Therefore, implementation of such software for running operating activities is completely dependent upon particular organization. In order to find essential information on screen, DacEasy is considered suitable as it make use of index. On other hand, recording adequate number of data is performed by MYOB implementation. Employment of this particular software would assist organization in transaction recording in quick manner. This is because when an input is raised in software, a button is presented in every page of software. In terms of employees payment related structure, there exists a differentiating factor between DacEasy and MYOB. Total tax amount that is liable to be paid by firm is classified using this software and there can be direct deposit of salaries. For automatic reconciling bank statements, application of Xero software is essential. MYOB on other hand, various alternatives are created by software for managing status of tax and employees salaries. Depending upon users capability, it can be said that all software are sustainable and free from errors. Therefore, for handling software implementation, it is required by Bakery management to specialize them. Organizations having simple operational process make use of DacEasy and due to toolbar presentation, there are drawbacks associated with this software. Reports can be produced on timely basis using this. People having basic bookkeeping and accounting knowledge are capable of operating this software and MYON is extremely simple to operate. When it comes to billing of its suppliers and creditors, e payments and e receipts are provided by MYOB. Implementation of DacEasy software helps in calculating purchase order quotes and printing of cheques. When it comes to creditors, Xero helps in arranging claims expenses and creating purchase order. Operations of Xero is flexible and they advanced on third part payrolls. Small scale business are provide free training using the implementation of this software. On other hand, DacEasy is relatively inflexible and they are capable of generating around fifty reports. MYOB on other hand are capable of generating more than one seventy-five reports at a time and they are regarded as extremely flexible. Such reports assist accountants in preparing and tracking data of customers, suppliers, transactions relating to third parties and customers. Selecting most suitable vendors: The business corporation B Bakery has the need to choose a suitable accounting package that can serve the overall purpose for undertaking diverse operations of the corporation. As they are a family owned corporation, for that reason, they cannot afford to bear higher costs to put into practice an accounting package. Besides this, the chosen accounting package also need to be uncomplicated so that it can be applied in a successful way. Founded on the above components, it can be hereby concluded that both XERO as well as MYOB is fitting for the corporation. Nevertheless, management of the corporation can opt for MYOB since it has the ability to create broad range of reports that is apt for their business functionalities. Moreover, MYOB deals with different credit dealings in addition to other operations. Again, as the corporation B Bakery is also engaged in the process of distribution, therefore, the credit function can also suit the technique of business functions. Besides this, these aspects of business functionalities are not available when it comes to other software such as DacEasy as well as XERO. Again, a two line of transfer facility is made available for the software MYOB and this characteristic is also not present in any other software. Even if, XERO can enumerate computerized bank reconciliation assertions, MYOB aids in enumeration of cost of inventory with the help of both LIFO as well as FIFO mechanisms. This category of function evaluation is not there in XERO. Again, XERO is dedicated on particularly accounts payable as well as accounts receivable dealings. In addition to this, with the assistance of large number of assertions or important reports that essentially MYOB generates, the business entity B Bakery can effortlessly go one-step ahead in terms of business functionalities (Aleqab et al., 2015). Thus, it can be said that the level of security of the corporation might improve with proper execution of the software. However, systematic informatio n can be developed with the assistance of MYOB and appropriate transmission of data can be appropriately carried out. Conclusion It is essential for every business to take their operations at next level and to make their business successful, organization are required to have proper implementation of accounting system software. Operations of B Bakery would be useful and they can run their operations efficiently by implementing the accounting software MYOB. Implementation of such software help in improving information security of organization and by enabling access of customer invoices. Analysis of various reports of vendors and implementation of effective distribution and pricing strategies based on results obtained. Installation of appropriate accounting system software will facilitates growth and development of firms. Furthermore, sales and profit margin would also escalated by employment of accounting software. Several benefits would be provided to B bakery by employment of accounting software in relation to accuracy, speed, tax, costs and reports of various parties associated within organizations. Accuracy of financial and accounting records can be improved with the installation of MYOB software as it assist in elimination ad educing human errors in calculation. Compared to manual processing, business are able to process their accounts using accounting software. Each entries are automatically done by configuration process. overall reduction of operating costs if business is reduced by adopting such software as they can do more in a given time. There will be reduction of overall administration costs and further reducing payrolls of accounting departments. Furthermore, MYOB software would assist management in providing timely and accurate information to staff members using platform of accounting software. Built in reporting module in accounting system would assist management in timely reporting and preparing financial reports. References: Aidoo-Buameh, J. (2015). Accounting Information Systems. Aleqab, M. M. A., Nurunnabi, M., Adel, D. (2015). 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