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In the words of Kabir et.al, (2015), accounting software are the systems and applications which are used to manage the accounting in the business. The accounting software functions to make the work easier and provide quick working to the business. Accounting software help in gaining the advantage of completing the work properly without problems and also helps in overcoming the problems (Kabir et.al, 2015). The software which is taken into account is the Intuit QuickBooks which helps the company in accounting and preparing the correct books. The important aspects of this report are improving the information system and to understand the different accounting software which helps in improving the information software systems and understanding the impact of the use of accounting software in the business. The business nowadays working in the needs to work on the accounting software so as to provide easy and quick working and operations of business.
Steckel (2011), views that to operate the businesses of the organization in the effective and efficient manner it is very important to use the various accounting software. The accounting software enables the business to easily deal with the regular business functions and operations easily and effectively. The QuickBooks software is mainly designed for the small business and running their business and regular or daily functions of the business. The small business is the major customers of the QuickBooks software. This is one of the largest software in the world which are used by the small businesses. The recorded data depicted the use of this software is about 3.7 million businesses having the market share of 94.2%. QuickBooks software stores data, financial data, and information (Steckel, 2011). The QuickBooks software shares the accuracy in the data and secured data. The QuickBooks software is the data which includes the various aspects of the accounting information of the small businesses. Steckel (2011), also provide that this is owned, developed and marketed by Intuit. The small, medium size business are the major users of this software. This software helps in accepting the business payments, payroll functions, management and payment of bills. QuickBooks software offers cloud services with the use of QuickBooks online. For this, the monthly subscription of the company and their access is easy with the help of any web browser. This software also provides the continuous updates to the software. The QuickBooks software is the leading software which has the most subscribers with 624000. If the comparison between the QuickBooks software and Xero software is done it has less subscriber than QuickBooks software. The cloud version of the software is different and cannot be run on the desktop versions. It eliminates the cash register and provides easy access and quick transactions (Steckel, 2011).
The history of QuickBooks software has the various different aspects which are required to be understood. According to Russell (2013), the QuickBooks software 2010 and before that faced the problem that the company was printing it in the PDF driver which is highly sensitive for operating the issues. These have the problems in operating the 64-bit computers. There were many problems with PDF drivers which were fixed for these versions of QuickBooks software. Microsoft windows installed in the computers provide these errors which were not in a control of the software (Russell, 2013).
Russell (2013) also said that In QuickBooks software 2011, for improving the older approach that Intuit adopted and faced so many issues related to it, the company shifted to the new approach. This new approach enables the program to send the data to the MS XPS document writer which sends the data to the company to change the document in the PDF format. This burden is shifted from the company to the MS Driver (Russell, 2013). The problems with the windows provide were eliminated or minimized with the help of these approaches and smooth working has started.
In QuickBooks software 2013, the most of the confusing things happened. The two drivers are PDF driver and ABS PDF, driver. These two drivers confused the world. The confusion created is the issue in the history of QuickBooks software (Russell, 2013).
Development and Adoption
In the opinion of Lim and Perrin (2014), the development and adoption of the QuickBooks software is the important aspect to understand. The business software is important which helps the organizations and small business to regulate their daily transactions. The transactions which are used by the business for the continuous purpose needs the important business software for accounting to manage the transactions of the company. For the easy and quick working or operations of the organization, the business should install the accounting software. This software also provides the accurate data and correct information (Lim and Perrin, 2014). The innovation in the QuickBooks software is the development which has been done by the Intuit. The different features of innovation showing the various development have increased the demand for the QuickBooks software. The various innovative steps which are introduced to QuickBooks software are that it has the access to remote capabilities, remote access of payrolls well as outsourcing. The QuickBooks software provides the electronic functioning as well as online banking. Integrated Google maps. The innovative step of time tracking options is also available. The various innovative and developed steps of QuickBooks software has increased the software’s value (Lim and Perrin, 2014).
Lim and Perrin (2014), also explained that the adoption of business reporting or business accounting software is based on its relative advantages. The advantages of QuickBooks software helped in the adoption of the software. The QuickBooks software also improves the chances of adoption by measuring its compatibility and complexity. The compatible and complex nature of the QuickBooks software affected the adoption of the software. The trial ability and observe the ability of the QuickBooks software as well as quality, cost also matters (Lim and Perrin 2014).
Current market size
According to Steckel (2011), the Current market size of the QuickBooks software is 94.2 % which is much higher than the other software. The QuickBooks software is the leading software according to the market share of this software. The major benefit to the company of being such a high market size of the QuickBooks software is very effective and efficient. Other software like Xero, MYOB has the leading strategies and are the huge competitors of QuickBooks software.
Leaders in the market and their competitive advantage
As per Alli (2013), the leading software in the Australian market is the Xero software. This software has the biggest network which provides the companies and business huge opportunity to develop. The Xero software provides the business great help in improving the business transactions and operation effectively. The various aspects of the organization depend on the software they use. The Xero software provides the complete accounting management of the books of accounts in an organization. Xero software is the biggest software which helps the business functions and makes them easy. From inventory management to invoicing the business functions are properly managed by the Xero software (Alli, 2013). The monthly subscription facility is provided to the businesses according to their need. The competitive advantage that Xero software has are the automated daily bank feeds are provided by the Xero software. This also helps in being available anytime online from any part of the world. This helps in providing the company with the benefit of accessing the software anytime the person is online from anywhere in the world. Invoicing is the competitive advantage of the Xero software. It does not need the installation and IT maintenance which provides the benefit of competition. The dashboard of the Xero software enables to provide clear information of the financial data of the company (Alli, 2013).
Some of the disadvantages of Xero software are that it has the ongoing monthly fee which provides the company and the business has to pay the monthly subscription fee which proved as a burden. The Xero software is only secured if the company has the secured passwords. These are otherwise accessible by any other person. The speed and the quality connection is required to run the Xero software this makes the problem more big as sometimes the internet access is not working properly it stops the transactions (Erturk and Fail, 2015).
Recommendations and Suggestions
The QuickBooks software is the improved and very effective accounting software which helps the organization in managing the transactions of the business. The daily transactions of the business are very effectively managed by the QuickBooks software. For leading the market of Australia in the accounting software it is needed to meet the compliances. The various aspects of the QuickBooks software can be improved such as more transparency, easily accessible anywhere, improved data management, clear information of the organizational data. The QuickBooks software is one of the biggest Australian software for small business and has the scope of leading the market.
Alli, 2013, “Top 5 Benefits of Xero – Accounting Software in the Cloud”, Motivating Mum.
Erturk, E. and Fail, D., 2015, “Information technology in New Zealand: Review of emerging social trends, current issues, and policies”. arXiv preprint arXiv:
Kabir, M. R., Rahman, M., Yunus, M. and Chowdhury, A., 2015, “Applications of Accounting Software: An Empirical Study on the Private Universities of Bangladesh”, World Review of Business Research, Vol. 5. No. 1, Pp. 72 – 85.
Lim N., and Perrin B., 2014, “Standard Business Reporting in Australia: Past, Present, and Future”, Australasian Journal of Information Systems, Volume 18 Number 3.
Russell, C., 2013, “Digging In To QuickBooks PDF Issues”, Accountex Report.
Steckel, A. J., 2011, “Analysis of QuickBooks internal control utilization”, Honors Program Theses, paper 5.