The Australian Companies The Accounting Practices

Question: Describe about The Australian Companies for The Accounting Practices. Answer: Introduction: The Australian companies of the present era have undergone a huge change in terms of their accounting practices. In the earlier times we see that the various accounts related tasks such as creation of invoices, bills, setting of accounts, bill payment recording, banking transactions etc were tasks that were mainly carried out on the dint of manual capacity of the employees of the company. The employees used to carry out all the tasks by themselves. However this was a phenomenon that did expose the companies to making errors in their accounting functions. Likewise we see that this was a feature that did have an effect on the operational caliber of the company, hence in the current age we see that the commercial enterprises of Australia are showing a greater affinity to the aspect of adoption of various accounting packages so that their accounts and finance related tasks could be carried out faster, easier and with a much lesser index of mistakes in their regular tasks(Aasb, 2015). Some of the very popular software accounting packages to be used in Australia are that of Reckon Accounting, Saasu and that of MYOB. In the following part of the discussion we shall give a detailed account of the companies, their services and also their market shares. The discussion will finally end with a comparison between the various brands and the final recommendation on their usage and applications(Aasb, 2016). Reckon Accounting: About the Company: Reckon is an accounting software package that is used by the small and medium businesses and also by the individual users. This is a cloud and desktop based accounting software that can be used to make the accounting related operations simple, error free and fast. The company has its offices in Australia, UK, New Zealand and in the US. There are nearly 600,000 companies who are making use of this brand. The company was established in the year 1987 by Greg Wilkinson who was the CEO of the company till the year 2006(Reckon, 2016). Products: The company is into making of accounting software packages that helps to operate on functions such as the creation of ledgers, bills, invoices and also for accounting on a daily basis. This is a software package that is being used for general bookkeeping purposes in various companies of Australia. Market Share: The company did get into a collaboration with the company Intuit with the help of which the company did once again re-launch its product of Quicken. However in the current times the brand has a total market share of 5% as top three on line software accounting package services. The brand was reported to have a loss of 14% in the year 2015(Swan, 2016). Acquisitions: The only notable acquisition would be that of getting into collaboration with Intuit for Quicken re-launch. Saasu: About the Company: Saasu is an Australian company that deals into the genre of online accounting software. The company is into the facet of distribution that uses the software in the form of a service model. The company was founded in the year 2000 by Marc Lehmann and his partner Grant Young. The company that has begun as a safe project and now gets award of BUSINESS IN THE YER 2006. The business was initially established to create automation in the genre of commercial business(Saasu, 2016). Products: The brand has developed an entire host of accounting packages that would be used for the various accounting tasks such as aerating records on purchasing, payroll management, sales invoices, billing of the customers and also CRM. Market Share: The product of Saasu is competing with some of the biggest names in the market of accounting software in the Australian context. In such situation we see that the market incubation happens to be a competitive one for Saasu. However the products of the brand needs improvement in various places and also that some of the products are quite good. They are still building their position in the market(Digitalfirst, 2015). Acquisitions or strategic alliance: Recognizant did enter into partnerships with various other companies such as the OzForex which is an Australian online foreign exchange company and also the noted brand of PayPal. In the year 2015 Saasu also entered into a partnership with Westpac. All these were partnerships and not really 100% acquisition.. They were done for product development and launch. MYOB: About the Company: Mind Your Own Business is a company that is an Australian concern which is also a multinational corporation. The company is a firm that deals into the tax, and other accounts related functions. This is a business that deals with the various types of small and medium business concerns. The company was founded in the era of the 1980s by Christopher Lee and also a team of developers at Teleware Inc. They developed the accounting software Teleware that was bought by the renowned company Best Software Inc. In the year 1993 the company Data tech Software happened to be the Australian republished of the various products that were developed by MYOB. In the year 1997 the company entered into an agreement of Besta Software and the rights of the intellectual properties were bought. In the year 2008 MYOB s a company did stop its all other operations other than the ones that did happen to be occurring in Australia and New Zealand(James, 2013). Products: MYOB has a large array of business products that are subscription based product and browser based products. All of them happen to be accounting based products. They were released in the year 2010 in August. In 2012 the company did release its Account Right Live that happens to be the cloud enabled version of its flagship item. Market Share: The company has a very large array of market share. In fact it is one of the most sought after accounting software companies that happens to be operating in the various companies of Australia. In this context we see that the company through its large array of acquisitions has secured a very dominant position in the country of Australia and also in the markets of New Zealand(Reckon, 2016). Acquisitions: The various mergers and Acquisitions that happened for MYOB are as follows: Acquired by Bain Capital in Sept 2011 ilisys on 28 February 2008 divested 5 August 2013 Comacc Limited on 1 August 2006 Conto Ltd and JumpStart Computer Accounting and Trainers Ltd on 31 January 2006 NZA Gold Limited on 5 March 2003 SeaSoft Computer Services Sdn Bhd on 9 October 2000 Blue Tongue Technology Pty Ltd on 11 October 1999 Smartyhost on 20 August 2008 divested 5 August 2013 Exonet on 5 January 2003 Macquarie Outsource Pty Ltd and Macquarie Outsource Sdn Bhd on 30 March 2006 Solution 6 Holdings on 29 March 2004 Rorquals Business Solutions Limited on 23 November 2000 Professional Tools (NZ) Ltd on 30 November 1999 CA Systems on 27 September 1999 The above list provides some of the most impressive images of the position of the company in the domain of the Australian and the New Zealand market. Comparing the three companies: All the three companies that have been discussed so far happen to be ones that have their own definite products and also characteristics. In this context we see that the companies have their own strengths and also their own weaknesses. In this context we see that MYOB and Reckon are companies who have been in the market for quite a long time. We also observe that the companies achieve some of the most tried and tested products that are being used by a large number of companies across the markets of Australia. In this context we see that Saasu is the company which is comparatively new. However the brand also has a large number of services that are in the product for the use of the other companies. The markets share seems to be the most prominent and strong for MYOB(Kennedy, 2016). Recommendations: It seems that all the three brands have their strengths and also their own weaknesses. In this context we see that the brand of MYOB has very definite services that can be used for accounts and also for tax purpose. The services that are provided by Saasu also happen to be the one that can provide better support to the small and the medium scale companies. In this context we see that the company must choose the products on the basis of their requirement. This is yet again something that must be dealt with care as the same can spell either the success or the failure of the accounting process of the company. References: Aasb, 2015. AASB Standard. [Online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB102_07-15.pdf [Accessed 30 September 2016]. Aasb, 2016. Accounting Standards. [Online] Available at: https://www.aasb.gov.au/About-the-AASB/For-students.aspx [Accessed 24 October 2016]. digitalfirst, 2014. Xero vs MYOB AccountRight Live Comparison A Second Opinion. 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[Online] Available at: https://www.reckon.com/au/about-us/ [Accessed 03 December 2016]. Saasu, 2016. Liberating small business. [Online] Available at: https://www.saasu.com/about/ [Accessed 03 December 2016]. Swan, D., 2016. Reckon shares tumble on modest results. [Online] Available at: https://www.theaustralian.com.au/business/reckon-shares-tumble-on-modest-results/news-story/6e98bd18866a2f4329e2903716bf8399 [Accessed 03 December 2016].