Professional Documents
Culture Documents
Part 1 ............................................................................................................................................... 4
Custom Software..................................................................................................................... 7
ERP ......................................................................................................................................... 7
Commonwealth Bank Accounting System control Problems and Possible Frauds .................... 9
Part 2 ............................................................................................................................................. 10
Recommendations ..................................................................................................................... 12
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Summary ....................................................................................................................................... 13
References ..................................................................................................................................... 14
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Overview
In this study reflects the implementation of accounting software packages in Australian market.
Commonwealth bank is one of largest bank of Australia; based on this bank the study has
analyzed the accounting software implementation in the Australian market. The organizational
system flowchart, Accounting system problems, Market analysis of software packages has been
Part 1
maintained by the help of organizational structure. In the context of commonwealth bank also
has followed a organizational structure, which maintain the activities of the organization. Ian
Narev is the CEO and Catherine Livingstone Chairman of the company, the organizational
structure of Commonwealth bank work under these two people. At first the director president
Lauren Sullistiwati comes top of the structure, who controls the whole activity of the
organization. The other directors and Chiefs such as Director of Retail banking (Rustini Dewi),
Chief Treasury and markets (Liliawati Gunawan), Chief of Strategy and Digital Solutions and
Finance (Jonada Yattha Saputra), Chief of Human Resource (Bagus Harimawan), Chief Audit
Executive (Reza Soemadipraja) are comes under the President Director. These people are
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operating the whole organizational Marketing, Operations, Human Resource and Financial
In order to Commonwealth bank has followed a strong organizational structure to maintain the
activities of the organization. Though commonwealth bank has maintained properly their
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organizational Structure it may face some issues regarding the operation, estimated issues are
discussed below:
Management Efficiency: In Accordance with Xie, Zang and Qi, (2016), management plays a
major role in an organization, the entire organization work under the management team, for that
reason their efficiency is essential for the organization. In the case of Commonwealth Bank, if
organizational management efficiency has fallen down then it can be considered as a major
Human Resource Management: According with the Armstrong, and Taylor, (2014), Human
resource Management (HR) has controlled the entire workforce of an organization. Hence, any
workers have faced any kind of issue regarding work environment and other issues such as salary
Consumer Base: Consumer satisfaction can be considered as the main objective of any
organization across the world. The commonwealth bank also follows this rule to enhance
organizational profit but if the customers are not satisfied by this organizational service then it
Commercial Software
In Accordance with de Jong and Karreman, (2017), Commercial software can be described as a
financial software service, which was used to analyze the banking financial statements. It also
has used for customer data analyzing. In the context of Commonwealth bank has followed this
kind of software such as MYOB to analyze the consumer banking data as well as the banks
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internal data. This type of software has assisted the banker as well as the organization to
maintain the all data adequately, which has enhanced to increase the productivity of the bank, its
profit, and maintenance. Entire commercial activity has been recorded, analyzed, calculated, and
elaborated by the help of this type of software, which has assisted to achieve the main objective
of the bank.
Custom Software
According to the Schlagwein, Thorogood, and Willcocks, (2014), Custom software can be
described as specific software which has developed by an organization to analyze common and
critical data of the organization. In case of Commonwealth bank has partnered with QxBranch to
develop their internal custom software. The organization has launched a data analysis computer
simulator to operate their organizational functions, as well as this computer, also has assisted to
develop the algorithm of the bank. The computer has accessed with CQC2T software, which is
more efficient software than previous one. Apart from this, the new technology of bank also has
reduced the time for work process which can increase the productivity of the organization.
ERP
According with the McDonald, (2016), ERP or Enterprise Resource Planning can be described as
an application software, which has used for creating financial statement of the organization as
well as it has determined the resource availability of the organization. It has been specially used
for creating organizational resource planning. For that reason, it can be considered as resource
management software for the company. Commonwealth bank also has used this kind of software
such as SAP, Westpac to control their resources. This software is also used for maintaining
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human resource functions. This kind of software can increase the workforce and capability of the
organizational workers.
Commonwealth Bank
Cloud Storage
MYOB
Greater
Mobile Banking
Inventory
Online Sales Online Bill or Mobile
Management
and Payment Accessibility
Purchasing
Financial Consumer
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Figure 2: Sales Flowchart of Commonwealth Bank
(Source: Author)
operations this accounting system can arise some issues during the time of business operation.
Software Access: Entire software system has operated by a software system. The system has
developed by the key people in the organization. It may be a particular situation that the banker
Security: This kind of software has maintained high-level security. It may happen the worker has
forgotten the security password, as well as the security, can be breached by hackers, which can
Network Control: Entire software System is connected via network within the bank. It may
happen that the network may disconnect due to electricity or technical disputes. It can raise a
Data Encryption: Every bank has used different types of software to manage their internal
activities in Australia. Therefore, it may happen that the banking software has been not encrypted
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Part 2
According to the CBS Interactive, (2017), it has observed that, Commonwealth bank has
introduced Quantum computer simulator to develop their internal activities. Apart from this the
bank has adopted various accounting software such as SAP, Xero, Quick Books and other
software, which has enhance the organization work process quality (Mitra, 2016). These
software packages have helped to analyze internal and external financial data. The employees of
the bank have been worked in proper manner by the help of this software packages. The
organizational work process as well as working environment has developed by using above
mentioned software packages. On the other hand, these software packages have assisted to
calculate payroll, taxation and compliance functions of the consumers as well as the employees
of the organization. However, backup of financial data is very important for a bank. For that
reason bank has used cloud storage system to store every important financial data of the
organization. In the case of consumers, they can easily connect with bank every time by the help
of these software. Based on that it can be determine that, banking sector activities has developed
Previously the banking activities had been processed manually by the workers but nowadays the
whole financial activities of bank has incorporated different software packages such as Xero,
Myob, Quick Books, Zoho and other packages Ossimitz, Wieder and Chapman, (2016).
Commonwealth bank also follows this software package trend to enhance their organizational
growth. According to the Shen et al., (2014) demand of cloud storages is high as well as this
process of storage has been increased rapidly in recent Australian accounting market. Cloud base
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software packages has provide advanced backup facility, which has assisted reduce the threat of
data loss. On the other hand, most of the accounting software packages work similarly, for that
reason price of the software packages has increased market competition as well as popularity.
Every organization needs a efficient software in reasonable price, due to this the market size of
software packages has dependent on quality and price. Some software packages such as Myob,
Xero and Quick Book software packages are very popular due its quality and price as well as
Commonwealth Bank has used specially Myob and Xero to analyze their financial factors.
Competitive Advantage
A market cannot be created without any competition, based on this it can be claimed accounting
software market also follow this rule. In the context of Commonwealth bank has uses advance
software packages to enhance their productivity as well as growth. Commonwealth bank is the
one of oldest bank in Australia. ANZ, Bank of Melbourne, AMP Bank Limited and others
Australian banks can be considered as main competitors of Commonwealth bank. For that
reason, they have to use a advance software package to maintain their financial activity, which
can be considered as a competitive advantage of Commonwealth bank. On the other hand, the
bank has used Myob accounting software which provides Better input speed, premium accuracy,
cost reduction and greater processing speed. Considering uses of these features of Myob can be a
Market Challenges
Although Commonwealth bank uses advance software packages but competitors of the bank also
used this kind of software packages, which can be considered as a market challenge of
commonwealth bank. Apart from this, Commonwealth bank has provided high quality services
to their consumers by the help of advance software packages. Therefore, if other Australian bank
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may use technology better than Commonwealth bank then it can introduce market challenge for
the organization. In respect of accounting software packages companies they also faced market
challenges regarding price and quality. Introducing innovative and unique accounting software,
which price wills competitively low can increase marketing challenges for accounting
companies. On the other hand, if any particular Australian bank has invested high amount of
money to develop their accounting software packages, then it can be increase market challenges
As per the viewpoint of Schlagwein, Thorogood and Willcocks, 2014, commonwealth Bank uses
many software packages to operate their financial activities but most of the cases bank has used
Myob accounting software in their organization. Myob has assisted the Bank to analyze and
calculate consumers data as well as it also used for record and store entire financial data of
organization. The software has incorporated with Cloud, it increases data storage efficiency and
reduce the threat of data loss. The Myob has provide many features such as Greater inventory
online bill payment, smart financial reports and integrated payroll system. Apart from this, the
accounting software also has provided Multi currency transactions, online sales and purchasing
feature, online tax returns and adequate asset and liability calculation of the organization. These
features of Myob have assisted Commonwealth Bank to create multipurpose financial statement
at a time.
Recommendations
Based on the above scenario it has determined that, the Commonwealth bank has used advance
accounting software packages to enhance their organizational growth. Therefore, bank has been
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highly depended on these software packages, if somehow the software has been corrupted by the
hacker or technical default, then it can be considered as a prime issue of the organization. For
that reason the organization have to focus on software maintenance as well as they have to use
proper software, which reduce market competition as well as cost of the organization.
Summary
Based on the above study it can be summarized that, the Australian banks has followed different
kind of accounting software such Xero, Quick Books, Myob, Zoho and other financial software
packages. These packages have provided high quality financial processes, which has assisted to
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References
https://www.commbank.co.id/upublic/mod_home/default_content.aspx?code=pr_strorg#
Xie, X.M., Zang, Z.P. and Qi, G.Y., 2016. Assessing the environmental management efficiency
Armstrong, M. and Taylor, S., 2014. Armstrong's handbook of human resource management
de Jong, M.D. and Karreman, J., 2017. The Image of User Instructions: Comparing Users'
Expectations of and Experiences with an Official and a Commercial Software Manual. Technical
Schlagwein, D., Thorogood, A. and Willcocks, L.P., 2014. How Commonwealth Bank of
McDonald, D., 2016. Opinion: Assessing risk. Company Director, 32(6), p.48.
Mitra, A., 2016. Fundamentals of quality control and improvement. John Wiley & Sons.
CBS Interactive, 2017. The Commonwealth Bank of Australia has partnered with QxBranch to
build a quantum computing simulator as it readies for the availability of the real thing.
Commonwealth Bank prepares for quantum computing with launch of QxBranch simulator.
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[Online] Available at: http://www.zdnet.com/article/commonwealth-bank-prepares-for-quantum-
Shen, B., Ghatikar, G., Lei, Z., Li, J., Wikler, G. and Martin, P., 2014. The role of regulatory
reforms, market changes, and technology development to make demand response a viable
Ossimitz, M., Wieder, B. and Chapman, P., 2016, May. Management Accounting Functionality
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