Background

You are working in an accounting/management consultancy firm. Your firm is focusing on different aspects of the accounting information systems. One of your firm's clients is currently evaluating its accounting system, and the Chief Financial Officer (CFO) of your client thinks that they needed to invest in cloud-based accounting software to support the growth of the business.

Required

You are required to make a report to evaluate and recommend a cloud-based accounting software for an Australian ASX-listed company of your choice (your firm's client).1 The report should include the following components:

1. Background

Describe your client and its business activities.

Briefly describe the basic business activities involved in the revenue and expenditure cycles of the selected company.

And identify the weak internal controls in these business activities. Further, identify the risks associated with these weak controls.

2. Systems requirements

Outline the software features and functionalities that your client should consider to support its business activities.

3. Software selection

Visit the websites of at least two (2) accounting software package vendors (e.g. SAP, MYOB, Xero, etc.) and provide a brief description of each vendor and its products.

Compare and contrast the features/functionalities of two cloud-based accounting software packages offered by accounting software package vendors.

Identify the most suitable vendor and accounting software package for your client and explain why it is the best option.