Accounting Information System

Get Expert's Help on HA2042 Accounting Information System


Nowadays, it's all about technological innovation that helps to revolutionize the world economy and it helps extend the business horizons. In addition , data analytics is the prerequisite of all businesses today through which they can gain valuable insights into all their business operations and then handle them so that this information analytics comes from the software system that the enterprise needs to build via the ERP framework (Kolcun, Grabara, & Kot, 2014). Information system is considered to be a company's "nerve system," which manipulates and tracks the next step to be taken for the information which is in the present. So, the need for various kinds of information system has emerged. For example, the accounting information system is a system that records both external and internal financial activities and thereby enables corporations to issue their tax reports and preparation strategy. Moreover, the supply chain management can be used with the improved tools which can have long-lasting delivery, coordination for trustworthy partnerships, and relationship promotion (SM & AM, 2016).

Unfortunately, it has become impossible for tech to support all its needs to deal with this ever-increasing demand of businesses. It has become difficult to provide a good logistics information system structure in an organization and there is still space for development (Xie & Deng, 2018), and (Tomasz, 2016).

According to (Xie & Deng, 2018), however, improved preparations and tactics may occur before adopting ERP system, such as choosing the best system according to specifications or getting competitive advantage. If there is no careful preparation this would make the ERP method less effective.

Wiseway Logistics

One of the biggest freight shipping firms in Australia is Wiseway Logistics Pty Ltd. Wiseway delivers high-quality, robust, broad, and strategic facilities for Australia as a whole with its Sydney-based head office. Wiseway presents all facets of industrial shipping and logistics, including options for sea freight, air freight, customs checks, transportation, warehousing, delivery and logistics (Wiseway, 2019). The Group's main operating company, Wiseway Logistics Pty Ltd, was founded in New South Wales on 22 January 2007. The company was admitted to the Australian Stock Exchange Official List which is the ‘ASX’ on 31 October 2018 (Wiseway Group Limited, 2019).

It is one of the leading logistics firms that have both exports and imports operations and provide services such as transportation and logistics both controlled at a very good competitive cost under one umbrella group. The business strives to develop a robust network between its local and global customers with high quality and on-time delivery. Also, they provide their customers with a regular kit, but the activities of each customer are personalized and advised to create a trustworthy mutual partnership (Wiseway, 2019).

The Revenue and expenditure cycle of the Company

According to the (Wiseway Group Limited, 2019) annual report, some analysis of the expenditure of the company tells a little about the target of growth and some challenges encountered. For instance, the company decided to buy the property of 8900-meter square which contains the 5000-meter square of space of a warehouse, in December 2018, which is located in the Chipping Norton, Sydney. It was bought for the amount of $11,327,000 and it also include the cost of construction as company construct its new warehouse. The investment was done from the current assets of the company which tells company have good cash flow levels. The settlement on the new property was made in March 2019. This is one of the many purchased properties to note. As it formed stronger bonds for global logistics services and strengthened the delivery of services within Australia, these property investments were profitable for the business.

Given the successes, due to factors such as lower amount of service usage from China, factories, higher costs in rising facilities than anticipated, etc., there was a loss of $1,873,000 from $116,944,000 and after-tax. This clearly indicates that improvements in the information system are necessary for the company at the moment so the company should invest on the best cloud-based accounting software.

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