Accounting Information Systems
This report has been prepared by deriving a detailed information about the company Fortescue Metals Group and its business operations in order to evaluate whether the IT investment that its CFO is planning is correct or not. For executing the study, information has been determined about the three diverse categories of accounting software packages and the one that would be suitable for Fortescue Metals Group. After doing so, Xero and SAP’s features have been compared with one another in order to understand which would be the most suitable for being used and implemented in Fortescue Metals Group, thereby fulfilling all its system requirements.
A brief introduction or overview of what the report is about
An integral part of all companies irrespective of its size is financial accounting. This is because financial accounting helps a company in the communication of financial information externally. According to Khan (2015), financial accounting is also important in an organization, as it helps it in recording the economic transactions that the organization has performed during the past years. However, in the recent scenario, the recording and management of financial transactions of a business has become quite difficult. As a result, companies have started adopting and using various types of accounting software such as Xero, SAP, MYOB and others. According to Kabir et al. (2015), accounting software are the computer programs, which enable a company ion managing its financial business transactions. This software functions as the accounting information system in the company that has adopted it.
This report has been prepared during the tenure of service in Bain & Company, a consultancy firm in Australia. It has been prepared during the evaluation of the accounting system of Fortescue Metals Group Ltd, as the CFO of the company considers that it needs to make an investment for acquiring an accounting software, which will be helping the company to take its business to the next level. In this report, the business requirements and system requirements of the company will be analyzed along with discussing the selection of the software and the vendor of Fortescue Metals Group. It will be recommending an accounting software to the company along with stating the most suitable vendor for the company.
(i) A description of the client and its business activities
The Fortescue Metals Group is an Australia-based company and a global leader operating in the iron ore industry across the world. The company had been founded in the year 2003 and is operating in the mining industry since then. It has holdings in Western Australia’s Pilbara region for more than 87000 kilometers, which makes it the largest tenement holder of Australia, even larger than both Rio Tinto and BHP Billiton (Fmgl.com.au, 2018). The products that the Fortescue Metals Group produces include steel and iron ore. It has several mining projects, which include Atlas Iron, BC Iron, Eliwana Project, Solomon Hub, Christmas Creek, Cloudbreak and Chichester Hub. Fortescue Metals Group has an extensively built infrastructure with a mine of 260 kilometers, railways with 240 wagons, with an operating fleet with eight iron ore carriers (Fmgl.com.au, 2018).
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System Analysis and Design
|Name of Student|
|Unit Title||System Analysis and Design|
[Unit code: K/601/1281; QCF Level 4; Credit value: 15]
|Assignment No. & Title||Assignment 2|
I. Understand the different system life cycle models
II. Recognize the significance of Feasibility Study
III. Performing systems investigation
|Name of Assessor|
|Hand Out Date|
|Hand in Date|
Scenario:When a new or upgraded system is introduced into an organisation, it is usually intended to support the work already carried out by the organisation. Although the new system may differ substantially from the existing system, the information being handled, and the main functions of the system, will remain relatively unchanged.An analysis of the existing system, therefore, provides a firm, the basis for the design of the new system.Systems development starts with investigation and analysis of existing systems.Being a System Analyst, you have been contacted by the management of the State Library for systems investigation, as keeping an overview of a library’s content manually, is too time-consuming. Using a software solution helps getting a quick and clear summary of the library’s status and it offers an efficient way to manage and maintain a library.The Management expects that the new Library Management System will keep track of:
- Books available in the library
- Books borrowed and borrower details
- Returned books details
- Books added/removed details
- Books stock (not-available/low-quantity) details