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Question 1 - Retail operations

Prepare a business report (for the directors of Spottie Ltd) on cloud-based accounting systems (explaining what they are and how they work), and the suitability of the Xero cloud-based accounting system to SpottieLtd's business. In your discussion, explain how a computerised system like Xero can help the business track and account for inventory. Also highlight three other useful features of Xero that will be beneficial to Mr and Mrs Spot as they seek to save time preparing their accounting records, and monitor and grow their business further.

Answer - The following are the advantages of using the software:

  • One of the first advantages of using this sort of software is the fact that it is able to convert all of the entries in the currency in which the financial reports have to be prepared.
  • The software is every easy to use and also, it is user friendly. The people that do not belong to the background of accounting could also understand the way it is working and they could easily get the grasp of the benefits that it offers. The facts and the terms used in the software are very much general and it is easier for an average person to understand. One of another benefits of the same is the fact that it is capable of being accessed from any device that exists provided the fact that it is connected with the internet. This is one of the attractive features since a person who owns a small business would really need and desire the same. This would allow him to be connected with his business and also, know the movement of each and everytransaction which is taking place in the business. All of the banking transactions along with the accounting information can be accessed from anywhere in the world. The information could be viewed and all of the accounting information could easily be accessed. All of the banking transactions are imported automatically and are coded so that there is no unauthorised access or use of the critical information. The users of this software are provided with a process of updation so that they are able to remain on the top of all of the payments, receivables and the transactions.
  • Another advantage of using this software is the fact that the users that use this software are able to upload and attach the files that ore useful to them which could function as support for them. This helps them in adding more useful information to the various individual transactions when it comes to the making of new journal entries and when the information need some backing up. Any change in the individual transactions can also be tracked with much ease and this helps in the ability of the staff to stay at the top of all of the moving parts.
  • It helps in getting the job done on the use of a standalone program. This could also be integrated with the number of the other programs and the software's. This software is very much in line with the provider of the different software's and hence, is very much useful for the owners of the small business.

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  • There are 3 different range of products that are available. Each owner could select the type of the software that he needs and purchase accordingly (FFFCPS, 2019).
  • There is a clear overview of the financial position of the company and that too in some real time.
  • The software could be used by different people at the same time and can also be used by multi users at the same time.
  • There are automatic updates which means that one could spend more time what one enjoys doing.
  • Each and everything is done online and as such there is nothing to install and everything is backed up online and that too without any manual intervention. The updates are available online and instantly available.
  • The costs of running the business is reduced since there is no need to employ a separate accountant or a book keeper.
  • One could run the business from work too. One could be even be more confident and deliver faster business services when business reports are all available on cloud. This merely means that all of the update picture of the way in which the business is done is readily available. All of the software updates are developed and could be delivered faster and are available on cloud. One could get an access to the latest version of this software and this helps in getting more features of the software (Xer, 2019).
  • The reconciliations are made online and these could be automated.
  • The invoices are generated using some simple clicks and these could be sent out rapidly and also, these could be catered as per the needs and the requirements of the business.
  • When compared with the desktop software, all of the data stored is secure. This data is held by the global company that has an access to an increased amount of resources and that too with the use of the latest security technology.
  • convert all of the entries in the currency in which the financial reports have to be prepared

This software can only be used through a password. This means that there is no need to buy licenses to make sure that each and every employee has an access. There is no need to install anything on the personal computer. Also, this accounting software is based on the browser. There are no conversion charges and no issues with bugs etc. there is no downtime for this software.

This software has a dashboard which means that as soon as one logs in, he would be able to see what are the incomings and the outgoings. This would help in a clear visibility of the cash flows at all times.

All the information is readily available and all of the vital information is available online and this allows the managers to gain an insight into the financial position of the company. This helps in confidence for the managers. This saves them a lot of time and effort and also, allows them to deliver a higher quality of the services to their customers (Hurst, 2019).

In the nutshell, this software would help in improving the business. There are no chances of any error, reconciliations are prepared online and reports could be taken out as and when required. This helps in saving a lot of effort for the business owners.

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Question 2 - Internal controls - cash

Provide a brief overview of 2 recent cases of employee and/or supplier fraud in Australia, explaining how money was stolen from the business. Explain what internal controls could have been implemented to reduce the risk of the fraud occurring.

Answer - The business needs to get itself protected as against the fraud and any unauthorised access and hence, internal controls are required for the same. In the first instance is when in one of the companies the owner realised that there was a loss of inventory, he installed cameras and discovered that one of his employees was stealing from him (The news, 2019).

The second instance was one of the employees of the building mangers was submitting fake payments and extorting money from him (ABC news, 2019).

Any company needs to have some administrative controls in which the various systems and the checkpoints would be checked so that there is a proper management of the required approvals.

Further, there should be some accounting check on the accounting transactions that are being carried out in the day to day functioning of the business as well. This is where cloud based accounting steps in (Small business chron, 2019).

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Question 3 - Property, plant and equipment

Prepare journal entries to account for all transactions that took place during the period 1 July2016 to 31 December 2019, including entries for the acquisition of the equipment, depreciation for each year, and its disposal. Show all relevant dates, narrations and workings.

Answer - The following are the necessary calculations:

1-Jul-16

800000





5


1-Jul-18

6

RV

40000



50000









31-Dec-19

500000

 


01-Jul-16

Equipment

 8,00,000.00








      To Cash


 8,00,000.00







(being purchase of equipment)

















30-Jun-17

Depreciation expense

 1,52,000.00



Carrying value

648000




       To Accumulated depreciation- equipment


 1,52,000.00







(being depreciation expense)

















30-Jun-18

Depreciation expense

    99,666.67



Carrying value

548333.3333




       To Accumulated depreciation- equipment


    99,666.67







(being depreciation expense)

















31-Dec-19

Cash

    50,000.00







Loss on sale

 4,98,333.33









        To Equipment


 5,48,333.33







(being sale of equipment)

































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