COMP1601 Accounting and Finance Information System, Middle East College, Oman
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You are encouraged to work with an ERP Application. Combination of practical/research based where students work independently providing evidence into the topic and providing critical evaluation of the topic.
Create and manage components related to Chart of Accounts in an ERP Application.
Critically evaluate Financial Information System and it components in relation to Accounting & Finance Management.
Evaluate on the ERP implementation and their impact upon the processes in accounting.
Understanding of deliverables
The objectives of this particular project are to develop an ERP (Enterprise Resource Planning) system for the business of IDES Group, which has subgroups in different countries in the world. The key deliverable of this project is to develop an integrated system that can control the activities of each subgroup of the company in different countries. The new ERP system will help the company managing and controlling the financial system or financial activities of the business. At the same time, the ERP system will help the company developing a standard accounting system or process for each subgroup of the company.
General overview of proposed plan
The management of IDES Group is planning to develop an ERP system that will help the company managing its accounting and financial activities in a proper way. The key objective of the company is to standardise the internal finance and accounting system of the company. At the same time, with the help of this particular plan or project the company will be capable of controlling the financial activities in a better way. An integrated system will help the company developing better communication network among the subgroups of the business in different countries. The project will help the company in critically analyzing the performance quality of each subgroup of the business. In this context, it is important to be mentioned that the company will develop the ERP system in order to build an automated system within the workplace. At the same time, it is also important to be mentioned that the higher management of the company will arrange for a special training and development session for the existing employees, so that they become aware of the new system and they can use the system efficiently at the workplace.
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The ERP system will be developed within 6 weeks. The company will invest $10000 for developing the entire system for the entire business. The financial resource or funds will be arranged by the higher management by taking loan from the bank and along with that the company will also use its general reserves for this purpose. The higher management of the company will develop an efficient budget for this entire project. At the same time, the company will appoint external engineer and specialist for developing the system in the most efficient and effective manner, so that the ERP system becomes more effective for the business.
For this particular project the company will require different types of resources. The resources can be divided into four parts - physical resources, human resource, financial resource and intangible resources. The physical resources will be the computer, router and other materials and machineries; the human resource will be the team that will be responsible for developing the ERP system; the financial resource will be the total funds required for the business and the intangible resource will be the intelligence of the experts and the software.
Carefully read the provided research paper " Makarenko, I. and Plastun, A. (2017) "The Role Of Accounting In Sustainable Development. Accounting And Financial Control 1 (2), 4-12". Critically evaluate the Role, responsibilities and decision direction on Higher Education Institutions in Oman sustainability perspective
Accounting and finance are the most important part of every business as well as economy. Accounting helps the economies of a country indirectly by improving the performance standards of the businesses within the economy. In this context, it is important to be noted that considering the importance of accounting in the practical context, the governments in most of the countries have focused on the development of better accounting standards and policies, so that the financial performances of the companies can be tracked and managed in a better way (Afifi et al., 2019). At the same time, it can also be identified that with the help of better accounting and financial activities the actual performances of the organizations can be influenced and due to this the companies and governments of the countries emphasizes on developing better accounting standards for the business.
In this context, it can also be mentioned that the governments in the countries has focused on the accounting sector from a deeper perspectives. Considering the future performances possibilities of the companies the governments in the countries like, Oman and other Middle East countries have focused on the root of developing better accounting activities. The governments in these countries have focused on producing skilled and knowledgeable accountants within the country so that the performance standards of the companies can be controlled and determined properly (Al Riyami and Al-Issa, 2018). There are the governments in different countries who believe that in order to improve the accounting and financial activities in the countries in a better way, the most important matter is to develop a better higher education system within which the students will get better scope to study properly about the subjects like, accounting. The governments in these countries believe that better education is very important for developing the skilled and knowledgeable accountants in the country.
In the modern business era, the companies, as well as the governments in the countries, are becoming more conscious about the study of accounting in the higher education courses. Accounting is a very interesting subject, and the practical application can be identified and understood very easily in the accounting practices of the business organizations (Tawafak et al., 2019). If the focus is made on the relationship between accounting and sustainability of the country, it can be stated that the sustainability in the economy is achieved through accounting because accounting helps in performing the business activities or the financial activities of the business in the most ethical manner.
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At the same time, the companies or their higher management team remain informed about the actual performance scenario of the businesses, and they can adopt necessary strategies to improve the financial performance of the business. At the same time, it can also be stated that if there are skilled and knowledgeable accountants in the companies, the companies also get better suggestions from the accountants, which on the other hand helps the company in improving the financial performance of the business and contributing more to the sustainable developments of the businesses and the entire economy.
A country earns sustainability by improving the factors like productivity, infrastructure, human resource skill and the availability of other resources. Human resource plays a significant role in the context of improving or ensuring sustainability in an economy. However, it must be considered that the development of a country requires both quantities of human resource as well as quality of human resource. Quantities of human resource indicate the number of workers that is available for the effective productivity of a country. On the other hand, quality of human resource indicates the level of efficiency, skills and knowledge of the workers within the country or economy.
According to Al Riyami and Al-Issa (2018), the quality of human resource depends on the system through which a country produces the human resource. This system includes the infrastructure within the country like, educational infrastructure, technological infrastructure and financial infrastructure. The educational infrastructure indicates the educational policies adopted by the government for the people within the country. At the same time, educational infrastructure also means the scope for higher education within the country, the quality of the teaching staffs, educational courses and financial support given to the education sector of the country (Tawafak et al., 2019).
In this context, it is important to be mentioned that different education units contributes to the development of the country in different ways. In the study, done by Makarenko and Plastun accounting plays a very vital role in the context of ensuring sustainable development of the economy (Businessperspectives.org, 2019). The author has mentioned that accounting activities or the knowledge and skills of the accountant is very important for developing a standard level of corporate environment within the country. At the same time, it is also mentioned by the author that better accounting practices helps the country developing competitive corporate environment within country (Businessperspectives.org, 2019).
If the particular case of Oman is considered, it must be stated that the higher education system of the country is much developed. However, Martin and Thawabieh (2018) mentioned that there are several challenges that the higher education system in Oman is currently facing like, unavailability of consolidated higher education system and lack of education or student loan within the country. However, it is mentionable that the higher education system at the present state of Oman is much developed than before. Concentrating especially on the higher education system in relation to accounting and financial management, it can be stated that the country is improving its situation (Afifi et al., 2019). There are highly skilled and knowledgeable teachers within this industry of the country and at the same time, the courses of accounting are also much advanced.
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Focusing on the higher education system in Oman in the context of accounting it can be stated that due to the advanced education system in accounting field, the country is capable of producing highly skilled and knowledgeable accountants for the corporate sectors within the country. The education system in accounting and financial management in Oman focuses on the development of theoretical knowledge along with the practical expertise of the students in accountancy. The education ministry in the country believes that along with the theoretical knowledge practical expertise is required for making the students capable of handling challenges in the practical business world (Tawafak et al., 2019). It means the education ministry of the country believes that gaining practical expertise is important for candidates or students in the accounting sector.
This is also indicating the fact that the accounting education system in the country is committed towards the management of each accounting challenges that are faced by the companies within the country. This is very important for the sustainable development of the country. It is because if the accounting practices in the corporate sectors are done efficiently with higher level of skills and knowledge, it is expected that the companies will be capable of fighting back the negative environments of the business world. At the same time, use of better accounting knowledge will help the corporate sectors in Oman avoiding the financial risks in the business (Al Riyami and Al-Issa, 2018). If the accountants of the companies are knowledgeable, they will be capable of identifying the accounting or financial mistakes very easily.
At the same time, it can also be stated that the skilled and knowledgeable accountants help the companies determining the financial frauds in the business. This is clearly showing that with the help of the skilled accounting workforce the companies are able to manage the financial activities efficiently. Moreover, the companies can ensure systematic and ethical business practices in the market. On the other hand, it can be also stated that the knowledgeable accountants of the country can provide better financial suggestions to the companies in Oman, which help them in improving the income level to the higher extent. Increase in the income level means the companies will contribute more to the income growth of the country, which means the sustainability of the country will be improved (Afifi et al., 2019).
Therefore, the above discussion is clearly stating that the higher education system in Oman in the context of accounting and financial management is actually contributing to the achievement of sustainability of country or economy of Oman. The education system is focusing on the production of highly educated and skilled workforce for the corporate offices, so that the companies can easily handle the challenges that they generally face within the business world.
The higher education system is also committed towards ensuring sustainable ethical financial practices in the corporate world by producing skilled workforce with high value. Hence, it can be stated that the higher education system in Oman is playing a major role and important responsibilities in the context of achieving sustainability of the economy.
Carefully read the provided research paper "Ahmer , Z , Demir , E , Tofallis , C & Asad , H (2016) " Usage of enterprise resource planning systems in higher education institutions in Pakistan. UH Business School Working Paper , University of Hertfordshire". Critically evaluate the usage of enterprise resource planning systems in higher education institutions in Oman.
The success of a company depends on several factors and resource management is one of those factors. In this context, it can be stated that for better management of the resources, the most important thing that is required is the proper tool and techniques. In the modern era, the environments within which the organizations are working are very critical and at the same time competitive. In order to keeps the business running in the modern era, the companies need adopting the right tool and techniques in terms of resource management (Al Mahrami and Hakro, 2018). However, it is also true that for performing in a better way in the organizations the companies or the employees of the companies require better training and development sessions. However, it is also true that the quality of the resource management becomes effective when there is a specialist person in the business.
Considering this fact the government in different countries are presently focusing on developing or producing better human resource managers for the companies within the countries. This can be done by the government by educating the students about the resource management systems in the modern business world. There are several resource management systems in the business world, however, the usefulness of ERP system pr Enterprise Resource Management system is at the highest level (Baskaran, 2018).
This particular system has been adopted by many organizations especially the organizations with large performance scale and wide expansion. Educating the students about the use of ERP system is very important for ensuring that after finishing the education when they will join companies they will be capable of managing all the resources of the business in the most efficient manner (Al Mahrami and Hakro, 2018).
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There are several countries like, Oman which are initiating the enterprise resource planning method in the higher education courses of the Universities. The government of Oman believes that if the students get better knowledge regarding the enterprise resource planning they will be capable of enhancing their employability skills (Abubakar et al., 2018). By learning about the ERP system the students will be capable of managing the resources within the companies in the best possible manner.
Enterprise Resource Planning Resource Planning system or ENTERPRISE RESOURCE PLANNING system is one of the process management software that is used in the modern business world for managing the business activities systematically by utilising the human resource and technological resource in the most efficient manner. The use of ENTERPRISE RESOURCE PLANNING system can be noticed in different sectors in the countries. The system is considered as one of the best systems that simplify the business processes. Al Mahrami and Hakro (2018) stated that the Enterprise Resource Planning resource planning system is very efficient in customizing and analysing the important data and information of the organizations.
Along with all other sectors, the use of Enterprise Resource Planning system can also be noticed in the education systems of the countries. If the particular case of the higher education institutions in Oman is considered, it can be noticed that the system is highly useful for the higher education sector within the country. In a study Ahmer (2018) stated that in the higher education sector in Pakistan the use of ENTERPRISE RESOURCE PLANNING system can be noticed.
In this context, the authors have also mentioned that the usage of the ENTERPRISE RESOURCE PLANNING system in the education sector is not affected by the culture of the people, but it is affected by the other factors like, the level of conflicts, availability of human resource, risk level, training and development of the staffs and many other factors (Al Mahrami and Hakro, 2018). It means while implementing the ENTERPRISE RESOURCE PLANNING system within the higher education system the authorities must be careful about these factors.
Considering the higher education sector in Oman, it can be stated that the education system is based on strict policies and control of the education ministry of the country. There are specific and strict rules and regulations which the companies are bound to follow within the education sector of the country. In this context if the focus is made on the usage of ENTERPRISE RESOURCE PLANNING system in the higher education sector of the country, it can be stated that the usage of ENTERPRISE RESOURCE PLANNING system is limited within this country (Younes, 2018). The main reason is the knowledge and skills of the human resource of the education sector of the country.
The usage of ENTERPRISE RESOURCE PLANNING system requires specific technological knowledge and efficiency. However, the people in Oman who are associated with the higher education system have very limited knowledge in this field. At the same time, it is also noticeable that the level of internal conflicts among the staffs in the sector is very high. Due to the higher level of conflicts among the education staffs the level of cooperation is at the low level, which is not suitable for the usage of ENTERPRISE RESOURCE PLANNING system (Baskaran, 2018). However, in this context, it is important to be mentioned that the government of the country is trying to improve the higher education system, so that advanced technology can be used for providing better education to the students.
At the present scenario the education ministry in Oman has already implemented the ENTERPRISE RESOURCE PLANNING system within the education sector. However, the usage is still not at the wide scale. Some of the educational institutions are using this system for providing better quality education to the students. However, there are several educational institutions in Oman which are not aware of the usage of ENTERPRISE RESOURCE PLANNING system in the higher education (Mukred et al., 2019). In this context, it is important to be mentioned that the implementation of the Enterprise Resource Planning system requires high monetary investment, which is one of the major barriers to the education institutions in Oman.
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At the same time, it is also mentionable that there is also lack of proper institutional framework within the country. Due to this the process of ERP system gets hampered in the higher education sector of the country. Along with this, the ERP system implementation and maintenance in the higher education system of the country is also getting affected by the lack of technological knowledge (Abubakar et al., 2018). There are some institutions in the higher education sector in Oman which have already started providing training to the employees or staffs regarding the use of Enterprise Resource Planning system, so that further development can be initiated. However, most of the education institute is not at all focusing on this matter.
Therefore, considering the above discussion, it can be stated that the Enterprise Resource Planning is very important for the development of higher education sector in any country like, Oman. The usage of Enterprise Resource Planning helps the country in improving the quality of the education system in a better way, which is very important in the present scenario. The system helps the organizations or educational institutions in arranging the activities and the resources in an efficient manner so that the process of the activities can be maintained in a smooth way.
However, in the context of the higher education system in Oman, it has been noticed that the use of Enterprise Resource Planning is very limited. It is because there are several issues in the higher education sector of the country. One of the major issues associated with the sector is the lack of proper infrastructure, though the government is trying to improve the same. At the same time, the level of conflict is also very high in this sector, which has also affected the usage of ERP system negatively in the higher education system of the country.
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