ACC602 Financial Accounting and Reporting Report 4 Sample
Task Summary
Reflect upon and compare your use of SAP (System Analysis Program Development enterprise software) and another accounting software to demonstrate your ability to evaluate accounting from a technical perspective.
Please refer to the Task Instructions below for details on how to complete this task.
Context
The aim of this assessment task is to use reflective and reflexive skills to analyse an advanced accounting software user. With reflection, the aim is to learn more about the successes or failures of past events to improve practice. With reflexivity, the aim is to be proactive and look to the future and find ways to improve practice. Reflexivity involves learning new ideas such as how your values, beliefs, priorities, and contexts influence on future action. Reflexive practice enables you to incorporate these new insights into future practice (Schon, 1987).
Task Instructions
1. Write a 1,500-word (+/-10%) reflection using either a journal or report style, written in the first person.
2. During your studies of ERP/SAP, after listening to the guest speaker, and whilst working through the Global Bike Company Case Study
(Intro_S4HANA_Using_Global_Bike_Case_Study_FI-AP_Fiori_en_v3.3) reflect upon your evaluations and experiences of the SAP accounting software, including:
i. Which areas from your accounting studies (eg. double-entry bookkeeping, end-of-year closing, working with accounting software such as Xero etc) did you draw from to be able to execute the case study tasks?
ii. Your ability to use SAP accounting software and interpret information from financial reports. Did you feel adequately prepared to use SAP? What other training and information would have been useful?
iii. Provide evidence of one case study task that you completed (ie. provide one or two screenshots) and reflect on which parts of the task you found easy and which you found difficult.
iv. Compare and contrast your experience of using SAP with that of using other accounting software (eg. Xero). In case you have not yet used any other accounting software, briefly conduct research on other accounting software available in the market and then comment on your key findings.
v. Evaluate the developments in financial reporting and information from both social and technical perspectives. Based on the current structure (modules and apps) of the SAP 4/HANA platform, what technical and social-related changes to financial accounting and reporting do you see occurring in the future?
Guiding questions to facilitate your reflection:
• How significant has the experience of using SAP accounting software been?
• How do you feel about your experience using SAP? What are the implications for your accounting career?
• How do you judge your ability to use SAP accounting software?
Guiding questions to facilitate your reflexivity:
• What do you need to do now?
• Is there any certification or pathway you could explore and would consider pursuing?
• What other information do you need to move forward?
Solution
Reflection
In the process of conducting the curriculum, I have gained detailed knowledge of the application of the statutory accounting principle (SAP) and the aspects that it fulfils in meeting the interest of the stakeholders of the business and the organization. SAP may be considered an efficient and effective accounting tool and software to maintain and record accounting information over a period (Hancerliogullari, 2022). Through the process of pursuing the curriculum, I can understand that the specific software is primarily focused to develop and understand business intelligence, business objects, and maintaining customer relationships over the period. University assignment help, Furthermore, the software further enables the organization to identify and develop various aspects of financial information and financial management.
Discussion
i. Analysis of the areas of the accounting studies
The curriculum of SAP further helped me to understand the process of developing functional aspects of supply chain management and sales of the organization. The information and knowledge provided in the curriculum of SAP helped to gain expertise and knowledge in the field of double-entry bookkeeping of the financial information of the organization.I have gained the knowledge to prepare the cost centres and the cost heads of the organization. This may further help me to efficiently and effectively record financial information and events on the accrual basis of accounting and principles. This helped me to easily keep track of various cost aspects of the organization over the period and further to analyze the cost aspects over the period.
ii. Analysis of the usage of SAP accounting software and interpretation of financial reports
Moreover, the curriculum of SAP also helped me to gather knowledge and a specific skill set to develop and track financial information regarding the generation and maintenance of the general ledger, maintenance of various heads of accounting, closing the books of accounts at the end of the period, and also to generate the financial reports at the end of the period. It further helped me to analyze the various aspects of financial data and information at any given period or date. This particular skill set and feature of the software may provide me with the potential to analyze the financial information and financial health of the business at any given period. This may further enable the administration to develop and implement strategies and frameworks to enhance the financial position and performance of the organization.
It may further enable the management of the organization to implement various cost leadership policies and frameworks that may lead to an increase in the generation of revenue over the period. The financial information that is provided by the software namely SAP may further help the management to curate business plans and procedures for the optimum performance of the business over the period (Hancerliogullari, 2022). The process of pursuing the curriculum of SAP, further helped me to understand various aspects of the software and program that may prove to be beneficial for the organization and the stakeholders of the organization over the period. The first and foremost advantage of SAP software is the incorporation of ERP mechanism and algorithm, which may enable the effective and efficient recording of financial information and transactions over a period (Malik, 2019).
Skilled labour is required to record and develop various financial information and reports in the SAP environment. Therefore, the consideration of different skilled labour over the period may enable the organization to systematically and efficiently record and track financial information and events. This may further enable the organization to manage and develop the financial information and various aspects of the business as per the accounting rules and regulations that are set by various accounting councils (Elbahri et al., 2021). The SAP may easily help the organization record the events and transactions as per the generally accepted accounting principles and rules set by IFRS.
It may further facilitate the organization to gain the trust of other significant stakeholders of the organization such as consumers, suppliers, employees, and management of the organization over the period (Torii et al., 2019). Secondly, the consideration of the SAP system of accounting techniques and software may enable the organization to maintain an efficient and effective system of payroll in the organization. This may further help the organization to develop an effective and dynamic pay package system for the employees working in the organization, which may enable the organization to develop a positive work environment. Specific software may further enable the organization and the management of the organization to gain information and techniques that may help in the performance of CRM solutions, manufacturing, logistics, production, distribution, and other aspects that may be necessary for carrying out the business operations and processes over the period (Supriyono et al., 2019).
However, through the process of conducting the curriculum of SAP, I have successfully been able to gather the skillset that is required for the successful operation of the administrative aspects of the organization. This may enable effective and efficient functioning of business operations over the period, which may in turn help the organization to serve its consumers in an enhanced manner. I further learned technical activities such as the installation and configuration of the SAP software system, developing various financial reports, efficiently allocating the cost centres of the financial transactions of the organization, analyzing the performance of the organization, and understanding the aspects of SAP ABAP, and SAP java.
The SAP system of accounting also helped me to gain knowledge for understanding various aspects of financial reports over the period. Assigning the financial transactions and events in the respective cost centre, developing a journal ledger, and trial balance may be considered as the basic steps to record the financial information. This information is more likely to be processed as considered for designing the financial reports of the organization. Balance sheet, Income statement, Cash flow statement, and shareholders and investors data may consist of the important aspect that defines the financial reports of the organization for a specific period. The SAP system of accounting further helps to maintain various aspects of taxation and norms and regulations that govern the taxation policies of the organization.
The information which is reflected from the financial reports of the organization is more likely to process in the SAP system of accounting and software to generate various financial ratios of the organization such as liquidity ratio, profitability ratio, shareholding ratio, and other aspects that may determine the financial health of the business enterprise over the period (Gutmann, 2019). This may also facilitate the organization and organizational management to develop various approaches and frameworks that may help to enhance the performance of the organization over the period. It may further support the shareholders along with other potential shareholders in the market to make important decisions concerned with the investment of their capital and valuable resources in the business.
iii. Providing evidence of case analysis
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Figure 1: Cost Centre
(Source: Self-created)
Figure 1 provided above may represent various cost centres that have been made by me, during the curriculum over the period. I have personally felt that the creation of the cost centres of the organization may be considered one of the easiest parts in the course of developing financial information for the organization in the SAP system of accounting. In the process of creating the cost centres of the organization, I only have to state the company code, validity, user responsibility, appropriate currency in which the transactions take place, and finally provide an appropriate name for the cost centre. On the contrary, the allocation of the financial information and events of the organization that happened during the period to their appropriate cost centres may be considered one of the most difficult tasks that I have faced in the SAP system of accounting.
iv. Comparing and contrasting the experience of using SAP
There exists several accounting software that incorporates the ERP framework for the ease of conducting accounting functions and the services over the period. Tally, Oracle, Microsoft Dynamics, and Tree are some of the ERP-based accounting software that may be renowned in the market for recording and analysing the financial transactions and events of the organization (Sumaryati, 2020). Additionally, there is a slight difference between SAP and Xero ERP software that is Xero offers wide-ranging features including invoicing, financial reporting, inventory management and many more, while SAP on the contrary, is primarily focussed on accounting and financial reporting and management.
However, being the competitors among themselves the primary area of differentiation of this software is the presence of a user-friendly framework within the software. The presence of user-friendly interference within the software makes it easy to use and consumes less time for the purpose of recording and developing the transactions and events related to financial information. Therefore, in this context, the user interference present in the SAP accounting system may be considered as very user-friendly in nature and further helps the users of the software to easily navigate various options available in the software, which in turn helps the organization to easily develop the financial reports and statements.
V. Evaluation of the developments of the financial reporting and information
I feel that it is very important to record the transactions and the events in the appropriate system of accounting as it may enable the various users of the financial records and information to accurately analyze the data of the organization. Moreover, the organization and the administrators of the organization may face significant issues in the process of conducting audits of various financial reports transactions, and events of the financial information of the organization. Assigning the transactions and events to an inappropriate cost centre may further develop details that may mislead the management of the organization in the process of developing strategies and frameworks for the seamless operation of the organization.
The consideration of the SAP system of accounting techniques and software may enable the organization to maintain an efficient and effective system of payroll in the organization. This may further help the organization to develop an effective and dynamic pay package system for the employees working in the organization, which may enable the organization to develop a positive work environment (Rosa, 2019). Specific software may further enable the organization and the management of the organization to gain information and techniques that may help in the performance of CRM solutions, manufacturing, logistics, production, distribution, and other aspects that may be necessary for carrying out business activities as well as transactions in the specific period of time. The SAP may easily help the organization record the events and transactions as per the generally accepted accounting principles and rules set by IFRS.
References
Elbahri, F. M., Al-Sanjary, O. I., Ali, M. A., Naif, Z. A., Ibrahim, O. A., & Mohammed, M. N. (2019, March). Difference comparison of SAP, Oracle, and Microsoft solutions based on cloud ERP systems: A review. In 2019 IEEE 15th International Colloquium on Signal Processing & Its Applications (CSPA) (pp. 65-70). IEEE https://ieeexplore.ieee.org/abstract/document/8695976/
Gutmann, T., Kanbach, D., &Seltman, S. (2019). Exploring the benefits of corporate accelerators: Investigating the SAP Industry 4.0 Startup Program. Problems and Perspectives in Management, 17(3), 218 https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12400/PPM_2019_03_Gutmann.pdf
HancerliogullariKoksalmis, G., & Damar, S. (2022). An empirical evaluation of a modified technology acceptance model for SAP ERP system. Engineering Management Journal, 34(2), 201-216 https://www.tandfonline.com/doi/abs/10.1080/10429247.2020.1860415
Malik, S., Maheshwari, G. C., & Singh, A. (2019). Understanding financial inclusion in India: A theoretical framework building through SAP–LAP and efficient IRP. Global Journal of Flexible Systems Management, 20, 117-140 https://link.springer.com/article/10.1007/s40171-019-00207-8
Rosa, D., &Purfini, A. P. (2019, November). Analysis effect quality of accounting information systems to support company performance. In IOP Conference Series: Materials Science and Engineering (Vol. 662, No. 3, p. 032015). IOP Publishing https://iopscience.iop.org/article/10.1088/1757-899X/662/3/032015/meta
Sumaryati, A., PRAPTIKA NOVITASARI, E., &Machmuddah, Z. (2020). Accounting information system, internal control system, human resource competency and quality of local government financial statements in Indonesia. The Journal of Asian Finance, Economics and Business, 7(10), 795-802 https://www.koreascience.or.kr/article/JAKO202029062616700.page
Supriyono, S., & Sutiah, S. (2020, January). Improvement of Project Management Using Accelerated SAP Method in the Odoo ERP. In Proceedings of the 1st International
Conference on Management, Business, Applied Science, Engineering and Sustainability Development, ICMASES 2019, 9-10 February 2019, Malang, Indonesia https://eudl.eu/doi/10.4108/eai.3-8-2019.2290729
Torii, A. J., Lopez, R. H., & Miguel, L. F. F. (2019). A second order SAP algorithm for risk and reliability based design optimization. Reliability Engineering & System Safety, 190, 106499 https://www.sciencedirect.com/science/article/pii/S0951832017311092
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