Sam Walton and John Walton are two brothers who runtheir father’s 20-year-old business “Walton...

70.2K

Verified Solution

Question

Accounting

Sam Walton and John Walton are two brothers who runtheir father’s 20-year-old business “Walton Brothers
Auto Solutions”. They have two divisions in their business. Samlooks after the workshop, where they service
new and used cars. Second division of business is retail ofautomotive parts, which is looked after by John.
Retail shop is located just 20 minutes away from car serviceworkshop. Both sites are located in Sunshine
suburb of Melbourne. From last 2-3 years their business has beengrowing at a very fast pace.
Their business continues to use traditional means of reporting andheavily relies on paper based reporting
mechanism. However, as business is expanding fast so it is becomingdifficult to keep up with the pace of
reporting requirements, need of timely information primarily inrelation to costing, pricing and sales revenue for
their business. Margaret Jones is their bookkeeper; she spendsconsiderable time for just maintaining the
books and journalising transactions in a traditional way. Many atimes payments to suppliers are delayed and
payments from customers are not received by due date. On someoccasions customers do not make payment
and Walton Brothers do not even chase all overdue payments in atimely manner due to using traditional
recording and reporting mechanism. In last couple of years businessrevenue has grown by more than 80%,
which then lead to increase in many expenses and other costs.Walton Brothers are facing cash flow issues
and are finding it hard to maintain a reputation of reliableoperators.
Margaret advised Walton Brothers that they needed to improve theiraccounting systems and not using
computerised accounting software was one of the issues.
REQUIREMENTS
• Conduct an online research and suggest at least two accountingsoftware that they can use. For both
software answer the followings:
o Explain how it will solve current problem
o Explain strengths and any weaknesses
o Explain cost to purchase and implement (software and hardwarecost both)
o How is using a Accounting software different from using existingtraditional Accounting
techniques

• Explain if any other computer based programme can be used tosubstantiate Accounting software’s. If,
yes how can they be more effective then using the Accountingsoftware for daily Accounting processes
within an organisation.

Answer & Explanation Solved by verified expert

3.8 Ratings (506 Votes)

Sam Walton and john Walton can use the following 2 software 1 ZOHO Office suit 2 Tally ERP The above software can solve the current problem as they will automate the transaction processing as once the data get enter it will automatically processed and posted into their respective accounts Also these software See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingSam Walton and John Walton are two brothers who runtheir father’s 20-year-old business “Walton Brothers...Sam Walton and John Walton are two brothers who runtheir father’s 20-year-old business “Walton BrothersAuto Solutions”. They have two divisions in their business. Samlooks after the workshop, where they servicenew and used cars. Second division of business is retail ofautomotive parts, which is looked after by John.Retail shop is located just 20 minutes away from car serviceworkshop. Both sites are located in Sunshinesuburb of Melbourne. From last 2-3 years their business has beengrowing at a very fast pace.Their business continues to use traditional means of reporting andheavily relies on paper based reportingmechanism. However, as business is expanding fast so it is becomingdifficult to keep up with the pace ofreporting requirements, need of timely information primarily inrelation to costing, pricing and sales revenue fortheir business. Margaret Jones is their bookkeeper; she spendsconsiderable time for just maintaining thebooks and journalising transactions in a traditional way. Many atimes payments to suppliers are delayed andpayments from customers are not received by due date. On someoccasions customers do not make paymentand Walton Brothers do not even chase all overdue payments in atimely manner due to using traditionalrecording and reporting mechanism. In last couple of years businessrevenue has grown by more than 80%,which then lead to increase in many expenses and other costs.Walton Brothers are facing cash flow issuesand are finding it hard to maintain a reputation of reliableoperators.Margaret advised Walton Brothers that they needed to improve theiraccounting systems and not usingcomputerised accounting software was one of the issues.REQUIREMENTS• Conduct an online research and suggest at least two accountingsoftware that they can use. For bothsoftware answer the followings:o Explain how it will solve current problemo Explain strengths and any weaknesseso Explain cost to purchase and implement (software and hardwarecost both)o How is using a Accounting software different from using existingtraditional Accountingtechniques• Explain if any other computer based programme can be used tosubstantiate Accounting software’s. If,yes how can they be more effective then using the Accountingsoftware for daily Accounting processeswithin an organisation.