Growth And Financial Performance Of Electric-Myassignmenthelp.Com

Question: Discuss About The Growth And Financial Performance Of Electric? Answer: Introducation The bakery business is the kind of business in which the baker uses certain ingredients and applies some methods to get some yummy eatables for the consumers. Most of the bakery products are perishable in nature, and involves use of special ingredients. Over the years there have been huge improvements in the bakery business since then. Many technological innovations have took place and that have made the business more bigger and the bakers are not only restricted to small shops or kiosks anymore. They provide a lot of other services to the consumers that includes dinning in and caf services. The revenue of these bakeries runs into millions and there are many institutes around the world that teaches bakery professionally, many students see this as an excellent career options. So the face of the baking business has changed a lot over the years. From small shops they have changed into big business houses that provide multiple services to their consumers. In this case study we will study about the B bakery firm that had its revenues running into millions, and the overall employee count was 70. However the business was facing low times, because the demand of the consumers is changing. They want more of healthy products and that is different from the regular baking products(Abbott Kantor, 2017). So the company wants to introduce some changes in this system and the company wants to get new accounting software that will help them in management of the data. The bakery industry is a developing one and there are many changes are occurring. Few of the processes that are very much required in the baking industry are, procurement of the fresh and right ingredients. Most of the ingredients that are used are to be used within a short time frame otherwise they will became non useable. Hence it is important to effectively research the market and than get the right ingredient . Cost cutting is also important to makes sure that there no unwanted wastage because of the same. This is again an important phenomenon in the baking industry. Other important methods include automation of manual services that will help in saving a lot of time and efforts. As we know that the baking business includes a lot of man power so that might lead to increased cost and often cause errors in the system. So to avoid the same it is important to make sure that automation is introduced in the system that will help in reduction of these errors and help in saving a lot of cost(Alexander, 2016). Another important method includes that they maintain high sa les volume, which means that they must make sure that there every day sales is at par, because the baking products are highly perishable. If the consumers do not consume them within a particular time frame then there will be wastage. Hence anticipation of sales is very important. It is necessary to understand how much sales is to occur each day, and that will help in reducing wastage. We also see that with the increase in competition, brand promotion and marketing have become a very important part of so many industries. The baking business is evolving. People are looking for healthy alternatives. Hence it is important that they must be innovation and changes in the present scenario. Companies must do ample research to make sure that they are able to introduce such products in their menu that will attract customers. It will also give them an edge over others and will help them in maintaining a strong business base. These are few of the methods that every baker needs to perform in tod ays time(Arnott, et al., 2017). Important methods in the baking industry are- Automation of services- This will help in solving a lot of issues. It will help in getting the tedious work completed within time and will help in saving a lot of time. It will help in making the business more efficient and error free. People will realize what kind of issues might exist in the system, and employing accounting software will help them in getting a clear picture of the entire scenario. Thus it is highly recommended to infuse technology in the traditional baking methods and make it more efficient. Maintaining high volume of sales- It si very important to anticipate the total amount of sales and make the business function the same way. It is important to make sure that the company is able to produce that much products that are needed and avoid any kind of wastage(Belton, 2017). Most of the bakery goods are highly perishable and must be consumed within a time frame of one or two days , thus it is important that the companies do their analysis before producing these goods and that will help a lot in reducing high amount of wastage. Promotion and brand marketing Another important feature of the bakery business is that there must be effective amount of promotion and brand marketing. There is so much competition in this market and hence companies are required to plan and develop a proper marketing plan that will help them in getting an edge over their competitors. It will also help them in better brand value creation. This is an important aspect of branding and promotion that it helps in getting the customers aware about the various products that are there in the market(Belton, 2017). It will also help in bringing any innovation in the already exisisting methods, as competition increases each will try to out do one another. These are few of the methods that the companies want to employ by using the new accounting software and want some specific results that will help in the overall development of the business(Bromwich Scapens, 2016). The main outcomes that the company wants out of all these processes is that they will help in all round development of the company and help them in getting an edge over their competitors. It is also help in cost optimization and help in saving a lot of wastage that might occur otherwise. It will also help in developing the company by bringing in new technological changes. In this twenty first century it has become a very important part of the company to be technologically advanced as it will help them in saving time resources and bringing better changes in the already existing system. The other outcomes that the company wants from the new system is that there must be a system that will help them recognize the small errors and bugs and help them to remove it. It will also in improving the overall efficiency of the employees(Dichev, 2017). The company will be benefited a lot if they go for effective brand promotion. They can appoint an expert also that they can help them in this matter . Brand promotion is very important it will help them in improving the total amount of sales. It will help them in beating their customers. The customers will be aware about the products so that in turn will help in improving the total amount of sales of the company. These are few of the methods that will help the company in developing an growing(Guragai, et al., 2017). The B bakery business is suffering losses and is looking for alternatives that might help them in growing and getting an edge over their competitors so the company can achieve the same by installing a good accounting software package. That package must be within the budget of the company and will help the company in removing its discrepancies and ensuring all round development and growth. There are so many accounting software packages in the market. Each software have their own type of feature and characters. Few of the most important features that the company wants the accounting software to have are Customization- The accounting software should be such that they must be able to be customized as per the needs of the company. The demands of every company are different, there processes are different, so the software sometimes must be customized as per the needs of the management. The company needs to do proper research in the market needs to make sure that they choose the correct product that are suiting their needs. They must try to go for such vendors that provide them with these basic facilities. Adaptability- There are so many software packages in the market, some are high ERP based that are suited to the needs of the company that have high demands and some are small ranged ERP packages that are suited to medium ranged companies. Every company has their own needs and demand and thus they need to go for such software package that is suited to their overall needs and demands. Thus adaption is an important criterion. The packages must be easy to use and the employees must be able to understand how to use them. Thus the companies should do proper research before going for these packages and then select that package that is suitable to their needs and business(Hall Rapanotti, 2017). Interoperability- It is important that companies must go for such software package such that is able to satisfy the needs of the company. There are various departments in the company like sales, HR, marketing department, production etc. It is therefore important to have such software package that can be easily used in all the departments and they must be able to seamlessly get into the business of the company. It wont be easy for the company to get different software package for different departments, thus it is important to get such package that is able to satisfy the needs of all the departments of the company. Cost effective- The companies should go for that packages that are cost effective. They must be within the budget of the company, and should be such that provides long term service to the company and can be used for a long time. This is one of the most important features; for this company needs to make sure that the company does proper market research and then selects the best package that is as per their needs. Security- It is one of the most important features that the software packages must have. The companies are using this software packages to store their most important and confidential data. It is important to have proper security and there must be proper antivirus and other measures that must be employed to make sure that the company is keeping the data safe. These are the most important methods that the company must employ. The company must make sure that the vendor is providing them with proper security and thus there must be proper updating in this matter(Kew Stredwick, 2017). This will help them in keeping the business safe and will also make sure that important data is not losing of the company. These are the few features of the software package that the company must have and hence make sure that the accounting software must be very stable and easy to use of the business. It will help them in making the business better and will help them in doing well in the long run. There are so many businesses accounting software in the market. Each has their own features and characteristics. On doing the market research the best of this accounting software were SAP, MYOB, and XERO. SAP is one of the most expensive accounting software and is mostly used in large multinational companies. This is used for maintaining high volumes of data and it will help them in managing the different departments of the company. It can be easily customized and have different features that can help the company in management of all the resources. MYOB is the medium ranged software package that will help them in managing small volume of data and is mostly used in medium range of business. These have many features that can help the company in the long run and will help the company to manage their business effectively(Linden Freeman, 2017). XERO is the kind of software that can be used in managing huge amount of inventory and specially used in managing inventory. This is the mostly used to manage inventories and specializes in that department. It is suited for those companies in which there are large amount of inventories to be managed. Hence they are very department specific and cann ot be used by the companies for the overall growth and development. There are many other software packages also in the market but out of all of them these three are the best package that can suit the needs of the company. After considering the overall scenario it can be said that the best software that is suited to the overall needs of the company is MYOB. The company is a growing business and they do not have that much amount of data to maintain, once the business improves the company can go for high end ERP Packages that will help the company in all over development. This is why the company must go for the MYOB software it will help the company in the long run and will also be cost effective. The company has incurred huge losses hence for now it would be better if the company goes for normal ranged software package that might provide them with all round services and development(Trieu, 2017). There are so many accounting software in the market and each of them have their share of features and characters. The major differences between these software packages have been stated below in brief- SAP MYOB SAP is used to manage large amount of data and is mostly suited to satisfy the needs of big multinational companies. These are high end ERP Packages that are found in the market and are one of the best in the business. The key features of this accounting software includes that it helps in easy procurement of the raw material and effectively manage the same. It helps in providing better management to the human resources of the company. It helps in providing quality assistance to the company and its peers. It also helps in effective management of the logistics of the company and helps the management in making a mark in the company. It is mostly suited for large multinational companies and provides all round development to the company and its peers. Companies that are small and medium ranged finds it difficult to use such kind of software for their business as they cannot afford it. There are large amount of technicalities involved in the same and the employees need to be properly trained before they are able to use it. It can be easily customized as per the needs of the management and that will help in the development of the company and they can use the same as per the demands. Over all it is one of the best accounting software packages that is available in the market. And once the business of the company improves they must switch to such kind of software packages, that provide them long term growth and overall development(Venezia, 2017) MYOB is a medium ranged software package that is usually used in small companies and average firms. The software is mostly used by the company to manage medium amount of data and provide an all round development to the company and its peers. They key features of this accounting software includes that it will help in the overall development of the company as it can be easily used by all the departments. It provides easy access of data to the employees no matter where they are at the discretion of the management, thus they will help in maintaining proper data security. Other features includes that the contract with the vendor can easily be cancelled in case the company wants to use some other accounting packages. It helps in maintain flow of work within all the departments. It is very easy to use and the companies do not require to train their staff intensively. The company can easily switch to high end software packages when the business of the company expands, as of now MYOB is the best package as it provides all round services. It is easy to use, can be customized , helps in maintain interoperability between the departments and the most important feature is that it will help in automation of the entire work. The overall life of the software package is also good and when needed the companies can make the required switch that will help in their overall growth and development(Auken, 2016) Keeping in view the needs and demands of the company, and considering all the options that the company has in the present, it would be better if the company does not huge amount of money in these software packages and goes for normal ranged software packages that would help in their all round development and growth(Visinescu, et al., 2017). The company needs to select such software package that will be cost effective and also that will not suffice the overall demands. The B bakery business is growing, they want to expand into new field and since the company is incurring losses they do not have that much resources that all the demands can be fulfilled easily. So the company for now must spend in software packages that are cost effective. The specific needs of the company are- They need such software package that can be easily used by all the departments of the company, there must be interoperability and seamless data transfer from one department to the other They must choose such package that provides them with long term services and whose selg life is high so that the company does not need to make the switch very early. The company is in the growing stage they are venturing into new products and are considering new options for their menu, in that case they need packages that can help them in the same. They require such package that provides them with full automation of services and in which there is reduction in the total amount of cost that the company needs to incur and the overall scenario must be such that it helps in easy identification of bugs. Considering all the above demands of the company it can be said that MYOB is the best accounting software for the company in present. It is very cost effective and once when the business of the company expands they can easily make the switch to high end packages like the SAP. MYOB had many different features that it will help in the overall development of the company as it can be easily used by all the departments(Werner, 2017). It provides easy access of data to the employees no matter where they are at the discretion of the management, thus they will help in maintaining proper data security. Other features includes that the contract with the vendor can easily be cancelled in case the company wants to use some other accounting packages. The B bakery is a growing company they have an anuual revenue of 1.7 million dollar and the total employee count is 70, so the company is a medium ranged company and they should do proper research and analysis before choosing the right software packa ge for their business. They can go for expert advice in case they feel that they are not able to decide themselves(Charlton, et al., 2017). They should research and consider choosing the best vendor that will provide them with all the benefits that they want for the business. The vendors must be such that they provide them with updation facility as and when required. Any bugs in the system must be removed and care must be taken to ensure that the entire system is secured and there are no loopholes in the management of the same. It has become very important in toadys time to infuse technology in work and thus choosing the right software package will help in deciding the entire flow of work of the company and its employees and will ensure that in the long run the company is able to recover its losses. These are the few important consideration ,that must go in selecting the right software package for the company and its various needs. 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