How to manage a family owned company

Eureka Limited is a family owned company with around 73 employees and sales revenue increased
to more than $ 18.5 million during the past year. It has been in business for over 55 years and supplies
beverages to a number of different businesses, including supermarkets and pub-chains. The company
has experienced mixed fortunes over the years in terms of business performance, but in the last few
years has experienced a growth in orders for some of its new healthy product ranges. However,
Eureka has recently lost some key accounts because of being unable to produce some of its products
at a competitive price.
Although the company hired an accountant who was keeping their books for them and producing the
financial statements each year, the company thought they needed much more information to run
their business efficiently. They felt that they needed to make an investment in an accounting
software to take their business to the next level.
You are required to prepare a report to evaluate and recommend an accounting software for Eureka
Limited. The report should include the following components:
 Business requirements
o What are the key business processes for Eureka Limited?
o What are the major control risks for the business processes of the company?
 Systems requirements
o What are some of the possible accounting software features and functionalities that
the company should consider to achieve their business objectives and minimise the
control risks?
 Software selection
o Visit the websites of at least three (3) accounting software package vendors (e.g. SAP,
MYOB, Xero etc.) and provide a brief description of each vendor and its products.
o Which category of accounting software (low, medium or high-end) suitable for the
company? Give your justifications in detail.
 Vendor selection
o Compare and contrast the features and functionalities of two accounting software
packages offered by accounting software package vendors within your selected
o Which one would be the most suitable vendor and accounting software package for
the company and why?
Assignment Structure
The report should include the following components:
 Assignment cover page clearly stating your name and student number
 A table of contents, executive summary
 A brief introduction or overview of what the report is about.
 Body of the report with sections to answer the above issues and with appropriate section
 Conclusion
 List of references