Strategy and Management Methodology and Design

Question: Discuss about the Strategy and Management for Methodology and Design. Answer: Business Research Topic The research title/topic for this research study is to explore the role of accounting software in maintaining the financial efficiency and accuracy of the banks and financial institutes: in the context of the Australia banking industry. Today, many kinds of accounting software such as, Reckon, MYOB Xero and others software are used by the financial institutions and banking firms to maintain the financial efficiency and accuracy of their financial or business activities. This business research would analyze different kinds of accounting software used by the banks and financial institutes in Australia to maintain their financial and business operations efficiency and accuracy. In this research, Australian banking industry will be targeted through selected banks and financial institutes those using accounting software to provide e-banking and e-commerce services to the customers. This research study will be beneficial for banks and financial institutes to improve their banking services by offering online, secure, time efficient, offering an innovative and seamless experience of customers. Literature Review According to Duncan Elliott (2004), in the past decade, after the development of e-commerce and internet banking, security related accounting issues and other accuracy related problems are faced by the banks and financial organizations. So, in order to avoid such issues, Australian banks and financial institutions are using accounting software to improve the financial efficiency and accuracy of the financial activities. For case, such organizations use the accounting software like Xero for supplying financial services (Xero Limited, 2014). Al-Hawari Ward (2006) stated that, in the Australia banking industry, different kinds of accounting software such as MYOB, Xero, Reckon, and others are utilized by the banks and financial institutes to maintain their bank accounts, credit or debit cards transactions, and feed frequency that helped them in maintaining the financial efficiency and accuracy of the financial or business activities. In addition, different financial organizations in the Australia are using MYOB (Australias leading accounting software) that provides transactions option of the customers directly feed into MYOBs cloud accounting software as well as BankLink Practice (Chowdhury, 2016). The entire transaction process occurs online, secure, time efficient, offering an innovative and seamless client experience as well as maintain the financial efficiency and transactions accuracy for the banks and financial institutions. The research questions help the researchers to identify research problems or opportunity related to research topic. The following are the main research questions that indicated the problem and opportunity exist in this research study that would help the researcher to accomplish the research objectives: Why the most of the banks and financial institutes uses accounting software in the Australia? What are the advantages or benefits of using computerized accounting software for the banks and financial organizations? How the computerized accounting software improves banks feeds time and financial efficiency of the banks and financial institutes? What are the ways used to improve accuracy and efficiency of the financial services? Research Methodologies and Techniques This research methodology section describes different methods, approaches, tools and techniques in order to complete a research study with proper justification of selection. This selected research problem is solved by applying the qualitative and quantitative research design such as by collecting the primary and secondary data or information regarding the research topic (Mackey and Gass, 2015). The primary data is collected through conducting questionnaire survey on employees and managers of banks and financial institutes and secondary data collects through conducting literature review. Research Process Description A research is conducted by using systematic process that helps the researcher to gather multitude of information, so that they can reach the conclusion by accomplishing research objectives. The following are the main steps of this research process: Step first: Identify the problem: The first step of business research process is identifying a business problem and that will be solved by researcher through collecting the multitude of information. The researcher is also develops research questions in this step to identify problem or opportunity (Jonker and Pennink, 2010). Step second: Literature review: In this step, the researcher collects the secondary data or information by collecting information about the different views of authors or scholars. This step plays a key role in developing the foundational knowledge about the problem area, so the researcher can be able to reach realistic outcome or conclusion of the study (Flick, 2015). In addition, the researcher finds several articles and information from the scholars, books or published sources, banks official sites or annual reports, and other authentic online sites. Step third: Clarify the problem, clearly define concepts or methods and define population: After the literature has been reviewed, the researcher will clarify the research problem and narrowing the scope of the research project. This section clearly defines the research methods, approaches, designs and data collection methods used by the researcher to fulfill the aims and objectives of the study. In this way, it provides direction to the researcher to complete the research study with accomplish the aim and objectives (Bergh and Ketchen, 2009). Step fourth: Data collection and analysis: This section of the research mainly focus on collecting and analyzing the data or information by using primary and secondary sources to identify the solution of this research problem. Data Collection Data Analysis The data or information would be collected by using primary and secondary methods such as a mixed of qualitative and quantitative research design methods in this study. Moreover, Random sampling is used to select the employees and managers of banks and financial institutes in order to collect their views on accounting software role in maintaining the financial efficiency and accuracy of business. Moreover, limited amount of data would be collected; therefore the statistics data analysis techniques would not applied in this research (Silverman, 2016). Description of Expected Research Outcomes: The expected outcomes pointed that accounting software improve banks feeds and provide secure and safe financial services to the customers that helps banks or financial organizations to maintain their accuracy or efficiency. Accounting software links the banks and financial institutes with their all branches, employees and customers that enhance transparency, efficiency and accuracy of financial transaction and financial services (Al-Hawari and Ward, 2006). References Al-Hawari, M. and Ward, T. (2006). The effect of automated service quality on Australian banks' financial performance and the mediating role of customer satisfaction. Marketing Intelligence Planning, 24(2), pp. 127-147. Bergh, D. and Ketchen, D. (2009). Research Methodology in Strategy and Management. United Kingdom: Emerald Group Publishing. Chowdhury, S. (2016). MYOB partners with American Express to deliver an accounting software industry first. Available At: https://www.myob.com/au/blog/myob-partners-with-american-express-to-deliver-an-accounting-software-industry-first/ {Accessed On: 08 Sept 2016}. Duncan, E. and Elliott, G. (2004). Efficiency, customer service and financial performance among Australian financial institutions. International Journal of bank marketing, 22(5), pp. 319-342. Flick, U. (2015). Introducing research methodology: A beginner's guide to doing a research project. USA: Sage. Jonker, B. and Pennink, B. (2010). The Essence of Research Methodology: A Concise Guide for Master and PhD Students in Management Science. Germany: Springer. Mackey, A. and Gass, S. M. (2015). Second language research: Methodology and design. UK: Routledge. Silverman, D. (2016). Qualitative research. USA: Sage. Xero Limited. (2014). Australian banks and financial institutions supplying direct feeds to Xero. Available At: https://help.xero.com/DirectFeeds-AU{Accessed On: 08 Sept 2016}.