The financial role of the United Kingdom - Free Essay Example

The United Kingdom (UK) plays a leading role in European and world finance and remains attractive to money launderers because of the size, sophistication, and reputation of its financial markets. Although narcotics are still a major source of illegal proceeds for money laundering, the proceeds of other offenses, such as financial fraud and the smuggling of people and goods, have become increasingly important. The past few years have witnessed the movement of cash placement away from banks and mainstream financial institutions as these entities have tightened their controls and increased their vigilance. The use of bureaux de change, cash smugglers (into and out of the UK), and traditional gatekeepers (including solicitors and accountants) to move and launder criminal proceeds has been increasing. Also on the rise are credit/debit card fraud and the purchasing of high-value assets to disguise illegally obtained money. Additionally, the Internet increasingly provides criminals with a variety of money making opportunities and methods to launder funds. 218 Money Laundering and Financial Crimes The UK Threat Assessment conducted by the Serious Organized Crime Agency (SOCA) estimated the annual proceeds from crime were between pound;19 billion (approximately $32 billion) and pound;48 billion (approximately $80 billion) with pound;25 billion (approximately $42 billion) representing a realistic figure for the amount laundered each year. Offshore center: No Free trade zones: Yes The UK has five designated Free Zones in which non-European Union (EU) goods are treated as outside the customs territory of the EU for the purposes of import duties until the goods are released for free circulation. Import VAT and excise duty are also suspended until the goods are removed to the UK market or used or consumed within the Free Zone. The Free Zones are located in Liverpool, Prestwick, Port of Sheerness, Southampton, and Port of Tilbury. Criminalizes narcotics money laundering: Yes Criminalizes other money laundering, including terrorism-related: Yes The Proceeds of Crime Act (POCA) of 2002 consolidates and expands pre-existing legislation criminalizing money laundering. POCA covers all crimes as predicate offenses. It also creates a new criminal offense, applicable to all regulated sectors, of failing to disclose suspicious transactions. Criminalizes terrorist financing: Yes (Please refer to the Department of States Country Reports on Terrorism, which can be found here: https://www.state.gov/s/ct/rls/crt/) The Terrorism Act of 2000 criminalizes ter rorist financing. Additionally, the Terrorism (United Nations Measures) Order 2006 and the Al-Qaida and the Taliban (United Nations Measures) Order 2006 provide the Treasury with designation authority. The Counter-Terrorism Act of 2008 (CTA) came into effect on November 27, 2008. Schedule 7 of the CTA gives the Treasury additional powers to act against terrorist financing and money laundering. Know-your-customer rules: Yes The Money Laundering Regulations of 2007 implement in part the EUs Third Money Laundering Directive and include an obligation to establish and maintain appropriate and risk-sensitive policies and procedures relating to customer due diligence measures and ongoing monitoring, reporting, record keeping, and risk assessment. Covered entities include credit and financial institutions, auditors, accountants, tax advisers and insolvency practitioners, independent legal professionals, trust or company service providers, estate agents, high value dealers, and casinos . Bank records retention: Yes Pursuant to the Money Laundering Regulations of 2007, relevant persons must retain transaction records and identity verification documents for at least five years. Suspicious transaction reporting: Yes Business sectors subject to formal suspicious transaction reporting (STR) requirements include attorneys, solicitors, accountants, real estate agents, and dealers in high-value goods, such as cars and jewelry. Sectors of the betting and gaming industry that are not currently regulated are being encouraged to establish their own codes of practice, including a requirement to disclose suspicious transactions. In fiscal year 2008, 210,524 STRs were filed with the UK Financial Intelligence Unit (UK FIU). Large currency transaction reporting: The UK government considered the feasibility of a fixed threshold currency transaction reporting system, but made a policy decision not to introduce such a system. Narcotics asset seizure and forfeiture: UK legislation, most notably the Serious Crime Act of 2007 which consolidates existing laws on forfeiture and money laundering, provides for the confiscation of laundered property which represents proceeds from, instrumentalities used in, and instrumentalities intended for use in the commission of money laundering, terrorist financing, or other predicate offenses, and property of corresponding value. The UK has in place four different schemes for confiscation and recovery with regard to proceeds of crime: confiscation following a criminal conviction, civil recovery, taxation, and seizure-forfeiture of cash. Narcotics asset sharing authority: The UK is able to share confiscated and forfeited assets with other countries that have assisted operations to bring the confiscation to fruition. The UK has authority to share up to 50% of the proceeds of confiscation, net of costs. The UK can share with other countries on an ad hoc case-by-case basis. Cross-border currency transportation requirements: Yes The Control of Cash (Penalties) Regulations of 2007 provides for penalties for failing to declare movement of cash amounting to â‚ ¬10,000 (approximately $14,500) or more into and out of the European Community. Cooperation with foreign governments: Yes The UK cooperates with international anti-money laundering authorities on regulatory and criminal matters. U.S. or international sanctions or penalties: No. Enforcement and implementation issues and comments: Businesses in the UK that are particularly attractive to money launderers are those with high cash turnovers and those involved in overseas trading. Illicit cash is consolidated in the UK, and then moved overseas where it can enter the legitimate financial system, either directly or by other means such as purchasing property or trade goods. Because cash is the mainstay of the illicit narcotics trade, traffickers make extensive use of money transmission agents (MTA), cash smuggling, and alternative remittance systems such as hawala to transfer money and value from the UK. U.S.-related currency transactions: No information available. Records exchange mechanism with U.S.: A Mutual Legal Assistance Treaty (MLAT) between the US and the UK has been in force since 1996, and the two countries signed a reciprocal asset sharing agreement in 2003. There is a memorandum of understanding (MOU) in force between the U.S. Immigration and Customs Enforcement and HM Revenue and Customs. The U.S. Department of Treasurys Financial Crimes Enforcement Network also signed a MOU with the UK in 1995 and regularly exchanges information with the UK FIU. International agreements: The UK is a party to various information exchange agreements with countries in addition to the United States. Authorities can share information or provide assistance to foreign jurisdictions in matters relating to money laundering or other financial crimes without need for a treaty. While the UK legislative framework does not require MLATS, the UK has signed treaties with over 30 countries in order to execute requests. The UK is a party to: 220 Money Laundering and Financial Crimes †¢ the UN Convention for the Suppression of the Financing of Terrorism Yes †¢ the UN Convention against Transnational Organized Crime Yes †¢ the 1988 UN Drug Convention Yes †¢ the UN Convention against Corruption Yes The UK is a member of the Financial Action Task Force (FATF). Its most recent mutual evaluation can be found here: https://www.fatf-gafi.org/dataoecd/55/29/39064399.pdf Recommendations: The United Kingdom has a comprehensive AML/CFT regime. The UK should continue its active participation in international fora and its efforts to provide assistance to jurisdictions with nascent or developing anti-money laundering/counter-terrorist financing regimes.

APUSH Long Essay Samples

<h1>APUSH Long Essay Samples</h1><p>APUSH has gathered a progression of APUSH Long Essay tests to help you in the creative cycle. Each example article comprises of something very similar, in addition to some extra components. In this article we investigate three of them.</p><p></p><p>The second APUSH Long Essay test is the area I have done. It is an example from the APUSH Science Essay and it has three segments to it. The first is a passage which clarifies the key purposes of the paper while the other two segments include each segment getting its own section to discuss in detail.</p><p></p><p>In the principal segment, the author will go over the fundamental thoughts of the exposition with a postulation articulation that will be trailed by its supporting proof. The subsequent part includes having each segment to discuss its own particular subject. The last component includes a paper target which goes over the points of interest of the research.</p><p></p><p>The third example in the APUSH Long Essay tests will turn out a portion of the basic missteps that individuals make when composing and considerably in the wake of finishing their exposition. A portion of the basic missteps are as per the following. There are a lot more however these are the absolute most common.</p><p></p><p>First, in the first of the three segments in the APUSH Long Essay tests, the data in the paper ought to be composed effectively. It ought to have an appropriate presentation followed by the primary contention. It ought to likewise have supporting subtleties to make it complete.</p><p></p><p>Second, the perusers should comprehend what points are canvassed in effective papers before they begin understanding them. These ought to be subjects and not simply realities. These are simply realities, and they ought not be utilized instead of their actual meaning. </p><p></p><p>Third, the things that don't work in the paper are additionally found in the APUSH Long Essay tests. There are different components that neutralize composing a fruitful paper, in any case, and these incorporate having almost no data on the current theme. This implies there are too much 'hypothesis' and insufficient undeniable realities. There is likewise a lot of filler in the piece.</p><p></p><p>These are only three of the examples that can be found in the APUSH short article. The methods utilized in each are exceptionally essential and straightforward, however they still work.</p>

Creative Ways To Write A Good Life Essay

<h1>Creative Ways To Write A Good Life Essay</h1><p>You can compose a decent life article utilizing educational experience and for example what you have perused and found in the news. You can utilize genuine circumstances and encounters to portray your sentiments and musings. This is a compelling and inventive method for enlightening the peruser concerning your circumstance. There are numerous inventive approaches to compose a decent life article samples.</p><p></p><p>In a real existence exposition your composing style ought to be persuading, articulate and some may state an energizing method for communicating your considerations and feelings. You should remember that the emphasis is on the peruser's psyche not simply your own. Composing a decent life paper expects you to be mindful and to be delicate to the requirements of the perusers. It is significant that the exposition that you are composing has passionate and inspiring force. Composing a decent life article for instance, ought to mirror your assessments and furthermore have a comment to the reader.</p><p></p><p>A biography could be composed by portraying a relationship or romantic tale. In a romantic tale the adoration could be a parent, a youngster, a beau, a sweetheart or a spouse. In a romantic tale you would utilize words, for example, love, fascination, misfortune, delight, joy, stress, mental fortitude, and misery. Commonly you could utilize hues, for example, red, pink, white, earthy colored and grey.</p><p></p><p>A life article which manages various issues could be written so that the peruser would get the opportunity to feel the issues at a more profound level. For instance a tale about religion or governmental issues could be composed. When composing a real existence exposition you have to ensure that the subjects of your paper are significant enough for the peruser to comprehend. You additionally need to ensure that the thoughts that you are composing are particularly founded on realities and afterward express the considerations in a lovely way.</p><p></p><p>In composing an actual existence exposition, you should ensure that you don't rehash things that you have readin the paper. You should likewise ensure that you keep your contemplations regarding your matter new. In the event that you have perused a long story which has been distributed commonly, attempt to re-read it in your psyche to include more feeling thus. On the off chance that you do this your exposition will be progressively inventive and interesting.</p><p></p><p>If you are wanting to compose an actual existence article, it is significant that you don't compose the entire paper at a time. This would keep you from being inventive and furthermore your mind could get exhausted. You could separate the exposition into segments and utilize various sentences and passages to make your own brain map. This would assist you with maintaining your attention on the realities and afterward compose your essay.</p><p></p><p>There are numerous acceptable life exposition tests that you can discover on the web. There are a large number of sites online that can give you the correct tips and devices to assist you with making great life essays.</p>

Uncommon Article Gives You the Facts on Station Eleven Argumentative Essay Topics That Only a Few People Know Exist

Uncommon Article Gives You the Facts on Station Eleven Argumentative Essay Topics That Only a Few People Know Exist The Hidden Truth About Station Eleven Argumentative Essay Topics The top rated argumentative essay ideas are broken up into various categories. Argumentative essay topics are so important since they are debatableand it's essential to at all times be critically considering the world around us. Argument essays can be organized in a number of means. Argumentative essays are very typical in academic writing and are frequently a significant part writing in all disciplines. Choosing Station Eleven Argumentative Essay Topics Is Simple You may continue to keep your argumentative essays for your upcoming job portfolio in case they're highly graded. What's more, you must explain why it's so important. Anyway, direct and indirect quotes are required to support your understanding of academic writing style. If when you are preparing a report you just analyze specific lit erature, the essay demands an excellent penetration into the issue. Whether you cannot decide on topics for argumentative essay, don't understand how to begin, or simply require a good example of a well-structured paper in a particular format, we're always prepared to provide help! Thus, it's important to read corresponding formatting guide. The Chronicles of Station Eleven Argumentative Essay Topics If you would like to learn what an argumentative essay is, the very first thing you ought to remember is that its principal aim is to convince the audience to accept your standpoint. For instance, to write about the impact of video games on child development isn't a fantastic idea if you haven't ever played video games yourself. With the aid of such samples and templates, students may get a general idea about the job, understand its structure and get fresh ideas on this issue. Essentially anything that must be understood before reading the remainder of the essay is background info , and ought to be included in the introduction. You can also see academic essay. The essay should have a little bit of structure, unlike a normal essay. You could also see descriptive essay. To construct an effective argumentative essay, you should follow several critical actions. You can also see concept essays. If you opt to be an independent essay writer, you can expect the exact same. An argumentative essay is a kind of essay that presents arguments about each side of a problem. When the topic was decided, it's crucial to come up with an argument surrounding the exact same. A comprehensive argument As mentioned before, an argument does not need to be formal. Additional a verbal argument often focuses on who's right regarding a particular issue, though a well-written, researched argument essay focuses on what's the proper side of a certain matter. A Startling Fact about Station Eleven Argumentative Essay Topics Uncovered An excellent conclusion will summarize all data that has happened in the post and use it in order to give one final reason why you ought to join our side. A debatable topic is one which has differing viewpoints. A researchable topic is one where the writer can discover a wide variety of credible and current sources. It's importan t to select debatable argumentative essay topics since you need opposing points that you could counter to your own points. How to Choose Station Eleven Argumentative Essay Topics Each paragraph needs to be restricted to the discussion of one general idea. The range of paragraphs depends upon the number of arguments you wish to go over. If you've got more information to share, you can include as many as five body paragraphs. In scenarios when you get to pick the topic for an argumentative essay, you need to be wise and locate a title that will intrigue a reader. Read the list and stay in mind that interesting topics are a perfect way for an intriguing assignment. When picking a topic make sure you like it, as you will have to devote days or even weeks on it, so it's important to stay motivated in regards to the matter you discuss. Even when you're writing an informative essay, it's still true that you have the job of attempting to convince your audience that the info is essen tial. Examine the list to choose the topic which can help you compose a creative essay for your middle school class. Facts, in the long run, will always win out against how folks are feeling at a specific moment. There are several of individuals who don't wish to understand what's in their food. You want to recognize that different folks have various points of view regarding the very same topic, so be patient. The first thing you're likely to have to do is to pick a topic that has more than one clear side. What Does Station Eleven Argumentative Essay Topics Mean? To be certain your paper stands out you are able to also, benefit from choosing an unusual subject. You might also want to incorporate a brief discussion of more research which should be completed in light of your work. The shortage of excellent support sources will end in a decrease grade. Besides general knowledge you have regarding the subject, you won't mind dedicating some opportunity to research, writing pr ocedure, and other things essential for the high-quality essay. You research, develop an argument, find evidence to back up your claims, and so forth. Whether it's an argumentative or expository essay which you are writing, it is vital to develop a clear thesis statement and a very clear sound reasoning. Conclusion To compose a great conclusion isn't as simple as you could think. Needless to say, you must center on supporting your thesis statement as opposed to the opponents. An argumentative essay is a writing piece intended to persuade a person to believe the way that you do. Only one sentence is sufficient. In most instances, your professor or client gives a particular topic that you've to go over throughout the paper. The Chronicles of Station Eleven Argumentative Essay Topics An argumentative essay requires you to choose a topic and have a position on it. Researching the topic permits you to find out more about what fascinates you, and should you pick something you really like, writing the essay will be more enjoyable. The most effective argumentative essay topics are the simplest ones. Recent argumentative essay topics that are related to society is going to do. You don't need to find super technical with legal argumentative essays, but don't forget to do your homework on what the present laws about your favorite topic actually say. The very best idea is to select essay topics that genuinely matter to you. To settle on a topic that you aren't interested in or do not care about is an extremely terrible idea.

Animal And Non Infectious Diseases - 2041 Words

Until the last half of the 20th century, the emphasis of veterinary medicine had been on the treatment of individual animals with clearly identifiable diseases or defects. Apart from immunization against rabies and prophylactic treatment of internal parasites, restricted attention had been given to animal health and comprehensive preventive medicine, which give proper consideration to both infectious and non-infectious diseases. Currently, the nature of traditional clinical practice is changing in all developing and developed countries. The pet owners are better educated, and the value of individual animals relative to veterinary fees has decreased. It is imperative to develop pet animal health programmes designed to prevent infectious diseases, rather than just dispensing traditional treatment to clinically sick animals. Due to the vast demographic changes in India, pet animal populations have increased above 10 millions within 2002-2012. Thus as a part of pet animal welfare, preventive measures for infectious diseases like vaccination against parvoviral enteritis, canine distemper, leptospirosis, infectious canine hepatitis, parainfluenza, kennel cough etc; deworming schedule for parasitic diseases like ancylostomiosis, toxocarosis etc; grooming practices to avoid skin problems and ectoparasites for control of hemoprotozoan diseases like babesiosis, ehrlichiosis etc.; hygenic measures are to be carried out which is now practiced up to an extend in cities but rare in ruralShow MoreRelatedCommunicable Diseases : Communicable Disease904 Words   |  4 PagesCommunicable and Non-Communicable Diseases Communicable diseases spread from one person to another or from an animal to a person. The spread often happens via airborne viruses or bacteria, but also through blood or other bodily fluid. The terms infectious and contagious are also used to describe communicable disease according to the Global Health webpage. 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Over the past 20-30 years, modern technology has enabled researchers to quantify the social structure in animal societies using tools from network analysis. Mathematically, networks describe interactions between a set of nodes by placing edges connecting the nodes. Social network approaches have been used in the literature to document animal interactionsRead MoreScope of Microbiology1359 Words   |  6 Pagesharmful microorganisms which cause disease or spoilage of beverages and food, but it is now recognized that many microbes have essential roles in our ecosystem or can be used to accomplish beneficial tasks. Human history is full of examples of major devastations caused by bacteria and viruses. Some of these historically important diseases still occur, such tuberculosis and yellow fever. 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A number of health officials and idealists believed that the threat of infectious disease would have been eradicated by now.1 Infectious disease remains the leading cause of death across the globe and the third leading cause of death in the United States.2 Within the scope of infectious disease, the most common cause of illness is viral respiratory tract infections, also referred to as VRTI.3 Recently, a new strain of virus relatedRead MoreVegeterianism Essay1267 Words   |  6 Pagesare create d as non meat eaters. Vegetarian foods, which are eco friendly, are efficient enough to provide necessary nutrients to human body and opting the habit of vegetarianism is hygienically, economically, and morally beneficial. Vegetarian foods are eco-friendly Vegetarian life style is more eco-friendly than a non-vegetarian life style. Vegetarian eating habit helps in the conservation of environment (land, water and air); whereas, environmental impact generated from non vegetarian foodRead MoreWhy Dogs Should Be Vaccinated1350 Words   |  6 Pagesvaccinated is because it protects them from numerous infectious diseases, protect us from receiving zoonotic diseases, the benefits out way the risks and some are required by law. Some people feel that his/her dog does not need to be vaccinated or feel they cost too much money, but by getting their dogs vaccinated it keeps them healthy, protect them against disease and live longer. The main purpose for any vacations is to protect dogs from infectious diseases that can lead to death. By giving dogs vaccinations

Current Of Accounting Information Systems â€Myassignmenthelp.Com

Question: Discuss About The Current Of Accounting Information Systems? Answer: Introduction In the era of internet every organisation needs to be active and as most of the organisations have taken to cloud for almost all of the business activities it is important to constantly improve the overall organisational capacity to operate in the market. There are number of organisations in the Australian market those who have taken to online software especially for accounting to manage their organisation and also to keep records of the finances of the company for effective and smooth operation. The use of accounting software is not new and has been into the market for a long period of time but with the increase in importance of the internet business it has become highly essential (Dong, Lan, and Zhong, 2014). The accounting software makes the organisational activities easier to handle and effective for the organisations to management the organisational finances, expenses and profits. The new organisations that come up in the market mostly prefer to work rigorously to capture the ma rket but arent able to manage the business effectively for too long due to the excessive competition and its pressure and hence having a proper organisational structure is important for the organisation as it leads to all sorts of problems (Daft, 2012). In the present study will be done based on the organisation Maloneys Grocer which is a speacialist Gourmet food and sales of other food products. The present study will discuss the use of accounting package software and the operational inefficiencies which could be eliminated with its use. The organisation Maloneys Grocer is a small scale food retail firm which has been effective in attracting consumers. The organisation provides great range of gourmet food and also fresh fruits and vegetables and other specialty food items in the area of Sydney. The organisation has been extremely focused on selling quality food items and also on customer service. Maloneys works under tremendous pressure in the market since it has competitors like Woolworths and Coles Supermarket but it has a satisfied customer base (Cummings and Worley, 2014). Even though the organisation has effective customer base it has not been able to manage its business properly due to operational inefficiencies. The organisation presently has a functional organisational structure which is one of the mostly used structures in the corporate world. The functional organisational structure is a simple structure where the work of the organisation is divided based on the function of each division. The functional organisational structures of Maloneys help them to manage each division effectively but there have often been communication issues with the each division. The current organisational structure of the company is functional organisational structure and hence the company lays more emphasis on functions rather than tasks (Rummler and Brache, 2012). The functional structure distributes the power effectively between each functional division and helps to manage the work effectively which is essential to provide the best possible services to the consumers. Even though the functional structure is effective in providing the best possible services to the consumers but it doesnt help communication withi n the organisation. The lower level staffs are not aware of the strategic direction of the organisation and face difficult problems in contributing insights for the effective operation of the company. The main operational issue that the organisation faces with the functional structure is decision making as most of the staffs are not aware of the decisions taken and this leads to miscommunication. Apart from that at the present moment Maloneys has a website but not a commercial one and hence selling online has not been their option and hence it becomes important to develop a portal though which they could sell products and receive payments (Artho, et.al., 2012). The operational inefficiency that creeps up in this case is the lack of coordination that comes in due to the functional structure within the team. There has also been accounting errors due to the miscommunication and most of them accounting error which may be are for the existing system of accounting used in the company. The most likely system of going in for a software acquisition method should be for the company is to make use of custom software which would help the organisation to fulfill its need effectively to sell online, gather payment effectively and also connect it to the accounting system to understand revenue generation (Beattie, 2014). The custom software will help to make sure focus is on suitable sales of the organisation and so that operational inefficiency of miscommunication and accounting errors could be eliminated effectively. Hence it could be said that the organisation Maloneys Grocer should develop custom software which would help it to streamline the business effective and manage the operations perfectly (Giustolisi, Berardi, and Laucelli, 2012). Fig 1: Sales Order Process Flowchart The sales order process is suitable and simple and hence it is important to have a proper control system within the organisational operations. There could be frauds in the system and hence it is important to have control. There could be financial fraud in the system since the sales could be made before it is recorded in the ledger system and hence it could be said that it is essential to have proper control in the system. Technical control in the form of software and manual control through manpower supervision et cetera. It is important that the organisation has stronger control system so that identification of loopholes could be done effectively and manage the other issues properly in the near future. Normally in custom software there is already an inbuilt defender given but most of them are weaker to customised malwares and hence it is important to develop a strong control protocol which is important to be implemented in order to make sure the system works fine and there is no poss ibility of malware or a virus corrupting the entire system. (Salem, 2012). The software must be clutter free so that it doesnt get glitch while performing the functions and this is another aspect which might pose as a problem in the near future in terms of hacking or scamming the software which is definitely possible through virus or malware system and hence protective and stronger antivirus system have to be there. Accounting is one of the major aspects of business and over the years its importance has grown exponentially. Effective accounting is important for a company to achieve success and hence it is extremely important that accounting system is developed. The use of accounting aspect could be found since the Egyptian civilisation where people who had immense wealth wanted to keep a track of it and manage them properly. Hence it could be said that accounting is as old as the concept of business (Oulton, 2012). Over the last many decades Accounting has been considered as one of the most important division in an organisation. The accounting or the bookkeeping system is important to keep a track of the finances of the organisation and how its being used. The double entry system is the normally used accounting system in the world and since its inception many companies have started using it to good effect. Accounting software came into being with the development of the software practices in the business during the early 80s where the organisations showed higher propensity to use accounting software packages (Kanellou and Spathis, 2013). The large scale adoption of the accounting software packages came into practice in the late 90s where almost all the multinational companies started taking up accounting software packages which became extremely important to compete in the market. Australian companies similar to companies in other countries have embraced accounting software packages that have helped to improve business operations effectively. Hence it could be said that the contemporary business environment needs accounting software packages for effective business practice. In the last few years the pen and paper mythology of accounting has changed in Australia. Now even the most traditional and orthodox businessmen are taking up accounting software as they want to keep the competitive advantage going in their favor (Waddell, et.al., 2013). The development of accounting soft ware was started in the early 1970s where bigger companies had focused on getting their accounting tasks done in an easier and faster manner which was supported by the creation of accounting software but its adoption especially in Australia wasnt fast. Over the years there have been many organisations that have come up with accounting software packages for the corporate world. There are number of companies who have come up with different accounting software packages like MYOB, Xero Online, Intruit, Saasu, QuickBooks, Reckon One et cetera (Hall, 2012). These organisations have been effective in managing the business. The Australian market presently is 75% covered with accounting package software and hence it is important to note that most of the organisations are focused on developing a strong and effective market presence as more and more companies are preferring to embrace accounting software. There are bigger organisations in the Australian market but the upper hand is held by the organisations MYOB, Xero and Intruit as they are well recognised in the market. The main advantage of these software collectively is that all these accounting software are clutter free and doesnt glitch that much while working online. The Software like MYOB and Intruit focuses on providing speed and input to effectively develop a strong platform for the organisations to make effective decisions for the organization (Nagy, Yassin, and Bhattacherjee, 2010). Xero Online has become a very reliable software since the product is cloud based and it has helped the organisation to provide services to its clients from any connected device but still it is excellently safe and this provides the basic advantage of this accounting package. Xero has multiple currency options which helps the company to account for different transactions effectively. Xero gets upper hand in the market due to its rich features and eases bank reconciliations in terms of transactions. Xero has multiple currency capabilities which help the company to account for different transactions for different currencies which is a huge advantage for the companies using this. Xero is also reasonably priced which helps companies to spend less and save more or allocate the business finance in different other fields for the growth and development of the business. Xero as a company has different procedures for different customers (Lim, 2013). It has a 180 day trial period and also provides 25% less to the nonprofit organisations which also show the social side of the business. Overall it could be said that Xero has been effective for most of the organisations operating in the market. All of these companies have almost similar services their services do have challenges. Even though they have favorable service the main challenge they face is data security of the consumers. Most of these companies provide cloud based services and hence the risk of data theft is foreseeable and hence these companies will have to develop the software with modified firewalls and malware blocker which will help to work in the open source platform. Even though these companies say that they are reasonable a war of rivalry is visible (Ramasubbu and Kemerer, 2014). These companies have focused on price skimming in different regions in Australia which might affect the market of these companies. So, its important for them to strategise their marketing mix in order to gain upper hand in the market. Conclusion From the present literature it could be said that accounting is important for organisations and helps in competing with other organisations. It is important to note that the choice of accounting software has to be made effectively and hence and organisations need to analyse the different software and accordingly make choices. References Artho, C., Suzaki, K., Di Cosmo, R., Treinen, R. and Zacchiroli, S., 2012, June. Why do software packages conflict?. InProceedings of the 9th IEEE Working Conference on Mining Software Repositories(pp. 141-150). IEEE Press. Beattie, V., 2014. Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework.The British Accounting Review,46(2), pp.111-134. Cummings, T.G. and Worley, C.G., 2014.Organization development and change. Cengage learning. 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