A SUMMER INTERNSHIP PROJECT REPORT

On
“XERO : Accounting Made Simple for Business Everywhere"
At
‘[ASTNIQ SOLUTIONS]’

Submitted to:
SILVER OAK INSTITUTE OF MANAGEMENT

In partial fulfillment of the Requirement of the award for the degree of Master of
Business Administration (MBA) Offered By
SILVER OAK UNIVERSITY

Under the Guidance of :

Devanshi Dave

Submitted by:

Name of
Student:
Darshan Patel, Varshil Patel

Enrollment Number:
220707000253,2207070000285

MBA (Semester III)

(Month & Year)
August 2023
COMPANY/ORGANIZATION CERTIFICATE

To whomsoever it may concern

This is to certify that Mr. Patel Darshan Sanjaykumar & Mr. Patel
Varshil Harshadbhai, student of MBA program at Silver Oak
University, Ahmedabad has successfully completed Summer Internship
Project titled “Xero accounting software” at ASTNIQ SOLUTIONS ,
503 Sun avenue, Shyamal char rasta, Ambawadi ,Ahmedabad-
380015 during From 20/06/2023 To 11/08/2023 .

Date:__/__/____
INSTITUTE CERTIFICATE

This is to Certify that this Summer Internship Project Report Titled

“XERO INTERNATION ACCOUNTING” is the bonafide work of
Mr. Patel Darshan Sanjaykumar & Mr. Patel Varshil Harshadbhai
2207070000253 & 2207070000285, who has carried out his / her project
under my supervision. I also certify further, that to the best of my
knowledge the work reported herein does not form part of any other
project report or dissertation on the basis of which a degree or award was
presented on an earlier occasion.

Signature of the Faculty Guide/s

Signature of Principal/Director with Stamp of Institute

Student’s Declaration
 I Darshan and Varshil, hereby declare that the Summer
Internship Project titled, “XERO : Accounting Made Simple for

Business Everywhere“ in ASTNIQ SOLUTIONS is a bonafide

record of work done by me under the guidance of Devanshi

Dave. I further declare that the study has not previously
formed the basis for the award of any study, research or the
similar title or recognition.

Enrollment No Name Signature

2207070000253 PATEL DARSHAN
SANJAYKUMAR
2207070000285 PATEL VARSHIL
HARSHADBHAI

Place:
Date:

Preface
As a part of our Master of Business Administration (MBA) program. Cloud
accounting, exemplified by Xero, is revolutionizing the finance industry. Xero, a
prominent cloud accounting platform, offers a suite of features including accounting,
payroll, invoicing, and expense management. Its user-friendly interface and seamless
integration capabilities make it a popular choice for small and medium-sized
businesses (SMBs).

This MBA project will explore the advantages of cloud accounting, especially for
SMBs. It will delve into how cloud accounting is reshaping finance practices and
creating opportunities for MBA students. Additionally, the project will highlight
Xero's role in shaping the future of accounting through innovation and job prospects
for graduates.

May this report contribute to the collective knowledge and encourage further
exploration in the dynamic world of accounting.
Acknowledgement

The study of Measuring “XERO : Accounting Made Simple for Business

Everywhere ” was undertaken in fulfilment in Degree of Masters of Business
Administration.

We are very much thankful to Silver Oak University & ASTNIQ SOLUTIONS,
Ahmedabad for providing us the opportunity to study the above referred topic
which has provided us practical knowledge.

We consider ourselves extremely fortunate to be given an opportunity as an

Intern with ASTNIQ SOLUTIONS. We would like to thank Mr. ANANT
SHAH, Head for giving us the opportunity to undergo Summer Internship
with ASTNIQ SOLUTIONS.

We wish to express our sincere gratitude and thankfulness to our guide

Devanshi Dave, whose Cordial attitude and valuable suggestion made this
work to present study more comprehensive. We also are thankful to all the
people who have help us in many ways for completing this project.
Table of Content
Chapter Title Page
No.
1 Industry Introduction
1.1 Establishment of industry at world
1.2 Establishment of industry at India
9
1.3 Establishment of industry at Gujarat
1.4 GDP contribution of company/firm
1.5 PESTEL Analysis

2 Company Introduction
2.1 Establishment and brief History
11
2.2 Key Stake Holders
2.3 Major products/services
2.4 SWOT Analysis
3 Introduction of project 18
4 Literature Review 20
5 Objective 24
6 Rationale of study 26
7 Research Methodology 28
8 Data Analysis & Interpretation 30
9 Findings 39
10 Suggestions 41
11 Limitations 43
12 Conclusions 45
13 Bibliography 47
14 List of tables/list of Figures 49
15 Annexure 50
Chapter-1
Industry Introduction
International accounting aims to harmonize accounting standards globally to enable
easier comparison and understanding of financial information across countries.
Various organizations, such as the International Accounting Standards Board (IASB)
and the Financial Accounting Standards Board (FASB), work towards converging
accounting standards to create a more uniform financial reporting landscape.
International Financial Reporting Standards (IFRS) is a set of accounting standards
developed by the IASB that provides a common framework for financial reporting in
many countries. It is widely adopted by numerous countries and is considered the
global benchmark for accounting practices. Foreign Currency Translation Companies
operating internationally often deal with multiple currencies. Foreign currency
translation involves converting financial statements from one currency to another
using appropriate exchange rates to consolidate the financial information of
multinational companies. Transfer Pricing: Transfer pricing is a critical aspect of
international accounting for multinational corporations. It involves determining the
prices at which goods, services, or intellectual property are transferred between
related entities in different countries to comply with tax regulations and avoid tax
evasion. Cross-Border Taxation and Compliance International accounting must
consider complex tax laws and regulations in different countries to ensure compliance
with local tax authorities while optimizing tax positions for multinational companies.
Cultural and Legal Differences Companies operating in multiple countries need to be
aware of cultural and legal differences that may impact accounting practices, financial
reporting, and business operations. Risk Management and Hedging Companies with
international operations often face currency and market risks. International accounting
involves risk management strategies and hedging techniques to minimize exposure to
these risks. Corporate Governance and Ethics International accounting requires
adherence to sound corporate governance principles and ethical practices, which are
essential for maintaining investor confidence and financial integrity. Challenges in
International Accounting Diverse Accounting Standards Dealing with different
accounting standards in various countries can lead to complexities in financial
reporting and analysis.Currency Fluctuations Foreign exchange rate fluctuations can
impact financial statements when translating from one currency to another.Regulatory
Compliance Complying with varying and sometimes conflicting accounting
regulations and tax laws across different jurisdictions can be challenging.Language
and Cultural Barriers: Communication challenges and cultural differences may affect
the interpretation and understanding of financial information.Legal and Political Risks
Changes in legal and political landscapes in different countries can impact accounting
practices and financial reporting.

In conclusion, international accounting is a crucial discipline that facilitates global

financial transparency and comparability. Companies with international operations
must navigate the complexities of diverse accounting standards, cultural differences,
and regulatory requirements to present accurate and meaningful financial information
in a global business environment.

Chapter-2
COMPANY INTRODUCTION

 Company Analysis/ Services/ Products:

Astniq Solutions is an IT consulting and services company based in Ahmedabad,

Gujarat, India. They offer a wide range of services, including:

 Web development and design

 Mobile app development
 E-commerce solutions
 Software development
 IT consulting
 Digital marketing
 Graphic design
Astniq Solutions has a team of experienced professionals with a proven track record
of success. They are committed to providing their clients with high-quality services
that meet their specific needs.

Some of Astniq Solutions's clients include:

 The Gujarat government

 The Ahmedabad Municipal Corporation
 Several leading educational institutions
 A number of small and medium-sized businesses
Astniq Solutions is a growing company with a bright future. They are well-positioned
to meet the needs of their clients in the ever-changing IT landscape.

Here are some of the company's most popular services:

Web development and design: Astniq Solutions can help you create a website that is
both visually appealing and functional. They offer a wide range of services, from
basic website design to complex e-commerce solutions.

Mobile app development: Astniq Solutions can help you develop a mobile app that
is both user-friendly and engaging. They have experience developing apps for both
Android and iOS platforms.

E-commerce solutions: Astniq Solutions can help you set up and manage an e-
commerce store. They can help you with everything from product listing to payment
processing.

Software development: Astniq Solutions can help you develop custom software that
meets your specific needs. They have experience developing software for a variety of
industries, including health care, education, and financial services.
IT consulting: Astniq Solutions can help you with all of your IT needs, from network
security to disaster recovery. They have a team of experienced consultants who can
help you assess your IT needs and develop a plan to meet them.

 SWOT Analysis of ASTNIQ SOLUTIONS

Strengths:

 Expertise and Knowledge: ASTNIQ SOLUTIONS may have a team of skilled

professionals with expertise in their respective fields, allowing them to deliver
high-quality solutions and services.

 Innovative Solutions: If ASTNIQ SOLUTIONS is known for its innovative and

cutting-edge solutions, it can be a significant strength, providing a competitive
advantage in the market.

 Strong Client Base: If they have a stable and diverse client base, it indicates the
company's ability to build and maintain long-term relationships with customers.

 Market Reputation: A positive brand image and good reputation in the market can
enhance trust and attract more potential clients.

 Adaptability: The ability to adapt to changing market conditions and technology

trends can be a considerable strength, ensuring the company's resilience.

Weaknesses:

 Limited Resources: Smaller companies might have limited resources, which

could affect their ability to scale up or take advantage of growth opportunities.
 Narrow Market Focus: If ASTNIQ SOLUTIONS is heavily reliant on a specific
industry or niche market, it may be vulnerable to economic fluctuations or
changes in that sector.

 Competition: The presence of strong competitors in the industry can put pressure
on ASTNIQ SOLUTIONS to differentiate itself and maintain its market share.

 Geographical Limitations: If the company operates in limited geographical

regions, it might miss out on potential clients and market expansion.

 Dependency on Key Personnel: Over-reliance on a few key individuals can pose

risks, especially if they leave the company or become unavailable.

Opportunities:

 Emerging Technologies: The growth of emerging technologies can present new

opportunities for ASTNIQ SOLUTIONS to develop and offer innovative
solutions.

 Market Expansion: There may be opportunities to enter new markets or expand

the current customer base.

 Partnerships and Alliances: Collaborating with strategic partners or forming

alliances can lead to mutual benefits and access to new markets or resources.

 Diversification: ASTNIQ SOLUTIONS might explore diversifying its offerings

to cater to a broader range of industries and clients.

 Global Reach: Leveraging technology and the internet can enable the company to
reach clients globally, opening up international business opportunities.

Threats:
 Economic Conditions: Adverse economic conditions can impact customer
spending, leading to reduced demand for ASTNIQ SOLUTIONS' services.

 Rapid Technological Changes: Technology evolves quickly, and failing to keep

up with the latest trends can make ASTNIQ SOLUTIONS' offerings obsolete or
less competitive.

 Regulatory Changes: Changes in laws and regulations, especially related to the

industry, can create compliance challenges.

 Security and Data Privacy Concerns: In the age of cyber threats and data
breaches, ensuring data security and privacy is crucial for maintaining trust with
clients.

 Price Pressure: Competing on price alone can be detrimental to the company's

profitability and sustainability.

 PESTLE analysis of the IT (Information Technology)

industry:

1. Political Factors:
Government Regulations: Government policies and regulations on data privacy,
cybersecurity, and technology usage can significantly impact IT companies'
operations and compliance requirements.
International Trade Policies: Changes in trade policies, tariffs, and import/export
regulations can affect the global supply chain of IT products and services.

2. Economic Factors:

Economic Growth: The overall economic conditions of countries or regions can

influence IT spending by businesses and consumers.
Exchange Rates: Currency fluctuations can impact the cost of IT products and
services for multinational companies and affect global competitiveness.

3. Social Factors:

Technological Literacy: The level of technological awareness and adoption among the
general population can drive demand for IT products and services.
Workforce Skills: The availability of a skilled workforce in the IT industry and their
ability to keep up with technological advancements can impact business capabilities.

4. Technological Factors:

Rapid Technological Advancements: The IT industry is highly dynamic, and

companies must continually innovate to stay competitive and meet changing customer
needs.
Internet Connectivity: The availability and quality of internet infrastructure play a
crucial role in the adoption of IT solutions and services.

5. Legal Factors:

Data Protection Laws: Stringent data protection and privacy laws impact how IT
companies collect, store, and use customer data.
Intellectual Property Rights: Protection of intellectual property is essential for IT
companies to safeguard their innovations and prevent unauthorized use.

6. Environmental Factors:

Green IT Initiatives: Increasing awareness of environmental sustainability may drive

demand for eco-friendly IT products and services that minimize energy consumption
and carbon footprint.

Chapter-3
Introduction of Project
Xero is a cloud-based accounting software platform designed for small and medium-
sized businesses (SMBs). It offers a wide range of features, including accounting,
payroll, invoicing, and expense management. Xero is known for its ease of use and its
ability to integrate with other business applications.

Xero is a popular choice for businesses of all sizes, including those that operate
internationally. Xero supports multiple currencies and languages, and it offers a
number of features that make it easy to manage international accounting transactions.

This project aims to make Xero international accounting even simpler for businesses
everywhere. The project will develop a set of resources and tools that will help
businesses to:

 Set up and configure Xero for international accounting.

 Manage international sales and purchases.
 Track and report on international financial performance
 Comply with international accounting standards.

The project will also develop a training program to help businesses learn how to use
Xero for international accounting. The training program will be available online and
in person, and it will be offered in multiple languages.

The project is expected to benefit a wide range of businesses, including:

 Businesses that export or import goods and services.

 Businesses that have operations in multiple countries
 Businesses that have employees or contractors who work remotely in other
countries.
 Businesses that are planning to expand into new international markets.

The project will also benefit Xero by increasing the adoption of its software among
businesses that operate internationally.

Objectives of the Project

The objectives of the project are to:

 Develop a set of resources and tools that will help businesses to make Xero
international accounting even simpler.
 Develop a training program to help businesses learn how to use Xero for
international accounting.
 Increase the adoption of Xero among businesses that operate internationally.

Expected Outcomes of the Project

The expected outcomes of the project are:

 A set of resources and tools that will help businesses to make Xero international
accounting even simpler.
 A training program to help businesses learn how to use Xero for international
accounting.
 Increased adoption of Xero among businesses that operate internationally.

Overall, this project has the potential to make a significant contribution to the
business community by making Xero international accounting even simpler for
businesses everywhere. The project is expected to benefit a wide range of businesses,
including small and medium-sized businesses, exporters and importers, and
businesses with operations in multiple countries. The project is also expected to
benefit Xero by increasing the adoption of its software among businesses that operate
internationally.

Chapter-4
Literature Review
With the development of small and medium enterprises, there are some new
accounting services, one of which is bookkeeping. But the bookkeeping has also its
disadvantages. To solve the problem of many ignored questions of bookkeeping, the
method of searching for countermeasures is given in this paper (Li, 2013).
Smartphone applications are important tools for business consumers, and the
increasing number of mobile devices developed for the business and accounting fields
are greatly appreciated (Güney, 2014).
The accounting system is used to measure financial performance by recording
and classifying all transactions such as sales, purchases, operating expenses, assets,
and liabilities in accord with generally accepted accounting principles. Standard
formatting of financial statements allows evaluations of past and present performance
and comparison with future prospects. Accounting can be defined as recording,
classifying, and summarizing transactions or financial information into financial
statements for internal and external use. IT has changed theway financial statements
are made. Financial statements can be easily made on a mobile phone in accordance.
with accepted principles. In addition, these statements can be made without special
training. However, the mobile application should track financial transactions
accurately in the preparation of financial statements.
Changes in technological developments that require significant financial
reporting can be made easily and quickly so that users of financial statements can
make decisions quickly. There are several important factors that should be considered
when selecting an accounting system to create financial statements (Ghasemi,
Shafeiepour, Aslani, & Barvayeh, 2011).

1. Levels of Functionality

The accounting application requires a high level of functionality with which it

can produce financial statements in compliance with the generally accepted account
principles. The software should be able to produce statements of financial position,
income statements, statements of change in equity, and cash flow statements.
However, at a minimum the application is required to present a financial report that
consists of a statement of financial position and an income statement that users can
access easily. In addition, mobile applications must be able to save data to the cloud
or be able to convert data into a spreadsheet or word processing application.

2. Level of Accuracy
 The digital accounting system should be highly accurate before the financial
statements can be prepared. The computerized system should post the journal entries
and ensure that every transaction is recorded correctly.
This accuracy reduces the number of accountants needed to process financial
statements. However, qualified supervisors are required to analyze the financial
reports that are compiled by the mobile apps.

3. Processing Speed

Timeliness of the app is of importance when presenting financial statements for the
decision-making process of its users. By using mobile accounting applications,
accountants can quickly process financial information. The faster the processing of
financial statements for overall transactions or for individual transactions occurs, the
more the time required to close the accounting period is reduced. This saves work
hours and labor costs. This can shorten the monthly or yearly accounting period
closing processes, especially when preparing taxes. This can help companies control
cost, thereby improving efficiency as a whole.

4. External Reporting

The financial reports generated for both investors and stakeholders can be
enhanced by using a computerized accounting system. Mobile accounting applications
are especially advantageous in that they can be used anytime and anywhere.
Improving the level of reporting quality allows users of financial statements to make
faster decisions about whether a company is financially stable, whether it has
opportunities for company growth, and whether the company has the potential to
become a high-value company.
Today’s accountants must be familiar with the software or mobile applications
to help them perform accounting functions more effectively and efficiently. One
application is expected to cover all required accounting functions. The features
present, which are needed and viewed by users of mobile accounting applications, can
share the invoices to do the billings, can store the customer database, can manage
inventory, and can help calculate the tax. The features considered when choosing an
accounting application include the following:
 Word processing. Accountants need a word processor to prepare reports, bills,
memos, and financial reports.
 Graphics processing. Although not specifically required in preparing financial
statements, it is usually necessary to install company logos or images in the
invoices and display reports or graphic images of data like charts on reports.
 Image processing. Image processing is required to capture electronic images of
data so that they can be stored and shared. With the help of document imagery,
accountants can scan paper documents to a computer and process these files
electronically. Companies that use document image processing can move toward
a paperless office.
 Electronic data exchange. Electronic data exchange (EDI) is required by
companies to communicate electronically. EDI allows companies to exchange
documents electronically with each other. For example, buyers and suppliers
exchange purchase orders and invoices electronically in the form of images.
 Electronic funds transfer. With electronic funds transfer (EFT), the company can
connect to the bank. The EFT system allows companies to make payments and
collect electronically. In this case, the company can pay the debt to the supplier.
In addition, whenever a company makes a sale, the transaction will be directly
charged to a consumer bank account and simultaneously credited to the company
account. In addition, all relevant accounts such as receivables and cash are
updated immediately by the computerized system. The use of computerized
systems mentioned above has led to automation of digital accounting information
systems.

Another way that is usually considered when choosing a mobile accounting

application is to look for a basic program that enables SME business owners or
managers who do not understand accounting to complete traditional accounting
functions without much formal training or technical knowledge. Business owners may
also transfer this information electronically to a public accountant for audit or tax
purposes. Information can be transferred more accurately and in a timelier manner
electronically than by submitting a stack of manual accounting ledgers.
Chapter-5
Objective of XERO Accounting
 The objective of Xero International Accounting is to make international
accounting simple for businesses everywhere. Xero offers a cloud-based accounting
software platform that is designed to be easy to use and affordable, even for
businesses with no accounting experience. Xero also offers a number of features that
make it easy to manage international accounting transactions, such as support for
multiple currencies and languages, and automatic exchange rate updates.

Xero International Accounting is designed to help businesses with the

following tasks:

 Set up and configure Xero for international accounting.

 Manage international sales and purchases.
 Track and report on international financial performance
 Comply with international accounting standards.

Xero International Accounting can be used by businesses of all sizes, but it is

particularly well-suited for small and medium-sized businesses (SMBs). SMBs often
have limited resources and expertise, and Xero International Accounting can help
them to save time and money on their international accounting needs.

Here are some of the benefits of using Xero International Accounting:

 Simplicity: Xero is known for its ease of use, and Xero International Accounting
is no exception. Businesses can set up and configure Xero for international
 accounting in minutes, and they can start managing their international
transactions immediately.

 Affordability: Xero is a very affordable accounting software platform, especially

for small businesses. Xero International Accounting is no more expensive than
Xero's standard accounting plans.

 Comprehensive features: Xero International Accounting offers a wide range of

features that make it easy to manage international accounting transactions. These
features include support for multiple currencies and languages, automatic
exchange rate updates, and international reporting tools.

 Global support: Xero has a global team of support professionals who can help
businesses with their international accounting needs. Xero also offers a
comprehensive knowledge base and a community forum where businesses can
get help from other Xero users.

Overall, Xero International Accounting is a powerful and affordable cloud-

based accounting software platform that can help businesses of all sizes to simplify
their international accounting needs.

Chapter-6
Rationale of study on XERO Accounting
 The rationale of studying XERO is to learn how to use this popular accounting
software to manage the financial of a business. XERO is a cloud-based software that
can be used to track income and expenses, manage inventory, create invoices, and
generate reports. It is a powerful tool that can help businesses of all sizes save time
and money.

There are a number of reasons why it is important to study Xero Accounting.

 Xero is a leading cloud-based accounting software platform. Xero is used by

millions of businesses worldwide, and it is growing rapidly. As more and more
businesses move to cloud-based accounting, it is important to understand how
Xero works and how it can be used to meet the needs of different businesses.

 Xero is well-suited for international accounting. Xero supports multiple

currencies and languages, and it offers a number of features that make it easy to
manage international accounting transactions. As the world becomes increasingly
globalized, more and more businesses need accounting software that can help
them to manage their international operations.

 Xero is easy to use and affordable. Xero is designed to be easy to use, even for
businesses with no accounting experience. Xero is also very affordable,
especially for small businesses. This makes Xero a good choice for businesses of
all sizes.

 Xero is constantly innovating. Xero is constantly adding new features and

technologies to its platform. This means that Xero users can always be confident
that they are using the latest and greatest accounting software.

 Studying Xero Accounting can open up new career opportunities. Xero is a

popular accounting software platform, and there is a high demand for Xero-
skilled accountants. Studying Xero Accounting can help you to develop the skills
and knowledge that you need to succeed in this growing field.
Here are some specific examples of research questions that could be studied in
relation to Xero Accounting:

 How can Xero Accounting be used to improve the efficiency and effectiveness of
international accounting operations?
 What are the benefits and challenges of using Xero Accounting for small and
medium-sized businesses?
 How can Xero Accounting be used to improve the financial performance of
businesses?
 What are the implications of new technologies, such as artificial intelligence and
blockchain, for the future of Xero Accounting?
 How can Xero Accounting be used to support sustainable business practices?

Overall, there are many good reasons to study Xero Accounting. It is a leading
cloud-based accounting software platform that is well-suited for businesses of all
sizes. Studying Xero Accounting can open up new career opportunities and help you
to develop the skills and knowledge that you need to succeed in the accounting
profession.

Chapter-7
RESEARCH METHODOLOGY
 Data Collection Method

➢ Primary Data:

Primary data was collected through the survey method (questionnaire

observation and interview) from the respondents. Observations regarding the
rise of online shopping trends. The questionnaire aimed at studying the
customers preference and feedback for the online shopping. Unstructured
interview was conducted for some of the respondents to find out the drawbacks
of the online model.

➢ Secondary Data;

Secondary data was collected thorough various websites and

articles available on The internet.

➢ Sampling Size;

Sample size: For the research the sample size of :-

 100 respondents were taken out of which 80% of the population are frequent
users of accounting software.

 The geographical area is limited within an area of Ahmedabad, Gujarat

 Tools

The tools used for analyzing data are rating method; graphs, pie charts
etc. Questionnaire is Distributed to the individual respondents and special
 care has been taken to make him/her feel
Comfortable so that, he/she could answer all the questions. This method is
followed to get unbiased Answers.
➢ Technique of Analysis

The data collected from the customer are transcript to the worksheet in the
form of tally bars and analyzed by statistical tools by drawing tables and
graphs, inferences were drawn on a Marketing concept and conversation.
Based on the marketing concepts findings of the research Were driven and
recommendations are made.

➢ Limitation of the Study

It is not possible for any market study to make it accurate due to many hurdles in the
collection and computation of data. Some limitations of the study are listed below

❖ The sampling frame to conduct the study has been restricted to area.

❖ Respondents show reluctance towards giving correct information.

❖ Findings of the study are based on the assumption that respondents have
disclosed in the questionnaire.

Chapter-8
Data Analysis & Interpretation
8.1 AGE:
AGE No of person percentage
0-15 1 1%
16-25 63 60%
26-35 30 30%
35-50 6 6%
Total 100 100%

Chart Title
1
6

30

63

AGE 0-15 16-25 26-35 35-50

Interpretation: -
This data indicates that 63 % of persons fall in the age range of 16 to 25, while 30 %
are 26 to 35 and 6 % are between 35 to 50. Only 1 of persons are above age of below
15 ages. The Total number of respondents in survey was 100.

8.2 Gender
particulars Frequency percentage
male 83 83%
female 17 17%
Total 100 100

gender
83

17

male female

Interpretation: -
The data shows that out of a total of 100 individuals in the sample, 83 are male, and
17 are female. This implies that the majority of the sample is male, while the female
population is the minority.

8.3 Related to commerce field

particular frequency percentage

yes 82 82%
no 12 12%
May be 6 6%
Total 100 100

12
6

yes
no
May be

84

Interpretation: -
From this data, it can be concluded that 82% of the respondents are related to
commerce, as they answered "yes" in favor of the commerce-related matter. The
remaining 12% opposed it with a "no" response, and 6% were uncertain or had a
neutral stance with a "maybe" response.

8.4 Aware about bookkeeping

particular frequency percentage
yes 90 90%
no 7 7%
May be 3 3%
Total 100 100%

7
3

90

yes no May be

Interpretation:-
Overall, this data indicates that a significant majority of the respondents (90%) claim
to be aware of bookkeeping, while a smaller proportion (7%) explicitly state that they
are not aware of it. Additionally, a very small percentage (3%) are uncertain about
their awareness of bookkeeping.

8.5 Which accounting software use in current job

or business
Particular frequency percentage
tally 55 55%
xero 33 33%
Quicks books 3 3%
Microsoft Dynamics 8 8%
365
miracle 1 1%
Total 100 100%

60
55

50

40
33
30

20

10 8
3
1
0
tally xero Quicks books Microsoft miracle
Dynamics
365

Interpretation:-
Overall, this data provides insight into the diverse range of accounting software
choices in use by individuals in their jobs or businesses. Tally and Xero are the most
commonly used options, with QuickBooks, Microsoft Dynamics 365, and Miracle
being less common choices among the respondents.

8.6 Know about international accounting.

particular frequency percentage
yes 85 85%
no 15 15%
Total 100 100%
 15

85

yes no

Interpretation: -
Overall, this data indicates that many of the respondents (85%) claim to have
knowledge about international accounting, while a smaller proportion (15%)
explicitly state that they do not have knowledge in this area.

8.7 Know about xero accounting software

particular frequency percentage
yes 77 77%
no 23 23%
total 100 100%
 23

77

yes no

Interpretation:-
In summary, Out of the total respondents (100%), 77% (77 individuals or businesses)
answered "yes" to know about Xero accounting software, while 23% (23 individuals
or businesses) answered "no."

8.8 How many use Xero as accounting software

particular frequency percentage

yes 33 43%
no 44 57%
Total 77 100%
 43%

57%

yes no

Interpretation:-
In summary, out of the total respondents (77), 33 individuals or businesses (43%)
answered "yes," indicating that they use Xero as their accounting software, while 44
individuals or businesses (57%) answered "no," signifying that they do not use Xero
for their accounting needs.

8.9 Which task for primarily use Xero for?

particular frequency percentage

keeping record of 16 48.5%
transaction of business
Paying payment of 4 12.1%
purchase
Getting payment of sales 2 6.1%
All of above 11 33.3%
Total 33 100%

18
16
16

14

12 11
10

6
4
4
2
2

0
keeping record of Paying payment of Getting payment of All of above
transaction of purchase sales
business

Interpretation:-
The number of respondents who selected each option and their respective percentages
are as follows:
Keeping a record of business transactions: 16 respondents (48.5%)
Paying payments for purchases: 4 respondents (12.1%)
Getting payments for sales: 2 respondents (6.1%)
All of the above: 11 respondents (33.3%)

Chapter-9
Findings

 The findings show that the majority of respondents are in the younger age
groups, with a significant concentration in the 16-25 and 26-35 age ranges.
There is a very small representation of individuals aged 0-15, and a smaller
proportion in the 35-50 age group. These findings provide insights into the age
distribution of the surveyed population.
 The finding is that the majority of the respondents, 83%, are male, while 17%
are female. This suggests a significant gender imbalance in the sample
population, with a much higher representation of males compared to females
 The finding is that the majority of respondents (82%) have an affiliation with
the field of commerce. A smaller portion (12%) are not affiliated with
commerce, and a minor percentage (6%) indicate that they may have some
level of affiliation with commerce but are uncertain.
 The finding is that the vast majority of respondents (90%) are aware of
bookkeeping. A small percentage (7%) are not aware of bookkeeping, and an
even smaller percentage (3%) indicate that they may have some level of
awareness about bookkeeping but are uncertain.
 The finding is that the most commonly used accounting software among the
surveyed population is Tally, with 55% of the respondents using it in their
current jobs or businesses. Xero is also widely used, with 33% of respondents
using it. QuickBooks and Microsoft Dynamics 365 have a lower usage
percentage, with 3% and 8%, respectively. Miracle is the least used accounting
software, with only 1% of respondents using it.
 The finding is that the majority of respondents (85%) have knowledge about
international accounting. A smaller percentage (15%) indicate that they do not
have knowledge about international accounting.
 The finding is that 77% of the respondents are familiar with Xero accounting
software, while 23% are not familiar with it.
 The finding is that 43% of the respondents are using Xero as their accounting
software, while 57% are not using Xero for their accounting needs.
 Based on the data you've provided, the primary tasks for which Keeping a
record of business transactions: 16 respondents (48.5%)
respondents primarily use Xero accounting software are as follows:
Paying payments for purchases: 4 respondents (12.1%)
Getting payments for sales: 2 respondents (6.1%)
All of the above: 11 respondents (33.3%)
Chapter-10
Suggestions
As a Silver Oak University student who has completed a summer internship at
ASTNIQ SOLUTIONS, here are some suggestions you can provide to help improve
the company’s growth and progress:

 Expand your service offerings: Astniq Solutions currently offers a wide range of
IT and non-IT services, but there is always room to expand. Consider adding new
services that are in high demand, such as cybersecurity, cloud computing, and
 artificial intelligence.
 Target new markets: Astniq Solutions currently focuses on the Ahmedabad
market, but there is potential to expand into other markets in India and even
internationally. Consider targeting new markets with high growth potential, such
as the startup scene or the e-commerce industry.
 Invest in marketing and sales: Astniq Solutions has a strong online presence and a
good reputation, but it could benefit from further investment in marketing and
sales. Consider developing a comprehensive marketing strategy and hiring
experienced sales professionals.
 Partner with other businesses: Astniq Solutions could benefit from partnering
with other businesses in the IT and non-IT industries. Consider partnering with
businesses that offer complementary services, such as web development or digital
marketing.
 Invest in research and development: Astniq Solutions could stay ahead of the
curve by investing in research and development. Consider developing new
products and services that meet the evolving needs of businesses.

Here are some specific suggestions for each of the above points:

 Expand your service offerings:

1. Offer cybersecurity services, such as penetration testing, vulnerability
assessment, and security awareness training.
2. Offer cloud computing services, such as cloud migration, cloud infrastructure
management, and cloud-based application development.
3. Offer artificial intelligence services, such as chatbot development, machine
learning, and natural language processing.

 Target new markets:

1. Target the startup scene in India and other emerging markets. Startups are often
looking for affordable and reliable IT and non-IT services.
2. Target the e-commerce industry. E-commerce businesses are constantly looking
for ways to improve their efficiency and profitability.

 Invest in marketing and sales:

1. Develop a comprehensive marketing strategy that includes online and offline
marketing channels.
2. Hire experienced sales professionals who can build relationships with potential
customers and close deals.

 Partner with other businesses:

1. Partner with web development companies to offer a complete web development
and hosting package to your customers.
2. Partner with digital marketing agencies to offer your customers a range of digital
marketing services.

 Invest in research and development:

1. Develop new products and services that meet the evolving needs of businesses.
For example, you could develop a cloud-based accounting software platform
specifically for small businesses in India.

Chapter-11
Limitations

Xero Accounting is a popular cloud-based accounting software platform, but it

has some limitations. Here are some of the most common limitations of Xero
Accounting:

 Limited customization options: Xero Accounting's interface and feature set are
largely predefined, offering limited options for customization. This can be a
 disadvantage for businesses that require unique, tailor-made solutions or prefer a
more personalized accounting experience.

 Expense for businesses with a large number of transactions: Xero Accounting's

pricing plans are based on the number of transactions that a business process.
This can make Xero Accounting expensive for businesses with a large number of
transactions.

 Limited support for certain features: Some of Xero Accounting's features, such as
expense claims, projects, and multi-currency functionality, are only available on
the most expensive plans. This can restrict access to these features for businesses
on lower-tier plans.

 Difficulty of use for businesses with complex accounting needs: Xero Accounting
is designed to be easy to use, but it can be difficult for businesses with complex
accounting needs. For example, Xero Accounting does not offer some of the
advanced features that are available in more sophisticated accounting software
platforms, such as fixed asset management and inventory management.

 Limited popularity outside of English-speaking countries: Xero Accounting is

most popular in English-speaking countries, such as the United States, the United
Kingdom, and Australia. It is less popular in non-English-speaking countries, and
support and training for Xero Accounting may be more difficult to find in these
countries.

Despite these limitations, Xero Accounting is a powerful and affordable

accounting software platform that can be a good fit for many businesses. It is
important to carefully evaluate the limitations of Xero Accounting before deciding
whether or not to use it for your business.

Here are some tips for overcoming the limitations of Xero Accounting:

 Use third-party add-ons: There are a number of third-party add-ons available that
can extend the functionality of Xero Accounting. These add-ons can be used to
 add new features, such as fixed asset management and inventory management, or
to customize the appearance and behavior of Xero Accounting.

 Hire a consultant: If you have complex accounting needs, you may want to
consider hiring a Xero consultant. A Xero consultant can help you to set up and
configure Xero Accounting, and they can provide you with training and support.

 Switch to a different accounting software platform: If the limitations of Xero

Accounting are too much for your business, you may want to consider switching
to a different accounting software platform. There are a number of other
accounting software platforms available, such as QuickBooks Online and Sage
Intacct.

Chapter-12
Conclusion

Xero Accounting is a cloud-based accounting software platform that is

designed for small and medium-sized businesses (SMBs). It is known for its ease of
use, its affordability, and its wide range of features. Xero is also well-suited for
international accounting, and it is constantly innovating to meet the needs of its users.
Xero Accounting offers a number of benefits for businesses, including:

 Increased efficiency and productivity

 Improved financial reporting and insights
 Reduced risk of errors and omissions
 Increased compliance with tax and accounting regulations
 Better collaboration with accountants and other stakeholders

Xero Accounting is a good choice for a wide range of businesses, including

those in the following industries:

 Retail
 E-commerce
 Professional services
 Construction
 Manufacturing
 Hospitality
 Non-profit

If you are considering using Xero Accounting for your business, here are a
few things to keep in mind:

 Xero Accounting is not a one-size-fits-all solution. It is important to evaluate

your specific needs before deciding whether or not Xero is the right accounting
software platform for you.
 Xero Accounting is a cloud-based platform, so you will need to have a reliable
internet connection in order to use it.
 Xero Accounting offers a variety of pricing plans. Choose the plan that best suits
your business needs and budget.

Overall, Xero Accounting is a powerful and affordable accounting software

platform that can help businesses of all sizes to improve their financial management.

Conclusion for MBA project

 Xero Accounting is a valuable tool for businesses of all sizes, and it is a
particularly good choice for small and medium-sized businesses. Xero is easy to use,
affordable, and offers a wide range of features. Xero is also well-suited for
international accounting, and it is constantly innovating to meet the needs of its users.

If you are considering using Xero Accounting for your business, I recommend
that you carefully evaluate your specific needs and choose the pricing plan that best
suits your business. You may also want to consider hiring a Xero consultant to help
you set up and configure Xero Accounting, and to provide you with training and
support.

Chapter-13
Bibliography

 Bankosz, G. S. & Kerins, J. (2014). Mobile technology-enhanced asset

maintenance in an SME. Journal of Quality in Maintenance Engineering,
20,163–181.

 Ghasemi, M., Shafeiepour, V., Aslani, M., & Barvayeh, E. (2011). The impact of
information technology (it) on modern accounting systems. in Procedia-Social
 and Behavioral Sciences, 28,112–116.

 Güney, A. (2014). Role of technology in accounting and e-accounting. Procedia-

Social and Behavioral Sciences, 152, 852–855.

 Li, Q. (2013). Study of bookkeeping in the small and medium-sized enterprise. In

Z. Yin, L. Pan, X. Fang (Eds.), Proceedings of The Eighth International
Conference on Bio-Inspired Computing: Theories and Applications (BICTA),
2013. Advances in Intelligent Systems and Computing, vol 212. Springer, Berlin,
Heidelberg.

 Rîndaşu, S. (2017). Emerging information technologies in accounting and related

security risks–what is the impact on the Romanian accounting profession.
Accounting and Management Information Systems, 16(4), 581–609.

 Stanciu, V. & Gheorghe, M. (2017). An exploration of the accounting

profession–the stream of mobile device. Accounting and Management
Information Systems, 16(3), 369–385.

 Tudoran, L. E. & Ionescu, B. S. (2014). The use of accounting apps via mobile
cloud computing in Romania. Annales Universitatis Apulensis : Series
Oeconomica, 16, 294–303.

 https://www.xero.com/us/
 Xero. (2018). Retrieved June 1, 2019 from https://www.xero.com/nz/about/

 Reference Books
 Xero: A Comprehensive Guide for Accountants and Bookkeepers US Edition
 How To Learn Xero Accounting Software Quickly!
 Xero For Dummies
Chapter-14
List of tables/list of Figures

Topic List of table/list of figures no

8.1 Shows Ages of respondents 1

8.2 Show gender of respondents 2
8.3 Shows of related of commerce field 3
8.4 Shows of awareness of bookkeeping 4
8.5 Shows which accounting software use in current jobs or business 5
8.6 Shows to know about international accounting 6
8.7 Shows knows abouts of xero accounting software 7
8.8 Shows how may used xero 8
8.9 Shows which task they use xero for 9

Chapter-15
Annexure

1. NAME

2. EMAIL

3. GENDER
A. Male
B. Female
4. YOUR AGE
A. 1 TO 15
B. 16 TO 25
C. 26 TO 35
D. 36 TO 50
E. 50 TO 70

5. What is your annual income?

A. Less than 1 lakh
B. 1-3 lakh
C. 3-5 lakh
D. More than 5 lakh
E. No Income

6. Your income source ?

A. Salary
B. Stock market
C. Rental income
D. Interest form saving
E. Interest form fixed deposit

7. Your Higher Education Qualification.

A. HSC
B. Graduation
C. Post graduation
D. Other:

8. Which profession did you have ?

A. Public
B. Private
C. Student
D. Government
E. Other:

9. Are you related to a commerce field ?

A. Yes
B. No
C. Maybe

10. In your daily routine for which accounting software did you use?

11. Did you know international accounting?

A. Yes
B. No

12. Have you aware about the bookkeeping?

A. Yes
B. No
C. Maybe

13. Do you know about XERO accounting software?

A. Yes
B. No

14. Do you used XERO as an accounting software?

A. Yes
B. No

15. Which accounting software you are using in your current jobs?
A. Keeping record of transaction of business
B. Pay payment of purchase
C. Get payment of sales
D. All of above