Benefits Of MYOB Online Accounting Software For Small And Medium Businesses

Answer 1

In the given case study, it has been stated that MYOB has been observed as a leading business solution provide for both medium and small enterprises. The various types of the inefficiencies “before” the implementation of the software have been observed in terms of the manual integration of the accounts. The medium and the small sized business need to go through several ongoing process complex transactions. The absence of the accounting software makes the entries prone to error and security issues. The perceived benefits “after” the implementation of MYOB have been seen in terms of the varieties of add-on, which are seen to be conducive in providing the necessary solution to the various types of the business problems (Software 2016).  Some of the most important constraints of the software has been identified in terms of the various types of the tools which has been suggested as business logic, job plus, job talk, smart trade and total synergy (Veechicurtis.com.au. 2017). It has been further observed that the software has number of the other advantage, which is seen to be necessary for providing solution on the comprehensive accounting services for the Australian market.

The economic transactions are termed as the various types of the sources, which are seen in terms of the various types of the economic events which are initiated by the different types of the   accounting process of recording the same in the system. The different types of the economic transaction have been segregated into three sections:

• Simple Transactions- The various types of the simple transactions of the economic events has been able to be discerned in form of the different types of the sources of the data, which are seen to take place in singular events.
• Complex Transactions – Some of the common forms of the  complex transaction in the business has been mainly identified in form of the various types of the types of the purchasing activities in credit. In several situations, it has been observed that on day to day business there are several form of the transactions which are seen to take place such as purchasing an item in credit (Broida and Flora 2015).
• Ongoing Transactions – The various types of the ongoing transactions of the business has been manly identified in terms of the different types of ongoing business transaction, which may take into consideration multiple transactions. In several occasions the contract between the vendors and thee suppliers has been seen to involve the multiple suspects of the transaction. Some of the main form of the supplier and the vendor relations in the economic transactions has been identified in terms of buying and selling goods on regular basis. Hence, these types of the economic transaction have been identified as the various types of the economic transactions in a small and medium sized business (Shyara 2016).

Some of the main forms of the benefits of the accounting software have been identified in terms of user friendliness of the accounting software. Once the online accounting software have been setup, it offers the user with several choices for modification and the updating the data with the user friendly interface offered by the software. It has been further seen that the software has been seen to offer various advantages, which are seen in terms of security of the software. The main form of the security offered by these software has been directly been observed in form of the different types of the solution which are seen to be provided in form of the secured online connection (GetApp. 2017). The various types of the other benefits have been seen in terms of better maintaining off the payroll, cash flows and invoicing. Some of the other advantages of using the online accounting software has been directly been observed in terms of thee various types of the benefits related to the lesser need of hiring an accountant thereby eliminating several hiring cost (Itseducation.asia. 2017). 

The main form of the issues faced by Lydia and Sam in I SEE by manual accounting system has been discerned inform of keeping record of the financial records, including stock, tax, payroll, accounts receivable, accounts payable with the manual T accounts. In situations when there was growth in sales the varied types of the complexity of the business was seen in terms of the tracking of the same in four different business locations of the company. Lydia and Sam reportedly faced inefficiency and errors involved in the maintaining off the accounting systems. It has been further observed that the different type other issue faced by Sam and Lydia was seen in terms of keeping up with the demand of the company as it took away lot of operational time to maintain the several manual entries (Wijesuriya and Perera 2016). It has been further seen that the manual entry of the accounting system was responsible the different type the issues which were seen to be associated the various to the problems of missing out on several occasions to apply compounding journal entries in the ledger accounts. The manual entries makes it particularly difficult to take into account the various types of the entries which are related to manual recording of the data (Wijesuriya and Perera 2016).

The benefits of using MYOB in terms of the three economic transactions have been identified in terms of the GST calculations, Banking transactions and accounting of the expenses.

• GST Calculations – The main advantage of thee GST calculation of the GST with the MYOB implementation has been directly been identified in terms of the various types of the benefits which are seen to provide in terms of automatically calculation of GST inclusive and exclusive of the figures. The MYOB offers built in automatic calculation of GST; hence, it offers slim chance of making mistakes while calculating invoices and GST. In several types of other cases it has been further observed that the different type the other advantages of MYOB software has been identified in terms of the ensuring that the invoice is calculated automatically.
• Banking transactions and Fixed Assets–The computerized accounting interface offered by MYOB is able to ensure that the Bank account (Asset) gets credited automatically. In several other occasions it has been also discerned that several types of the economic transaction such as in case there is an introduction of new furniture or machinery in the business is considered on automatic basis.
• Expenses- In case I SEE Company needs to pay the electricity bill, then this amount is identified to get credited on automatic basis (co.nz. 2017).

Some of the main form of the limitations of MYOB has been listed below as follows:

• Difficulty to beginners – The software is not novice-friendly, hence in various occasions I SEE may consider providing training to the existing employees of the organization. It has been further identified that the  in various situation the difficulties are identified in making the best use of cloud automation process.
• Potential threat from hackers – The major challenge of the cloud accounting software has been identified in form  of data security. More than 46% of Software Advice’s survey respondents have stated this issue as the top priority of the software. The different types of the accounting information stored in the cloud have been identified to be vulnerable to hackers, fraud and other threats (Technologies 2017).
• Time Constraints – In several occasions it has been identified that the various types of the small and the medium sized business enterprises takes unacceptable amount of time to run or print the transactions. It has been further observed that in several occasions MYOB implementation take longer time than excel, this is often regarded as the bottleneck of the software.
• Limited view across business units – The I SEE business runs in four different regions, thus in various occasions it becomes lot of problem for MYOB to integrate all the transactions to one single unit. This leads to moving data between financial systems, along with a lack of clarity into the performance of subsidiaries (Netsuite.com. 2017).

Conclusion

Based on the case study, the various types of the accounting perspectives has been able to be incorporated into the report. The first major aspect of the report has been able provide the relevant details on the various types the inefficiencies observed in the manual accounting of the entries. The primary aspect has been put on the main form of the benefits of the MYOB software which has been mainly seen in terms of thee cloud accounting automation. Some of the other aspects of the study have been able to state on the different types the issue, which are currently faces by ISEE and opportunities in the improvement by the implementation of the MYOB software.

Reference List

Broida, M. and Flora, D., 2015. The status of computerized accounting software in small American businesses. Journal of Small Business Strategy, 1(1), pp.44-51.

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Itseducation.asia. (2017). The Advantages of Using Computerised Accounting Software, MYOB, Mind Your Own Business. [online] Available at: https://www.itseducation.asia/computerized-accounting.htm [Accessed 23 Mar. 2017].

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Shyara, M. (2016). (Solved) – MYOB is a leading provider of business management solutions for… | Transtutors. [online] Transtutors.com. Available at: https://www.transtutors.com/questions/myob-1534948.htm [Accessed 23 Mar. 2017].

Software, B., Finance, A. and Planning, E. (2016). MYOB. [online] PCMag Business Software Index. Available at: https://www.pcmag.com/business/directory/erp/1304-myob [Accessed 23 Mar. 2017].

Technologies, R. (2017). MYOB: Benefits and Challenges for your Organisation. [online] Blog.rgtechnologies.com.au. Available at: https://blog.rgtechnologies.com.au/myob [Accessed 23 Mar. 2017].

Veechicurtis.com.au. (2017). MYOB Add Ons l MYOB Third Party Products l MYOB Solutions l MYOB Developers – MYOB Accounting Books l QuickBooks Help l Small Business Books. [online] Available at: https://www.veechicurtis.com.au/index.php/myob-add-ons [Accessed 23 Mar. 2017].

Weerasinghe, H.D.S.S. and Perera, H.A.P.L., 2016. Computerized Accounting System Usage of Small & Medium Scale Enterprises in Sri Lanka.

Wijesuriya, D.R.D. and Perera, H.A.P.L., 2016. Accountants’ Perception of Internal Control Problems Associated with the Use of Computerized Accounting Systems: Evidence from Sri Lanka.

Wwauckland.co.nz. (2017). [online] Available at: https://www.wwauckland.co.nz/files/docs/benefits%20of%20a%20computerised%20accounting%20system.pdf [Accessed 23 Mar. 2017].