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Accounting Assignment On MYOB Software

   

Added on  2021-04-23

6 Pages1572 Words31 Views
1.1.Outline the specific functions provided by MYOB software.MYOB software has provided Ryman Healthcare (RH)with many important features to suit the specific accounting and reporting needs. The key reason RH chose MYOB was for its integration of job costing. MYOB has consolidated multiple supply ledgers into one and has created a unified Job ledger that are linked across the companies. RH is vertically integrated, which means it must deal with 30 companies, each posing their own unique accounting challenge. The company had to previously consolidate multiple supply ledgers manually, which was time consuming and expensive. MYOB with its AccountRight feature provides customised invoicing solutions like automating the invoicing, GST cashflow tracking, and invoicing in local and foreign currencies.MYOB offers the ability to track and assign costs and expenses to individual projects/jobs, this helps RH to accurately identify its cost centres and determine profitability. MYOB offersmultiple inventory management tools like tracking stock levels, back orders, to set automatedalert for low stock levels. It also facilitates in verifying counted and physical stock levels across multiple warehouses.Through STP (Single touch Payroll) RH can manage their payroll for their over 4000 employees. STP provides functionalities like automatic computation of tax, leave and superannuation. Irrespective of the number of employees, the time required to do payroll remains the same with STP. The MYOB team app enables RH to track the clock on and off hours of the employees. MYOB Greentree IQ is an ERP software that manages every aspect of the business and provides vital information about the business via various dashboards like cash flow tracking dashboard. It also provides trend analysis, real time view of cash flows, and other business health indicators.

Put the greentree stuff first and then explain each aspect of greentree separately. 2.2. Discuss the problems of using a manual accounting system.A manual accounting system is a way of maintaining business financial transactions with a written ledger. Computers and software are not used as a part of manual accounting software.Manual accounting systems can be attractive to new and small businesses as they are easy and simple to maintain, but it poses many problems like 1.Knowledge of double entry system is essential to maintain a proper set of accounts. Double entry accounting in a manual setting is a laborious and lengthy process.2.As the business scales up, the accounting process becomes more complex posing its own challenges.3.Every financial report like the trial balance, statement of profit or loss etc must be prepared manually by looking at every ledger. In the case of RH, 10 different supply ledgers had to be consolidated manually. 4.As the business grows the accounting process becomes more expensive, complicated and time consuming. Any report required by the management must be prepared manually by a knowledgeable person, this requires the employment of expensive labour in clerical tasks rather than managerial tasks. 5.Critical financial data may not be easily accessible as it may span across multiple physical ledgers, unlike in a software package like MYOB where with a click of a button visual charts and dashboards can be generated in an instant.6.Manual accounting systems are plagued with many other issues like accuracy, data security and access, potential loss of physical copies. As the debit and credit entries

are manually made, there is a high risk of error. The books can be accessed by anyone, leading to misplacing of records and subsequent loss of data. 3.1.Online accounting software (OAS) packages like MYOB and Xero offer an affordableoption for businesses to maintain a computerized financial record, that are stored in the cloud with multiple on-site and off-site backups.2.The knowledge of double entry system required is minimum as the software automatically creates the second entry, thus avoid clerical errors.(Shpak 2019)3.The online software package can be modified to suit the specific needs of the client like RH that is involved in construction and healthcare.4.Financial data can be accessed from anywhere using secure mobile apps, expense billscan be added by taking a picture of the invoice, this makes tracking and auditing expenses easy. 5.Financial reports, analytical reports and a 360 degree view of the financial position can be obtained with a few clicks. (Fully Integrated Software System | Greentree ERP| MYOB n.d.)6.Through employee profiles, time and performance can be tracked for individual employees and payroll can be handled with just a few clicks.7.OAS packages offer automated tax law compliance like STP mandated by the ATO. Also, with OAS GST cashflows and other tax compliance can be automated saving money and time.(Single Touch Payroll (STP) Get Your Business Ready | MYOB n.d.)

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