Accounting Information System: MYOB Software Analysis Report

This report delves into the MYOB accounting system, exploring its functionality and impact on businesses. It begins with an introduction to information systems and accounting information systems, highlighting the importance of technology in modern business operations. The report then focuses on the MYOB accounting software, discussing its ease of use and power in automating financial processes. It details the different types of MYOB software available, including MYOB Business Basic, MYOB Accounting, and MYOB Premier, and emphasizes the system's GST and VAT readiness. The impact of the software on business control is examined, along with potential issues and the latest version of the software. The report concludes by summarizing the benefits of the MYOB accounting system for various business organizations. The report also includes a list of references used in the research and analysis.

Running head: ACCOUNTING INFORMATION SYSTEM
ACCOUNTING INFORMATION SYSTEM
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction................................................................................................................................3
MYOB Accounting System.......................................................................................................3
Types of MYOB accounting system..........................................................................................3
GST and VAT Ready.................................................................................................................3
Impact of control........................................................................................................................4
Issue related to MYOB...............................................................................................................4
Latest version.............................................................................................................................4
Conclusion..................................................................................................................................5
References..................................................................................................................................6

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Introduction
An information system is basically a set of interrelated subsystem’s that work together
in order to process, collect and store and distribute information. The information mainly deals
with decision making, planning and control (Laudon & Laudon, 2016). The accounting
information system can be considered as tool which basically incorporate technology and
information field of innovation. The concept is very much important for entities related to
business. There are different types of design when relating to the concept of accounting
system which is chosen with aspect to how the data is reported and gathered (Falkenberg,
Hesse & Olivé, 2016).
The main aim of the report is to research about a new technology which is related to
the accounting information system. Taking into account the impact on the control and the
accounting related issue or the processing. The technology which is chosen is the MYOB
accounting.
MYOB Accounting System
MYOB Accoutring is a accounting software which is very much simple to use. It can
be stated as a simple software but on the other hand it is a very powerful tool which directly
puts emphasis on the concept of the business process and the work flow. The financial aspect
of nay business can be automated with the implementation of the technology. To keep the
business going to a greater standard the factor of the invoice with regards to the client and the
customer. Things in a business scenario can happen anytime around the clock. The managing
part of the different aspects of the business is managed by the accounting system (Coyne,
Coyne & Walker, 2016).
Types of MYOB accounting system
There are basically three types of MYOB Accounting software’s

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 MYOB Business basic: single user, entry level system of bookkeeping (suitable for
business body which are micro, NGO, service based business)
 MYOB accounting: single user, complete system, local currency– sales, accounts and
invoicing
 MYOB Premier: more than one user, multiple currency and complete system – accounts,
invoicing, banking, accounts payable, foreign currency and purchase (Haislip, Peters &
Richardson, 2016).
GST and VAT Ready
The MYOB accounting system is ready for the GST and the VAT ready. This is very
much important for those countries where GST and the VAT are involved in their transaction.
It is globally tested for the processing of the GST. The technical team mainly handles the
issue which is related to the countries where GST is applicable, in those countries MYOB is
widely used. The organisation is well concerned with the queries which come in the form of
the GST related issue and they can handle it with very much precision. The MYOB is also an
approved software with the GST implementation in Singapore. It is basically used for the
government subsidy. The Malaysian version is GST complaint with the Malaysian GST
requirement (Kihubaet al., 2016).
Impact of control
The MYOB accounting system can be considered to be very much simple when
relating to the use and the impact. The software is very much suitable for small and medium
enterprise business bodies. If a business body is not so much familiar with the concept of the
software, they can be directly implement it to record the business transactions. Each of the
part in the accounting system is designed according to the need of the business. The software
can be used to enter cheque, create invoice, make order purchase or simple do the task as if it

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was being executed in a paper. For example, if a record has to be entered into the system just
type in the software enter sales. After this step follow the instructions on screen and then
complete the task by clicking on the record button. The printing of the sales record can also
be done to the customers (Sledgianowski, Gomaa & Tan, 2017).
The most important aspect which is related to the entry of the record is that, ones the
record is entered into the system it would directly update all the financial statement of the
entire business body at one go and it would be instant and accurate. For the issue of the
financial and reporting the MYOB accounting system works behind in order to ensure that
the information which is entered is kept safely and recorded properly (Coyne, Coyne &
Walker, 2016). Each and every window of the MYOB has a step by step guide in order to
guide the user through the process how to use the software for better performance of the
business.
Issue related to MYOB
A majority of the consultants stated not to install the current release of the software
until it settles down. On the other hand, some had used the Account Right 2011 software
which was without any problem. The problem which was faced with the software created a
huge fuss in the market. According to the company few bugs are inevitable when taking into
account a release of a major product (Sallem et al., 2016). The company had initially
launched two service packs to patch the software since the release of the latest version.
According to Julian Smith, general manager for the corporate affairs stated that “It would be
fair to say the bulk of our partner community want the service packs to be released and to be
comfortable with the performance of the product before they upgrade to the new platform,"
MYOB partners had basically suggested that the main damage to the vendor’s application
may turn the customer’s reputation towards the company and this would be a huge loss for
the organisation (Watty, McKay & Ngo, 2016).

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The company highly depended on upgradation of the software each and every year
basically with the main motive to keep pace with the latest tax table from the taxation office
in the Australia. On the other hand, it was first time that it provided FY2013 tax table for the
years to mainly covered the maintenance contract (Sultana, Locoro & da Silva, 2017).
Latest version
The MYOB Malaysian which is the latest version of the MYOB. The MYOB premier
v15 in the year 2014 May. The royal Malaysian custom department has had approved both
the MYOB accounting software’s with the main purpose of obtaining the financial assistance
for the GST implementation (Choong, 2016).
Conclusion
The report can be concluded on a note that the MYOB accounting software can be
very much beneficial for any business organisation. the most important point that comes with
the technology is that it can be very easily be implemented by any business organisation
irrespective of it being small or big enterprise. There were few bugs in the latest version of
the realise which incorporated a fuss in the field of the implementation of the technology. But
later on patches were released in order to compensate with the error involved in it. The
linking of the GST and the VAT was also a beneficial aspect which is related to the concept.

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References
Choong, C. M. (2016). Goods and Services (GST) Accounting System for Malaysian
Retailing Company (Doctoral dissertation, UTAR).
Coyne, J. G., Coyne, E. M., & Walker, K. B. (2016). A model to update accounting curricula
for emerging technologies. Journal of Emerging Technologies in Accounting, 13(1),
161-169.
Falkenberg, E. D., Hesse, W., & Olivé, A. (Eds.). (2016). Information System Concepts:
Towards a consolidation of views. Springer.
Haislip, J. Z., Peters, G. F., & Richardson, V. J. (2016). International Journal of Accounting
Information Systems. International Journal of Accounting Information Systems, 20, 1-
15.
Kihuba, E., Gheorghe, A., Bozzani, F., English, M., & Griffiths, U. K. (2016). Opportunities
and challenges for implementing cost accounting systems in the Kenyan health
system. Global health action, 9(1), 30621.
Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education
India.
Sallem, N. R. M., Nasir, N. E. M., Nori, W. M. N. W. M., & Kassim, C. K. H. C. K. (2017).
Small and Medium Enterprises: Critical Problems and Possible
Solutions. International Business Management, 11(1), 47-52.
Sledgianowski, D., Gomaa, M., & Tan, C. (2017). Toward integration of Big Data,
technology and information systems competencies into the accounting
curriculum. Journal of Accounting Education, 38, 81-93.

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Sultana, T., Locoro, A., & da Silva, F. S. C. (2017). Time Accounting System: Validating a
Socio-technical Solution for Service Exchange in Local Communities. In Digital
Technology and Organizational Change (pp. 269-281). Springer, Cham.
Watty, K., McKay, J., & Ngo, L. (2016). Innovators or inhibitors? Accounting faculty
resistance to new educational technologies in higher education. Journal of Accounting
Education, 36, 1-15.