Accounting Operation Assignment : MYOB

Running head: ACCOUNTING
Accounting
Name of the Student:
Name of the University:
Author Note

1ACCOUNTING
Table of Contents
Introduction......................................................................................................................................2
The summary table..........................................................................................................................2
Economic Transactions of the small-scale business........................................................................3
Advantages of using software tool to maintain accounts................................................................4
Difficulties faced by Core 7 Fitness in Manual Accounting Operation..........................................5
Drawbacks of MYOB......................................................................................................................5
References........................................................................................................................................7

2ACCOUNTING
Introduction
The issue that has been identified in the question is that the business firm Core 7 Fitness
had been carrying out the financial transactions via a manual accounting system. The
management of the gym in the recent times had been considering substituting the manual
accounting system by the implementation of an online accounting software. This is particularly
due to the fact that the business has been facing growth in terms of sales. Moreover, the
management of the company has been reported to look after five businesses at once. This had
made it urgent for the required substitution of the accounting system to an online accounting
software. It must also be noted here that the utilization of a manual accounting system may be
prone to issues like human errors and issues of fraud. Therefore, these identified issues have
initiated the management to take the decision of implementing an accounting software in the
business unit. The particular accounting software that has been chosen for this particular study is
MYOB (Daru 2016).
This particular study aims to look into the advantages that have been perceived by Core 7
Fitness after the implementation of MYOB in the firm.
The summary table
The problem faced by Core 7 Fitness before
the implementation of MYOB
The advantages perceived by the company post
the implementation of MYOB
1. Consumption of excess time - The
proceedings of the financial
transactions of a business unit via
manual accounting system results in
the consumption of excess time. An
accountant working with the help of a
manual accounting system will have to
mandatorily check the journals and
ledgers before making an entry into the
financial statements, which will result
1. Access not restricted by time – The
implementation of MYOB has proven
to be very useful for the particular
business concern of Core 7 Fitness.
This is because the executives of the
business firm are now able to access the
particulars of business from anywhere
at any point of time. It must be noted
here that the particular accounting
software of MYOB facilitates the