Assessment 3: MYOB Exercise

Assessment 3: MYOB Exercise 1
ASSESSMENT 3: MYOB EXERCISE
Student’s Name
Course Title
Instructor
College
Department
Date

Assessment 3: MYOB Exercise 2
Assessment 3: MYOB Exercise
Introduction
MYOB is one of the online accounting software (Johnston 2003). It offers wide range of
solutions to businesses across New Zealand and Australia (Pulakanam & Suraweera 2010).
Basically, MYOB is considered as an easy and fast mean of managing ATO compliance
requirements and cash flow. In this sense, the report presents some of the functions provided
by the MYOB software. It also presents some issues associated with manual accounting and
later presents benefits related to online accounting software. The paper is wrapped with a
discussion of three specific economic transactions which would take place at First National
Real Estate by using MYOB and discussion of limitations it would face while implementing
the MYOB.
Specific Functions Provided By MYOB Software
MYOB offers a number of functions. First, MYOB software assists business owners in taking
care of the GST, reporting, payroll, invoices and expenses as well as saving time and
increasing productivity (R&G Technologies Blog 2014). It also helps them remain updated
with the compliance obligations. Further, MYOB software offers secure location in storing
expenses, present and past and all vital business information in completing payroll record
with only several clicks.
Problems Associated with Manual Accounting System
There are a number of issues associated with use of manual accounting systems. First, when
an accountant is completing a task manual, there is likelihood of committing some errors.
According to AccountsMan.Com (2012) it is very easy for accountants to transpose some
numbers or making seemingly minor mistakes through manual accounting which could have

Assessment 3: MYOB Exercise 3
some far-reaching consequences. Secondly, manual accounting systems place more pressures
on accountants for them to present accurate or correct information (Johnston 2003). This is
based on the fact that accountants are not always perfect however much one wishes to be.
Thus, with manual accounting systems, level of accuracy is dependent on the individual
accountants, which place requirements on the organization’s management to running some
training continuously for their accountants so as to keep them motivated and ensuring they
follow correct procedures (Thomason 2019). It could be easy for accountants to accidently
switch financial information and end up with some inconsistencies in the accounting entries
through manual accounting. Thirdly, manual accounting system is expensive and time
consuming. It takes more physical space and efforts in keeping track of accounting books, to
find the information and keeping these information secure (AccountsMan.Com 2012). Thus,
whenever a single mistake is made or corrections or changes are required, often manual
adjustments should be redone completely instead of just updating the accounting records.
This raises the questions on whether manual accounting systems should be done away with in
preparing accounting records in most firms, thus, giving rise to online or digital accounting
systems.
Benefits Associated with Online Accounting Software
As a business operator, one is probably all aware that various components of the business
need constant attention in facilitating overall smooth running of his or her business. One of
these chief concepts includes ensuring that the business bookkeeping and account techniques
are fully up to scratch (Thompson 2016). Unluckily, taking on bookkeeping and accounting
duties manually could be extremely time consuming and take significant portion of the
business owner effort, distracting his or her from other components of the firm, and limiting
efficiency and workflow. Moreover, hiring outbound accountant could accrue significant