Benefits and Challenges of MYOB Accounting Software System

This report provides an in-depth understanding of the benefits and challenges of implementing MYOB accounting software system. It also discusses specific functions provided by MYOB software, problems in using a manual accounting system, benefits of using an online accounting software tool, economic transactions at First National Real Estate and limitations and risks of implementing MYOB within their organization.

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ACCY901 Trimester 1 2019
Assessment 3: MYOB Exercise

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Introduction
The present report is developed for developing an in-depth understanding of the benefits
and challenges that business faces while implementing the use of online accounting software
system such as MYOB. This has been carried out by reviewing the case study of First National
Real Estate that is a real estate network having its operations across Australia and New Zealand.
It is involved in providing administrative services, marketing and training to its members and as
such is adopting the use of MYOB Greentree customers for managing its business produces and
financial reporting.
Part 1: Specific Functions Provided by MYOB Software
MYOB (Mind Your Own Business) is regarded as an American multinational company
that specializes in providing tax, accounting and other business services to small and medium
sized businesses. It is an online accounting software that is specifically designed for providing
various types of accounting solutions to business organizations. The different types of
accounting functions that can be performed by the MYOB software includes invoices, reporting,
expenses, payroll and helping to comply effective with the latest accounting obligations. The
online accounting software tools prove to be largely useful for managing the cash flow with
automatic recording of financial transactions. As such, it helps the businesses to improve their
performance by developing of accurate budgets and tracking profit and loss in an easy and
convenient manner. In this context, the businesses are adopting the use of sophisticated,
enterprise-level solution that is providing to be largely beneficial for businesses to gain an
understanding and improve the business functions at every level of its operations. It provides a
real-time view of business operations across its various departments by automating the business
functions at different level (Curtis, 2015). The specific functions provided by MYOB Greentree
software can be stated as follows:
Unified Solution
This online accounting software tool helps in developing a fully integrated and unified
solution by enabling the different business departments to coordinate and interact with each other
in a more convenient way.

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Flexibility and Scalable
The MYOB Greentree enables the businesses to customize their solutions as per their
different needs and requirements.
Deep Insights and Better Performance
The accounting software helps in simplifying the complex accounting and finance
information that leading to improved decision-making driving businesses efficiency and profit.
Smarter Work
The implementation of this accounting software tool enables that different business teams
have access to right type of information by removing the inefficiencies and streamlining the
business operations (Myob, 2019).
Part 2: Problems in Using a Manual Accounting System
The manual accounting software involves the use of paper ledgers and journals for
recording the financial transactions. The major problem that businesses faces while adopting the
use of manual accounting system in comparison to an online accounting software is probability
of occurrence of large number of errors. This is because manual entry of financial records can
lead to entry of incorrect information and thus the lack of internal checks can lead in developing
inaccurate financial results. In addition to this, the manual entry of accounting data is also a time
consuming process as it requires a lot of paper work and thus is very tedious (Brigham and
Michael, 2013).
Part 3: Benefits of Using an Online Accounting Software Tool
These can be stated as follows:
 Intuitive User Interface: The online accounting software is specially designed to update
the accounting work and thus facilitates easy maintenance of complex business
operations.

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 Security: The adoption of an online accounting software system enables in attaining the
safety of every accounting detail and facilitating the business managers to track the
financial condition of the business any time in a convenient manner.
 Efficiency: It enables the business in developing an efficient online system for strong,
managing and retrieving the complex accounting information in an easy manner. The
business managers have to incur lesser time in their correction and using them for
decision-making (Jantsch, 2017).
Specific economic transactions that would take place at First National Real Estate and role
of MYOB to process these economic transactions
There are various types of economic transactions that would take place at First National
Real Estate but there are important transactions that would specifically take place at First
National Real Estate. Three most important economic transactions are provided below:
 Management of expenses by the managers: At First National Real Estate, staffs have to
send the expense sheet to their managers in order to get it approved and get remitted for
the expenses they have done. Managers find it very difficult to verify the expenses as
staff does not provide all receipts and voucher to tally the expenses. Here, MYOB
Greentree eDocs plays an important role as it directly records the transactions into the
system after capturing voucher, receipts and other documents.
 Manual Entry of expenses and duplication issues: Managers at First National Real Estate
have to record the expenses manually through use of information provided by the staff
members but it increases the time and also give rise to duplication of entries. At this point
of time, Myob help a lot through reducing the time for recording the transactions and also
avoids the duplication.
 Payroll Transactions: As there are so many employees at First National Real Estate, it is
very difficult to maintain the record and also processing the payroll transactions. It is
very easy to maintain the payroll record in Myob accounting software and one process it
in very easy manner (Case Study, 2019).
Limitations and risks that First National Real Estate may face while implementing MYOB
within their organization
There are no such difficulties while implementing the MYOB within the system of First
National Real Estate but there can be some limitations and risks associated with the
implementation of it. These have been discussed below:
 The most important concern which is associated with cloud accounting software is the
data security as all the financial data are exposed to internet and it give rise to
confidentially issues.

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 In order to use the Myob one should be properly trained and have knowledge of all its
system. It means it is not novice friendly (Myob: Support, 2019).
Conclusion
Myob has major advantage over its disadvantage that makes it very important accounting
software for many of the organizations. It helps to reduce the time that is required in manual
accounting and also increase the efficiency.

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References
Case Study. 2019. First National Real Estate. [Online]. Available at:
https://www.myob.com/au/enterprise/case-studies/first-national [Accessed on: 16 March 2019].
Curtis, V, 2015. MYOB Software for Dummies – Australia. US: John Wiley & Sons.
Brigham, F., and Michael C. 2013. Financial management: Theory & practice. USA: Cengage
Learning.
Jantsch, J. 2017. How Cloud-Based Accounting Software Can Benefit Your Business. [Online].
Available at: https://ducttapemarketing.com/cloud-based-accounting-software/ [Accessed on: 16
March 2019].
Myob. 2019. MYOB Greentree makes managing a complex business simpler. [Online].
Available at: https://www.myob.com/au/enterprise/software-systems/greentree-erp [Accessed on:
16 March 2019].
Myob: Support. 2019. Implementation. [Online]. Available at:
https://www.myob.com/nz/support/accountants-and-partners/resources/services/implementation
[Accessed on: 16 March 2019].