Benefits and Challenges of MYOB Accounting Software System

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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.