MYOB Software Benefits and Risks for Electrical Company
Added on 2020-03-16
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MYOB 1MYOB Exercise
MYOB2ContentsAbstract............................................................................................................................................3PART A.......................................................................................................................................4PART B...........................................................................................................................................5Economic transactions that would take place at a small business:..............................................5Benefits of using online accounting software..............................................................................6Problems faced by John and Jane’s electrical company are:.......................................................7How MYOB will be useful to John and Jane’s electrical company in respect of specific economic transaction stated above:.............................................................................................8Risks that John and Jane's Electrical Company may face in the implementation of MYOB......8
MYOB3 Abstract In the following assignment we will be discussing why John and Jane electrical company shifted from manual accounting system to online accounting software tools and what are the advantages and disadvantages of doing so.
MYOB4PART AJohn and Jane run an electrical business since last 8 years. But, recently due to high demand in electrical supplies and fitting they have planned to open 3 stores all in different locations. Earlier they use to follow traditional manual system of accounting and now considering shifting to online accounting because they faced lot of difficulties in maintains accounts manually. They faced difficulties such as:a.The accounts were prone to human errors. The electrical supplies business is such that lotmany number of transaction takes place in a day and there are high chances of mistakes happening.b.In accounting software reports are generated automatically. But, in manual accounting reports are required to be created manually. Therefore, its takes longer time to generate reports[ CITATION Man17 \l 1033 ].c.Manual accounting was suitable to John and Jane electrical when they were small electrical business. But now they are planning to expand so manually accounting is not viable at all. d.In case of manual accounting there is a risk that their manual data might get destroyed or get stolen and it is harder to implement disaster recovery plans[ CITATION Joh \l 1033 ].e.Apart from above problems, manual accounting process is very time consuming process as well. This requires a full time employee to take care of the accounts 24/7.f.Now John and Jane will be having 3 more showrooms and large number of transactions will be happening in a single day. So it will be impossible to maintain manual accountingsystem.So due to all these problems they decided to convert to online accounting software because this has the following benefits:a.Online accounting system is user friendly. Once it is install the concern people just have to enter the basic data and rest is all taken care of by the system.
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