MYOB ACCOUNTING SOFTWARE In a bid to increased efficiency save

MYOB ACCOUNTING SOFTWARE
In a bid to increased efficiency save costs, organizations implement various solutions.
Technological solutions are the most commonly used for aiding organization operations. The use
of technology in the accounting field has gained a lot of momentum in recent years. The
invention of new technologies in the field has enabled businesses to depart from manual systems
and adopt the use of computerized systems to record and store financial transactions. MYOB is a
perfect example of a technological solution that has revolutionized storage and recording of
financial transactions. The adoption of technology is a necessity for modern businesses.
Specific functions provided by MYOB Software
MYOB accounting software is used by businesses to aid in different functions. The
software ease of use makes it preferred software for small and medium-size businesses. The
software is commonly used for managing an organization's goods and inventory, managing
stock, managing expenditure and cash receipts. Additionally, it is also used to generate
accounting reports to aid in financial and management reporting( MYOBAccounting,2019). The
software is also used in the reconciliation of expenses. It is therefore evident that MYOB
software has a broad usage.
Problems of using a manual accounting system
The increasing adoption of the use of electronic accounting systems is based on among
other factors, the disadvantages associated with manual accounting systems. However, in spite of
the wide usage of computerized accounting systems, paper-based systems can still be useful in

the recording of business transactions for small business owners. Notably, one of the key
problems for manual accounting systems is the likelihood of human error
(ManualAccountingsystems, 2019). To illustrate, manual transactions may lead to multiple errors
such as recording of an incomplete transaction which occurs when the double entry rule is not
followed.
Additionally, mistakes can also be experienced through the recording of a transaction
incorrectly, transposition of figures or through errors also. On the same note, paper-based records
are prone to tear and wear. They can, therefore, be damaged easily. Unlike electronic based
accounting information paper-based records can also be easily damaged by water or fire, as well
as other natural and humanmade calamities. On the same not, recording of manual transactions
where a high volume of transactions is involved can be both cumbersome and time consuming,
making it disadvantageous for accountants (ManualAccountingsystems, 2019). The broad range
of challenges for manual accounting systems are quite common and can sometimes be difficult to
locate especially for non-experienced accountants.
Outline the benefits of using an online accounting software tool.
There has also been increasing use of online accounting software tool based on its
numerous benefits. First, the online accounting software tool provides one of the safest ways to
store information. It ensures that access to information is only limited to only the persons with
the login details. Also, the tool guarantees the safety of information by protecting data from
common natural disasters. Secondly, an online accounting software tool increases ease of access
to accounting information. It allows accountants and business owners to access their numbers
anytime and in any location. It, therefore, eliminates the need to sit in an office to access
accounts or check cash flow. Thirdly, an online accounting software tool eliminates the need for

paperwork. This, therefore, helps to eliminate risks of manual errors enables access of
information at a glance. It also eliminates the time consuming procedures associated with manual
paperwork. Fourthly, the online accounting software tool enables the creation and maintenance
of relationships. For businesses owners, having good relationships with the accountant is quite
beneficial for an organization. By using online accounting, it means that both the business owner
and the accountant will have a copy of the same information. This removes unnecessary
misunderstandings and promotes cooperation.
Discuss three (3) specific economic transactions that would take place at First National Real
Estate, detail how MYOB would be used and useful
Various economic transactions would take place at the First National Real Estate. First,
reimbursement of trade liabilities through bank credit would be the most likely. As a
multinational agency, it is likely that the agency will have to pay trade liabilities at one time.
Secondly, payment of services and goods made by bank credit would also be one of the
economic transactions to be carried out by the agency. Finally, the last economic transaction
would be payment of credit by cash.MYOB would be useful; in these transactions by increasing
efficiency in the management of expenses through better reconciliation. It would also be useful
in ensuring that unnecessary delays between the receipt and approval of invoices are eliminated.
Finally, it would be useful in enhancing accuracy in the processing of supplier invoices (MYOB,
2019).
5. Discuss any limitations or risks that First National Real Estate may face in the
implementation of MYOB.
Despite its numerous advantages, the implementation of MYOB is also likely to come
with both limitations and risks for First National Real Estate. First, if the analysis of
organizational requirements is not done appropriately, there would be a risk of bad fit whereby,

the technique would fail to solve the challenges facing the organization. Other possible risks
include pushback from users and an initial decline in productivity. It is therefore important that
the organization understands the likely shortcomings to implement MYOB successfully.
In conclusion, the use of technology in accounting operations is integral to the progress
of organizations. MYOB usage can help organizations such as First National Real Estate to
achieve various outcomes such as reducing the time taken to process transactions, increasing
efficiency in operations and facilitating speedy reconciliation of expenses. The software is used
to manage goods and inventory managing stock, managing expenditure and cash receipts. It is
also used in generating accounting reports. Unlike MYOB, paper-based accounting systems are
prone to wear and tear and are cumbersome to handle. Also, they are also prone to human error.

References
Ash, S. (2017). Top 5 Benefits of Cloud Accounting for Small Business. [online] OnePageCRM.
Available at: https://www.onepagecrm.com/blog/xero-admin-top-five-benefits-of-cloud-based-
accounting [Accessed 3 Apr. 2019].
ManualAccountingsystems (2019). Manual Accounting systems - advantages, disadvantages of
Manual Accounts systems. [online] Accountsman.com. Available at:
http://www.accountsman.com/manual-accounting-systems.html [Accessed 3 Apr. 2019].
MYOBAccounting (2019). MYOB Accounting. [online] MYOB Accounting System. Available
at: http://www.myobaccountingsystem.com/products/myob-accounting/ [Accessed 3 Apr. 2019].
MYOB (2019). First National | Services | Enterprise Case Studies | MYOB. [online] MYOB. Available at:
https://www.myob.com/au/enterprise/case-studies/first-national [Accessed 3 Apr. 2019].
.