Compare and Contrast SAP and MYOB Accounting Software

This article compares and contrasts the features and functionalities of SAP and MYOB accounting software. It discusses the benefits and efficiency of SAP and concludes that it is the ultimate software to employ. The article also explores the legal system guidelines embedded in SAP and its ability to generate audit reports.

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Introduction
The need for accounting software or any other software arises when a business or company
grows, and there is a need for multiple reports. They have to bring in accounting software to be
more efficient throughout their processes to reduce their operation costs. Computerizing the
accounts section helps improve efficiency because technology reduces the valuable time that
would be lost working manually. So much accounting work can be done in a concise time,
quickly and accurately. Therefore if a company is to introduce accounting software into the
business, comparisons must be made for a choice to be arrived at. There several accounting
software like MYOB, SAP, Oracle, etc. and in this case, we shall compare and contrast the
features and functionalities of SAP and MYOB accounting software.
Compare and contrast the features and functionalities of SAP and MYOB.
MYOB Accounting Right Premier.
MYOB Accounting software is one of the significant accounting, and it has features such as
being able to be used by many users, managing cash flows, payroll management, the system
synchronizes easily, managing inventory and has powerful accounting software features. MYOB
software makes the process of managing inventory billing. It also tracks the cash flows and
therefore, monitoring the profit and loss becomes easy (Techs.StudyHorror.com. 2019).
The software networks different departments and can even be accessed from outside. Because
the software is a multi-user, this makes MYOB one of the best and many organizations use it. On
top of the multi-user-friendly feature, the software allows more than one person can open one
application and work simultaneously, therefore immediate solutions for trivial queries hence
reducing the processing time further.

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There is also a feature of viewing financial data in various currencies. Cashiers can prepare staff
payroll faster and accurately, and more to that is reports for retirement can be generated
(Myob.com. 2019). In other words, the entire Human Resource manual is embedded in it.
Inventory management is made easy as the inventory is captured in real time at every stage, and
the stock levels are monitored (Zinghini, 2019). Client’s contacts are obtained right away and
store in Microsoft outlook, and this helps in customer relationship management. The software
can be purchased at the cost of US$ 1,849.
SAP ERP Financials
The SAP also has many features which are similar to the MYOB. Some feature which is shared
by both the MYOB and SAP is that more than one person can use the same system time. The
system supports many languages; therefore, it can be used globally. The software has embedded
feature to change the figure in many different currencies, and this feature enables people in
various subsidiaries in other countries to view the data in their currency (Junnarkar, and Verma,
2016). The SAP follows the GAAP and IFRS procedures, and therefore, it is trustworthy.
Accounts receivable, Accounts payable, and inventory management is all managed under the
SAP. SAP has many features which are in MYOB, but it also has its own, which make it stand
out. The system merges most of all the functions of the company and analyses then management
can come up with the company goals and targets. SAP is also proper cost tracking, and this helps
in increasing profits. The sales records are stored digitally and simultaneously data updated in
the different functions. The funds collected are synchronized and a list made of the pending
amounts captured (Intheblack.com. (2019). This helps in cash management. With SAP, various
branches around the world can manage the company cash and give a consolidated report on how
the finance stand. Different departments can coordinate, manage different functions, interlink,

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and detect disaster and assess risk factors, all this in one software, SAP. The SAP provides the
users with a choice to choose which type support services are required according to the
organization. The additional services may include the Solution Manager, Marketplace extranet,
and Notes services. The SAP software can be purchased at a price range of US$ 6,000 - 7,000.
The SAP can be used with the AIS Cycles to generate audit reports which can help management
make better decisions and also improve the audit systems.
Which one would be the most suitable vendor and accounting software package for the
company and why
From the above analysis of the comparisons and contrasts, it is evident that MYOB and the SAP
have many features which are similar in functions, but the SAP has been found to have more
benefits and is efficient. Therefore, it is the ultimate software to employ. It has more services
compared to the MYOB, and the information flow across the different functional departments
leads to better management of company resources and hence, maximizing company profits. The
SAP has legal system guidelines such as the GAAP and IFRS procedures embedded meaning by
default if the company employed SAP software, it would be law-abiding and enjoy the
associated benefits (Blount, Abedin, Vatanasakdakul, and Erfani, 2019). The SAP being able to
generate audit reports would be a huge step ahead in decision making.
Conclusion
The above softwares have different and similar features in terms of application. However, SAP is
more effective given the above associated applicability functions. The system supports many
languages; therefore, it can be used globally, which makes it different as compared to other
softwares.

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References
Blount, Y., Abedin, B., Vatanasakdakul, S., and Erfani, S. 2019. Integrating ERP(SAP) in the
Accounting Curriculum: A Systematic Literature Review and Case Study.[Online] Retrieved
from:
https://pdfs.semanticscholar.org/eebe/a8d9e17008eb88e2484e2dba9be82fbc4f70.pdf[Accessed:
25th May 2019]
Intheblack.com. 2019. The new enterprise tools in the small business ecosystem. [online]
Available at: https://www.intheblack.com/articles/2018/04/01/enterprise-tools-sme [Accessed 25
May 2019].
Junnarkar, R. A., and Verma, A., 2016. Study on the System application product (SAP)
development important of ERP tool to organization success goals and performance. International
Research Journal of Engineering and Technology(IRJET)e-ISSN: 2395-0056Volume:
03Issue:12Dec2016www.irjet.netp-ISSN: 2395-0072[Online].Accessed from:
https://www.irjet.net/archives/V3/i12/IRJET-V3I12349.pdf [Accessed: 25th May 2019].
Myob.com. 2019. [online] Available at:
https://www.myob.com/content/dam/myob-redesign/nz/docs/ES-THOUGHT-LEADERSHIP-
ARTICLE-PART2.pdf [Accessed 25 May 2019].
Techs.StudyHorror.com. 2019. SAP Business One vs. MYOB Enterprise EXO. [online] Available
at: http://techs.studyhorror.com/sap-business-one-vs-myob-enterprise-exo-i-40 [Accessed 25
May 2019].
Zinghini, F., 2019. Xero vs. MYOB - What's The Best Accounting Software For Your Business?.
[online] The Field Group - Accountants & Business Advisors. Available at:

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https://www.fieldgroup.com.au/xero-vs-myob-accounting-small-business/ [Accessed 25 May
2019].