Compare and Contrast SAP and MYOB Accounting Software

Strategic Information Systems 1
Strategic Information Systems
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Strategic Information Systems 2
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.

Strategic Information Systems 3
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,