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Use of MYOB Features in John and Janes Business

   

Added on  2020-04-07

9 Pages2262 Words55 Views
Running Head: Implementation of MYOBONLINE ACCOUNTINGSOFTWARE: MYOB

Implementation of MYOB1Table of ContentsIntroduction...........................................................................................................................................2ANSWER 1: Economic transactions at small business levels..................................................................3ANSWER 2: Benefits of using an online accounting software tool.........................................................4ANSWER 3: Problems faced by Jane and John in manual accounting system........................................5ANSWER 4: Use of MYOB features in John and Jane’s business............................................................5ANSWER 5: Limitations and risks involved in MYOB implementations..................................................6Conclusion.............................................................................................................................................6References.............................................................................................................................................7

Implementation of MYOB2IntroductionJohn and Jane are engaged in the electrical business since last 8 years. They are running the business in the name of John and Jane Electrical Company. The business is being conducted at the small level and hence the business managers are following the manual system of accounting. All the accounting related operations were performed manually by the management. The major accounting functions were ranging from the maintenance of track records of all the financial data relating to inventory, payrolls, accounts payables and receivables, taxation function etc. The management persons were writing the ledgers of accounting transactions on their own. As the manual system of accounting system is followedthere involves a heavy paper work requiring ample of time and efforts to manage and retain all the important data records on paper. Further, it is difficult for the owners to deal with eachand every business complexity as it demands requisite accounting knowledge and expertise. Moreover, the manual system of accounting of John and Jane’s electrical company is facing severe inefficiencies as a result of manual intervention causing high errors and mistakes in carrying out accounting operations. With the increased level of demand for electrical supplies and the decision of opening up few more stores at alternative location, the owners of the electrical company have realised the importance of automated accounting systems. As the business is conducted at a small level anappropriate accounting software is required to be selected. MYOB is one of the leading accounting and other business management solutions providing software meant for small to middle sized firms. The implementation of such software will enable the business managers to focus on their core business functions as the non-core functions like accounting and relatedactivities will conveniently be handled by using the features of MYOB in real time. The concentration on demand and sales management will contribute to higher revenue generation of the electrical company. Moreover, the implementation of such software will also prevent the inefficiencies of the accounting system as the chances of errors on part of humans will be minimised. The documentation requirement of the critical accounting and financial data of company will also be reduced as the data will be kept saved and backed up on online platform.

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