ACCT305 - Report: Analysis of MYOB Essentials for Accounting Systems

This report provides an analysis of MYOB Essentials, an accounting software, focusing on its application within an accounting information system. The report begins with an introduction emphasizing the need for proper reporting within a company and highlights MYOB as a suitable software. The report then details the ease of installation, flexibility in chart of accounts preparation, and the frequency of updates. It also discusses the control procedures available, including data accuracy checks, audit trails, and inventory management. Furthermore, the report examines the ease of making financial statements using MYOB Essentials, highlighting the availability of various reports. The conclusion summarizes the benefits of MYOB Essentials for efficient and accurate accounting management. The report includes references to relevant sources and an appendix with supporting information.

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Accounting Information Systems

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Table of Contents
Part A.........................................................................................................................................3
Part B..........................................................................................................................................3
Introduction............................................................................................................................3
Ease of installation.................................................................................................................3
Flexibility...............................................................................................................................3
Update frequency...................................................................................................................3
Control procedure...................................................................................................................3
Ease of making statements.....................................................................................................4
Conclusion..............................................................................................................................4
References..................................................................................................................................5
Appendix....................................................................................................................................6

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Part A
In the excel sheet provided in the Appendix.
Part B
Introduction
In the company, there is a need for proper reporting and for that, there is various software that
is available. One of them is MYOB which is used by many companies and it is required that
all the understanding in this respect shall be gained. For this, the report is prepared below in
which all the important aspects will be covered.
Ease of installation
The installation of MYOB essentials is a very easy process and can be undertaken by all the
companies. The business details are required to be entered on the software and it is installed
in an effective manner.
Flexibility
The chart of accounts is required to be prepared in MYOB and the process which is involved
is highly flexible. In that, there is a standard chart that is available and can be used by
entities. With the help of this, the accounts are mapped on an automatic basis and the groups
which are involved bifurcates the data according to their positing in financial statements. The
making of the modification is also a simple process and due to automation of the software,
there is no difficulty that is faced.
Update frequency
The updates are available whenever required and when a new feature is available which will
ease the process for the users. There is always the need for change and that is completely
taken care of by MYOB. There is the option to update the software and once the same is
selected the update is installed automatically.

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Control procedure
It is required to ensure that the data entered is accurate and for that, there are some features
that are available on MYOB. The company data auditor is involved in which the records
which are made can be checked to ensure accuracy. With the help of this, the bank account
can be reconciled and various tasks can be performed (MYOB, 2015). All the errors which
are involved are determined with this tool so that corrective action for the same can be
undertaken. The audit trail system is involved by which all the changes made to the journal
are tracked regularly. There are various elements which are involved such as inventory
management software by which the inventory can be managed effectively.
Ease of making statements
In the MYOB essentials it is a very simple process to design the statements of the business
and for that various elements have been involved. There are different necessities that are
involved in online accounting and in that sale, expenses, bank feeds, contacts, payroll, and
GST are covered (Nedanovski. 2015). There are 30 reports which are offered by the software
which will help in making the reports easily.
Conclusion
The report presented above has covered all the essential elements and information in relation
to the MYOB essentials. The manner in which it will be beneficial for Elaine Chan has been
identified and the accounts will be managed in a better and accurate manner. Due to this, it
can be said that the software shall be used and this will make the complete process easy for
the business.

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References
MYOB. (2015) Auditing your records. [Online] Available at:
https://help.myob.com/wiki/display/ar/Auditing+your+records [Accessed 5 April 2020]
Nedanovski. J. (2015) The 8 essentials of online accounting. [Online] Available at:
https://www.myob.com/au/blog/myob-essentials-the-8-necessities-of-online-accounting/
[Accessed 5 April 2020]

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Appendix

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