ACCY901 - Evaluating MYOB Software in First National Real Estate

This report examines the implementation of MYOB software within First National Real Estate, focusing on the software's functions, benefits, and limitations. It contrasts manual accounting systems with online accounting tools, highlighting the advantages of MYOB in streamlining business procedures, financial reporting, and compliance for First National. The analysis includes a discussion of specific economic transactions and how MYOB enhances accuracy and efficiency while also addressing potential risks like security vulnerabilities. The report concludes that MYOB is an effective tool for small to medium enterprises like First National, improving overall business efficiency despite certain security concerns.

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Executive Summary
Myob is one of the renowned accounting software and it further eases the method of handling
the software which is user friendly in nature. The usage of this kind of software reduces the
work load along with the time of the organizations and it is cost effective.

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Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................4
Functions and advantages of the Myob software...................................................................4
Disadvantages of Manual Accounting System......................................................................5
Benefits of Online Accounting Software Tool.......................................................................5
The usefulness of Myob in First national Estate....................................................................6
Limitation or Risks of implementations of Myob..................................................................6
Conclusion..................................................................................................................................7

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Introduction:
The aim of the assignment deals with Myob software and the implication of such
software in the First National Suppliers has been depicted in the conducted study. The key
elements which are reflected in the conducted study is that functions of Myob Software,
disadvantages of online accounting system, benefits of online accounting software tool,
usefulness of Myob in First National Estate and limitations and risk of implementation of
Myob has been disclosed in the conducted study.

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Discussion:
Myob is the Mind Your Own Business which is an Australian multinational
corporations which provides tax, accounting and the other business service software to the
small and the medium enterprises. This software is installed in the business to maintain or
record the accuracy and reliability in day to day transaction of the business (Curtis 2015).
Functions and advantages of the Myob software
Myob payroll helps to process the most critical or the complex payroll in any kind of
business. Myob payroll software help to process the day to day transactions which includes
payment to the employees and the staff. This software also helps to adjust the payment of tax
in the business (Blount et al. 2016).
The chart of accounts is all listed in the software and the general ledgers are all used
for the purpose of transaction in the organizations. By generating the chart of accounts of the
company it will be easier for the company to generate the financial report of the company in
that case. This software is generally used by the small and the medium enterprises to pass any
kind of bills whether it is the banking, sales and receivables, purchases and payables,
Inventory, financial reports and also to compute GST of the organization.
By using Myob software, it will automatically help the organization to generate bills
or transaction in a more reliable and fast way. The chances of error and time taken by using
the Myob software becomes less and for that the services delivered to the customers improves
accordingly. This is the reason behind the advantages of Myob for which the small and the
medium enterprises uses this software to increase the efficiency of the business in the
organization (Terminanto and Hidayanto 2017).

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Disadvantages of Manual Accounting System
The manual accounting system involves the usage of paper in order to record the
financial transactions of the business (Mageto 2017). The record of manual transaction is
time consuming as for preparing the books of accounts and recording it at the same time
becomes too much time consuming in that case.
The chances of error in the manual accounting process becomes high as the common
errors which are the incorrect entry of the accounts, transposing of the accounting figures or
in case of recording the backward information. In case of manual accounting there also lies
the security issues where the recorded books of accounts in the papers and journals may get
lost due to improper maintenance (Cañibano 2018).
Benefits of Online Accounting Software Tool
The benefits of using the accounting software tool is that such usage of accounting
tool makes the overall operation systems of the organizations becomes fast and accurate. It
becomes easy and quick for the organizations to maintain data and further user friendly to
use.
The online accounting software tool ensures safety of the details of clients and further
helps to check the financial situation of the business anytime. The online accounting software
helps to save data and stores lots of information which refers that the implementation of this
kind of software becomes efficient and effective (Li and Saadeh 2018).
The online accounting software is cost effective and the organization have to incur
cost regarding the installation of the software. After the installation process, the organization
needs to further upgrade and maintain the software in order to ensure that smooth flow of the

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business. The cost of labor is saved and accordingly the greater accuracy is maintained at the
same time in that case.
The usefulness of Myob in First national Estate
First national real estate is a network of real estate across the Australia and New
Zealand. The First national have been the customer of Myob Green tree for over two years
used by this small enterprise for the purpose of managing the business procedures, financial
reporting and the other compliances (Darmawan and Nugroho 2016).
With the implementation of Myob in the business will reduce the time taken between
arrival and approval of an invoice and receipts. The usefulness of Myob is that the
information is sent once which eliminates the double entry system and further reduces the
efforts.
The implication of these software makes the First National Supplier processing of
invoice far more accurate and leads to the considerable savings in printing and paper costs.
This reduces the burden of the top level management of the company in such case. The
processing time of each transactions is reduced and the approval process is automated. It is
not required to give extra effort regarding printing and manual enter of expenses. Overall by
using this technology, greater accuracy can be achieved by First National Supplier which will
further foster the efficiency of the business.
Limitation or Risks of implementations of Myob
The risk associated with the implementations of Myob is that there may be security
issue regarding the vulnerable to hackers, frauds and the other threats associated in such
software. Security concern is the major issues in this case where the organization
implementing this software is always aware about the risk associated in loss of data at the
time of security breach (Kieso, Weygandt and Warfield 2016).

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Conclusion
From the above discussion it can be concluded that, the Myob is effective software
implemented by First National Estate and there are some of the concern which is discussed in
the above discussion. The advantages of the implementation of Myob in the small and the
medium enterprise is discussed in the conducted analysis. The online software tool is
significant to improve the overall business efficiency of the organization.

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References
Blount, Y., Abedin, B., Vatanasakdakul, S. and Erfani, S., 2016. Integrating enterprise
resource planning (SAP) in the accounting curriculum: a systematic literature review and case
study. Accounting Education, 25(2), pp.185-202.
Cañibano, L., 2018. Accounting and intangibles. Revista de Contabilidad-Spanish
Accounting Review, 21(1), pp.1-6.
Curtis, V., 2015. MYOB Software for Dummies-Australia. John Wiley & Sons.
Darmawan, R. and Nugroho, M.A., 2016. The Development of Vlogging as Learning Media
to Improve Student’s Learning Enthusiasm on MYOB Manufacture (Debt Card)
Material. Kajian Pendidikan Akuntansi Indonesia, 5(3).
Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2016. Intermediate Accounting, Binder
Ready Version. John Wiley & Sons.
Li, S. and Saadeh, A., 2018. Small business preference for software package.
Mageto, J., 2017. Accounting Softwares in Australia. An Overview.
Terminanto, A. and Hidayanto, A.N., 2017, September. Identifying characteristics and
configurations in open source ERP in accounting using ASAP: a case study on SME. In 2017
International Conference on Soft Computing, Intelligent System and Information Technology
(ICSIIT) (pp. 227-232). IEEE.