Ryman Healthcare: Analysis of MYOB Software for Accounting Purposes
VerifiedAdded on 2021/04/23
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Report
AI Summary
This report examines the implementation of MYOB accounting software for Ryman Healthcare (RH), a vertically integrated company with complex accounting needs. It details how MYOB addresses RH's challenges, including consolidating multiple supply ledgers, managing job costing, automating invoicing, and streamlining payroll through STP. The report contrasts MYOB with manual accounting systems, highlighting the inefficiencies and limitations of the latter. It emphasizes the benefits of online accounting software (OAS) like MYOB, such as automated double-entry, accessibility via mobile apps, and automated tax compliance. The report also defines accounting processes within RH's operations, focusing on transactions with suppliers, payroll, and clients. Finally, it discusses potential risks associated with OAS implementation, including technical issues, data security concerns, compliance challenges, and cost considerations. The report concludes that while MYOB offers significant advantages, RH must carefully assess these risks before fully transitioning to the software.
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