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MYOB Accounting System Analysis and Review

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0% found this document useful (0 votes)
11 views4 pages

MYOB Accounting System Analysis and Review

Uploaded by

backhaileup
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Questions:

Write a literature review the review should demonstrate that the student has thoroughly
researched their topic.

Part A

1. The current organizational structure


2. What operational problems do you think the organization could experience because
of this structure?
3. What is the most likely system acquisition method commercial software, custom
software, or ERP?
4. Describes and prepare a system flowchart of the sales procedures for the chosen
organization (company)
5. Identify any control problems in the system and what sorts of fraud are possible in
this system?

Part B

1. Development and adoption of the accounting software packages,


2. Identify the leaders in the market and what gives them the competitive advantage,
3. Identify the current gaps or challenges encountered by users or customers of
accounting software/packages and make relevant suggestions or recommendations.

Answers:
[Link] 1:
Organisational Structure
The organizational structure for accounting MYOB is set in Australian Accounting Software System
which can provide the tax, along with the accounting to handle the services with the medium
business forms, along with the accounting, payroll, customer relationship management, job
management, human resource management, with retail and professional tax products. The
agreement is set to the intellectual property rights where there is a proper description of the
development team from MYOB. The activity tends to work on the globalized development with
returning forms set to continue to be the shareholders in the company. It works on the attempts to
save the time with the complete focus on the productivity as well as improving the calculations set
with the payroll. MYOB is the best value setup which includes the setup for the smaller business,
where there are standards set with the business software along with the process sales and
purchases. The formats are based on the MYOB Accounting System to manage the cash receipts,
and the expenditures are set with the generating of the accounting reports. (Alyousef et al., 2017).
The management and the financial reporting purposes work on the functions available depending
upon the requirements of the accounts, banking, and the payment voucher. The sales and the
receivables to enter the sales quotes, for the orders and invoice, receiving the payments to handle
the purchases and the payables to enter the purchasing of the orders and the bills.

Operational Problems
There are different patterns which include the errors and the inefficiency of the system that is
considered to be the primary concern to handle the system vulnerability. It has been seen that many
of the trusted employees go through the different frauds, which affect the reputation of the company
and loss as well. MYOB is set with the integration of the business and the inventory solutions, to
focus on the real-time data access as and when required. For this, there are reports to work on the
accounting products where there is a use of the GST in the different parts of the world. For the easy
setup, there is a series of the questions which are important to be dealt in the industry. (Blount et al.,
2016). It is mainly to work on the built-in checker to focus on the unbalanced entries as well as the
errors. There are different forms to make sure of the processing errors as well as to make sure of the
integrity of better business operations. Here, the forms are set with the issues that could lead to the
development along with working on the optimized form set through the users of MYOB. The data is
set according to the requirements as well as the development towards the optimization process. It
will help in an easy setup of the work, where there are working standards to handle the reporting
formats with the process in which the data needs to contribute and set with the marginal
development as well.

Acquisition Method of ERP


The ERP system is important for MYOB with the better functioning system, where it can provide the
best leading decisions. It includes the control with the increased opportunities that will help in
growing to a better level along with turning the greater profits depending upon the ERP system
software. (Bunjevac, 2017). There are opportunities to work with the Business Management process,
Supply chain and distribution, job costs, etc. there is a need to analyze the flexibility in the system
with the diversified growth of the solutions that tend to integrate with the system analysis. There are
reporting information which can take control of the entire business and the planning in an effective
manner. ERP works on the flexibility of the business with the availability of the features that include
the infinite forms of the expandable editions in MYOB, with the cloud ERP choice. The ERP is set
with the enhancement of the inventory management to track the automation process, streamlined
sales and the purchase for tracking the different orders as well as the delivery process. The entire
procedure is based on working with the comprehensive project accounting, where there is a need to
manage and monitor the sales process depending upon the customized forms of the dashboards
which are mainly for the better performance of the business. The flexibility and the better value is
important for the planning along with setting the management of the business expenses that needs
to be running for the entire year. (Burgass et al., 2016). MYOB Exo works on the ERP and the HRM
solutions where there is an easy management for the different requirements. Hence, for this, there is
also a proper setup of the company, where the advancement in the stock management includes the
serial number tracking as well as bin management. The management is also for the graphical
visibility in the business to improve the performance standards.

Describes And Prepare A System Flowchart Of The Sales Procedures


Here, the sales are determined mainly through the printing and the mail of the statements, where the
user tends to enter the sales in the register along with focusing on the transactional journals. There
are other forms of the process for the easy customization formats and additional logos to hold the
specifications as per the instructions. The formats are set depending upon the viewing of the sales
along with the work status to identify the product and the order status as well. (Chua et al., 2017).
The customer credits are limited depending upon the account usability formats. ERP is for the
integrated CRM functionality which is also for the live customer details that include the better level of
the stock level features. Here, there are forms to work on the viewing and the analysis of the
inventory management, costing of the project, HR and the payroll with the different aspects of the
operational processes.

Control Problems And Fraud


Here, the forms are related to focus on the functioning along with the other related terms of the
purchasing and the payrolls. It has been seen that the trusted employees try to share the information
of the company with the competitive company. Along with this, some of the people try to make the
fake accounts of the employees, so that they can get the salary of the other employee in their
account only. There are also people who do not remove the data of the people who were working
previously, and then they tend to join their bank account with risks that they take the salary from the
name of other's person account. (Dunbar et al., 2016).

[Link] 2
Development And Adoption
This includes the accounting software which is of the different modules and the sections. There are
accounts which are receivable when the company tends to enter the money which has been
received, with the billing and the accounts payable to enter the bill and pay the money which is
owed. There are certain forms of the core debt collection where the company tends to track the
attempts in order to connect with the different options as well as tracking the salary and the wages.
The Accounting Software Package was set by IBM in 9PAC, for the easy record of the time and the
purchasing requisition.
The implementation and the adoption have been a major consideration to focus on the marketing
applications as well as working on the installation, customization and the supporting of the services.
For this, there is a need for the organization to sell and consult the clients with the elimination of the
reseller. It is tracked in 1959, where there are a proper storage and the access to the structured data
that comes from the relational database from the computers. The company needs to start with the
investment where the SAP RF where there is a need to handle the wide range of the business
operations for the faster business decisions processes. (McGrath et al., 2016). Peachtree works on
the introduction to expand and integrate the office suite with the spreadsheet where the word
processing is based on handling the new dimensions of the accounting applications. Here, the setup
is based on the friendly user interface, wherein 1993, the Teleware can handle the Best Software
standards.

Market Size
Here, the forms are involving the accounting Software company where the study is about the
involvement of 1622 small business where the Australian small business is set to adapt the better
accounting software when compared to the other different countries. As per the analysis, there is a
need to check on reducing the tedious paperwork where there is a characterisation of the errors with
the omission and the commission, cost, and the time waste. The processing is based on the ledgers
along with the sales, purchase and the cash book. Here, there is a trial balance to adjust with the
entries with the financial reports properly. The manual accounting also involves the paperwork where
there are different forms of the bookkeepers to handle the software system in an effective manner.
The effectiveness is based on the adoption process with the growth of the different number of the
business products.

Leaders With The Competitive Advantage


The competition is in the system of the accounting software market where there are a different
number of the customers in Australia to handle the small and the medium-sized business. Here, the
players for the accounting are Xero, Intuit, and the MYOB which works on the cloud computing. The
company can handle the biggest shares along with focusing on the small and the medium-sized
business patterns as well. For this, the company is working on the different challenges with the
identification of the gaps of the users to check on the accounting software. (Nikosana, 2016). There
is a facilitation of the changes which are not of the autonomous standards but works with the
collection, processing and the maintenance of the accounting books. The greatest challenge is to
work on the accounting factors which could not be reconciled with the different forms of the services.

Gaps And The Challenges


There are challenges and the gaps related to the system efficiency. The challenge is to handle the
security and work on the different forms of the system standards, which account for the remarkable
patterns of development. The investigation of the computer language, with the simple programs, are
set to work on the computing systems. (Watty et al., 2016). It also includes the market where there is
an every growing form of the medium and the small scaled business. Xero and Intuit are working on
the domination where the accounting of the software market can cover the different perspectives
which relate to the integration of the accounting software in the cloud. The research is about
handling the challenges with the strategies that comes to deal with the authentication process,
information-centric security as well as the prediction of the cryptography standards.

Common questions

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ERP systems enhance MYOB functionality by integrating business management processes, supply chain, job cost management, and expanding inventory capabilities. They offer flexible planning, infinite customization, cloud options, and graphical business performance visibility, driving better decision-making and profit growth .

Challenges in securing systems may lead to data breaches or fraud. MYOB users need to strengthen authentication, enhance data encryption, and regularly update security protocols to mitigate risks and protect sensitive financial information .

Xero, Intuit, and MYOB leverage their cloud computing capabilities and focus on small to medium-sized enterprises to gain market advantage. These platforms offer integrated services, user-friendly interfaces, and extensive customer bases which drive competitive positioning .

Organizations face challenges such as security concerns, system efficiency, and gaps in service reconciliation. Solutions may include improving authentication methods, enhancing security protocols, and leveraging cloud integration for better scalability and efficiency .

ERP systems have revolutionized sales and inventory management through enhanced tracking and automation, streamlined order processing, and comprehensive project accounting, which allows for real-time data access, facilitating timely inventory decisions and overall performance improvement .

MYOB addresses inefficiencies through automating accounting workflows, reducing errors in entries, and ensuring real-time data accessibility, which boosts productivity by streamlining report generation and reducing the need for repetitive manual checks .

Organizations can utilize MYOB's features for efficient HR and payroll management by automating processes, ensuring accurate payroll calculations, and integrating these with overall company management systems, which enhances personnel tracking and reduces administrative workload .

Control problems in MYOB sales procedures can include unauthorized sharing of company information and setting up fake employee accounts to reroute salaries. Issues arise from not removing data of previous employees, allowing continued financial exploitation .

Operational problems using MYOB may include system vulnerabilities due to trusted employees perpetrating fraud, which affects the company's reputation and results in financial loss. Difficulties arise from inefficient system designs and error-prone setups that compromise data integrity and lead to unbalanced entries .

System gaps include inefficiencies, security vulnerabilities, and varying compliance standards which can undermine customer satisfaction by causing data breaches, operational disruptions, and inconsistent user experiences .

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