BSBLED806 MYOB Accounting Software Report Sample

• Subject Code : BSBLED806
• University : Victoria University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Management

Plan and Implement a Coaching Strategy

Table of Content

Introduction.

Top 10 Benefits of MYOB Accounting Software.

Implementation Plan.

Summary of Training.

Conclusion.

References.

Executive Summary of MYOB Accounting Software Report 

The report has provided the benefits of using MYOB Accounting Software over spreadsheet. The advantages of MYOB are that it picks up distributed computing arrangements that give the representatives capacity to take a shot at hierarchical substance. Along with the advantages of using MYOB software, implementation plan is also discussed in the report. The summary for training John and Julie is also briefly discussed. MYOB Accounting Software has lots of advantage over spreadsheet. The accounting software is helpful in taking administrative choices, keeping in mind the end goal and picking up an upper hand among rivals.

Introduction to MYOB Accounting Software Report 

The aim of the report is to provide top 10 benefits of using MYOB Accounting Software. The report will also demonstrate the implementation plan to replace excel spreadsheets with MYOB. In addition, it will also provide the summary of training/coaching plan to train John and Julie about how to use MYOB Accounting Software as they have been using excel spreadsheet for quite some time now.MYOB had been formed in the year 1990 by Christopher lee. The CPA or certified practicing accountant organization of Australia has initiated the need of accounting software package for business operations (Myob.com 2016). MYOB stands for mind your own business and it is software used for managing the accounting activities of the business organizations. Almost 67 per cent of the business organization had started using MYOB for their business accounting operations (Myob.com 2016).

Top 10 Benefits of MYOB Accounting Software

MYOB implemented the technological development for advancing it accounting software and improving its supports and features for its clients. The accounting software has developed the functions cloud system and better ways for payment system for improving the client’s satisfaction (Armitage, Webb and Glynn 2016). Due to these features of MYOB the accounting software has gained competitive edge over its rivals. The MYOB accounting software has implemented cloud based service for providing ease of remote access for it users. The data and information stored over the cloud based storage system of MYOB accounting software system provides the feature of remote access (Svobodova and Cerna 2016). The ease of payment system due to MYOB bank link has also helped in getting competitive edge over the competitors. Some of the other advantages of using MYOB Accounting Software are as follows:

• Online Payroll Software – Easy payment method where you can manage the employee Job Keeper payments and help prepare monthly ATO declarations. A few clicks and the company can send the super contribution directly to ATO from the software (Armitage, Webb and Glynn 2016).
• Professional Invoice Customization – Customers can make direct payments via AMEX, MasterCard, and BPAY. Invoices are sent with a payment summary, so the customer is clear on the due payments. The company is informed when the invoice has been opened, and the cash flow updates take place in real-time(Svobodova and Cerna 2016).
• Tax calculation made easier – PAYG, GST, and BAS reports are all created in the software. The company have the provision to create an in-depth summary report that shows comparison between the various EOFY reports(Puspa and Ilona 2019).
• Real-Time Reports and Budgets – A detailed report in which you can add, remove, or reorder the columns is possible with MYOB software. The company can customize the report band from years, quarters, to even weeks. The report data is pre-filled using the receipts, employee time sheets, and past reports, this ensures that no data discrepancy takes place (Svobodova and Cerna 2016).
• Track returns on Every Project – The company can clearly view your Return on Investment and set defined budgets for specific tasks, this helps the company to keep a track and estimate the expenses and income more accurately.The company can assess its worth by the amount of time it spent on a task, with the help of time sheet (Myob.com 2016).
• Track Expenses on Multiple devices – Expense-tracker helps you keep a track on the business expenditures. Suppliers like Office works, Caltex, and Bunnings are partners with MYOB, making it possible for you to view regular bills. The company can match the bill with the bank transaction and claim its expenses to the ATO, all with the help of software features(Puspa and Ilona 2019).
• Keep a track on Inventory – The company can easily view what are purchase trend and understand what it should buy, what is earning to better profit, and compile the reports to make an informed decision (Svobodova and Cerna 2016).
• Customers and Suppliers all reside in the software – Customize the contact list with over 40 categories and various filters (Armitage, Webb and Glynn 2016).The company can spot the check-in on all the existing customers and build new relationship with potential customers.
• Global business with multi-currency accounting – In every 5 minutes, live exchange rate updates are shared, to help the company it create reports for specific transaction. Local and international currencies are clearly mentioned to ensure no data discrepancy takes place (Myob.com 2016).

Implementation Plan

The first step will be prohibition of use of spreadsheets. MYOB Accounting software will be installed in all the computer and guideline will be provided to use it. For better growth of the firm, and removal of difficulties related to spreadsheet, MYOB software will be introduced to the employees. Daily 2 hour session will be taken to inform people about this software and its benefits over spreadsheet (Puspa and Ilona 2019). Increase in efficiency and flexibility with the use of this software will make employees attracted towards it. As a result, employees will prefer to use MYOB accounting software instead of spreadsheet.

Summary of Training

Training John and Julie will require their enrollment in online course in which the use of MYOB software will be taught. This will be guided by the Accountant Manager for the same purpose. Day by day evaluation will be done along with providing work and assignments. John and Julie have to daily report the progress. Personal monitoring will be provided as the software is new to them.The training session will be continued until they become expert in using the MYOB software. Training videos will be also provided to them for better understanding.

Conclusion on MYOB Accounting Software Report 

It can be concluded from the report that, MYOB utilizes technological development for the bookkeeping and accounting software. MYOB Accounting Software has lots of advantage over spreadsheet. The accounting software is helpful in taking administrative choices, keeping in mind the end goal and picking up an upper hand among rivals. Among all the accounting and bookkeeping software, MYOB is evaluated as a top with picking up a piece of the pie of 60-70 per cent for small to medium scale business enterprises. The advantages of MYOB are that it picks up distributed computing arrangements that give the representatives capacity to take a shot at hierarchical substance. The accounting software confronts difficulties, for example, information security and it is not learner benevolent. MYOB gives savvy answers for the associations keeping in mind the end goal to take out the manual procedures and builds up a key future for the organization.

References for MYOB Accounting Software Report 

Armitage, H.M., Webb, A. and Glynn, J. 2016. The Use of Management Accounting Techniques by Small and Medium‐Sized Enterprises: A Field Study of Canadian and Australian Practice. Accounting Perspectives, 15(1), pp.31-69.

Myob.com 2016. Defining the challenges of a growing business. Available at: https://www.myob.com/content/dam/myob-website/docs/enterprise/industry-whitepapers/GROWING-BUSINESS-WHITEPAPER,3.pdf [Accessed 12 Aug. 2016].

Myob.com.au 2016. What is MYOB? Mind Your Own Business. Available at: http://myob.com.au/myob-1258090781426.

Puspa, D.F. and Ilona, D. 2019. Behavioural Intention to Use MYOB Accounting Application among Accounting Students. In Journal of Physics: Conference Series (Vol. 1339, No. 1, p. 012126). IOP Publishing. 

Svobodova, L. and Cerna, M. 2016. Accounting, Economic and ERP Systems on the Czech Scene. Advanced Science Letters, 22(5-6), pp.1170-1174.

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