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  • Subject Name : Accounting and Finance

Is MYOB a Good Accounting Software for Small Business?

Introduction to Small Business Entities Accounting and Taxation

MYOB is a software that provides helps in account activities like tax and other services of accounting to small and other medium businesses. The software was developed in the 1980s at Telware that on the later stages was purchased by MYOB group. The software is an online program and helps in various functioning of accounting. It includes calculating and tracking the GST, managing the quotes, statements, and invoices. It also track and pay the expenses and manages the customers and suppliers. The software helps in syncing the feeds of banks with the credit card and bank account (Salim et al., 2016). The research is aimed at studying the helpfulness of MYOB software for small accounting firms.

Problem

In the present scenario of business, organizations are striving for the best possible returns by using accounting as a tool and deriving efficient results. Small businesses are trying to attain better results by managing their efficiency and costs. The costs can be managed by using accounting techniques in a better way. Small businesses usually struggle to track their transaction. It is required by them to fill various taxation every year within a stipulated time. Missing of these deadlines attracts huge penalties that serve as a loss for the small businesses that will hinder their performance and the position of their business. To solve these issues small business organization uses accounting software that will lead to enhanced performance of the business by improving their accounting. In the study of research, the light will be put on the helpfulness of MYOB accounting software to the small businesses and how this software will help in overcoming the accounting problems to improve the performance of small businesses.

Research Objective

The objectives for the research include the points that the author or the researcher wants to highlight or understand. In the above case of the research study, the following will be the objectives of the research:

  1. To understand small businesses.
  1. To understand the requirement for accounting in small business.
  1. To understand the problems with the accounting in the small businesses.
  1. To analyze the software of MYOB and its usefulness in accounting for small businesses.

Research Question

The research question of the study defines the aim that is main for the research paper. The primary question for the study will be as follows:

“Is MYOB good accounting software for small businesses?”

Sub-questions:

  1. What are the problems faced by small businesses in accounting?
  2. Can MYOB software help in providing solutions for accounting issues of small businesses?

Research Motivation

The motivation for the research is to understand the solutions that MYOB software can provide. Being an accounting professional, understanding the concepts of software and its usefulness in the business is vital. Also, being interested in doing business after some time is where this research will serve useful. The basic function of understanding the cost for business is accounting and managing and track the transactions during the business is vital in its performance. MYOB is a software that tracks and provides reports for every transaction that has happened in the business. Thus, the research will provide an idea of the usefulness of usage of software and the benefits that will be derived through the software for business.

Literature Review of Small Business Entities Accounting and Taxation 

According to the author Nesipkul Bayboltaeva et. al in the year 2018, in the paper problems of accounting and reporting of small agriculture business in the Republic of Kazakhstan states that in the present moment the small business in agriculture that are operating in the Republic requires a more efficient framework of regulation for managing the accounting and reporting specifically. The accounting that is required in the business should be simple yet complete and reliable information about the transaction and the process for the economic activity is required by the business to run efficiently. This is one of the main problems that is faced by a small agriculture business where they do not have an appropriate framework for managing the accounting and reporting. The paper in the end shows that the problems can be solved by developing the accounting registers and the forms for financial reporting to take into account all the activities that are conducted in the business and run it efficiently.

In the paper accounting and taxation of small business entities by the author Koba and Savchenko in the year 2018, have studies the features of accounting and taxation in the small business sphere. The market of small business provides support to the economy. For small businesses, it is required by the laws of the country to file taxation at appropriate times. The amount received from the taxation helps in the growth of the economy that has helped in the growth of small businesses too in Ukraine. So, taxation patterns are to be followed, and filing taxes is a complex process. So, according to the paper, it is required by the business to develop an easy and simplified procedure for the taxation that will increase their efficiency and reduce the chances of deadlines being missed. For the purpose, a small business should have a system where reports for taxation are generated and tax should be filled duly. This will help in saving the penalties that are to be borne by the small business. So, as per the paper, a system is required for accounting and taxation for small businesses to derive results and filing of taxation.

According to the paper the influence of MYOB accounting software on the performance of the company's financial report by the author Emil et al., 2017, in the last few decades, the necessity of informational technology in the business has risen. The use of computers in the automation of companies has become an integral part of the business world. Management information systems and technologies have become a need for the companies. In the business, there is an increase in the transactional volumes that in turn has led to the increased exposure to errors in the information. Also, there are various complexities in the accounting systems and business requires a system where they can store the data, increase the speed of recording, and also the processing capacity. This process led to the development of accounting software for performing the functions of accounting of business like accounts payable, receivables, etc. Accounting software serves as the database that records and processes the transactions. It has also been stated in the paper that in developed countries like Australia, the USA, and Canada, MYOB software is taught in graduations. MYOB helps the businesses in performing various functions that include having the capacity to extract data to excel so that reports can be printed. Also, MYOB provides the facility for the company by including the settings of tax and displaying the analysis in the form of a graph. There are various other benefits for MYOB in the administrative capacity of business that include providing an aid to the accountants in completing their work of accounting. Also, it helps in managing and running the bookkeeping business. MYOB software also helps in the process of, tracking accounts, tax, invoices, etc. There are various other benefits of MYOB that have been included in the paper like easy usage, accurate calculations, which can be integrated with the company's database. The conclusion of the paper states that MYOB software influences simplifying the reporting of the business. Also, according to the hypothesis conclusion by ANOVA testing, it has been found that accounting software has considerable influence on the performance of the company.

In another research paper by Nur Rihan et. al, Small and Medium Enterprise: Critical Problems and possible solutions in the year 2017, the critical problems of small businesses have been discussed and the reason they are not able to sustain in the long run are clarified. With that, the solutions to deal with the problem has also been discussed. The four critical problems that have been identified in small businesses are lack of knowledge, unable to manage proper records, lack of usage of information technology, and the lack of resources of finance. Accounting knowledge plays an important role in the daily activities of the business. For making sure that the business is run properly, managers should have an appropriate knowledge of accounting. But the problem with the small business is that the awareness of accounting is not there in the staff. With that for small businesses it is also important to have proper records, but due to less awareness about accounting proper records are not maintained. The record preparation for the business should be concerning the regulations and standards but that too does not happen at SME's. The emergence of information technology has changed the perspective of business considerably and made the recording, processing, and storage of data in computerized terms. This has brought in a new dimension for business, yet small businesses try to avoid the changes and like to record transactions that are based on a paper which in turn increases the chances of errors. Since there are no budgets and reports that are prepared, getting the financial resources to become difficult for the business that affects the business negatively. To overcome these problems and become a more viable business for a longer duration, it is required that small businesses adopt technology and software like MYOB. This software helps in preparing the financial reports and also keeps a check on the transactions of the business. The software helps in preparing the reports and the transactions are measured and graphical presentation is provided for the statements. Providing GST reports is also important for the businesses and MYOB will help in the process. Thus, SME’s need to work according to the technology that is prevailing and prepare reports and budgets according to the required standard. This will also provide them better financial resources.

The literature reviews show that small businesses face various problems regarding accounting standards and the formation of accounting statements. MYOB is a software that provides help especially to small businesses information of statement and filing tax returns.

Hypothesis

Hypothesis 1: MYOB is a software that helps various types of small businesses like agriculture, retail, cafes, etc.

Hypothesis 2: MYOB helps in preparing financial statements for the company and also generates the tax return profile for the company that helps small businesses in performing better in the economy.

Research Method

The research method is inclusive of two chapters that is research design and research philosophy. The research design includes exploratory and descriptive design for research. The descriptive method of research design includes a methodology where qualitative data is used. This type of research design tries to understand a phenomenon that is particular by the identification of characteristics. Another available research design is exploratory. This design provides a method in understanding an event and also gives answers to the questions that are particular for that event (Ten Ham-Baloyi & Jordan, 2016). This design helps in drawing a specific conclusion to the question of research. Descriptive design uses qualitative methods of data collection while in the exploratory mixed method is used for research. In the above study for research, exploratory design will be used as a mixed method of data collection will be selected that will include both the quantitative and qualitative data tools.

Along with the design, research philosophy or paradigm of research is to be defined for the study. Philosophy of research refers to the belief system that is to be followed by the researcher for approaching the topic of research. Two research philosophies are there that can be used in the study. It includes interpretive and positivist research philosophy. The Positivist theory of research philosophy promotes usage of quantitative data due to higher reliability while interpretivism prefers qualitative data. In the study positivism philosophy will be used as it promotes the usage of primary data (Alpi & Evans, 2019). But with this to understand the basics of MYOB software qualitative date will also be required at some point. But basic research will be done through quantitative data, thus positivism philosophy is suitable for the study of research.

Data Collection

The methodology chapter in the study of research has various segments. Another important segment is the plan for data collection. It is one of the most important elements of research and it should be selected carefully as the outcome of the study is dependent on the decision. Also, it is required to select an appropriate method of data collection to ensure that the data collection tool collects the data which is relevant according to the question of research.

In the above-mentioned study, the data techniques that will be used include the questionnaire for a survey, interview questions, case studies, library sources, books, and journal articles. The survey questionnaire will help in collecting the data that is quantifiable and provides appropriate results for the study (Paradis et al., 2016). However, it should be clear here that the questionnaire method will collect the quantifiable data but detailed information through the survey is not possible. For getting detailed information interview method will be used. In this method, the respondent is free to answer the question in whatever way he or she wants to. By these methods, detailed information on the topic can be collected that in turn also enhances the quality of the data. The survey questionnaire and interview method are both the primary tools of data. However, the survey is a quantifiable data while the interview method is a qualitative primary data collection tool.

In the study, secondary qualitative data collection tools are also used that includes a case study which helps in identifying the scenarios related to real life and helps in understanding the implications of the strategy that follows. Library resources and books will be utilized too for developing a framework that is theoretical for aligning the topic of research with the question of research. Thus, the study survey questionnaire will be used as a primary tool and to attain quantifiable data while interview questions will be used as a tool of qualitative data, and in a second case study for analyzing real-life situations and books and journals for developing theoretical framework will be used.

Sampling Issues

When the sample is collected, it is required that the attention is paid to the work or else various issues will pop up and the required data will not be obtained.

The very first problem with the sampling is the selection of respondents. For the research, such respondents should be selected who know the software and the business. Otherwise, the answers provided by them will not be appropriate as they will answer as they want to not what it should be (Rahi, 2017).

Another problem is the number of respondents that are required. In the sampling method, it is required that an appropriate number of respondents are selected, or else data will be too large to conclude, and if it too less the same problem will persist.

Another issue with the sampling method is to get the answers from the respondents. This is one of the most difficult tasks as usually, the respondents do not pay heed to the question and answer without even reading the questions or they don't reciprocate which makes it difficult for the researcher to draw the appropriate conclusion.

Data Analysis

Data analysis is the method or technique that is used for deriving meaningful information from the data that has been collected through various sources. In the research, the primary data that will be collected through the primary method i.e. survey questionnaire which is quantifiable will be analyzed through SPSS. Also, for analyzing the secondary data, a descriptive technique of analysis will be used. These two techniques will make the finding very reliable and also the study credible.

Method of reporting the findings

The findings that will be derived from the study by using various data analysis techniques will be presented in a tabular form and pie chart. These will be the finding that are generated from the SPSS software. The finding from both the methods i.e. primary and secondary will be presented simultaneously in the chapter of discussion to maintain the study quality.

Research Implementation

Research implementation refers to the timeline that will be used in research from the beginning to the end of this particular study. The time required by the research will be 7 months. There will be 5 chapters in which the research paper will be divided. Chapter 1 will be the introduction chapter and will be completed in the 1st month. The next step will be to collect the data that will be chapter 2 and will take around 2 months. Chapter 3 will be the analysis that will take another month. Then the findings and discussion chapter will be done in the next month and the last month will have a conclusion.

Limitations of The Study

Limitations of the study are the factors that cannot be controlled by the researcher. These are the factors that place restrictions on the methodology and conclusion. The very first limitation of the research lies in the knowledge of the respondents. If people are not aware of the software and its benefits than it will become difficult to conduct the study. Also, if people are not aware of the functioning of the MYOB software than it will serve as a limitation. Respondents not providing the answer will also serve as a limitation. The main limitation of the study is the awareness about the product and the cost included in it. People might know the benefits but due to cost, they will not be using the software that in turn won't help in getting an accurate judgment. Thus these are the various limitations that are attached to the study.

References for Small Business Entities Accounting and Taxation 

Alpi, K. M., & Evans, J. J. (2019). Distinguishing case study as a research method from case reports as a publication type. Journal of the Medical Library Association: JMLA, 107(1), 1.

Bayboltaeva, N., Saparbayev, A., Ismailova, A., Makulova, A., & Imatayeva, A. (2018). Problems of Accounting and Reporting of Small Agricultural Businesses in The Republic of Kazakhstan. The Journal of Social Sciences Research, 67-75.

Paradis, E., O'Brien, B., Nimmon, L., Bandiera, G., & Martimianakis, M. A. (2016). Design: selection of data collection methods. Journal of graduate medical education, 8(2), 263-264.

Rahi, S. (2017). Research design and methods: A systematic review of research paradigms, sampling issues, and instrument development. International Journal of Economics & Management Sciences, 6(2), 1-5.

Salim, E., Zefriyenni, Z., Pratiwi, H., Yenni, F., & Melmusi, Z. (2016). The Influence of Myob Accounting Software on the Performance of Company Financial Report. Journal of Bussines and Economics, 1(1), 75-84.

Sallem, N. R. M., Nasir, N. E. M., Nori, W. M. N. W. M., & Kassim, C. K. H. C. K. (2017). Small and medium enterprises: Critical problems and possible solutions. International Business Management, 11(1), 47-52.

ten Ham-Baloyi, W., & Jordan, P. (2016). Systematic review as a research method in postgraduate nursing education. health sa gesondheid, 21, 120-128.

Коба, О. В., & Савченко, В. В. (2018). Accounting and taxation of small business entities: current state, problems and perspectives= Облік і оподаткування суб’єктів малого підприємництва: сучасний стан, проблеми і перспективи. Retrieved from: http://reposit.nupp.edu.ua/handle/PoltNTU/5672

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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