PACC6011 Accounting Information : MYOB Software Assists
The role of accounting and accounting information:
How efficient and effective is each system with regards to capturing, recording, sorting, summarising and storing the data produced as a result of executing the practice set i.e. can the data captured be convertedinto information considered useful for decision-making purposes and to what extent?
A Business processes:
Which perspective does each system support?
A Database concepts:
Answer:
MYOB Accounting software is simple software for accounting for small and medium enterprises. This system is simple but at the same time is powerful software for accounting that emphasises on business procedures and work flows. This software is GST compliant and GST ready. The latest version of the software is compliant with the Windows 8 version. To keep the business moving, the users need to invoice the customers and clients and track the remaining balances left with the users (Curtis 2015). The software is complied to perform various services like preparing invoice for customers and clients, tracking the outstanding balance of the client. It is also complied for the bills to be paid, statements that are to be mailed, jobs that are to be managed and reconcile the banking statements. on the other hand, Microsoft Excel is the spreadsheet that is developed by the Microsoft for the iOS, Android, macOS and Windows. It assists in preparing the pivot tables, graphic tools, calculations and the macro programming languages that are called as the visual basic for the application. This software are widely applied fotime -r the spreadsheet platforms and are replaced by the Lotus 1-2-3 aligned with the industry standard. Excel is part of the Microsoft office (Kraus 2014).
MYOB software assists in various activities like effective and efficient management of summarising, recording, sorting and capturing the data. Through the time capturing activity it is able to manage the complex system of payroll and the attendance of the employees through usage of various methods like barcodes, time clocks, biometric readers and magnetic swipe cards. It can also manage and track the employees with the ability of working on the organizational data content from everywhere through the device. This removes the roadblocks to productivity while travelling or working onsite or at home. Further, through data sorting it helps in sorting various data with greater efficiency and accuracy. Accurate data is the major requirement for management of finance. MYOB assists in automation of the manual processes and reduce the likelihood of the human errors. Apart from this, MYOB assures that the contents are updated in real time, so that the employees can avail the latest software. Updated software can be used to reflect the instant balance of accounts in the customer records. This further, enables the accurate representation of financial position of the organization every time which in turn, assists in achieving the financial security and stability. It also assists in cost reduction of accounting fees, operating system and hardware exhaust the budget very fast. However, the MYOB software offers reduction of operational and financial expenditures. When an organization chooses to use the MYOB software, they don’t have to make a payment of upfront capital; rather they have to pay monthly payment of fees. This assists in reducing the costs associated with backups, updates and maintenance. Apart from this, it handles the issues related to technical problems, hardware upgrades and server failures (Assidiq and Qashlim 2016).
On the other hand, excel assists in preparing the histograms, graphs and charts that are generated from the specific cell group. The created graphic can be aligned in the current sheet or it can be added as separate sheet. Excel displays the dynamic updates if any contents of the cells are altered. For instance, the requirements for the important design are visually displayed then with the alteration of the user’s preference the curve, shape or format of the graph can be altered immediately. Users of excel can access the external sources of data through the feature of Microsoft office. Excel can be used to accept the data in the real time through various programming interfaces that allows communicating with various sources of data. It also enables to perform the statistical functions conveniently and accurately. It can perform the statistical functions with large number data and helps in rounding-off the values. Excel allows analyzing, managing and manipulating the data and for making various decisions and creating efficiencies that can have great impact on the business. Excel can be used for both personal purpose as well as business purpose. With powerful analytical ability it helps in analyzing large amount of data and preparing the trend analysis for past years that enable s to understand the business performance trend of the organization. Further, the graphing capability of excel assists in summarizing the data that enhances the ability to structure and organize the data (Hu et al. 2015).
MYOB software can assist in taking the business related decisions and take the management of business process to the next level. The users of MYOB software offers responsive and customisable and is able to integrate with the specific tools of the industry. For past few years it is the global leader in helping the business with the planning activities like shipping, payroll and finance, management of inventory, management of materials, marketing and sales, service deliver and manufacturing, job costing and production planning. Utilization of management software can reduce the likelihood of risks involved in the decision making and planning procedures. Once the organization has the efficient system installed, the organization will be in a better position to focus on the opportunities of business through implementation of data-backed decisions (Mayasari 2014).
On the other hand, the Microsoft excel are used for various purposes in carrying out the businesses. It can be used for the purposes of accounting and finance at big corporate offices. It assists in preparing the financial results, forecasts, budgets and the plans that are used to take big decisions of business (Winston 2016). The finance area of business are benefitted to a great extent through the usages of excel as it can turn the manual process into the computerised process. It also helps in managing and marketing the product. Using the financial analysis, the marketing team can forecast the sales force and plan for the future marketing plans that are based on the past analysis. Through the pivot table users can easily and quickly summarize the sales and customer data through categorizing with fast drag and drop option. All areas of the business can benefitted from the strong knowledge of excel and the marketing functions (Ersoy 2013).
The data in the MYOB software are protected from being loss and is stored in multiple devices through multiple zones for availability. Databases are reproduced in real time basis between the various availability zones and the non-database information to guarantee high level of redundancy and availability. The software is designed in such a way that it can cope up with the potential failure of major elements that are necessary for providing better service to the clients (Thohar and Rohayati 2016). There is high level of robustness with regard to retention of the data to create safeguard against failure of data on account of failure of any one component. As part of additional safety, the data are backed up during night also. These backups are used by the software for restoring the operation of MYOB to protect the data from being lost. On the other hand excel can be used to store large amount of data, analyse the data, make the useful queries and for performing the sophisticated calculations that will return the required data. Excel assist in better management of data as the data in excel are well organized, easy and simple for searching and are available for various users at the same time. It is better option for data analysis and performing the complex calculations and assists in exploring the probable outcomes with high quality charts. If the Access are used to store the data and Excel is used for analysing the data, the users will be able to be benefitted from both the programs (Kavanagh and Pitcher 2014).
MYOB provides better security for the purposes of internal control as the data are protected by the highly secured facility that is, the AWS infrastructure and facility. This system offers the basis yet crucial monitoring and security measures. Apart from this, it provides internal controls with respect to budget article, ledger accounts and segment values for the sub-accounts and uses the restriction in the data groups. Any number of restrictions can be used with respect to the data protection. On the other hand, in the excel internal controls can be implemented through empowering the presentation. Further, the data in the excel sheet can be protected from unauthorized access and unauthorized alteration (Salim et al. 2016).
From the above discussion it is concluded that the MYOB software is better option as compared to the excel as in MYOB after entering the data various reports are automatically generated whereas in case of excel, to prepare the report the data are to be entered manually in the excel sheet. In case of internal control also the MYOB provides better control as compared to the excel, as in MYOB data can be protected through password in every steps.
References:
Assidiq, M. and Qashlim, A., 2016. Multimedia Based Learning Design For Learning Media MYOB Accounting 15. Journal of Computer Science , 1 (2).
Curtis, V., 2015. MYOB Software for Dummies-Australia. John Wiley & Sons.
Ersoy, E.Y., 2013. PETROMODELER (Petrological Modeler): a Microsoft® Excel© spreadsheet program for modelling melting, mixing, crystallization and assimilation processes in magmatic systems. Turkish Journal of Earth Sciences, 22(1), pp.115-125.
Hu, W., Xie, J., Chau, H.W. and Si, B.C., 2015. Evaluation of parameter uncertainties in nonlinear regression using Microsoft Excel Spreadsheet. Environmental Systems Research, 4(1), p.4.
Kavanagh, P. and Pitcher, T.J., 2014. Implementing Microsoft Excel software for Rapfish: a technique for the rapid appraisal of fisheries status.
Kraus, D., 2014. Consolidated data analysis and presentation using an open-source add-in for the Microsoft Excel® spreadsheet software. Medical Writing, 23(1), pp.25-28.
Mayasari, M., 2014. influence of personal characteristics, interactions: (computer / individual), computer self-efficacy, personal innovativeness in it on anxiety computer in use myob software software (Doctoral dissertation, Gadjah Mada University).
Salim, E., Zefriyenni, Z., Pratiwi, H., Yenni, F. and Melmusi, Z., 2016. The Influence of Myob Accounting Softwareonthe Performance of Company Financial Report. UPI YPTK Journal of Business and Economics, 1(1), pp.75-84.
THOHAR, A. and Rohayati, S., 2016. "Development of myob accounting module based on scientific approach on the basic competency listing trade trading personal. journal of accounting education (jpak) , 4 (3).
Winston, W., 2016. Microsoft Excel data analysis and business modeling. Microsoft press.
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