MYOB and Microsoft Excel
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MYOB and Microsoft Excel
Accounting software is quite important to any business setup. Business considers certain software from others depending on efficiency and accuracy that the software works with their system. Among the many accounting software include the excel software and MYOB accounting software. The two softwares are quite significant in analysis of various accounting components: however, one is somewhat considered than the other (Cheetham & Ring, 2008).
Use of MYOB is superior to use of excel due to different reasons. The first reason is that use of MYOB saves time through various functionalities. One is that the software has the possibility of updating automatically the accounts of the suppliers in the purchase ledger of the bank receipts. This automation saves time as manual updating wastes time thereby delaying the supply of goods and services. In addition, use of MYOB helps in automatically paying suppliers among other expenses in the company. This automation reduces the time required for the transactions to be done by the accountant, then entering the amount in the excel sheet. Automation of the services especially with the payment section helps in reducing the possibility of making errors (Lee & Lai, 2008).
Apart from saving time, MYOB works well with different operating system. The system offers a product, which works well on various platforms ranging from Apple Mac to Windows product. The diversity of the software clearly works well as the company will not have to work with a certain operating system.
Lastly, MYOB software saves money in terms of expenses. Under normal circumstances, MYOB offers adverse advantages especially to the small business. The system for these businesses is not complicated and requires software that can work best within their limit. Use of MYOB is the best as their functionality is compatible with various applications unlike excel that is limited to certain applications (Lynley, 2009).
MYOB being a computerized accounting package provides a variety of facilities among the being:
Onscreen input as well as the printout of the sales invoices.
Automatic update of the customers accounts in sales ledger
Recording of the invoices of suppliers
Automatic update of the accounts of suppliers in the procures ledger recording of the bank receipts
Making payments for expenses as well as to suppliers
Automatic updating for general ledger
Automatic modifications of the stock records
Incorporation of an enterprise database with that of the accounting program
Automatic computation of payroll as well as associated entries
The program can as well offer instant reports for the purpose of management for instance:
Age debtors summary: review of the accounts of customers indicating the overdue amounts
Trial balance, balance sheet as well as trading, and loss and profits account
Stock valuation
Sales analysis
Variance analysis as well as Budget analysis
GST/VAT returns
Payroll analysis
The input screens have been devised for ease of utilization when using MYOB. Among the main advantages is that every transaction requires to be imputed only once. This is unlike the manual system where one requires two or three entries. This computerized ledger system is completely integrated. This implies that if a business transaction is imputed on the computer, automatically, it is recorded in several varieties of accounting records at the matching time (Tan, 2010).
MYOB has the advantages of producing accurate and fast invoices, purchase orders, credit notes, printing statements as well as payroll documents. All these are done automatically. The system has a benefit of availability of information in that the information is instantly accessible and can be available to a variety of users in varying regions at the same period. The other benefit is the management of information. This implies that it is possible to produce the reports that will assist management in controlling as well as monitoring the business (Neish & Kahwati, 2009).
MYOB is legible in that the onscreen as well as printed data ought to be legible and therefore avoid errors brought about by poor figures. It is efficient in that there is better utilization of the resources as well as time. The cash flow as well ought to advance through better collection of debt as well as inventory control.
The system also requires the staff to be trained on the use of new skills. This will make them be more motivated. It is as well possible to outsource the training and therefore making a certain member of staff less grave of the operations of the business. This system reduces the level of frustration in the sense that it is possible for the management to be at the peak of their accounts and therefore minimize the levels of stress connected to what is unknown to them.
MYOB offers the possibility of dealing in many currencies with so much ease. This in turn reduces the problems associated with the changes in exchange rate. It also has the advantage of offering information in real time as compared to the other systems. The accounting records are at all times the latest since they are always automatically updated each time a transaction occurs. This is significant for the purpose of tracking sales as well as inventory costs. The system will always indicate the amount of stock at hand at a given particular time. This is of assistance in avoiding shortages.
MYOB has the potential to come up with customized reports and offer additional analysis. .this implies that the system has the capability of making it possible for an individual to modify the professional looking reports (that ay comprise of the details as well as the Logo of the company). The reports offer extra analysis that may be required by the shareholders, banks, owners as well as suppliers. An individual as well needs far less time in coming up with the reports as compare to using the manual system
Another benefit of the system is minimized accounting fees. This however depends on the capability of the enterprise to come up with an accurate number of accounts from their computerized system. The accounting fee will be low with competent set up, accurate inputting as well as appropriate training.
Conclusion
According to the evaluation of the two systems, it is therefore evident that MYOB offers much more advantages as compared to the other accounting systems. The system streamlines the workflow, does away with tiresome clean-up work, does not require the rekeying of client information allows easy review process and has an easy rollover of the supporting documents as well as notes in addition to the mentioned advantages. The current release of the AO Client Accounting simplifies as well as centralizes MYOB login by making it possible for an individual to manage the employee setting as well as the security of MYOB from directly inside one’s own Practice Solution. Since the Statutory Reporter is as well part of AO Suite, data for instance the company directors as well as the addresses move into the financial statement not requiring re-key.
Bibliography
Cheetham, C. J., & Ring, J. D. 2008. Introductory computer accounting : a live data approach :
MYOB accounting. London: John Wiley & Sons Australia.
Lee, Y.-H., & Lai, S. P. 2008. MYOB companion guide : your comprehnsive guide to using
MYOB premier. Mexico: Winning Preferance.
Lynley. 2009. Advantages/benefits of computerised accounting. Retrieved April 16, 2014, from
accountingtraining: HYPERLINK “http://www.accountingtraining.co.nz/general-” http://www.accountingtraining.co.nz/general-accounting/advantagesbenefits-of-computerised-accounting/
Neish, W. J., & Kahwati, G. 2009. Computer accounting using MYOB business software. New
York: McGraw-Hill.
Tan, R. C. 2010. Serenity Day Spa : an extended practice set using MYOB Accounting Plus
student edition v18. Vienna: Pearson Education Australia.
