Accounting Software MYOB

Question: Is MYOB enough for recording, reporting and providing quality information for the users of accounting information? Answer: Introduction MYOB is widely used accounting software of Australia. This software is used by many organizations and it is also preferred by the accountants as it is easy to use and it also provides quality information to the accountants and the management of the company. We can record all the accounting transactions in MYOB software and it also provides very useful information to the users of accounting information for decision making. Therefore, the management and accountants can take informed business decisions with the help of accounting information provided by MYOB (www. www.digitalfirst.com 2016). Is MYOB enough for recording, reporting and providing quality information for the users of accounting information? MYOB is widely used to record the accounting transactions. The users can record variety of business transactions in this software. MYOB allows the user to record purchase, sales, cash receipt, cash payments, and general journals. MYOB also allows the user to maintain and process payroll of the company. The accountants can also reconcile bank balance with the help of bank reconciliation function provided by MYOB. This accounting software also allows users to maintain and record inventory. This enables maintenance of perpetual inventory system which is widely helpful from the perspective of internal controls and management information system. Thus, MYOB is complete accounting software and it allows recording of all the business transactions. There is no of additional software for recording accounting transactions (www.willhardy.com.au 2016). MYOB also helps in financial reporting of an entity. The users of financial statements can generate monthly financial statements like Income Statement, Balance Sheet and Cash Flow Statement. The users can also generate real time trial balance and general ledgers. This helps the management in review of financial position and financial condition of the company. The financial statements generated by MYOB are customized according to the industry standards and best practices. Therefore, the management gets the financial statements in easy to understand format. The accountants do not have to spend their time in preparing financial statements (www.distance.mak.ac.ug 2016). MYOB Accounting Software also provides various type of accounting reports which can be helpful to the management in taking informed business decisions. It provides various in built reports in respect of purchase, sales, cash receipts, cash payments, accounts receivables, accounts payables, GST, cash flows, inventory, payroll etc. Moreover, the company can also add more reports and customize existing reports as per its requirements. These reports help the management in monitoring and controlling the business of the company. The quality of accounting information provided by reports of MYOB is also very good as its quality of reporting is verified by various experts and its reporting quality is trusted. The management of the company can evaluate ageing position of receivables through receivable ageing report provided by MYOB. This report helps the management in evaluating whether customers are making timely payment or not and whether there are any old outstanding receivables. The manage ment can take corrective actions to realize money from the old outstanding receivables with the help of this report. Similarly, MYOB provides inventory analysis report. The management can review movement of inventory with the help of this report. It can also identify slow moving and non moving inventory items with the help of inventory ageing reports. The management can take corrective steps to dispose and reduce level of slow moving / non-moving inventory with the help of this report. MYOB provides numerous reports like this and it can be very helpful to the users of accounting information (www.textbookmedia.com 2016). Conclusion It can be seen from the above discussion that MYOB is comprehensive accounting software. It can be used for recording all the business transactions and it is also helpful in financial reporting and management information system. Moreover, quality of information provided by MYOB is also good. Therefore, we can say that MYOB enough for recording, reporting and providing quality information for the users of accounting information (www.itseducation.asia 2016). References 1. Accessed online from https://www.digitalfirst.com/myob-essentials-accounting-vs-xero-review-best-micro-business/ 2. Accessed online from https://www.itseducation.asia/computerized-accounting.htm 3. Accessed online from https://www.textbookmedia.com/media/f9ce579b-9b49-4e5d-b6c4-8cb327a922c4.pdf 4. Accessed online from https://willhardy.com.au/media/portfolio/requirements/SRS.pdf 5. Accessed online from https://www.google.co.in/interstitial?url=https://www.distance.mak.ac.ug/sites/default/files/publications/NAMUSAZI_IRENE_Report.pdf