ACC542 Accounting Information Systems

Pick a topic related to accounting systems and do a little research about new technology or impact on controls and accounting related issues or processing.

Introduction

An information system is basically a set of interrelated subsystem’s that work together in order to process, collect and store and distribute information. The information mainly deals with decision making, planning and control (Laudon & Laudon, 2016). The accounting information system can be considered as tool which basically incorporate technology and information field of innovation. The concept is very much important for entities related to business. There are different types of design when relating to the concept of accounting system which is chosen with aspect to how the data is reported and gathered (Falkenberg, Hesse & Olivé, 2016).

The main aim of the report is to research about a new technology which is related to the accounting information system. Taking into account the impact on the control and the accounting related issue or the processing. The technology which is chosen is the MYOB accounting.

MYOB Accounting System 

MYOB Accoutring is a accounting software which is very much simple to use. It can be stated as a simple software but on the other hand it is a very powerful tool which directly puts emphasis on the concept of the business process and the work flow. The financial aspect of nay business can be automated with the implementation of the technology. To keep the business going to a greater standard the factor of the invoice with regards to the client and the customer. Things in a business scenario can happen anytime around the clock. The managing part of the different aspects of the business is managed by the accounting system (Coyne, Coyne & Walker, 2016).

Types of MYOB accounting system

There are basically three types of MYOB Accounting software’s

• MYOB Business basic: single user, entry level system of bookkeeping (suitable for business body which are micro, NGO, service based business)
• MYOB accounting: single user, complete system, local currency– sales, accounts and invoicing
• MYOB Premier: more than one user, multiple currency and complete system – accounts, invoicing, banking, accounts payable, foreign currency and purchase (Haislip, Peters & Richardson, 2016).

GST and VAT Ready

The MYOB accounting system is ready for the GST and the VAT ready. This is very much important for those countries where GST and the VAT are involved in their transaction. It is globally tested for the processing of the GST. The technical team mainly handles the issue which is related to the countries where GST is applicable, in those countries MYOB is widely used. The organisation is well concerned with the queries which come in the form of the GST related issue and they can handle it with very much precision. The MYOB is also an approved software with the GST implementation in Singapore. It is basically used for the government subsidy. The Malaysian version is GST complaint with the Malaysian GST requirement (Kihubaet al., 2016).

Impact of control

The MYOB accounting system can be considered to be very much simple when relating to the use and the impact. The software is very much suitable for small and medium enterprise business bodies. If a business body is not so much familiar with the concept of the software, they can be directly implement it to record the business transactions. Each of the part in the accounting system is designed according to the need of the business. The software can be used to enter cheque, create invoice, make order purchase or simple do the task as if it was being executed in a paper. For example, if a record has to be entered into the system just type in the software enter sales. After this step follow the instructions on screen and then complete the task by clicking on the record button. The printing of the sales record can also be done to the customers (Sledgianowski, Gomaa & Tan, 2017).

The most important aspect which is related to the entry of the record is that, ones the record is entered into the system it would directly update all the financial statement of the entire business body at one go and it would be instant and accurate. For the issue of the financial and reporting the MYOB accounting system works behind in order to ensure that the information which is entered is kept safely and recorded properly (Coyne, Coyne & Walker, 2016). Each and every window of the MYOB has a step by step guide in order to guide the user through the process how to use the software for better performance of the business.

Issue related to MYOB

A majority of the consultants stated not to install the current release of the software until it settles down. On the other hand, some had used the Account Right 2011 software which was without any problem. The problem which was faced with the software created a huge fuss in the market. According to the company few bugs are inevitable when taking into account a release of a major product (Sallem et al., 2016). The company had initially launched two service packs to patch the software since the release of the latest version. According to Julian Smith, general manager for the corporate affairs stated that “It would be fair to say the bulk of our partner community want the service packs to be released and to be comfortable with the performance of the product before they upgrade to the new platform," MYOB partners had basically suggested that the main damage to the vendor’s application may turn the customer’s reputation towards the company and this would be a huge loss for the organisation (Watty, McKay & Ngo, 2016).

The company highly depended on upgradation of the software each and every year basically with the main motive to keep pace with the latest tax table from the taxation office in the Australia. On the other hand, it was first time that it provided FY2013 tax table for the years to mainly covered the maintenance contract (Sultana, Locoro & da Silva, 2017).

Latest version

The MYOB Malaysian which is the latest version of the MYOB. The MYOB premier v15 in the year 2014 May. The royal Malaysian custom department has had approved both the MYOB accounting software’s with the main purpose of obtaining the financial assistance for the GST implementation (Choong, 2016).

Conclusion

The report can be concluded on a note that the MYOB accounting software can be very much beneficial for any business organisation. the most important point that comes with the technology is that it can be very easily be implemented by any business organisation irrespective of it being small or big enterprise. There were few bugs in the latest version of the realise which incorporated a fuss in the field of the implementation of the technology. But later on patches were released in order to compensate with the error involved in it. The linking of the GST and the VAT was also a beneficial aspect which is related to the concept.

References

Choong, C. M. (2016). Goods and Services (GST) Accounting System for Malaysian Retailing Company (Doctoral dissertation, UTAR).

Coyne, J. G., Coyne, E. M., & Walker, K. B. (2016). A model to update accounting curricula for emerging technologies. Journal of Emerging Technologies in Accounting, 13(1), 161-169.

Falkenberg, E. D., Hesse, W., & Olivé, A. (Eds.). (2016). Information System Concepts: Towards a consolidation of views. Springer.

Haislip, J. Z., Peters, G. F., & Richardson, V. J. (2016). International Journal of Accounting Information Systems. International Journal of Accounting Information Systems, 20, 1-15.

Kihuba, E., Gheorghe, A., Bozzani, F., English, M., & Griffiths, U. K. (2016). Opportunities and challenges for implementing cost accounting systems in the Kenyan health system. Global health action, 9(1), 30621.

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

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.

Sledgianowski, D., Gomaa, M., & Tan, C. (2017). Toward integration of Big Data, technology and information systems competencies into the accounting curriculum. Journal of Accounting Education, 38, 81-93.

Sultana, T., Locoro, A., & da Silva, F. S. C. (2017). Time Accounting System: Validating a Socio-technical Solution for Service Exchange in Local Communities. In Digital Technology and Organizational Change (pp. 269-281). Springer, Cham.

Watty, K., McKay, J., & Ngo, L. (2016). Innovators or inhibitors? Accounting faculty resistance to new educational technologies in higher education. Journal of Accounting Education, 36, 1-15.