Assignment 1 - Individual Due: 5pm, Friday, Week 5
Today, Accounting and Reporting are considered as the major functions of core Finance that play an important role inside the organization. This is further, subdivided into functions like Receivables and Payables Management. In order to speed up these processes and functions, one needs entrenched interior controls and computerized processes that can help in speeding and thereby finishing up the unresolved accounting tasks. Also, this will help achieve the goal of vigorous workflow as well as all-inclusive control over the financial closing cycle. It not only saves time but also saves costs. This will further help achieve highest confidence in the financial reporting as well as in regulatory acquiescence.
Today, there are many computerized solutions available in the market, viz. Microsoft, ORACLE, Epicor®, SAP and MYOB. All of these provide solutions for all types of enterprise organizations. They have electronic accounting system which handles all the issues and tasks relevant to the Accounting Management. Out of all these, let us have a comparison of MYOB and SAP which provide their solutions in this respective field of Accounting.
MYOB – AccountingRight Premier
The solution provided by MYOB is MYOB AccountingRight Premier which was formerly known as MYOB Premier. It is providing its solutions to several organizations as it is considered as one of the best and smart choice for businesses. The core competency of this solution lies in the powerful features of accounting software that it provides. Processes and functions like invoicing, inventory and time billing all can be carried out very efficiently and effectively. In addition to this, it also provided multi – user access as well as can be used across any nation as it supports multi – currency feature.
Another important distinguishing feature of this solution is that, it provided multi – user access on any organization’s network and again, up to three staff members can work in a collaborative and co – ordinate fashion. It is also considered as the flawless choice if an organization is dealing into a global business. The reason is that of the feature wherein we can record the dealings in any foreign currency. Again, it also helps in Cash Flow Management by tracing the valued & unvalued exchange rate proceeds and losses.
Payroll is another important function of Account Management. AccountRight Premier helps in dealing with this function in a far more superior manner. Generating Reports, Leave Deductions, Allowances & Bonuses, Retirement, and Cover Ups – everything can be quickly generated as and when required. Weekly, fortnightly or monthly pays or any other relevant functionality can be cross – checked before processing using the features of AccountRight Premier. It tries to cover all the obligations in one way or the other.
Inventory Management is yet another important functionality of any business. Through AccountRight Premier, we can come to know regarding the amount of stock available, processing time period, lead time period, when to buy the inventory, how to deal with stock – out situations, and how to deal with it during the time of crisis. Thus, several features of AccountRight Premier help in achieving efficacy and proficiency in various operations of Inventory Management.
It further synchronizes with Microsoft Outlook®. This will help in making available all the contact details of all the vendors and customers. This will in turn help in emailing for purchase orders, making quotes, generating invoices and other necessities that may be required. This will really save a lot of time and costs in all the operations.
It includes – comprehensive reporting, user friendliness, accuracy, consistency, trustworthiness and compatibility with the accounting system. The most important characteristic of such business...