Introduction Since its inception, accounting has been performed manually by skilled accountants using physical books of accounts, invoices, registers, etc. Improvement in technology and the growth and expansion of the business has urged the transformation of accounting to modern mechanisms. Due to the surge in sales and expansion of business, improvement in the accounting system at Core 7 fitness has become fundamental. MYOB or Mind Your Own Business is Australia's leading accounting software provider for small entities that manages payroll, inventory, tax and much more. This report analyses the significance of adopting MYOB at Core 7 fitness, by highlighting the anticipated benefits of the transition, the drawbacks of manual system of accounting…show more content… They are as follows:
Efficiency: Entry of transactions immediately results in subsequent entries in the various books and financial statements of the company. Various adjustments as well as rectifications are reflected throughout the reports and statements instantly which in turn enhances the overall efficiency.
User-friendly Interface: Easiness in learning and use makes online accounting software user-friendly to employees with fundamental accounting knowledge and practice. Receipts and statements gets uploaded and updated in the system with minimum time and effort.
Cost: Enactment of online accounting software makes accounting affordable for small and medium businesses. With the exception of the initial costs incurred on the purchase or subscription of a software and providing training to the employees, cloud accounting is relatively economical.
Accuracy: It goes without saying that the cloud accounting application enhances the precision of accounting entries as human errors in calculation are eliminated or minimized. It also has built-in tax and discount calculators and thereby avert mistakes. Moreover, since accounts are updated on a real-time basis, probability of omission is