Accounting system

There are many ways of using an accounting system, such as manually or even using the computerized accounting information system (AIS). By using manual system, people often used Microsoft Excel. Microsoft Excel is a spreadsheet application that has formulas to operate and display a numerical data, graphing tools such as making a chart or tables, and a micro programming language. There are benefits and drawbacks of using Microsoft Excel. The benefits are that they are easy to use and understandable. You also could update easily if there is any mistake or new given information. The drawbacks are time consuming as in accounting software such as Mind Your Own Business (MYOB) there are ways that they could display the Income Statement, Balance Sheet and other data by itself. Just simply put all the sales, purchases, and other information to the right accounts. And also Microsoft Excel cannot have any password to secure the data. One of the software of computerized accounting system is MYOB. MYOB as it stands for Mind Your Own Business are used by small businesses and accounting firms in order to process the financial report, including in out formulas to generate more profit and loss of particular business on particular period. This software is specifically designed to produce a variety of different reports to help you run and manage your business. This accounting information software will helps to reduce the company’s payment to their employees. As MYOB makes the workers faster in working basis, so it will reduce staff time on doing the accounts. But having this MYOB, the company will need to train staff before using it. MYOB AccountRight Live also allows you to create backups at any point of time, will ensure your valuable data is... ... middle of paper ... ...y; they cannot make any changes to it because it is all based on the transactions, and data that have been inputted. In Microsoft Excel, you cannot get it automatically, as there is no function for calculating taxation. By having a manually counted, it might result a mistake for the company. If there is any mistake that the company make, they will get a penalty and also if they submit their BAS statement late to the ATO, there will be fine charged for the company. In conclusion, MYOB could help this Orchard Farmer easier in recording every transaction that they have. It also will be more efficient, not wasting much time, and can reduce human error. The cost of having MYOB is also not expensive, as you only need to invest for the first purchase, but then in the long term it makes the company have more low cost, as it will reduce the staff time doing the accounts.