Mind Your Own Business for Definitive Accounting and Taxation - Essay Example

Name : xxxxxx Tutor : xxxxxx Title : MYOB for Definitive Accounting and Taxation Course : xxxxxx Institution : @ 2010 Table of Contents 1. Introduction ……………………………………………………………………………………...3 2. The Company …………………………………………………………………………………….3 3. Operation of ICT using MYOB …………………………………………………………………..4 4. Summary …………………………………………………………………………………………6 5. References ……………………………………………………………………………………….7 1. Introduction The development of accounting software that fits a small business like the Definitive Accounting and Taxation is paramount for effective financial management of the business. The management of Definitive Accounting and Taxation which will consist of five employees for the company in its inception in July 2010; need to have the necessary knowledge required in implementing the use of information and communication technology (ICT) in its operation as provided by our company. The adoption of a software development that categorically puts into consideration the issue of taxation such as the MYOB of Australia specifically the accounting software is highly advised which mainly targets its clients. By the fact that the company will have five employees when its starts its operations in July, it is evident that it is a small business that will need an accounting software fit for its business size. 2. The company Our company mainly deals with the provision of ICT services to many upcoming small businesses or already to those already in existence. Our company has thrived in this industry which is guided by its mission. The mission of the company is to provide quality accounting software’s through training of personnel and making the accessories available at affordable rates. The company has a long history of success in competitively providing accounting software’s which help in financial management small and medium size companies. Our has MYOB accounting software in place which is of great help for the Definitive Accounting and Taxation which will start as a small business sometime in July. Mind Your Own Business (MYOB) is a global company that offers software development to upcoming businesses or small ones. The company has market share in about five countries and it has perfectly fitted to the information and communication technology (ICT) needs of small businesses in those countries. The company is based in Australia and has a big market share in New Zealand as well as being commonly applied in United States of America and Canada. However, the use of the software MYOB aimed for small businesses or that is deemed to be the right one is not automatic because a particular business must adhere to the generally accepted accounting and auditing principles and regulations. If the business fulfills the necessary criteria the adoption of the software package it has the go ahead of maximizing through the use of several features discussed below. 3. Operation of ICT using our accounting software MYOB The management of Definitive Accounting and Taxation can implement the use of MYOB software which enhances its operation in the information and communication technology (ICT) world through various approaches. The first step for the company can do this implementation through adopting the bookkeeping software which is usually designed to replace the use of the traditional books of accounts which are usually bulky, this makes the life of accounting in the company much more easier though it has to ensure that it observes rules and regulations laid down by the government (Goerke and Grellier 2006). This kind of implementation calls for planning ways of expanding the company territories which will result to growth. The Definitive Accounting and Taxation must understand that the application of the Mind Your Own Business (MYOB) is not entirely computerized and therefore there is need for human intervention which includes the manual transference of data from the original documents such as invoices and receipts. In connection to this human intervention, the Definitive Company whose main aim is that of provision of accounting services to small businesses, should ensure that the source documents fit the bookkeeping software and be filed in a systematic order. Secondly, the Definitive Accounting and Taxation Company that aims at providing taxation services to small businesses and pose a competitive mode in the area of its operation and mainly in the information and communication technology (ICT) world should sufficient training of the personnel involved with the implementation of the said software. This is so because for the success and development of the installed software which deals mainly with accounting services would best realized if left in the hands of professionally trained personnel who use it on daily basis. This kind of consideration is important because the information which is generated by the software is a replica of the raw data whose accuracy is dependent of those who are assigned the task of putting it. Therefore the company which is new in the market I highly recommend that it values training of its personnel since this will reflect an efficient use of the information and communication technology (ICT) in its domain (Goerke and Grellier 2006). The attention that the company needs to know is that, the training of the personnel when using the Mind Your Own Business (MYOB) as its accounting software since its comes along with a training program for the new upcoming small businesses. The Definitive Accounting and Taxation should implement its training through the use of internet since this will give the employees a sense of belonging because they relate well to their jobs. Finally the company, which will venture in the innovative and competitive field, must only use the features of the software which are relevant to its area of operation only. The knowledge brings to attention of applying the cost benefit analysis to the company. The company should use all the features of the accounting software that it brings to use since this leads to maximizing its cost because the world is penny pinching (Goerke and Grellier 2006). There the company should aim at having an average cost which is less than the marginal cost since this provides room for the growth of the company. Features of the accounting software Mind Your Own Business (MYOB) will include, the To-Do List whose main aim is to provide alerts on tasks which are due to be processed usually put in certain categories. The other feature is the Command Center which can be said to be the backbone of this accounting software since it is the platform in which various financial transactions are usually documented. This feature usually compresses the file used by the company through creating a backup file for the company. 4. Summary The software, Mind Your Own Business (MYOB) has the capacity of providing effective invoicing and book keeping as well as catering for all accounting needs which can smoothen the information and communication technology (ICT) operations for the Definitive Accounting and Taxation company. This effectiveness can be achieved through the maximization of all its potentials which is realized if the human factor is highly regarded by the company in terms of training (Goerke and Grellier 2006). Filing system of documents which adheres to professionalism and being systematic as well as having in place as navigation of the system should be put in place. When the company starts its operations in July, it must be well informed of this accounting software which will make it flourish in its operations related to information and communication technology (ICT). The company will enjoy the low cost that comes in with the application of MYOB accounting software.   5. References Grellier, J., Goerke, V. (2006) ‘Communication skills toolkit: Unlocking the secrets of tertiary success’, Thomson: Social Science Press, South Melbourne. P. McFarlane. 2008 1st edition. Fundamentals of Contemporary Technologies for University of Wollongong, Cengage Learning – Custom Publishing, Melbourne. 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