Codecom Case Study: Implementation Of MYOB Accounting Software

Question

Task: By reviewing the case study of Codecom on the MYOB website (https://www.myob.com/au/enterprise/case-studies/codecom), you are required to write a report addressing the following tasks:
1. Outline the specific functions provided by MYOB software.
2. Discuss the problems of using a manual accounting system.
3. Outline the benefits of using an online accounting software tool.
4. Discuss three (3) specific economic transactions that would take place at Codecom,detail how MYOB would be used and useful.
5. Discuss any limitations or risks that Codecom may face in the implementation of MYOB.

Answer

Introdution
The present report on Codecom case study is related with several aspect of MYOB accounting software. In this study, problems in traditional accounting system along with benefits of using online accounting software in explained. Further, Codecom case study is also critically analyzed in the following report.

Analysis of MYOB software
A
MYOB is the online accounting software that contains number of features which are designed to help all sizes of business. One of the important features of MYOB is related with management of payroll system in an organization. The MYOB payroll provides company the power to process most comprehensive payroll in very quick manner. The software of payroll generated all which are required by management, confirms that company is paying employees the reliable amount along with maintaining up to date all the requirement of tax in effort less manner. Another feature of MYOB software is that it provides chart of accounts. This chart contains listing of entire accounts which are used in general ledger of a company (Boylan, Philipp, and Latini, 2018). Generally, this chart is used by the accounting software to combine all information into the financial accounts of company. Further, for ease of access of accounts, the chart is arranged in sequential manner by account number. Along with above aspect, MYOB software also generated some important report which is required by company for determination of some decision or strategic planning (Liyanage, & et.al 2016).

BWhat is the role of manual accounting system in the context of Codecom case study?
Manual accounting system is separated from operations, and that assists in some problems which are as follows –

1. It is not possible to maintain information up to date with application of manual accounting system. Therefore, this system does not capable to provide instant report as and when management required. By this, management may not track performance of company and take some important decision, which ultimately make impact on operations of organization (Pendley, 2015).
2. Further, in manual system of accounting security and safeguarding of information is very big challenge. It is not possible to protect information by implementing some password or other technique. Therefore, lack of security leads to significant adverse impact on company. Activities related with misappropriation of asset, pilferage, stealing, theft or similar type may take place, which assist in abuse of financial information of company.
3. In the manual accounting system, accounts are maintained in the paper form. for each part of accounting system, distinct ledger is needed , and from all these separated accounts accountant has to combine all information in general ledger, providing the closing valance for every single ledger, which is considered as very time consuming. Further, making any changes in information is one of significant challenge for the accountant, as he/she has to give impact of that change at several accounts. Further, cost of maintenance of accounts in paper form also very high (Fitzgerald, and Stol, 2017).
4. Accuracy is the account is difficult to maintain by manual accounting system. With this accounting system errors are very common, which may lead to preparation of wrong accounts. If financial or other reports of company are prepared on the basis of wrong information then it assists for incorrect decision by the management.

Thus, it has been asserted their there are several disadvantages by using the manual accounting system in the business.

C
In the present globalized environment, online accounting software plays an important role. Management of the company requires reliable and regular financial analysis to confirm that they are creating correct judgment for the organization. It is very easy to maintain book-keeping system with the help of online accounting software tool. In this system, accountant has to put financial information into the specific program, and the software will compute all calculation and allocate the information into ledgers and financial accounts. By this system, access of information is very easy, and all things are organized in well manner. Further, management can track transaction from any division of company, make trending analysis or report related with variance. By analyzing the overall discussion on the Codecom case study it can be stated that this system management can obtain accurate report in a quick manner. All financial information in online accounting software is more secured with the help of password or any other method.

D
The critical analysis of Codecom case study developed in this report sheds light on the various aspects of the company and identified that the company has expanded its operations worldwide. Therefore, it is required for company to apply accounting software which is capable to perform management of financial information in an effective manner and provides report as and when required in a quick manner. With this aspect MYOB software would provide benefit to company as it has been observed that the manner in which company running its activities are not productive. Therefore, as per the findings obtained in the Codecom case study, it is clear that the MYOB software would resolve the problems founded in existing system of accounting (MYOB Advanced. 2014).

The readings used to develop the analysis on Codecom case study mentions that the demand of products produced by the company is rising in very significant manner and as a leading company consumer is also expected from company to provide effective services. Thus, with the implementation of MYOB system, company can track amount its inventory level and take several decision with respect to management of inventory system, it would leads to satisfaction of demand of products by proper availability of inventory in the company.

Since, the operations of company are situated at several locations, therefore for streamline of business it is required to implement MYOB software.

E
Company may face several risks at the time of implementation of MYOB software, which are as follows –

• Combination and integration of new software with the present infrastructure of company is one of major risk which may be face by Codecom.
• Alteration in team structure may also require by company. Modification in planning are generally depicted in the structure of team and this also normally holds true while it comes to setting up of new accounting software. It is required by management to combine new reporting or analysis of data within the team (Scott-Hayward, Natarajan, and Sezer, 2015).
• Another challenge face by Codecom while implementation of MYOB software is related with Data migration. At the early setting up process, it is required by management to emphasize on data migration as it is very risk and lengthy element of implementation strategy.

Conclusion
On the basis of above analysis on Codecom case study, it has been asserted that MYOB is one of the important software which provides several benefits to the company. Further, in the economy transaction of Codecom and implementation of MYOB assists in success of company.

References
Books and Journals

Boylan, D.H., Philipp, J.L. and Latini, M.A., 2018. Codecom case study PROGRESSING TECHNOLOGY AND THE OBSOLESCENCE OF ACCOUNTANTS. International Journal of Business, Accounting, & Finance, 12(1).

Fitzgerald, B. and Stol, K.J., 2017. Continuous software engineering: A roadmap and agenda. Journal of Systems and Software, 123, pp.176-189.

Liyanage, M., Abro, A.B., Ylianttila, M. and Gurtov, A., 2016. Opportunities and challenges of software-defined mobile networks in network security. IEEE Security & Privacy, 14(4), pp.34-44.

Pendley, J.A., 2015. Information Security and Cloud?Based Computing: Tools for the Corporate Treasurer. Journal of Corporate Accounting & Finance, 26(3), pp.27-30.

Scott-Hayward, S., Natarajan, S. and Sezer, S., 2015. Codecom case study A survey of security in software defined networks. IEEE Communications Surveys & Tutorials, 18(1), pp.623-654.

Online

MYOB Advanced. 2014. (Online). Available through [ Accessed on 16 October 2019]