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
Features:-
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.
The Essay on General Ledger Data Accounting Myob
MYOB is one kind of software for people to do accounting. The features of computerized general ledger package can be summarized as follows: Files: MYOB uses the files to store data and processing instructions. When we open the MYOB software, we will be introduced to open a certain file that record all the accounting data about a individual company. Usually the files are classified as different ...
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.
The Business plan on Management Control Cost Accounting Training
Introduction Management control is to ensure that the organization achieves its objectives. Once the objectives have been agreed, action plans should be drawn up so that the progress can be directed towards the ends specified in the objectives. Such objectives are used to make comparison with alternatives in decision making & are also the critical elements in evaluating the success or failure ...
Benefits:-
It includes – comprehensive reporting, user friendliness, accuracy, consistency, trustworthiness and compatibility with the accounting system. The most important characteristic of such business solution is in giving the useful insights regarding the business. The Business Insights Dashboard provided by the AccountRight Premier gives a holistic view of the entire business. It just describes how the business is – going on the right track or is it off track?
Minimum System Requirements:-
• Windows XP (SP 3), Windows Vista (SP 2), and Windows 7
• 1GHz Intel Pentium® processor (or equivalent) with 1 GB RAM or higher
• 200MB of free hard disk space for program installation
• 35MB additional disk space per company file
• 16-bit color & 1024×768 screen resolution
• Dial-up or broadband connection for MYOB M-Powered Services
• Microsoft Internet Explorer (minimum v6)
• Apple QuickTime® (minimum v7)
• Adobe® Acrobat Reader (minimum v8.1.2).
• Microsoft Office: 2000 to 2007
• Microsoft Outlook: 2000 to 2007
Pricing:-
The cost of this Business solution package is around $2500. Further, applying for membership will then provide technical support, updating the software every time and also offering range of other discounts for similar products. Thus, it reduces costs by lessening manual work and increasing computerization in all the business processes of Accounting.
SAP ERP Financials
Now, let us check out how this solution package of SAP is better compared to MYOB.
Features:-
First, of all, just like MYOB, it also supports reporting of financial transactions in multiple languages as well as in multiple currencies – thus fulfilling all the international reporting standards as well as regulatory requirements. It helps in managing the processes of Accounting and Financial Management in following ways:
The Essay on Business Accounting 2
Adjusting entries are passed in the accounts in order to comply with all the relevant accounting concepts and standards and provide a full picture of the financial performance and position of the firm. For example, the accruals concept demands that revenue incurred in a particular period should be matched with expenditure that arose in that period. Therefore, if for instance, we paid insurance on ...
General Ledger
i. It supports all the different formats of accounting & reporting, whether it is – legal, administrative or on basis of segment.
ii. If not only follows but also fulfills all the legal requirements of GAAP, IFRS and other relevant procedures of International Standards of Accounting.
Accounts Receivable
i. It accomplishes all the invoicing and collection processes
ii. Further, integrating with SAP Financial Supply Chain Management applications (SAP FSCM) will improve efficiencies in the operations.
Accounts Payable
i. In this module, it copes with all the payment runs
ii. It integrates with SAP Treasury applications for Liquidity management
iii. Also, through shared services for Finance, we can establish a shared services framework, boost productivity and thereby improve efficiency in the operational work.
“EXTRA FEATURES of SAP”:-
The additional features of supporting accounting standards, federal regulations and improved administration controls distinguish SAP from other products.
Improve corporate performance
• It also helps in defining the financial targets, develop a strategic plan for the coming years, and thereby monitor the cost – revenue analysis.
• Thus, it gives the ability to read, evaluate and respond to the changing environments. This will further help in improving upon the corporate supremacy as well as transparency.
Abridge days’ sales outstanding
• It mechanizes disagreement, credit, and collections management and thereby offers automated invoicing.
• Enhance global cash management
• Establishing in – house banks and payment centers will help in recording, examining and assigning cash in real time and thus enhancing the Global Cash Management.
Reporting gets better
• We can get business & financial reports based upon different business units as well as the different cost centers.
Process integration gets established between finance and treasury
• All the transactions can be integrated and thus risks also get integrated along with it.
• Thus, with this software package, one can achieve desired goals through – innovative process techniques, working in collaborative fashion through shared – service operations.
Support Offerings:-
Depending upon the support level required, one can select his/her portfolio of support offerings of SAP. Customer can maximize the value of SAP support offerings with the access of following software packages:-
The Essay on Support Service Services Meetings Aim
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• SAP Service Marketplace extranet
• SAP Solution Manager
• SAP Notes service and
• Other relevant support packages
• Helping in customizing individual needs with the help of On – site Technical Quality Manager
• Helps in managing risks and also in bringing technical robustness
Benefits:-
Thus the support for mission – critical processes will enable continuous development, bring improvements in commercial and operational processes and also develop handles to address total cost of operation (TCO).
Altogether, SAP Enterprise Support brings extensive advantages to companies of all sizes. SAP has already provided significant value through their support systems to several companies and is continuing to move forward in the same direction. These offerings will help in gaining fortification for system performance, suppleness in support options and at last achieving alliance throughout the entire application lifecycle.
Platform:-
SAP has ground – breaking hardware and software innovations and meets the changing requirements through Enterprise Service Oriented Architecture, SAP NetWeaver Platform and SAP In – Memory Computing Technology. The benefits for the same are as follows:-
• Rapidly getting accommodated in the changing environments
• Secure access to business information and systems – on any device
• Boost business and IT efficiency with integrated cloud – based platforms
The system requirements are similar as mentioned above for MYOB.
Pricing:-
The cost of this entire SAP software package is around $6000 – $7000. Again, it is operative in those environments where LAN connections are established.
How the SAP “fits” in the AIS cycles?
A collection of SAP reports are generated which can be utilized for AIS purpose. A separate tool is provided for auditing in the SAP system. It rationalizes and facilitates the audit progress. It thus tries to improve the quality of accounting and auditing by bringing in all the related
practices, procedures and activities under one umbrella. The other advantages that can be gained are as follows:-
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• Consolidated auditing
• Sharing of internal and external audit efforts & resources
• More effectual use of time
• Abridge data extraction
• Prospective to have all SAP reports in AIS only
• Convention views as per the requirements
Thus, in many ways, SAP ERP Financials differentiates to MYOB. SAP provides better solutions to both small and large organizations as per their requirements. This will in turn, help achieve the desired targets and goals of the respective organization.
