Mind Your Own Business Accounting Software Organization - 2750 Words

Mind Your Own Business: Accounting Software In An Organization (Essay Sample) Content: MYOBby Students NameCourse Code + NameInstructors NameInstitutionCity, StateDate of SubmissionExecutive SummaryThis report explicated small Wollongong based supplier of building materials in terms of the economic transactions and events taking place and the applicability of MYOB in terms of facilitating the success of accounting transactions. It points out that sales and purchases are key transactions that must be well-recorded. In respect to the benefits of using MYOB as an online accounting tool, the report brings out the view that it enhances automation, eases data access, and the improvement of productivity in the accounting department. The purchase and payroll cycles must be perfectly understood by the business for effective accounting. The report also emphasizes that small businesses need to be aware of significant risks such as inconsistency, time consumption, and security. It is concluded from the report that MYOB is instrumental in simplifying accounting in s mall businesses and promoting accuracy.Key Words: economic transactions, MYOB, sales, purchases, payroll cycles, inconsistency, time consumption, securityTable of ContentsTOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc465083805 \h 2Introduction PAGEREF _Toc465083806 \h 4Economic Transactions and Events Taking Place in a Small Wholesale Organization PAGEREF _Toc465083807 \h 4Benefits of Using an Online Accounting Software Tool PAGEREF _Toc465083808 \h 5Transaction Cycles and the Usefulness of an Online Accounting Software PAGEREF _Toc465083809 \h 5Risks and Associated Costs for Maintaining Manual Sets of Books PAGEREF _Toc465083810 \h 6Conclusion PAGEREF _Toc465083811 \h 6Reference List PAGEREF _Toc465083812 \h 7IntroductionBusinesses have understood the significance keeping their books of accounts up-to-date from time immemorial. This has become a critical part of businesses whatever the size. However, small businesses are the focus in this report since they are usually ignored when it comes to development of accounting aspects. Consequently, the rise of online accounting software has proven to be of great use for these small businesses CITATION Wys15 \l 1033 (Wyslocka Jelonek, 2015). This is because it has enabled business owners to operate without having to worry about being knowledgeable in accounting and bookkeeping. Accordingly, MYOB has worked to conveniently facilitate financial information and organizational invoicing which can be done anywhere and anytime. The following report is prepared for a small Wollongong based supplier of building materials to various licensed builders. MYOB simplifies the process of accounting in small businesses ensuring that they keepEconomic Transactions and Events Taking Place in a Small Wholesale OrganizationVarious economic transactions and events would take place in a small wholesale organization such as the small Wollongong based supplier of building materials. One such economic transaction that would tak e place is sales. This economic transaction would involve the transfer of property in this case building materials for money or credit CITATION Lim131 \l 1033 (Lim, 2013). As a result the wholesale organization will be able to earn revenue when their goods are delivered. This transaction tends to be recorded in the general journal as a kind of debit to cash or sometimes as accounts receivable. Another relevant economic transaction and event that can take place is purchases CITATION Sac13 \l 1033 (Sacer Oluic, 2013). This type of economic transaction usually results in an increase in benefits for the wholesale organization. These purchases are usually facilitated by cash or credit. In this regard, when these purchases are made the resultant impact is an increase in accounts payable. Additionally, receipts represent another possible economic transaction and event that can take place in such an organization. As economic transactions, receipts refer to businesses accepting payment fr om another for the delivery of goods or services CITATION Lim131 \l 1033 (Lim, 2013). For the small Wollongong based supplier of building materials this economic transaction will refer to it getting paid by another business for its building materials. The resultant impact of this economic transaction is a decrease in accounts receivable and an increase in cash or equivalents to this. The final economic transaction that which can take place in a small wholesale organization is payment. This refers to a business making compensation to another for receiving its goods or services CITATION Sac13 \l 1033 (Sacer Oluic, 2013). This compensation can be in form of cash or equivalent. The impact of this economic transaction is a reduction in accounts payable for an organization or a decrease in cash or equivalent for the organization.Benefits of Using an Online Accounting Software ToolUsing an online accounting software tool for an organization that is relying heavily on maintaining a manua l set of books such as the Wollongong based supplier of building materials provides a number of benefits. The first benefit of using an online accounting software is automation. This automation is brought about by the fact that the software deals with all the calculations to be made CITATION Sac13 \l 1033 (Sacer Oluic, 2013). Compared to the use of a manual set of books the use of this software saves time, money, and eliminates the chances for error. Therefore, organizations are able to receive fast and accurate documentation such as invoices and purchase orders. The second benefits of the use of this software is it eases data access and allows these data to be easily shared across various platforms. That is various people are able to access data at a single time through this software something that is not likely for manual set of books CITATION Sac13 \l 1033 (Sacer Oluic, 2013). The third benefit of the use of an online accounting tool as opposed to manual means is it enhances productivity when it comes to accounting. This is because of the fact, paperwork tends to be quite tedious for many employees impacting negatively on their ability to be productive. However, given that online accounting software such as MYOB is faster and a bit more accurate it therefore eliminates the any boredom and fatigue that employees develop when filling in paperwork while using the manual set of books. Employees are therefore more productive while using the online accounting software CITATION Lim131 \l 1033 (Lim, 2013). The final benefit that can be received from using an online accounting software as opposed to relying on the maintenance of a manual set of books is improved management of financial information. This is enhanced by the fact that reports can easily be produced and in a relatively shorter time compared to manual accounting.Transaction Cycles and the Usefulness of an Online Accounting SoftwareIn a small wholesale organization such as the Wollongong based suppli er of building materials there are various transaction cycles. An example of two such transaction cycles in this organization and how an online accounting software like MYOB would be useful is follows CITATION Lim131 \l 1033 (Lim, 2013). The first example of a transaction cycle is purchasing cycle. In this transaction cycle a purchase order is issued to a supplier such as the Wollongong building material supplier and this company records an account payable and makes payment to this supplier. Accordingly, the purchasing cycle arises from the various sequential and interrelated activities that take place in relation to this CITATION Wys15 \l 1033 (Wyslocka Jelonek, 2015). An online accounting software tool such as MYOB would be useful in facilitating this transaction cycle. This is evidenced in this tools capacity to customize purchase records, automate them, and also foster the making of a purchase order. The second example of a transaction cycle is the payroll cycle. For the Woll ongong based supplier of building materials organization, this payroll cycle involves the following sequence of activities. The organization will record the times of its staff, carry out a verification of the times that have been worked, determine gross pay, oversee the reduction of taxes and finally avail paychecks for their staff CITATION Sac13 \l...

Minimum Wage Laws Should Be Legal - 900 Words

Minimum wage bill majorly refers to a price control that is imposed by the government. The price control concept set a floor indicating what the minimum price must be paid or be imposed on certain services or goods (Murphy). The main aim of a government setting up price controls is always to ensure individuals or employers of a certain job group receive fair wages. Also, the minimum wage laws are mostly used by the federal government to ensure a basic quality of life among all the countries citizens. This aspect is to establish a fair level of economic equality instead of having copious amounts of poor or underpaid citizens (Vitez). It is further important to note that these minimum wage laws can often be used to force companies to pay equally all individual regardless of sex creed or race. Above all this, it is my opinion that the concept of using minimum wage laws to ensure that workers who are mostly unskilled get enough income to provide for their daily activities is very unnecessary. This aspect can mostly be explained using the demand and supply concept. The force of demand and supply mainly exist in the unskilled workers market that mostly operates under the minimum wage law. The unskilled workers price is based on the hourly wage that they are paid. Based on this aspect, it is important to note that the wage equilibrium occurs at that point where the number of unskilled that desires a job usually equals the number of jobs that the employers offer (Kane). One majorShow MoreRelatedThe Framers Of The Constitution930 Words   |  4 PagesSupreme Court interpretation. Enumerated Powers, are the powers that are listed in the Constitution, which the Congress can hold to. Implied power is the last clause of the Article I, Section 8, of the Constitution. 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Age Restrictions on Alcohol Relative to Military...

This is a topic that was near and dear to my husband’s heart. As he is in the military, it comes up often during mobilizations for deployment. I drink very little, so I hadn’t given it much consideration until he was deploying himself. I think that military personnel under the age of 21 should be allowed to consume alcoholic beverages under supervision. We have two sons that joined the National Guard at the ages of 17years and 19 years old. The legal age to purchase and consume alcohol in this state is 21 years of age. Our sons were pretty quickly deployed to Iraq. Granted, they didn’t drink at the time, but under the circumstances: I think that if their squads and platoons had offered them beer before going away to war, there should be†¦show more content†¦If anyone has an alcohol related incident, that soldier is counseled. If there is another incident, the soldier is then referred by the Commander to the Alcohol and Substance Abuse Program (ASAP). Bas ed on the length of time in the military, a younger soldier is allowed one misstep or mistake. More experienced soldiers and those with rank and responsibility aren’t given such leeway. For instance, a Driving under the Influence (DUI) charge is a career ender for a non-commissioned officer, but a lower enlisted soldier will be given a chance to rehabilitate. There have been cases of parents here in this State having closed door parties for graduation and proms. Those parties caused a lot of controversy. The parents were there to supervise in most cases, but there were a couple of cases of no supervision. Those parents argued that as long as they were there to oversee what was going on, there shouldn’t have been such an outrage. Those that argued against it felt that they were being enablers. I can see both sides of the argument. I wouldn’t host such an event personally, but I won’t frown upon those parents who chose to do this for their children. In Europe, it is common for teenagers to have a glass of wine with their dinner in a family setting. There doesn’t seem to be any of the stigmas of consumption of alcohol there. Given the supervision and the amount of reinforcement in the military, I believe thatShow MoreRelatedHuman Resources Management150900 Words   |  604 Pagesworkers and the legal issues associated with their use. Demographics and Diversity The U.S. workforce has been changing dramatically. It is more diverse racially, women are in the labor force in much greater numbers than ever before, and the average age of the workforce is now considerably older than before. As a result of these demographic shifts, HR management in organizations has had to adapt to a more varied labor force both externally and internally. 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Project Management Organizations Culture

Questions: 1. You decide that part of your study will be designed as an experiment. Sketch out in two pages or less (single spaced) an outline of an experimental design for this study.2. How will you select subjects for your experiment? If you decide to select them with some kind of a random process, how would you carry this out? If you do not use a random process for selecting your sample of subjects, what impact will this have on the external validity of your study?3. A little thought will show that your study is attempting to establish a causal connection between project management training and on-the-job performance. What internal validity issues do you need to address? What challenges will you encounter in trying to establish a causal relationship?4. State a theory that will guide you in designing and executing your study. What constructs will you explore as building blocks of your theory? What construct validity issues will arise for each of the constructs? Answers: 1. The ABC Company providing financial services to the different business organizations has decided to trim the cost related to the training of the employees. This became more important for the company due to the downturn in the economy. The company should think about trimming the cost for the operations that can work with organizations culture. Otherwise the company would not be able to sustain due to the after effects of the cost reduction. Therefore, the company must ensure positive emotional commitment from the employees towards the taken decision (Nde, Boldor and Astete 2015). However, if the company has a committed work force even after the cost reductions then it will help the ABC Company to have the competitive advantage in the market even in the downturn of the economy. In this case, the reduction in the cost of the training of the employees will have a huge impact on the efficiency of the project managers of the organization. The main functionalities like, planning, staffing, controlling, motivating and communication with the employees cannot be properly carried out by the project managers due to lack of knowledge in about the different principles related to this functions (VeraCandioti, Teglia and Cmara 2016). This study about the effeteness of the training for the project manager is designed as an experiment with the constraint of cost related to it. This study will try to address the questions of interest for the organization an accurate and precise way (Tang and Zhang 2013). While the organization is trying to reduce the cost by trimming the cost related to the corporate training of the project managers in the courses like basic project management training to the project portfolio management. Another variable in this experiment is the clients of the ABC Company. The reduction in the cost of the training of the employees of the company will lead to the lack of knowledge of the project managers. From this, the project managers of the company would not be able to use the resources for the different projects (like, marketing projects, new product development projects, training projects, business process reengineering projects). Lack of the knowledge about the different principles of the management not only effect the ABC Company, but also jeopardize the relationship with its client organizations (Din, Ertekin and Rouhani 2015). As the project management is the use of learning, abilities, instruments and systems to a wide scope of exercises with a specific end goal to meet the prerequisites of the specific project for a company. The training of the employees of ABC Company helps in developing competency for the different projects that are important in handling the different kind of projects like business process reengineering, marketing projects of the different client organization (Huan and Marzouk 2013). Therefore, a significant cut down in the cost will hugely affect the competency of the project managers to handle the projects. The lack of competency also leads to the lack of skills, that result in the inefficiency of the mangers in completing a project in a efficient and effective manner. Through the training of the employees, the main objective of the company is too develop capabilities that will lead to the improvement in the cost structure, better allocation of the resources available to the organization (ABC company). The training of the employees also helps in improvement of the soft skills as well as in hard skills of the project managers (Sadeghi, Rad and Moghaddam 2014). In todays business scenario, the soft skills acquired through the training process are useful in handling complex projects (Nde, Boldor and Astete 2015). In addition to that, it also helps in compensating the lack of the skills in the project team. These skills are also important for the project, as this helps in communicating the different stakeholders of the project to gather information about the requirements and the expectation of the different stakeholders. For the above experimental study some of the hypotheses are made which are, HP1: Higher level of skills of the project manager will help in compensating the lesser level of the task familiarity of the project manager. HP2: Higher level of the project teams also can helpful in compensating the task familiarity of the project manager. This will help the organization (ABC Company) to be competitive in the market and also to be a successful one in the economic downturn. 2. Selection process of the subject: In this specific study the subjects are selected in the cluster sampling process. In this specific process of subject selection, the possible subsets of the subjects are eliminated in the starting of the process and only the randomly selected subjects are used in the study (Din, Ertekin and Rouhani 2015). In case if the subjects are selected in a random process then, it will be cause in the biased selection of the subjects. In addition to that, when the subjects are selected from a small sample size then the selection may be affected by the Simpsons paradox (Huan and Marzouk 2013). In this kind of paradox, some trends appear when they are considered in different group of samples, but disappear when they are combined. This paradox is also known as the amalgamation paradox or reversal paradox. If the subjects in the study are not selected in the random process then the external validity of the study will be impacted at a great extent. The reason behind this can be stated as most of the cases the subjects are selected in a biased way which would not be able to meet the results of the this study (Sadeghi, Rad and Moghaddam 2014). Thus the external validity of this study will be changed according to the selection of the subjects in the study. 3. Issues to be addressed in internal validity: In case of the experimental study of this particular company there are several issues that need to be addressed. Some of them are discussed below. History: The unpredicted events that happen in the measurement of the different factors related to this experimental study (Nde, Boldor and Astete 2015). This happens due to the changes treatment of the factors involved in the study. Statistical regression: The process of selecting the factors or the subjects also have effect on the internally validity of this particular study (Sadeghi, Rad and Moghaddam 2014). The extreme effects of the selected subjects will affect the internal validity of the results from this experimental study. Experimental mortality: This challenge involves the differential loss of the participants or the subjects in the study. The effect of the loss of the subjects on the result of study has huge impact on the internal validity of the study. Challenges in establishing casual relationship: While establishing casual relationship between the PM (Project management) training and on the job performance, there are several challenges that can be faced by the top management. Non-associated variables: In case of establishing casual relationship between the two factors or subjects, then it is important to have some associated variable for both the subjects (Huan and Marzouk 2013). Therefore, lack of associated variables can lead to the failure in establishing the relationship. Spuriously connected variables: While trying to establish casual relationship between the training and on the job performance it is not desired that, these two variables are connected through a spurious or third variable (Sadeghi, Rad and Moghaddam 2014). These spurious third variables act as obstacles in establishing the relationship. 4. Theory used in designing and executing the study: In case of developing this experimental design, the randomization theory is used. This theory is used in this study, as it is effective in elimination of the bias while selecting subjects and variables for this study (Din, Ertekin and Rouhani 2015). This is also helpful in developing homogeneous treatment groups for the case study. For the selected organization, the randomized sample must be taken in order make the results more reliable. This theory will also enhance the internal as well as external validity of the results collected from the study. Construct Validity Issues: Restricted genaralizability of the constructs: This is related to the undesired consequences that are related to the construct validity (Nde, Boldor and Astete 2015). As an example it can be said that, after a study it is conclude that, a treatment X is effective for a certain scenario. Here the negative impacts of the treatment and the construct blocks used in the study. Selection of the inadequate number of samples: In case building constructs from the experimental study, the most important thing is to consider and choose a adequate number of samples that can provide a strong validity to the constructs (Sadeghi, Rad and Moghaddam 2014). References Din, E., Ertekin, Z.C. and Rouhani, G., 2015. A New RP-UPLC Method for Simultaneous Quantitative Estimation of Bisoprolol Hemifumarate and Hydrochlorothiazide in Tablets Using Experimental Design and Optimization.Journal of Liquid Chromatography Related Technologies,38(9), pp.970-976. Eyring, V., Bony, S., Meehl, G.A., Senior, C.A., Stevens, B., Stouffer, R.J. and Taylor, K.E., 2016. Overview of the coupled model intercomparison project phase 6 (CMIP6) experimental design and organisation.Geoscientific Model Development,9, pp.1937-1958. Hsu, C.F., Dow, W.P., Chang, H.C. and Chiu, W.Y., 2015. Optimization of the Copper Plating Process Using the Taguchi Experimental Design Method I. Microvia Filling by Copper Plating Using Dual Levelers.Journal of The Electrochemical Society,162(10), pp.D525-D530. Huan, X. and Marzouk, Y.M., 2013. Simulation-based optimal Bayesian experimental design for nonlinear systems.Journal of Computational Physics,232(1), pp.288-317. Johnson, F.R., Lancsar, E., Marshall, D., Kilambi, V., Mhlbacher, A., Regier, D.A., Bresnahan, B.W., Kanninen, B. and Bridges, J.F., 2013. Constructing experimental designs for discrete-choice experiments: report of the ISPOR conjoint analysis experimental design good research practices task force.Value in Health,16(1), pp.3-13. Larson, A.J., Belote, R.T., Williamson, M.A. and Aplet, G.H., 2013. Making monitoring count: project design for active adaptive management.Journal of Forestry,111(5), pp.348-356. Li, X., Cheng, G., Liu, S., Xiao, Q., Ma, M., Jin, R., Che, T., Liu, Q., Wang, W., Qi, Y. and Wen, J., 2013. Heihe watershed allied telemetry experimental research (HiWATER): Scientific objectives and experimental design.Bulletin of the American Meteorological Society,94(8), pp.1145-1160. Nde, D.B., Boldor, D. and Astete, C., 2015. Optimization of microwave assisted extraction parameters of neem (Azadirachta indica A. Juss) oil using the Doehlerts experimental design.Industrial Crops and Products,65, pp.233-240. Sadeghi, S., Rad, F.A. and Moghaddam, A.Z., 2014. A highly selective sorbent for removal of Cr (VI) from aqueous solutions based on Fe 3 O 4/poly (methyl methacrylate) grafted Tragacanth gum nanocomposite: optimization by experimental design.Materials Science and Engineering: C,45, pp.136-145. Tang, Q.Y. and Zhang, C.X., 2013. Data Processing System (DPS) software with experimental design, statistical analysis and data mining developed for use in entomological research.Insect Science,20(2), pp.254-260. VeraCandioti, L., Teglia, C.M. and Cmara, M.S., 2016. Dispersive liquidliquid microextraction of quinolones in porcine blood: Optimization of extraction procedure and CE separation using experimental design.Electrophoresis,37(20), pp.2670-2677.