ACCY901 Accounting Foundations for Professionals - MYOB Exercise - Assignment Help

MYOB eDoc Software for First National Real Estate

Introduction:

In the current era of continuously changing market demands and enhanced level of competition besides other factors, efficient documentation and accounts management is of utmost importance for the success and seamless flow of organizational operations. Advance technologies particularly the computer based technologies have provided a reliable and productive means to the organizations for an effective and error free documentation and account management procedures. Implementing computer based technologies like softwares have not minimized the error chances but at the same time have improved the accuracy and speed of the account management and documentation procedures. In the current era every organization irrespective of its size, needs a well thought-out, long-term strategy in investing computer-related technologies, solutions and systems (Xu, 2009).  

Computer Technologies a beneficial aid for documentation and account management:

The induction of computer based technologies in organizations for paper work and other documentation procedures has significantly boosted the user’s productivity, saving time and good amounts owing to miscalculations or poor documentation. The computer has provided the users great increase in the power, and decrease in the costs, of all sorts of information-processing that covers the generation, storage, transmission, manipulation and display of information (Kachru, 2005). 

Cluster of computer software providing varied provisions for minimizing the hustle of paper documentation and managing accounts are available globally. Organizations utilize specific software programs which suits best to their needs. 

Issue & Solution:

A real estate network ‘First National Real Estate’, practicing conventional paper work procedures for management of its accounts and documenting invoices, is countering with issues in its expense management like collection and entry of receipts, timely invoicing and payments. MYOB a software solution provider for varied management issues of which the ‘First National’ is already a client, provided Greentree eDocs system to the company as solution for its issues. eDocs is simple, fast, effective and has truly revolutionized the alternate format process (Kats, 2010).

As stated by Clair (2005) that eDoc’s solution gives customers control over all their account-related tasks, by inducing Greentree eDocs, allows its users to pull out data from invoice PDF and insert the same into the system, invoice coding with a simple click on the code list, online forwarding the document automatically attached with the original PDF for approval, eliminating chances of duplicate entries as eDocs automatically checks for repetition of invoice value, numbers, date and codes. Moreover after completion of the whole process the user gets the details on his screen that to whom and when it was sent and who has received.  As the whole process is done online on a computer screen, it not only saves significant time, labour, it also reduces paper cost, making expense management more accurate.