Assessment 3: MYOB Exercise

ACCY901 T1, 2018

Core 7 Fitness Overview

Core 7 Fitness, a fast growing business in the past 9 years, provides elite personal

training programs in 5 locations across Sydney. Recently, due to high demand in the

services, Core 7 Fitness planned an expansion into other major capital cities throughout

Australia.

Problems at Core 7 Fitness

Core 7 Fitness has been using a manual accounting system, where they keep track of

the financial records, including fitness supplies, tax, payroll, accounts receivable and

payable etc. with a written ledger of transactions. However, with the growth in sales,

complexity of managing 5 businesses, and the inefficiency and errors involved in using a

manual system the owners need a change.

You are required to consider a solution for Core 7 Fitness:

MYOB is a leading provider of business management solutions for small to medium size

organisations in areas including accounting, payroll, job management and financial

reporting. By reviewing the various case studies discussed on the MYOB website as a

guide1

, you are required to write a report to the owners on the benefits of converting to

the online accounting software tool MYOB. This report should address the following

information:

1. Outline the economic transactions that would take place at a small business.

2. Outline the benefits of using an online accounting software tool.

3. Outline the problems Core 7 Fitness face by using a manual accounting

system.

4. With reference to three (3) specific economic transactions that would take

place at Core 7 Fitness, detail how MYOB would be used and useful.

5. Outline any limitations or risks that Core 7 Fitness may face in the

implementation of MYOB.

Report Specifics:

Your report will begin with a ‘before’ and ‘after’ summary table that lists the difficulties

and inefficiencies before the implementation of MYOB and the perceived benefits after.

You will then provide a response to the five (5) points listed above. The report must

include an assessment cover page.

1 www.myob.com/au/enterprise/case-studies

Formatting

The report is to be Word-processed, size 12 Times New Roman Font, 1.5 spaced and to

be 1,500 words (plus or minus 10%) in length.