ACCY901 T1, 2018
Assessment 3: MYOB Exercise
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
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
, 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
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
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.
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.
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.