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.
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Manual vs Online Account Management System:
An account management manually is not only time consuming, costly but is also prone to errors leading to loses or issues for an organization. Also for account management special trained staff are hired which adds to the overall budget. as everything is done manually lot of paper is required which makes data storage and retrieving old data a hustle for the staff, and in the same process chances of mistakes are quite high. Account management done manually are laborious, time consuming and error prone (Adikesavan, 2014). An organization’s performance or reputation sometimes is affected due to the poor account management.
Whereas, using online account software tools above all is significantly cost effective as no particular trained staff is required, a single person can do the job of many and minimal error chances enables to trace every single amount. Moreover, everything done line makes record keeping simple and easily accessible. Organizations by inducting online software tools into their system have significantly enhanced their productivity.
First National Real Estate taking advantage of MYOB:
By inducting eDoc into the system First National would initially be able to;
- Cut down its paper and printing cost.
- Save time in Receipt, invoice collection and processing.
- Chances of double or missing entries will be eliminated.
MYOB eDoc software is an entire solution for First National’s expense management issues. The data/details of receipts or invoice in PDF format will be extracted automatically and entered into the system also an efficient ROI attached with the provided eDoc software will enable the account manager to calculate any amount if needed. Secondly, the account manager in front of the screen consuming least time will allocate specific code by clicking on the Codes list and forwarding the same for approval. The processed document will be automatically attached with the original invoice.
During the process eDoc will automatically check the entries or document for duplication through the dates or invoice value. Thus, chances of duplicate entries are eliminated.
Finally, upon completion of the process and as the invoice is forwarded the manager can view the current status of the document on its screen. Thus, the documents can be re-checked.
Limitation in implementation of MYOB:
Though online software tools have proved its worth in every segment particularly in documentation and account management, however the same tools are associated with certain limitation factors as well. Similarly the MYOB tool do reflects a perfect solution for the issues in expense management of ‘First National’, but at the same time certain factors needs to be considered.
Most importantly the account managers are used to manual procedures, working on a computer based program might be problematic for them or they would take time in acknowledging the new system. Hence, the company would need to train the existing staff for the new system or hire new staff. Also, the accounts data of any company is of high importance for the company and must not be leaked to the rivals or competitors, whereas, MYOB is all online and chances of data transfer do exists, measures to maintain the secrecy of the data have to be ensured.
Last but not the least, no doubt MYOB software is a paperless operation as the entire data would be collected, processed and stored online in hard drives, as such in case of any system issue, virus or human error the account management process could be affected. Hence, backup of records in paper form or more hard drives would also be required.
Reference:
Adikesavan, T. A. (2014) MANAGEMENT INFORMATION SYSTEMS. India: PHI Learning Pvt Ltd.
Clair, C. D. (2005) How to Succeed in the Enterprise Software Market. USA: Cuber Tech Publishing.
Kats, Y. (2010) Learning Management System Technologies and Software Solutions for Online Teaching. USA: Information Science Reference.
Kachru, U. (2005) Strategic Management. India: Excel Books.
Xu, X. (2009) Integrating Advanced Computer-Aided Design, Manufacturing, and Numerical Control. UK: IGI Global.
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