ASSESSMENT 1 – STUDENT INFORMATION

PART A
Big Ed’s Whitegoods Ltd
Expenses  
Phone Service / Calls $780
Electricity $1590
Gas $600
Water $550
Insurance $1300
Payroll $465,000
Cleaning $850
Finance Costs $1650
Advertising $560
Rent $25,000
Petrol $560
Accountants Fees $370
Maintenance $1405
Bank Fees $210
Office Supplies $600
Edward Tan owns a medium sized whitegoods retail store. He provides you with the
following information which is current as of 1 October 2014. All sales and purchasing
figures are inclusive of GST.

Assets  
Cash (Bank) $245,000
Computer $16,400
equipment
Delivery Van $26,000
Phones $2,300
Office Equipment $4,500
Debtors $13,580
Stock $117,303
 Creditors  
JRL Holdings $22,626
Innovating Technology Ltd $3,653
LMS Marketing $1,200
Rowling & Sons $35,622

Ed has 3 customers that purchase a large quantity of stock through him which he delivers to
their premises. To keep these customers happy, Ed is providing this service on credit to the
customers listed below. The listed customers have a debt owing to Ed as listed:
Debtors:  
P.L Farthings $1,323
J Smyth & Co $800
L.L Incorporated $356
National Appliances Direct $4,233
Big Ed’s Whitegoods Ltd
1 year budget & projected financial forecast 2015

  Budget ($) Actual ($)

Income    
Total sales 950400 1366000
Outcome    
Total purchased 500850 643000
Total expenses 331000 186000
Total 831850 829000
Surplus/Deficit 118550 537000

Budget
- Based on data from January – September 2014
- Purchase cost of goods is set to rise by 5%
- Decreased consumer confidence means that sales are expected to decrease by
12%
- Ed believes he can increase his sale prices by 8% which should have minimal
impact on overall sales, perhaps reducing total sales by a further 3%
- Ed plans on reducing his expenses by laying off one of his part time staff
members who has a yearly salary of $47,000. This is hoped to have only minimal
impact on productivity
Surplus
 - Excess of receipts over payments.
- Receiving more cash than payments.
Deficit
- Excess of payments over receipts.
- Paying out more cash than receiving cash.
- Bracket () indicate the negative values.
Cash includes all money that is available on demand including bank notes and coins, petty
cash, certain cheques, and money in savings or debit accounts.
Revenue (also known as turnover) the amount earned before expenses, tax and other
deductions are taken out.
A capital expenditure is an amount spent to acquire or improve a long-term asset such as
equipment or buildings. Usually the cost is recorded in an account classified as Property,
Plant and Equipment. The cost (except for the cost of land) will then be charged
to depreciation expense over the useful life of the asset.
A revenue expenditure is an amount that is expensed immediately—thereby being
matched with revenues of the current accounting period. Routine repairs are revenue
expenditures because they are charged directly to an account such as Repairs and
Maintenance Expense.
Even significant repairs that do not extend the life of the asset or do not improve the
asset are revenue expenditures. 

Big Ed’s Whitegoods Ltd

Goods sold forecast 2014
Incomes   Nov-14 Oct-14 Dec-14
Items Cost ($) No. Incomes ($) No. Incomes ($) No. Incomes ($)
Fridges 1600 8 12800 12 19200 16 25600
Freezers 800 10 8000 15 12000 15 12000
Microwaves 470 6 2820 13 6110 6 2820
Range hoods 190 15 2850 11 2090 8 1520
Ovens 2100 5 10500 6 12600 8 16800
Cook tops 560 18 10080 16 8960 14 7840
Dishwashers 990 18 17820 18 17820 14 13860
Vacuums 390 26 10140 22 8580 29 11310
Coffee makers 600 18 10800 14 8400 26 15600
Toasters 99 13 1287 25 2475 19 1881
Irons 156 7 1092 5 780 9 1404
Mixers 89 11 979 16 1424 16 1424
Deep fryers 99 9 891 13 1287 13 1287
Portable A/Cs 350 6 2100 4 1400 8 2800
Hairdryers 35 2 70 0 0 1 35
Irons 45 16 720 14 630 21 945
Scale Sets 24 18 432 14 336 22 528
Kettles 78 14 1092 13 1014 19 1482
Small Bins 40 14 560 15 600 31 1240
Large Bins 60 17 1020 7 420 16 960
Wine coolers 299 10 2990 9 2691 16 4784
Washing Machines 340 10 3400 5 1700 15 5100
Dryers 330 4 1320 4 1320 8 2640
Total Incomes 103136   111837   133860

Big Ed’s Whitegoods Ltd

Inventory expenses forecast 2014

Expenses   Nov-14 Oct-14 Dec-14

Items Cost No. Expenses Credit No. Expenses Credit No. Expenses Credit
($) ($) ($) ($)
Fridges 800 5 4000 ✔ 10 8000 ✔ 10 8000 ✔
Freezers 250 5 1250 ✔ 15 3750 ✔ 10 2500 ✔
Microwaves 150 5 750 10 1500 10 1500
Range hoods 80 10 800 10 800 15 1200
Ovens 900 5 4500 5 4500 10 9000
Cook tops 200 10 2000 15 3000 15 3000
Dishwashers 450 10 4500 15 6750 15 6750
Vacuums 130 20 2600 ✔ 20 2600 ✔ 30 3900 ✔
Coffee 250 10 2500 ✔ 10 2500 ✔ 25 6250 ✔
makers
Toasters 35 10 350 20 700   20 700  
Irons 78 5 390 5 390   10 780  
Mixers 45 10 450 15 675   18 810  
Deep fryers 45 5 225 10 450   15 675  
Portable A/Cs 180 5 900 0 0   10 1800  
Hairdryers 9 0 0 0 0   5 45  
Irons 19 15 285 10 190   25 475  
Scale Sets 12 15 180 10 120   25 300  
Kettles 34 10 340 10 340   20 680  
Small Bins 13 10 130 10 130   30 390  
Large Bins 22 5 110 5 110   15 330  
Wine coolers 130 5 650 15 1950   15 1950  
Washing 220 0 0 ✔ 5 1100 ✔ 10 2200 ✔
Machines
Dryers 210 0 0 5 1050   10 2100  
Total 26910 10350   40605 1795   55335 22850
0

Big Ed’s Whitegoods Ltd

Operating expenses forecast 2014

Nov-14 Oct-14 Dec-14

Others expenses
Phone Service / Calls  65 65 65
Electricity  132.5 132.5 132.5
Gas  50 50 50
Water  45.83 45.83 45.83
Insurance  108.33 108.33 108.33
Payroll 38750 38750 38750
Cleaning 70.83 70.83 70.83
Finance Costs 137.5 137.5 137.5
Advertising 46.67 46.67 46.67
Rent 2083.33 2083.33 2083.33
Petrol 46.67 46.67 46.67
Accountants Fees 30.83 30.83 30.83
Maintenance 117.08 117.08 117.08
Bank Fees 17.5 17.5 17.5
Office Supplies   50 50 50
Total 41752.08 41752.08 41752.08
Creditor      
JRL Holdings 5000 5000 10000
Innovating Technology Ltd 2000 2000 4000
Rowling & Sons 5000 5000 8600
LMS Marketing 1200 0 0
Total 13200 12000 22600
Deliver services      
 P.L Farthings 200 300 965
J Smyth & Co 350 150 332
L.L Incorporated 462 362 695
National Appliances Direct 490 600 0
TTNT 336 0 0
Total 1838 1412 1992
Total expenses 83700 95769 121679
Total expenses after credit 73350 77819 98829

Compliances and tax that may affect budget

There are lots of compliance and must-do things when running a business. It can be
quite complex and overwhelming if you are misunderstanding and don’t do any research.
BAS services
BAS service is defined in the Tax Agent Services Act 2009 (TASA) as:
✔ Ascertaining or advising about the liabilities, obligations or entitlements of a client
under a BAS provision; or
✔ Representing a client in their dealings with the Commissioner of Taxation in relation
to a BAS provision; and
✔ Where it is reasonable to expect a client will rely on the service to satisfy liabilities or
obligations or to claim entitlements under a BAS provision.

The term ‘BAS provision’ is defined in Income Tax Assessment Act 1997 as:
❖ Part VII (collection and recovery only) of the Fringe Benefits Tax Assessment Act
1986
❖ the indirect tax laws, including
✔ the goods and services tax (GST) law
✔ the wine tax law
✔ the luxury car tax law
✔ the fuel tax law, and
❖ Parts 2-5 and 2-10 in schedule 1 of the Tax Administration Act 1953, which are about
the pay as you go (PAYG) system.
The TASA also provides that the Tax Practitioners Board may, by legislative instrument,
specify that another service is a BAS service. There are significant civil penalties for anyone
providing BAS services for a fee or reward, or advertising BAS services, while unregistered.
For detailed information about the meaning of BAS service, refer to section 90-10 of
the TASA. Business Activity Statements (BAS), Annual Tax Returns & Financial Statements
are just some of the items that the ATO requires small businesses to report throughout the
year. This is to calculate how much tax you either need to pay, or receive back.
Interaction between Income Tax and GST
GST on a Taxable Supply
If a taxpayer makes a “taxable supply” as defined under the GST Act, the taxpayer
will have a GST liability on that supply equal to 1/11th of the amount received: ss 9-5, 9-70
and 9-75. On the other hand, there is no GST on supplies that are GST-free or input taxed.
GST on a Taxable Supply is not a Chargeable Receipt under the Income Tax
A GST amount (or liability) on a taxable supply will not be included in the taxpayer’s
assessable income: s 17-5. And, a GST amount on the sale of a depreciating asset or CGT
asset will not be included as part of the sale proceeds (i.e. termination value, capital
proceeds): ss 27-95(1) and 116-20(5).
Input Tax Credit on a Creditable Acquisition
If a taxpayer makes a “creditable acquisition” as defined under the GST Act, the
taxpayer will obtain an input tax credit on the acquisition: s 11-20. The input tax credit is
usually 1/11th of the amount paid under the acquisition: s 11-25. It is important to note
that in most expense payment benefit situations, the entity making the taxable supply will
have made the supply to the 4 employee, and not the employer. The employer would not
be able to satisfy the normal requirements for a creditable acquisition in these
circumstances: s 11-5(b).
However, ss 111-5, 111-10 and 111-25 recognize and correct for this so that the
employer can still get an input tax credit even though the employer did not purchase the
supply directly from the supplier.
It is important to note that when determining the extent of creditable purpose for
the purpose of working out the amount of the input tax credit of the employer, it is the
perspective of the employee that is relevant. The perspective of the employee, namely, the
extent of income producing use made of the benefit by the employee, is not relevant to this
question.
Input Tax Credit on a Creditable Acquisition does not obtain Recognition under the Income
Tax Rules
An input tax credit obtained on a creditable acquisition is not allowed as a deduction: s 27-
5. And, an input tax credit on acquisition of a depreciating asset or a CGT asset is also not
included in the relevant cost base: ss 27-80 and 103-30.
Interaction between GST and FBT
Values for FBT Purposes
When determining the prima facie taxable value and the otherwise deductible
amount under the FBT regime for a benefit, GST-inclusive amounts are to be used (i.e. do
not exclude the GST on the “transaction”).
Difference between a Type 1 and a Type 2 Benefit
A Type 1 benefit has a higher gross-up amount applied to the taxable value of
benefits compared to a Type 2 benefit: ss 5B(1B) and 5B(1C). For Type 1, it is 2.0647. For
Type 2, it is 1.8692.
The test to distinguish between a Type 1 and Type 2 benefit is whether the employer is
entitled to an input tax credit on the purchase cost of the benefit (GST-creditable benefit: s
149A)? If such an entitlement exists, it is a Type 1 benefit. If not, then it is Type 2 benefit.
In answering the GST-creditable benefit question, one needs to determine whether
the supply that relates to the employer’s acquisition is a taxable supply, GST-free, because
an employer can only obtain an input tax credit on an acquisition made under a taxable
supply.
There is no GST on Taxes
The employer will not obtain an input tax credit on paying their FBT liability because
there is not GST liability on the receipt of FBT.

PART B
Current compliance requirement and liabilities for the organization under the corporation
Act 2001.
● A due diligence committee that oversees and documents the due diligence process
and identifies issues for investigation and disclosure in the prospectus.
 ● Directors, management and various advisers to the issuer undertaking particular tasks
to ensure the prospectus is properly prepared.
● The due diligence committee undertaking verification of the prospectus to ensure it
does not contain any false or misleading statements.
● Financial probity requires the preparer of budgets to do so with honesty, integrity and
in an ethical manner. This would require objectivity and conduct that ensures that no
conflict of interests exists or is perceived to exist in the preparation of budgets.
● Others must be advised to be truthful in their assessments, responses and the
documentation of financial transactions and notes to the budgets.
● Financial viability – profit on target for the first quarter which is the seasonally
slowest quarter of the year
● Gross profit margins – yes, the variance report identifies that the company was able to
maintain its gross profit margin in line with the budget.
● Review the discount policy to protect the gross profit margin.
● Reduce loans to reduce exposure to rising interest rates.
● Review salaries and wages to reduce costs and improve viability.
● Revised budget to include adjustments to the advertising budget with the $50,000
added to the next quarter.

Most suitable software for the Ed`s Whitegoods Pty Ltd

The target market is small business owners, freelancers and solo entrepreneurs. Wave has
users in 200 countries around the world and our ecosystem is 2 million strong. Each
products have cut miserable as Contemporary, Classic, and Modern. Wave offers 100% free,
real double-entry accounting for small businesses. As a cloud-based software, Wave allows
you to access your data from anywhere, add unlimited collaborators and work on all of your
businesses from a single login. Wave eliminates data-entry and puts the financial reports
you need at your fingers tips, allowing you to spend more time doing what you love. Your
accounting is also seamlessly integrated with invoicing, receipt scanning, payment
processing and payroll.

Principle of accounting in developing budget

Matching principle
 The matching principle is applied in preparing a budget by making sure that the
revenues for the period are matched with the expenses in earning that revenue for the
period.
Account group
Account groups are used in preparing a budget by separating the revenue and
expense accounts into the profit budgets and the asset, liability and equity accounts into
the capital budgets like cash flow and capital expenditure.
Time period
Time periods are applied in preparing a budget by applying the accounting
assumption that a going concern can be divided into shorter time periods of weeks, months,
quarters and years for the purpose of budgeting and reporting.
Implication of probity when preparing and revising budget
Following implication of probity need to be consider when preparing and revising budget
for Ed`s Whitegoods ltd.
● Financial probity requires the preparer of budgets to do so with honesty, integrity and
in an ethical way. This would require objectivity and conduct that ensures that no
conflict of interest exists or is perceived to exist in the preparation of budgets.
● Others must be advised to be truthful in their assessments, responses and the
documentation of financial transactions and notes to the budgets

List the new internal controls and risk management for Ed`s Whitegoods Pty Ltd including
the maintenances of audit trails
Risk management
▪ Risk management includes internal control additions and modifications:
▪ discounts to be recorded
▪ reconcile cash registers daily
▪ proper authorisation – timesheets and supplier invoices
▪ maintain currency of asset register
▪ open lines of communication
▪ need for separation of duties
▪ job descriptions
 ▪ roster duties to minimize fraud possibility

Audit trails
▪ List of directives – all cash received receipted on pre-numbered forms, payments via
cheques with stubs completed, voucher system in payments duly authorised, data
entry to identify source, cross coded source with electronic entry.
▪ Paperwork – paperwork with complete details must be provided as evidence of any
receipt or payment of cash.
▪ Secondary control – receipt of cash will have a secondary monitoring system like a
cash register or a second person. Verify with an independent record.
▪ Proper authority – all payments must be authorised by the person responsible for the
department or cost centre.

ASSESSMENT 2 – STUDENT INFORMATION

Variances report

Ed`s Whitegoods Pty Ltd

Variances to Budget

First Quarter

Actual Results Budget Actual $ % F or U

Variances Variances

Sales 3,394,247 3,371,200 23,047 - 0% U

 - Cost of Goods 1,934,721 1,955,296 20,575 1% F
Sold
Gross profit 1,459,526 1,415,904 43,622 -3% U

Gross profit % 43% 42% 0% -2% U

Total Expense 1,458,488 1,410,572 47,916 -3% F

Net Profit (Before 1,038 5,333 4,295 80% F

Tax)

Income Tax 311 1,600 1289 128% F

Net profit 727 3,733 3006 300% F

Debtor ageing Ratio

2014/10 2014/11 2014/12

Trade Debtor 850,000 975,000 1,118,325

Sales 14,550,100 15,714,108 16,971,237

Debtor Days 21 22 24

Cash flow analysis

A cash flow budget helps to identify any shortcoming or excesses in cash forecast able
future. Cash flow budget can be set for weekly, monthly or quarterly with the format
usually determine by the organization’s policy and procedures.
Following budget cash flow analysis for Ed`s Whitegoods Pty Ltd is made for quarterly.

Cash flow analysis Budget Actual

GST
 GST Collected 337,120
339,425
282,913 279,988
Less GST Paid

56,512 57,132
GST payable

Issues and reasons

There are some issues are identified according to the information provided. Such as:
⮚ It had been a tough quarter with the economy still in the recession and the impact this
was having on the retail sector.
⮚ Bank is raising interest rates in line with the increased upward international pressures
and Ed has a significant part of their loan funds on a variable interest rate which
change directly with market conditions.
⮚ The sales seems to be holding up reasonably well as first quarter results are generally
impacted by factors relating to public and school holidays but there was concerned
about the discounts that had to be given to generate these sales.

Causes:
⮚ Ed could not get into some national magazines this quarter to promote the store
offers.
⮚ It helps the Ed exceed the set budget.
⮚ Wages and salaries running bit high.

Variances:
Typical variance report will compare actual to budget and create a $ variances to the budget
and a % variances to it as well. These two variances highlight areas that need to be
investigated for corrective action.
Actual to budget
There are many differences between the set budget of first qtr. of the Ed and actual of the
first qtr. Such as -6% differences in sales and 1% in cost of goods sold. Gross profit has a 1%
if difference between in actual and budget that is a favourable. There are many things are
same in the actual and budget such as - Accounting Fees, Depreciation, Insurance,
Superannuation, Payroll and worker compensation etc. . The big difference is in the net
profit and income tax.
The biggest reasons for variances are occurred because of the recitation hit to the economy
and the bank interest rate is also increased. The one other factor is discount that had to be
given to generate the sale.
Performance
As per needs for future profit expectations budget is still low in margin as comparative
⮚ Wages and salaries a little high with 12.2% at Ed as a 22% of sales, however the
industry average is more like 11%.
⮚ Average time for debtors to pay accounts is increasing; however, there should not be
a concern to cash flow as yet as a majority of debtors remain within 30 days.

Response to board questions:

⮚ Ed’s financial viability for profit on target for the first quarter which is the seasonally
slowest quarter of the year.
⮚ The variance report identifies the gross profit margin that the company was able to
maintain its gross profit margin in line with the budget.

Recommendations
Analysing profitability and cash flows should be take over a series of past period to identify
trends in the underlying data of this analysis should be on:
Growth, Stability, Sustainability:
▪ The potential for the business and the way the growth is to be adequately managed.
Such as the discount policy needs to review to protect the gross profit margin.
▪ Salaries and wages policy needs to review to manage the budget, extra reduce costs
and improve viability.
▪ Plan to revise the budget to include adjustments to the advertising budget with the
$50,000 added to the next quarter.
▪ Salaries and wages policy needs to review to manage the budget, extra reduce costs
and improve viability
▪ Apply more discounts on public holidays

Evaluation:
 ▪ Budgets are prepared for all cost centers such as all cleaning and maintenance
charges, bank interest rates, insurance and all taxes.
▪ Budget monitoring and reporting policy is shortened to monthly basis.
▪ Restructure loan into fixed interest rate to take out the volatility in result

ASSESSMENT 3 – STUDENT INFORMATION

1. Zoho Books

Zoho Books is an online accounting software that allows you to easily manage the money
flowing in and out of your business. Manage your customers and invoices, while keeping
expenses in check. Record, monitor and reconcile your bank accounts and transactions, and
collaborate with your accountant in real-time. Most importantly, Zoho Books helps you
make better, more informed decisions and stay on top of your business.
Price
Zoho Books is priced at $24 per month with an annual plan available for $240 per year. This
includes a two-month discount. All features are unlimited in Zoho Books' paid plan.
Price Lists, businesses can input up-to-date information on their pricing for both internal
and external users. Projects and Time Sheets give businesses the ability to track time and
stay on budget, ensuring they are compensated for the work they do.
Usability
Zoho Books' usability, flexibility, and depth in standard bookkeeping areas, such as sales and
purchases, time- and project-tracking, and inventory management, equal¿and sometimes
surpass what is offered by competing websites
Features and functions
▪ Has web based portal for clients to view, print, download all invoices, bids etc.
Allows easy access to documents.
▪ Tech support is not that great. Hard to get an exact answer to specific questions
sometimes. Integrations with other apps is clunky. Especially the CRM and projects.
▪ Better tracking of financials and communication with clients.

Compatibility with other programs

As compared to QuickBooks online many features are missing. Disadvantage of cloud based
software is it becomes difficult to shift to windows based software as data cannot be
transferred easily. Zoho attracts consumer by quoting very less fees for 1st year but from
next year’s there is steep increase in charges.
Compatibility with other specialists
i. Increase your visibility: Zoho Books Advisors will be listed on our
accountants’ directory on our website.
ii. Use Zoho Books for free: We'll take care of your organization's accounting
needs at no cost at all.
iii. Build goodwill and contacts: Contribute to our forum, which helps small
businesses with accounting queries.
iv. Be accountant of the month: Be featured in our monthly blogs, and get
showcased to millions of our users.
2. QuickBooks Online

QuickBooks Online is an accounting solution specifically targeted at small businesses and

freelancers as it simplifies the most complex accounting processes. It has become a popular
tool among accountants, bookkeepers, small business owners and finance officers. For up to
five users, all the app’s features can be accessed. However, functionalities are limited for
packages with unlimited number of users. 
Price
Quickbooks has all of the functionality needed to operate a small business. It comes at the
right price and does not require an accountant.
QuickBooks Online offers three pricing plans ranging from $15/mo – $50/mo. Only the
largest plan comes with advanced features like inventory, time tracking, and project
management. Payroll costs an additional $39/mo – $99/mo.
Usability
The software is ideal for small businesses in need of strong accounting and ample
integrations. It is not a good fit for companies with more than 25 users. In the past,
QuickBooks Online was fairly intuitive and required little previous accounting experience,
but a recent downgrade in usability has made the software fairly difficult to navigate.
Features and functions
QuickBooks Online also allows importing data from integrated applications such as PayPal,
American Express and Square. Other features include creating recruiting invoices, sending
payment receipts online, configuring rules for payment reminders and tracking receivables.
Compatibility with other programs
Developed in 2004, QuickBooks Online beat Xero to the accounting scene by two years.
With advanced accounting features, beautiful invoicing, 400+ integrations, and a brand new
lending feature, it’s easy to see why the software is so renowned.
Xero  is a robust accounting solution that rivals QuickBooks in terms of capability and
popularity. It’s been around since 2006 and offers fully featured mobile apps, amazing
customer service, access for unlimited users, and an impressive feature selection.
QuickBooks Online and Xero offer very similar features. In some areas, like invoicing, project
management, and lending, QuickBooks Online far exceeds Xero.
Compatibility with other specialists
QuickBooks Online offers 34 ecommerce integrations, including Woo Commerce, Shopify,
eBay, Magneto, and more. QuickBooks Online only offers inventory for their QuickBooks
Online Plus plan. QuickBooks Online records basic inventory information and SKU numbers
and item images as well. Unlike Xero, QuickBooks Online allows you to set inventory to
reorder points and create inventory bundles as well.
3. Xero

Xero is one of the best alternatives to QuickBooks Online, hands down. Out of all of the
programs in this post. This software offers strong accounting, incredible customer service,
and an impressive number of positive customer reviews.
Price
Xero offers five scalable price plans ranging from $9/mo – $180/mo. Payments are made
monthly. Each plan comes with unlimited users.
Usability
Xero does come with a bit of a learning curve, but given QuickBooks Online’s recent
downgrade in usability, Xero’s UX (user experience) doesn’t seem so bad. Learn more about
how Xero compares to QuickBooks Online in our detailed Xero vs. QuickBooks Online post.
If Xero sounds like it might be a good fit for you, check out our comprehensive Xero review
and take the software for a spin with a free 30-day trial. Also take a look at our free How to
Set up Your Xero Account guide to learn how to set up and use your Xero software.
Features and functions
One of the most common things Xero customers say is that the software has a great
selection of features:
 Features

▪ Project management ▪ Invoicing

▪ Timesheets ▪ Estimates
▪ Payroll ▪ Contact management
▪ 65 reports ▪ Expense tracking
▪ Journal entries ▪ Accounts payable
▪ Print checks ▪ Bank reconciliation
▪ Tax support ▪ Chart of accounts
▪ Sales tax ▪ Fixed asset management
▪ Multi-currency support ▪ Inventory

Compatibility with other programs

Xero vs MYOB, Xero had a huge head-start on MYOB in bringing accounting for small
business to the cloud. Xero has a browser-based approach. This means users can access all
functions of the software from any device with a web browser. No need to install any
software, simply load the browser, log in and all functionality for Xero is available.
MYOB has a growing list of add-on programs and has recently made some announcements
about mobile apps that allow client’s limited access to their cloud accounts from mobile
devices. MYOB is definitely still playing a catch-up game with Xero when it comes to the
cloud features.
Compatibility with other specialists
Expert Xero users open multiple browser tabs, so while one tab is loading a report the user
can create a sale or delete a transaction in the other tab simultaneously, minimizing the
impact of loading delays. As with Xero, simple banking rules can be created in AR,
significantly reducing data entry. Our clients say they save 10 hours/month on average plus
we have the most secure, accurate and reliable bank feeds thanks to the additional
accuracy checks that MYOB Bank Link has developed over 20+ years of specialization in
delivering bank feeds.
BSBFIM601 Manage Finances