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 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.