Prepare a report addressing the following issues:
1. Considering the five sub-systems, Sales, Receivables, Payments, Inventory, and General Ledger, what are the critical success factors (CSFs) (with a brief justification for each one) that you believe the managers of each subsystem should monitor to ensure the activities undertaken within each of the subsystems are effective and efficient?
2. Give an example figure or ratio that could be provided by MYOB to measure each of the critical success factors identified in part 1 above. If the information is not available in MYOB, suggest the type of information required to measure the CSF and the source from which that information could be obtained. (Note: I don't need you to provide specific figures on this point, for example, you could say "the company's loss was -$xxxxx...")
3. Comment on MYOB's weaknesses RELATING TO each of the five sub-systems in providing the manager with the information required to operate and manage the business effectively and efficiently.
Requirement:Each subsystem assessment should name the sub-system, identify the CSF to be monitored, identify how the example figure or ratio measures your selected CSF, and identify an information-provision weakness of a business information system like MYOB. Please refer to the following example for the format:
Sub-system – General LedgerCSF – Net profit – ensuring the profitability of the company is a critical priority.The net profit is -$xxxxx identifying a net loss. Such a loss is important and concerning, however, the company generated a gross profit/revenue of $xxxxx. To understand why the company is loss-making, expenses require an investigation of why and where they occurred. For example, the selling, general, and administration expenses (SGA) are substantial, with legal and professional fees accounting for most of those SGA expenses.One of MYOB’s weaknesses related to the GL sub-system is that it provides little context to the figures, e.g., whether they are recurring or one-off such as the legal and professional fees. Further, MYOB does not readily indicate what the legal and professional fees were in relation to, e.g., a legal penalty, settlement of a claim, tax advice, etc.