Outline the economic transactions that would take place at a small business

Lydia and Sam have been running a small eyewear and eye care business – I SEE – in Wollongong for the past 5 years. Recently, demand for eyewear has soared, and Lydia and Sam decided to open the store in 3 alternative locations. Problems at I SEE Lydia and Sam have been using a manual accounting system, where they keep track of the financial records, including stock, tax, payroll, accounts receivable and payable etc. with a written ledger of transactions. However, with the growth in sales, complexity of managing 4 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 I SEE: 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 Lydia and Sam face by using a manual accounting system. 4. With reference to three (3) specific economic transactions that would take place at I SEE, detail how MYOB would be used and useful. 5. Outline any limitations or risks that I SEE may face in the implementation of MYOB.