Benefits of Using MYOB Accounting Services

If you’re like most small business owners, you struggle to keep your books in sync. You constantly wonder how much money you have in the bank and how much time is left until your next financial report. It can be especially challenging when you have limited resources and must operate with a tight budget. This is where cloud-based accounting software like MYOB comes to the rescue. In this blog, let us explore more about MYOB accounting software and other relevant aspects of using the same for your business.

Content:

• What is MYOB?
• MYOB Plan
• MYOB Features and Benefits
• Need for MYOB Accounting Services
• Advantages of Outsourcing MYOB Accounting Services
• Conclusion

What is MYOB?

MYOB is cloud-based accounting software used by Australian and New Zealand-based businesses. While the software was founded in the USA, it is predominately popular in Australia and New Zealand, and in 2008 the software ceased its operation outside of these two countries. Small and medium-scale businesses currently use it for effective accounting. The software helps businesses manage payroll, monitor cash flow, and track finances.

Being an Australian-based company, MYOB emerged as a better platform than software like Xero, QuickBooks and other accounting software due to its fast compliance with Australian laws and regulations. MYOB’s cloud accounting is a way to reduce the time being invested in manual processing, which may cause errors or inaccuracies. As a cloud-based accounting software, there are no upfront capital expenditures associated with its implementation helping businesses cut costs on implementation and maintenance. Many features of MYOB accounting software make it what it is today – one of the most used accounting software by Australian small businesses.

MYOB Plan

MYOB works well for all business types, sizes, and needs. The software extends different prices for different business needs. Based on your business’s size, needs, and requirements, you can choose a plan that best meets your expectations.

• MYOB Business Lite – This plan targets sole traders and small businesses just starting with accounting software with a max of 2 employees. It fits you if you are a service-based business with no inventory. You can add more employees at an additional cost. Also, there is a limitation on the number of the bank account you can connect to the software. Also, it does not have a multi-currency function.
• MYOB Business Pro – Pro version is recommended for growing businesses with a significant number of employees. It has features like an automated timesheet and an automated roaster. This plan fits your business if you do not need inventory management, bill by time, and a multi-currency feature.
• MYOB Business AccountRight Plus – This version is fit for an established business with the need for inventory management. It surpasses the Lite and Pro version by providing all features they lack. However, it does lack a multi-currency feature.
• MYOB Business AccountRight Premier – This version is the best of all other plans available in MYOB, with all the features the other plan lacks.

It also has provided another plan, “MYOB business Payroll Only”, for standalone payroll processing. All the plans are available for a 30-day free trial, allowing you to understand the software better and get accustomed to the functioning to streamline the accounting process.

Features and Benefits of Using MYOB Accounting Software

• Professional Invoice Customisation – Your customers can make direct payments via AMEX, MasterCard, and BPAY. Invoices are sent with a payment summary so the customer is clear on the due payments. You are informed when the invoice has been opened, and the cash flow updates are real-time. You can also send quotes from your software directly.
• Automatic Reconciliation – You will not fall behind in accounts reconciliation with accurate bank feed from multiple reputed institutions. Hence, you will always have an accurate and up-to-date view of your business’s finance.
• Real-Time Reports and Budgets – A detailed report in which you can add, remove, or reorder the columns is possible with MYOB software. You can customise the report band from years, quarters, to even weeks. The report data is pre-filled using the receipts, employee time sheets, and past reports, ensuring no data discrepancy occurs.
• Track Expenses on Multiple Devices – Expense-tracker helps you track your business expenditures. Suppliers like Office works, Caltex, and Bunnings are partners with MYOB, making it possible for you to view regular bills. You can match the bill with the bank transaction and claim your expenses to the ATO, all with the help of software features.
• Customers and Suppliers All Reside in the Software – Customise your contact list with over 40 categories and filters. You can spot the check-in on all the existing customers and build a new relationships with potential customers.
• Tax Calculation Made Easier – PAYG, GST, and BAS reports are all created in the software so that you can send them directly to the ATO. You have the provision to create an in-depth summary report that compares the various EOFY reports.
• Compliance – MYOB, as stated before, makes many tax calculations easy and makes it easy for businesses to stay compliant with tax, payroll and accounting authorities. Starting from Single Touch Payroll to BAS, you name it, MYOB has it.
• Online Payroll Software – Easy payment method where you can manage the employee JobKeeper payments and help prepare monthly ATO declarations. With a few clicks, you can send the super contribution directly to ATO from the software.
• Audit Trail – You can always trace every transaction in detail to help retrieve any discrepancies in your book of accounts. You can define the role for every user and restrict or allow particular modules for every individual separately, helping you avoid confusion and division of duty.
• Keep Track of Inventory – You can easily view your purchase trend, understand what you should buy, what is earning to profit, and compile the reports to make an informed decision.
• Track Returns on Every Project – You can view your Return on Investment and set defined budgets for specific tasks. This helps you keep track and estimate the expenses and income more accurately. You can assess your worth by the amount of time you spend on a task with the help of a time sheet.
• Global Business With Multi-Currency Accounting – Live exchange rate updates are shared every 5 minutes to help you create reports for a specific transaction. Local and international currencies are mentioned to ensure no data discrepancy takes place.
• Integrations – It integrates with over 350 apps that streamline your accounting and overall business processes.

Need for MYOB Accounting Services

The use of accounting software alone does not guarantee your accounting success. With such a popular and developed software, there are many features which you might be using wrongly, or maybe you are not making the best possible use of the software. In this case, it is best to use MYOB accounting services. It is okay to hire experts to do your accounting for you; the professional can help you take full advantage of your accounting software and bring expert perspective to the table for you. This will help you grow your business. You no longer have to focus on your accounting or running your accounting software to keep yourself engaged in your core business activities. Let us look at a few pointers as to why outsourcing accounting services for MYOB is preferred.

Advantages of Outsourcing MYOB Accounting Services

• • Cost Cutting – The first and most important reason most businesses outsource any function is cost-cutting, which is the same for MYOB accounting services. Hiring experts in-house who are proficient in MYOB and have expertise in your industry will be not just costly but a difficult task. Also, hiring in-house means you have overhead costs on recruiting full-time employees. Hiring an accounting partner to provide MYOB accounting service will eliminate this cost.
  • Industry Expert at Your Disposal – When you hire MYOB accounting services, you hire an expert who has worked for many industries and, in some cases, a service provider who works only specific for one industry as an industry expert. This enables you to get the assistance of experts who understand your business and can help you gain a competitive advantage among your peer business.
  • Reduce Error and Enhance the Accounting Process – When you outsource, you hire experts known for your focus-driven work who pay attention to every minute of your accounting process. This helps you take advantage of the software’s accuracy and reduce or even eliminate errors from your accounting and bookkeeping process. This saves you a lot of time and headaches otherwise caused by the mistake and errors committed by the in-house accounting team.
  • No More Worrying About Leave or Attrition Rate – When hiring an accounting service provider, you no longer have to worry about work disruption due to personnel taking a day off or resigning. Your accounting service provider takes care of such issues for their employee on their end without impacting your work.

Useful read: “9 Reasons Why You Should Switch to NetSuite From Your Traditional Accounting Software”

Conclusion

Using the services of an accounting firm is not mandatory if you use MYOB accounting. However, it is an effective and efficient way of conducting your accounting process. MYOB accounting software is easy and user-friendly, with many features that can help you enhance your accounting process. Hiring MYOB accounting services will ensure that you use MYOB to its full potential while you have an accounting expert by your side to help you streamline your business finance. Implement MYOB for your business today and get a seamless accounting process for your business. Contact our experts today and get started with tailor-made MYOB accounting services for your business.