MYOB: The Essential Tool for Small Business Accounting
MYOB is an extremely easy and affordable accounting tool to use for small businesses to manage their cash flow tracking, financial statements, tax management, etc by monitoring and managing your business with your cell phone by invoice management, doing payments for customers and staff, etc. Another big advantage of using this software is that it can import data from third-party apps and also integrate with other business management tools like Xero, Reckon, Salesforce, Squirrel Street, eBay, Magento, etc.
As their tagline says, you didn’t start your business for bookkeeping so let the software do this for you while you worry about other aspects of your business.
What does MYOB stand for?
MYOB stands for Mind Your Own Business which is a very apt name for this software because it empowers you by giving you the right tools to manage the aspects of your business that you used to hand over to other employees. You can maximise productivity with MYOB’s automation tools (with MYOB AccountRight, MYOB BankFeeds and MYOB PayDirect Online).
What is MYOB software?
MYOB is a popular accounting software in Australia which has been around since the 1980s. Invoicing and account management can be done from anywhere through the easy to use mobile interface and you can track all your income, expenses, creditors, debtors, purchases, inventory, jobs, time billing jobs, etc. The benefits of using MYOB for small business accounting can be seen clearly by the many features offered by the software.
An Overview of MYOB’s Features and Functionalities
- Invoicing: Generate your own customised invoices (with your logo and branding), automatically send them to customers and alert the ones who haven’t paid. GST calculations are also incorporated automatically and upon receiving the invoice, the customer can pay with a click of a button.
- Expenses: All purchases and expenses tracking are recorded and matched to the bank transaction (it is connected to more than 130 bank feeds so reconciliation is easy and fast). You can go paperless with the option to scan receipts and keep a record for tax time.
- Tax and GST: GST gets calculated as you go and you can lodge your BAS with the ATO (Australian Taxation Office) from MYOB software. That is why the role of MYOB in simplifying tax preparation for small businesses is big as it works with the IRD (Inland Revenue) to file GST returns.
- Payroll: Pay your employees directly from the software and notify the ATO. Moreover, timesheets and rosters can be incorporated into payroll calculations. This is how you can benefit from the convenience of MYOB’s online accounting platform.
- Job Tracking: Each project’s profit and loss can be viewed and you can make decisions accordingly.
- Inventory Management: Streamline your stock level management by monitoring the levels.
- Financial Reporting: Data driven decisions can be made easily by the financial insights that the software generates.
- Cash Flow Management: When you have a better view of the cash flow, you can make better business decisions. This is how MYOB can help streamline your business’ financial management and budgeting.
- Multi-currency: Foreign accounts can be connected with over 150 currencies and updated exchange rates.
How to use MYOB
Information about all your transactions (each one has its own code and category) is put into the software manually or by linking with other accounting softwares. There are many tutorials and courses available online, including MYOB’s own Youtube channel, that have step by step instructions for you to install and learn the software quickly. You can visit MYOB Academy for a proper tutorial on how to use its functions. Here, you can get tips for getting started with MYOB accounting software.
Comparing MYOB to Other Small Business Accounting Software
MYOB vs. Xero: Although both softwares have almost the similar features, MYOB is cheaper and due to its unparalleled user experience, integrates better with other softwares without needing updates or changes.
MYOB vs. Quickbooks: Quickbooks has more customization options but it is also more expensive than MYOB. It does not give any business insights, unlike MYOB.
Frequently Asked Questions About MYOB and Its Features
What is the minimum subscription period?
No. You can even have your money back within 90 days of the subscription if you are not satisfied. It is also free to use for the first 30 days.
How long will it take you to set it up?
After paying for your subscription plan, you can log in and step by step instructions will be given for the set up process.
Is there an option to change the software plan?
Yes, with only a few clicks, you can update your plan.
Can I give access to other staff members?
Yes, your advisor, accountant, bookkeeper or business partner can access your account without any additional fee.
If you’re a small business owner who wants to free their mind from the hassle of maintaining accounts and growing their business at the same time, this would be the perfect investment for you. Doesn’t hurt to give it a go and try it for the 30 days trial period!