It is especially beneficial for small and medium enterprises (SMEs) as it is cheap and easy to use. As for SMEs, they cannot hire IT staffs that are not required to maintain it or update the cloud accounting system.
What is MYOB?
MYOB is accounting information software. It can automatically update information on any electronic device rather than on a few select on-premises computers so that businesses don’t get stuck with permanent, expensive equipment and licenses when your business contracts are up. It provides financial reporting in real-time which means account balances are always accurate and fewer errors take place due to manual data entry. It is able to handle multi-currency and multi-company transactions more efficiently.
Advantages of MYOB
MYOB will help your understanding of your own financial statements to know the relationship between income, expenses, profit and equity. Your MYOB software will process every transaction to the correct financial statement, provided you record the transactions to the right accounts. As each business transaction takes place, it will go into a funnel (your software as the tool) and spits out the information on the correct financial reports.
All that is needed is to use the right account and tax code, and all the hard work is done for you. Such as where to code it to, how much GST to collect or pay, cash or accrual.
Main Functions of MYOB
The main functions of MYOB are: work online, calculate and track Goods and Services Tax (GST), manage quotations, invoices and statements, sell goods or services or both, track and pay expenses, manage customers and suppliers, automatic bank data transmission, Inventory, management item list.
How should I choose from the variety of MYOB products?
MYOB has divided its products into three main types depending on the type of user.
– MYOB Essential
One type of user is small businesses, including retail, professional services, sole trader, trade construction, hospitality, and start-up companies. MYOB recommends MYOB essentials and MYOB Accountright. MYOB Essentials is simple online accounting software that can handle all your business needs and is most popular with emerging small businesses.
– MYOB Advanced
Another type of user is bigger businesses. It recommends MYOB Advanced, MYOB EXO, and MYOB Greentree. They involve an enterprise resource planning system (ERP) which helps the businesses plan and manage more complicated functions. ERP have many functions. For Finance, it can do Sophisticated financial management, cash-flow, Business process mapping, Workflow designer, Business intelligence & reporting, Payroll management, Project accounting. For sales, it can do Customer relationship management (CRM), Opportunity & pipeline management, Mobile workforce applications, Purchase order management, Sales order management and Inventory management. For operations, it can do Manufacturing management, Supply chain management & distribution, Job cost management, Service & support automation, Inter-company reporting, Time & expense management and Project cost tracking.
– MYOB Payroll
There is also a system designed especially for payroll. There is Essentials Payroll which allows online payroll for up to 10 employees. There is ACE Payroll which allows desktop payroll for up to 20 employees. There is also IMS Payroll which allows detailed job costing for up to 500 employees.
Depending on the different requirements and different sizes of the companies, you can choose the one that best fits your circumstance.
Why choose us?
We may help you save your time and the opportunity cost. Why not spend time to make more money? Simply provide us with the related information such as invoices, we can give an overall evaluation and analysis to the current situations of your business, and advise which MYOB product is more suitable for your business, provide MYOB trainings and provide related services using MYOB for you. Premium Accounting Solutions provides professional and reliable tax services and more throughout New Zealand. Reach out to us today and to see how we can help you!
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