Do you find bookkeeping and accounting a tedious job? Do you wish to automate the entire accounting process? If yes, then MYOB can be your best bet. It is accounting software that simplifies the accounting process for small businesses. Being an Australian-based company, its features are predominantly designed keeping in mind the needs of local Australian businesses. MYOB online accounting software streamlines operations and reduces the manual effort required to maintain a business’s books of accounts. Here we will take you through how MYOB simplifies your business’s accounting process:
- Importing data- MYOB allows you to import data from various sources. It helps you integrate your financial data with other systems of your business. This data can be imported from various sources, including accounting software, bank websites, credit card processing, etc. MYOB online accounting software can also import data from a wide range of accounting software used by small businesses. Further, you can also import data from third-party software used for CRM and Human Resource Management.
- Inventory management- MYOB can be used to manage the entire inventory system of your business. You can create products, brands, and categories related to your business. It also helps you track inventory and create purchase orders. You can import data from various online inventory management systems. These include Vend, SellSpend, and Mekko. You can also use the inventory management functionality of MYOB to track your inventory items.
- Payroll and employee tracking- MYOB offers payroll functionality that allows you to track your employees’ wages. Business owners can calculate and pay a particular person’s wages based on the number of hours they have worked. In addition, they can calculate benefits such as super contributions, leave, etc., which an employee gets. You can also keep track of your employees’ holiday calendar. Further, MYOB has the functionality to create employee charts of accounts. These charts let you track an employee’s expenses and income and create leaves and shift patterns in the payroll section.
- Financial reporting and Taxation- Accounting software like MYOB helps you calculate taxes like GST and other applicable taxes. It can also help you calculate financial ratios such as liquidity, debt-to-equity, etc. With its help, you can also forecast your business’s cash flow. Further, business owners can create financial reports such as profit and loss reports, balance sheet, etc. These reports can be exported to PDF and used in the business’s financial decision-making process. MYOB online accounting software comes with GST functionality that can be used to calculate GST for your business. With its help, you can track and report GST for your business and customers. Similarly, you can use the tax functionality of MYOB to track tax information for your business.
Summing up
MYOB is popular accounting software that simplifies the accounting and bookkeeping process. With its help, you can manage your financial transactions, inventory system, payroll, and taxation. However, business owners are often preoccupied with major business tasks, leaving no time for accounting and bookkeeping. In such cases, they can choose to hire accountants proficient in accounting software like MYOB, Xero, FreshBooks, QuickBooks online accountant, etc. Another cost-effective method could be to outsource your business’s accounting function and focus completely on your business development.