MYOB accounting services is cloud-based accounting software used by many businesses from small to big for accounting purposes. The software is useful in helping an organisation manage payrolls, cash flow and keeping track of financial books. The cloud accounting software of MYOB reduces the time needed for manual processing that could have inaccuracies and errors. This software is a success as there are no upfront capital expenses needed for implementation.
The company of MYOB was originally purchased for $437 million in 2008, and then it was sold three years later for $1.3 billion. A single touch payroll by MYOB made it possible for most Australian Businesses to be cloud-connected with their staff. The browser-based accounting software came out as a better platform while compared to software like XERO.
MYOB Perth Bookkeeping Services extends complex inventory management, job tracking and multi-currency features. It also has in-built multi-platform connectivity; the products of MYOB connect to over 300 applications, representing the conjoint system. Invoices and Capture are MYOB mobile applications that have important tasks. It also consists of good ways to make the life of a business account holder easy with guaranteed accuracy, easy tax calculations and no discrepancy.
Features Of MYOB
There are several features of MYOB that a business could make use of:
- An online payroll software- is an easy payment method where one can manage the job keeper payments of employees and help in preparing monthly ATO declarations. Few clicks are enough to send the super contribution directly to the ATO from the software.
- Personalised professional invoice- the customers can make direct payments via Mastercard, AMEX and BPAY. The invoices are sent with a payment summary to clear the customers on the due payments. One can be informed when the invoice is opened, and cash-flow updates occur in real-time.
- Tax calculations are easy- BAS, GST and PAYG reports are entirely created in the MYOB Bookkeeping Services software to send them directly to the ATO. one can have the provision to create an in-depth summary report that provides a comparison between various reports of EOFY.
- Budgets and Real-time reports- there will be a detailed report to add, reorder or remove the columns. One can personalise the report band from quarters, years, to even weeks. The report data is already filled with receipts, past reports, and employee timesheets, which makes sure that there is no data discrepancy.
- Returns can be tracked for every project- one can view a return on investment and set defining budgets for certain tasks; this helps keep track and estimate expenses and income properly. One can assess the worth by the time spent on a task with a timesheet.
- Expenses can be tracked from multiple devices- an expense tracker helps one keep track of business expenditures. Caltex, Bunnings and Office works are partners with MYOB, making it possible to view the daily bills.
One can match the bill with the bank transaction and claim the expenses to the ATO with some help from software features.
- Keeping track of inventory- one can easily view the purchase trends, understand what needs to be bought, what errands better profit, and compile the reports to make an informed decision. One can spot the check-in on all the remaining customers.
- Suppliers and customers are all in the software- one can customise the contact list with 40 categories and different filters. The check-in can spot all existing customers and help build new relationships with customers.
- Global business with multi-currency accounting facility- life updates on exchange rates is shared every five minutes to help create better reports for certain transactions. Local and international currencies are mentioned so that there is no data discrepancy.
Price Of MYOB
MYOB Bookkeepers Perth works well for different business types, needs, and sizes. This software expands to different prices for various business needs. Based on needs, size, business requirements, one can choose the right plan to meet business expectations. The different plans are-
- Actual payrolls-The payroll software is beneficial for small businesses, and it offers a provision to handle up to four employees. The software is available for $5/ month. It comes with fewer features when compared to other variants.
- Essential- This variant of accounting software could be ideal for new and smaller businesses that cater to a bigger team. The software is currently placed at $13.50/ month. One can try this plan for thirty days before becoming a permanent user.
- Account Right- This offline/online accounting software is ideal for companies that need more features and have an extensive business space. This software has the provision to track jobs as well as manage inventories. The software is currently available at $35/month.
Benefits Of MYOB
The MYOB application is useful for many accounting purposes; some benefits of MYOB are as follows:
- This service provides the provision to access data and information from anywhere using a laptop or smartphone. This is an important boon as it eliminates any roadblock in the path of productivity.
- The earlier accounting procedures were low, tiring, prone to mistakes and took a lot of time to complete; this resulted in wastage of time and money. MYOB can effectively keep track of all the required details for cash flows, profits, loss statements and a lot more. The software can also help generate various reports.
- The data accuracy provided by MYOB has made this software very popular; the built-in controls make it easy to detect and delete duplicate entries or other errors. These updated account records are instantly updated in the software.
Associate With A Good Bookkeeping Service
Bookkeeping services are essential for managing the accounting duties of a business. Bookkeeping services like MYOB are very popular and offer a wide range of functions that allow better accounting services in a company. A person could search for ‘bookkeepers near me’ and select a bookkeeping firm that uses MYOB software.