Each business is unique and many factors need to be taken into account when selecting accounting software which best suits your business. MYOB is a powerful web-based accounting program which is capable of handling all of the accounting requirements of both small and large businesses.
Key features of MYOB
MYOB has many products to choose from. MYOB Essentials and AccountRight are accounting programs designed for smaller businesses, while MYOB Advanced is a complete management platform for larger businesses. Each of these products have 3 levels so you can easily find one that suits your business.
MYOB Essentials Accounting package is perfect for sole traders and small businesses. It can do the basic accounting tasks of lodging BAS, creating quotes and invoices, tracking and paying expenses, bills, and GST. It includes single touch payroll for one employee. If you add the extra Payroll option it will allow you configure payroll for an unlimited number of employees.
MYOB AccountRight is for businesses that also need to manage inventory and track jobs. The top tier is a powerful program that can manage multiple company accounts, track sales and stock across multiple locations, and record purchases and sales in multiple currencies.
MYOB Advanced is for large scale operations and adds functions such as CRM management, costs and customer pricing, distribution, and system-wide stock management.
As your business grows and develops, you can easily move up the tiers of MYOB. There is no need to change your accounting program. Whatever size your business is, MYOB is capable of fulfilling your needs.
2. Multiple Company Accounts
The top tier of AccountRight allows you to manage multiple business accounts. This is perfect if you are running multiple businesses. You can manage them using one username and other users can be added to each business. Whenever you are logged on, you can switch to working with a different business.
MYOB will keep each business separate, but you can prepare business reports for each company without having to log in and out of different software. Being able to handle multiple company accounts saves you’re a lot of time.
3. Unlimited Payroll
One of the outstanding features of MYOB is its payroll software. It features unlimited payroll so it will easily handle all the employees on your books. MYOB can process multiple pay runs simultaneously and can handle numerous wage types and hourly rates.
Another payroll feature is its Single Touch Payroll software. Each time you pay employees MYOB automatically reports employees’ payroll, tax and superannuation information to the ATO. Taxes, PAYG, leave and superannuation are calculated automatically and accurately, saving you a lot of time because you don’t need to complete payment summaries and group certificates at the end of the financial year.
MYOB works closely with the ATO and its software is always kept up to date with current tax laws. At the current time, MYOB also enables businesses affected by Covid-19 to access temporary JobKeeper payments.
4. Inventory Management
Inventory tracking is another key feature of MYOB. AccountRight will keep a detailed checklist of inventory as well as keep track of your back orders. It will also give you automated alerts on your stock levels.
A particularly useful feature is that it can track stock in multiple warehouses, even overseas. You can record the location where an item is received and where a sold item is shipped from.
For larger businesses, MYOB Advanced allows you manage your entire distribution process. It includes features such as monitoring goods in transport between locations, inventory bin/location control, expiration dates, and more.
5. Time Billing
Not all businesses sell products. There are many businesses where people are paid for their time (such as lawyers, drivers, writers, entertainers) and many businesses which sell a combination of time and products (mechanics, tradies). MYOB allows you to specify billing rates based on time and includes products as well if required.
MYOB can generate an invoice which can break down activities into hours an employee has spent on them, and on the same invoice include any items which have sold to your customers. The hours will then be included in the employee’s pay.
You can also filter time billing reports to include only the information you want.
6. Job Management
If you have a business in which multiple jobs are carried out for a single customer, then MYOB’s Job Management feature is very useful for you. It can link jobs to specific customers by creating job numbers which assign invoices and expenses to individual service jobs. A job number can be assigned to each individual amount so it is possible to associate numerous jobs and amounts in a single transaction. A profit and loss statement can be prepared for each job.
You can also create budgets for specific jobs which enable you to track and estimate your income and expenses more accurately, and you can analyse the profit and loss of individual jobs. Setting a budget for a job also prevents unexpected blowouts and can save you a lot of money.
As your business grows and flourishes, you do not want to have to change your accounting software. The various products and tiers MYOB offers can serve the needs of any business – from sole traders to large businesses. There is no need to change your program, simply upgrade it.