Question

Students are required to provide a piece of writing (with a word limit of 400) on how the MYOB software can contribute to the various kinds of business management decision-making through using some of the specific special-purpose-reports generated by its software.

Answer 1

MYOB accounting services is cloud-based accounting software currently being used by small and medium scale businesses for effective accounting. The software helps the organizations manage payroll, cash flow, and keep a track of the financial books. MYOB’s cloud accounting is a way to reduce the time being invested in manual processing, which may cause errors or inaccuracies. The software is a success since there are no upfront capital expenditures associated with its implementation.

MYOB Features

MYOB extends features that are essential for your business.

• Online Payroll Software – Easy payment method where you can manage the employee JobKeeper payments and help prepare monthly ATO declarations. A few clicks and you can send the super contribution directly to ATO from the software.
• Professional Invoice Customization – Your customers can make direct payments via AMEX, MasterCard, and BPAY. Invoices are sent with a payment summary, so the customer is clear on the due payments. You are informed when the invoice has been opened, and the cash flow updates take place in real-time.
• Tax calculation made easier – PAYG, GST, and BAS reports are all created in the software so you can send them directly to the ATO. You have the provision to create an in-depth summary report that shows comparison between the various EOFY reports.
• Real-Time Reports and Budgets – A detailed report in which you can add, remove, or reorder the columns is possible with MYOB software. You can customize the report band from years, quarters, to even weeks. The report data is pre-filled using the receipts, employee time sheets, and past reports, this ensures that no data discrepancy takes place.
• Track returns on Every Project – You can clearly view your Return On Investment and set defined budgets for specific tasks, this helps you keep a track and estimate the expenses and income more accurately. You can assess your worth by the amount of time you spent on a task, with the help of time sheet.
• Track Expenses on Multiple devices – Expense-tracker helps you keep a track on the business expenditures. Suppliers like Office works, Caltex, and Bunnings are partners with MYOB, making it possible for you to view regular bills. You can match the bill with the bank transaction and claim your expenses to the ATO, all with the help of software features.
• Keep a track on Inventory – You can easily view what your purchase trend and understand what you should buy, what is earning to better profit, and compile the reports to make an informed decision.
• Customers and Suppliers all reside in the software – Customize your contact list with over 40 categories and various filters. You can spot the check-in on all the existing customers and build new relationship with potential customers.
• Global business with multi-currency accounting – Live exchange rate updates are shared every 5 minutes, to help you create reports for specific transaction. Local and international currencies are clearly mentioned to ensure no data discrepancy takes place.

What are the benefits of MYOB?

Anytime, Anywhere Access

• MYOB accounting services provides the provision to access the data and information from anywhere, using your smartphone or laptop. This is a major boon since it eliminates any and all the roadblocks in the path of productivity.
• The traditional accounting methods were slow, tiring, and time-consuming, also prone to errors. MYOB accounting service automates the traditional accounting method which wastes valuable money and time. MYOB effectively keeps track of all the necessary details, for instance, cash flows, Profit and loss statements and more. The software also generates extensive reports.
• The accuracy of data provided by the MYOB has made the accounting software the most popular. The built-in controls present in the software make it easy to detect and remove duplicate entries or any other data error. The account records which are updated reflect in the software and account instantly.
• The financial and operational expenditure of the accounting software is fairly low. MYOB accounting service used by organizations doesn’t require upfront capital. The organizations are administered a monthly fee. There exists no ongoing or hidden cost associated with it. All the maintenance, Updation, and backups hold no hidden cost.QuickBooks accounting and bookkeeping has also emerged as extremely convenient accounting software.

Overall your business will benefit from a well-designed and well-implemented business management system. You’ll be able to make more informed decisions, access detailed information faster, prepare key reports automatically and track transactions as they occur. You’ll also be able to see daily sales, stock levels, accounts receivable, work in progress and a host of other key performance indicators ‘at a glance’. You can prepare customised dashboards for specific roles, working groups and managers.

With a single integrated business management system, you can spend your time looking after your business instead of looking for information.