Question

Based on your experience of MYOB, what can be replaced and what cannot be replaced by the AIS?

 

 

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. Luckily, the software is designed to be easy to use, so a simple MYOB short course should be all you need to get started. MYOB software is the perfect choice for any small to medium business owner looking to take control over your finances. MYOB Business is FREE for the first 30 days when you sign up online. Signing up only takes a few minutes. You can upgrade to a full MYOB Business software subscription at any time and you won't be charged until the 30-day period is over.
In MYOB Essentials, once a transaction has been recorded to an account the account type becomes locked and you are unable to make changes to that account. If you do need to make changes you would be looking at either: Deleting all transactions associated with that account, make the changes and then redo transactions. The MYOB can act as an accounting information system (AIS). The workshop will briefly overview what an accounting information system is; particularly identifying the requirement of the system to produce business intelligence and value added information or processes. The aim is then to explore (hands-on) the various MYOB command centres to identify where business intelligence exists and where the program value adds for business. It is suggested that such an activity is ideally what students will be able to explore and do. The business intelligence and value added concepts will include reflection on the large amount of information available from the MYOB system; this includes a wide range of reports, customer database communication, marketing and budgeting information and automation features. Participants are encouraged to bring along laptops with the MYOB software loaded. This AIS approach differs from the current teaching focus taken in the 501 Accounting Practices paper, which tends to concentrate on transactional processing and the preparation of financial statements. The author is suggesting a refocus or rejuvenation of the prescription to incorporate an AIS approach. This will help meet the growing needs of business for business intelligence collected from the accounting system.
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.