MYOB – What Are the Benefits?

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The aptly named MYOB (Mind Your Own Business) software, has become a critical tool allowing Australian and New Zealand business owners to literally mind their own business. All MYOB products are centred on allowing business owners and employees to self-manage their financial processes through easily accessible online business solutions. Let’s further explore some of the key benefits of MYOB software for your business.

1. Automation

Many small business owners have limited experience with financial processes, and would prefer to spend their time doing what they love. Running and growing their business. Invoicing, paying bills, tax, payroll and budget reports can therefore be difficult concepts to grasp, and are time-consuming to complete. Inputting any financial data manually into reports also leaves you prone to costly errors.

MYOB Essentials easily automates the most time-consuming tasks required by business owners. Some key automated features include:

Bank Reconciliation: When you link your bank account to you MYOB software, the software automatically attributes each transaction to a specific category. This is essential in ensuring that business tax returns do not become a headache. This feature also allows you to generate reports on your spending, so you can easily monitor where your business is spending the most cash.

Customised Reports: When a business utilises all the features of MYOB software, they receive back a wealth of knowledge in the form of easily accessible and customised financial reports. MYOB software is able to generate a range of reports from sales, customer payment schedules, expenses and inventory levels. As MYOB software acts as a hub which receives all of your business data, these reports can be automatically generated without the need for any manual input.

Inventory Tracking: Even the smallest mistakes in your inventory levels can lead to a significant loss in profits. It can also lead to disgruntled customers who have not received their order on time. Manually keeping track of inventory is an extremely time-consuming process, and one that can be riddled with errors. Fortunately, MYOB software easily tracks all purchases, sales and orders, leaving you with an accurate understanding of what is left on your shelves.

2. Cloud-Based Business Management

MYOB is a cloud-based software, enabling you the flexibility to access your data and records from anywhere in the world. This means business owners need to no longer be chained to their desk, and can keep up to date with their financial data from anywhere they desire. Cloud-based software carries many other significant benefits including:

Security Features: Having physical files of your financial data or storing your data on computer hardware leaves you vulnerable to information theft. It also leaves your business records vulnerable to viruses or physical disasters which can damage or entirely erase your data. MYOB provides your data with increased security by utilising secure, encrypted channels and an internal security team that is responsible for monitoring any suspicious activity. MYOB software also makes it easy for you to securely share your data with your accountant, team, bookkeeper or anyone else who is required to see your records.

3. Integration

If your business currently utilises other software and programs, don’t worry. MYOB software is able to work with the software that you already own. Providing complete integration tools ensures that your existing programs remain effective and further streamlines your business process.

Centralised Data: Having your financial records in multiple locations can be costly and time-consuming when it comes to tax return season. MYOB software provides your business with one centralised data solution, making your records readily and easily accessible.

4. Expedited Payment

Manually sending invoices and keeping track of client payments is notoriously difficult. Manual invoices leaves you vulnerable to errors and missing clients who have not paid their bill on time. This can lead to considerable cash flow problems for your business.

MYOB software allows you to create a general template for your invoices, with payment information automatically generated based on the purchase or order information. MYOB software enables your customers with more options for payment, including credit card and BPAY. The software sends the invoice as an email directly to the customer, containing a link for them to process their payment. The payment is securely transferred to your MYOB software and then directly to your linked bank account. The software updates your payments history in real time, allowing you to monitor any late payments and improve your cash flow.

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MYOB software provides many significant benefits for both small and large businesses. With a number of flexible options and a support team ready to assist you 24/7, it is easy to find the right solution for your business needs.

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