Every business is different, and many factors need to be considered when selecting a bookkeeping software that suits a business. MYOB is a powerful accounting program capable of handling all accounting needs of both small and large businesses. MYOB bookkeepers are very advanced and can handle the Professional bookkeeping services of many businesses in Perth.
Features Of Myob
There are many features of the MYOB bookkeeping software; some of these features are-
Options
MYOB has different products that one can choose from. MYOB AccountRight and essentials are accounting programs that are designed for small businesses. The MYOB Advanced is an advanced management platform for large businesses. Each of the products has three levels to sort out the one that fits the business.
- MYOB essentials Accounting package is suitable for sole traders and small businesses. It can do basic accounting tasks like creating quotes, invoices, and lodging BAS.
- They can also track and pay bills, GST, and expenses. It includes a single touch payroll for an employee, and if the extra payroll options are added, it can configure payroll for many employees. It can give you all the benefits of using a Payroll calculator Software.
- MYOB AccountRight is for businesses that need to manage inventory and track jobs. The top tier is a powerful program capable of managing multiple company accounts, and tracking sales and stocks across various locations. It can also record purchases and sales in different currencies.
- MYOB Advanced is suitable for large operations and adds functions like CRM management, distribution, costs, customer pricing and system-wide stock management.
As a business grows and develops, one can easily move up the ranks of MYOB. There is no need in changing the accounting program as whatever size a business is, MYOB can fulfil all the demands.
Multiple company accounts
The top rank of AccountRight helps one to manage multiple business accounts. This is suitable if an individual runs multiple businesses. One can manage them with the help of a username, and other users can be added to the business. One can switch to working with various businesses whenever one is log in.
The program can also help keep businesses separate, but one can prepare business reports for every company without logging in and out of the software. Handling multiple accounts can save a lot of time.
Unlimited payroll
One of the most impressive features of MYOB bookkeeping services is the payroll software. The software features unlimited payroll to handle all the employers on the books efficiently. MYOB can process multiple pay runs simultaneously and can also handle many wages and hourly rates.
- Another feature of the payroll is the single touch payroll software. Every time one pays the employees, MYOB automatically reports the tax, superannuation, and payroll information to the ATO.
- The leaves, superannuation, taxes, and PAYG are automatically calculated accurately. This can help in saving time because one does not need to complete payment summaries and certificates of the group at the financial year.
MYOB works firmly with the ATO, and the software is always updated with the current tax laws. MYOB currently lets a business affected by COVID-19 access temporary JobKeeper payments.
Inventory management
Inventory tracking is another important tool of MYOB. AccountRight can help keep a detailed checklist of inventories and also keep track of backorders. It can also provide automated alerts on stock levels.
A certain useful feature is that MYOB Bookkeeperscan track stock in different warehouses, even overseas. One can record where an item is received and from where an item is shipped. MYOB Advanced allows one to manage the entire distribution process for large businesses. Eventually, it includes monitoring goods in transport between locations, location control/inventory bin, expiration dates, and much more.
Time billing
Not every business sells products. There are many businesses where people get paid by time (lawyers, drivers, entertainers, and writers), and businesses sell a merger of time and product (tradies, mechanics). MYOB allows one to specify the billing rates on time and products if needed.
The application can generate an invoice that can break down activities into an employee’s time. The same invoice includes items that have been sold to customers, and the hours will further be included in the employee’s wages. One can also filter time billing reports to include needed information.
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Job management
If an individual has a business where multiple jobs are carried out for a single customer, the application’s job management feature can be very useful. It can link the jobs to particular customers by forming job numbers that assign invoices and expenses to individual service jobs.
- A job number can also be assigned to the amount of each individual so that numerous jobs and amounts can be linked in a single transaction. Profit and loss statements can also be prepared for every job.
- One can also form budgets for particular jobs to track and estimate income/expenses more accurately. Also, one can also analyze the profit and loss of every job.
- Setting a budget for a job can also prevent unexpected blowouts and help save a lot of money.
How MYOB Can Help Avoid Tax Penalties
One may have to pay any tax penalties to the Australian tax office if they fail to oblige by the rules. Most of this occurs from failing to report income, taxes, and other documents.
By working with MYOB bookkeepers, one can make sure all the reports are submitted to the government regularly. One need not worry about calculating payroll taxes or other things as it will be done for them. This will allow a business to run as usual while allowing MYOB bookkeepers to focus on tax obligations.
Final Words
There are numerous benefits for a business in hiring MYOB bookkeeping services. It can help save a lot of money, and one does not have to focus on financial work when they are in charge. There are many bookkeeping services in Perth that a business owner can link up with to handle the bookkeeping and accounting tasks of the firm. But due to the advanced features of the MYOB bookkeeping application, they could be an ideal choice for various business owners.