When it comes to selecting the right MYOB program and subscription for your business, your bookkeeper’s advice will be invaluable. They will have the necessary experience to be able to review your business’s specific requirements, and match these with the best subscription. Your bookkeeper will also be able to ensure that each product option has the appropriate functionality for you. For example – you may require a straightforward payroll option, or you may have different hourly rates for different employees, and people regularly leaving and being added to the payroll. You will require a more sophisticated payroll option for the latter than the former.
There are MYOB setup guides available online, but we suggest you get your bookkeeper to assist you with setup. A certified MYOB bookkeeper will be able to advise you on how you should upload any historic data, or journal entry opening balances. They will also be able to help you ensure that all the features and functions you require are setup correctly, so that you can use MYOB as efficiently as possible. Most importantly, your MYOB bookkeeper will be able to determine what reporting functions you will need to provide you with the right information for making strategic business decisions. Your reporting requirements may even influence how your accounts will need to be entered into the system, so it’s important to get this step right.
MYOB Is Great For…
At EzyAccounts, we’ve found that MYOB particularly suits businesses in the following industries:
However, every business’s needs are unique, even for businesses in the same industry, so it’s important to talk to your bookkeeper to ensure that MYOB is the best bookkeeping software for your business.
Get The Most Out Of MYOB
To ensure you get the most out of your MYOB system, make sure you use a MYOB-certified bookkeeper. At EzyAccounts, we are all certified MYOB bookkeepers. Call us today on 1300 313 397 to get in touch with your local MYOB bookkeeper.
Your MYOB bookkeeper should know about, and be able to help you with, the following functions and tasks with MYOB. Please note that these points apply to AccountRight, not the entry level MYOB product MYOB Essentials (formerly LiveAccounts).
- Products and versions – it’s important to know which MYOB product and version your business needs. A certified bookkeeper will be able to advise you on this. The functionality of each product varies between Standard, Plus, and Premier. The version you are using is displayed with you login. You can also find it by selecting “About” from the “Help” menu. Desktop versions will be named V19 or lower. Cloud versions are numbered by years (e.g. 2014).
- Software updates – you will need to apply software updates to MYOB (desktop and cloud versions) to keep it up-to-date.
- Bank feeds – bank feeds are only available on the cloud versions of MYOB. Please note that MYOB reserve the right to charge for transactions if your number of transactions per month exceeds 300. This will not be more than $0.10 per transaction for each transaction over the monthly 300 transaction limit.
- Setting up bank feeds – to setup bank feeds, you must submit a form signed by an authorised signatory, and wait 2-3 days for major banks or up to 2 weeks for credit unions and building societies before bank feeds will be active. Alternatively, you can use the “Get Statement” function to manually import an OFX, QFX, QIF, or OFC file.
- Importing historic data – to import historic data, upload the information in OFX, QFX, QIF, or OFC format.
- Recording transactions – rather than using “Purchase Bills”, you can enter transactions for expenses that have already been paid by entering a new “Banking Spend Money” transaction.
- Graphic data – you can use “Business Insights” to display data graphically. You can also customise what is displayed by using the “Customise” menu at the top left. An experienced bookkeeper will be able to use these functions to produce useful reports for managing your business more effectively.
- BAS – before submitting BAS returns, run the “Tax Amount Variance” report to identify transactions that are incomplete or variable. Variances can arise due to transactions with missing tax codes and tax values that don’t equate to 1/11th of the gross value. Apply any necessary changes before submitting BAS.
- EOFY – at the end of a financial year, you need to follow the correct procedure for closing it. We recommend you follow the steps in a checklist, or seek assistance from your bookkeeper. Reports are only available for two years, and you’ll need to close a year in order to view the current and previous year. Before closing a year, you should always copy the database, and clearly label your copy and store it in a safe place.
- Included modules – the core MYOB application includes Inventory, Payroll, and Timesheet modules. MYOB Retail POS options are also available. If you require additional applications, you can browse the “MYOB Add-On Centre” or talk to your bookkeeper.
Speak To An MYOB Bookkeeper
Would you like advice on using MYOB, and professional help with identifying if it is the most suitable software for your business? Then talk to an MYOB bookkeeper today. Call us on 1300 313 397.
Did you know?
EzyAccounts help clients Australia-wide with their Bookkeeping. We have offices in Brisbane, Sydney, Melbourne, Adelaide and Perth.