One key aspect of making any business successful is an effective accounting system. Without an accounting system, you will not know if your business is doing well financially. Unfortunately, however, there are a lot of small business owners who still have a manual system for accounting, such as using spreadsheets or excel. And while these manual methods may have worked for you in the past, their efficiency may already be in question in today’s competitive world.
You may already have a system of accounting in place with your spreadsheets and excel, and you may not realise it, but switching to newer software such as MYOB accounting may add heaps of benefits to your company. In addition, you may rethink your accounting system once you find out these top reasons for switching to MYOB.
MYOB is short for Mind Your Own Business and is a cloud-based business solution that allows you to handle your company’s accounting needs without hiring an accountant. And if you use the program correctly, you will get the following benefits:
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1. Saves Time
Encoding entries in spreadsheets may demand a lot of your time, especially if you need to create labels and headlines during the process. Likewise, manual systems will most likely require you to encode certain figures multiple times. Finally, if you have a lot of transactions to encode, you will be spending most of your time preparing your spreadsheets. But, MYOB solves all these problems with efficient tools and processes.
2. Easy Calculation of Taxes
You can easily compute the taxes that you have to pay with MYOB. Likewise, the MYOB software can generate reports such as PAYG, GST, and BAS, which it can send directly to the taxation and revenue offices. You can even generate in-depth EOSY reports using this software. And if there is a tax update, you can input the update on the MYOB software, and it will update all affected input fields.
3. Create Professional-Quality Invoices
You can use the MYOB solutions package to send customised invoices with payment summaries to your customers. Likewise, MYOB will allow your customers to pay using their credit cards. Moreover, MYOB will inform you if a customer has opened an invoice and give you real-time updates of incoming and outgoing cash flow.
4. Payroll System
MYOB comes with an online payroll software feature that will allow you to manage your employee payments. Likewise, the MYOB software will also help prepare the monthly reports that you need to submit to your revenue office.
5. Generate Real-Time Reports and Budgets Anytime and Anywhere
MYOB will allow you to find out how your company is doing financially. And knowing where you stand financially will allow you to make wise decisions in the future and in the present. In addition, MYOB can generate real-time cash flow and sales records to help you with managerial decisions. Moreover, since MYOB is a cloud-based solution, you can have access to your company’s financial records and generate reports whenever and wherever you are without having to waste time extracting and sifting through spreadsheet data.
MYOB accounting software will help create an effective and efficient accounting system for your business. Besides, the features of MYOB solutions will help you save time and money and make your accounting work a lot easier. For example, MYOB will enable you to look at your company’s real-time financial status and pay your employees’ salaries on any device.
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