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How MYOB Can Simplify Accounting for Your Business

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What You Need to Know

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From fishing to finance, every business owner knows the importance of managing their cash flow. So no matter how your business operates, having a good accounting system can make all the difference. A good flexible option for any business owner is MYOB AccountRight.

What is MYOB?

MYOB, or Mind Your Own Business, is a New Zealand-based bookkeeping, tax, and accounting software company. The service is intuitive, simple to customize, and professional. This article will focus on MYOB AccountRight, a popular and versatile product. This service is a step-up from basic spreadsheets and invoicing, providing a valuable place for businesses to explore various accounting functions. AccountRight is split into 4 levels, Basic, Standard, Plus, and Premier.

  • MYOB AccountRight Basic: This base tier allows you to manage GST, BAS, statements and invoices remotely using the MYOB app. Unlike MYOB Essentials, you can work offline with this option, making it a good bet for most small businesses.
  • MYOB AccountRight Standard: The Standard plan allows you to calculate GST, prepare BAS, produce sales invoices, enter and prepare cash or accrual accounting reports, manage simple inventory, and keep track of customers and suppliers.
  • MYOB AccountRight Plus: The third tier is a step up from Standard and has one major additional feature, employee payroll tracking. This allows you to monitor entitlements, produce payment summaries, and process payroll. This service works well for small to mid-sized businesses.
  • MYOB AccountRight Premier: The final tier includes all mentioned services, and includes multi-user access. Up to three people to collaborate on the same data file, and you can work in multiple currencies. This means that your accountant and business partners can simultaneously make adjustments to the same document.

What are the main selling points of MYOB AccountRight?

While each level of MYOB AccountRight offers a more comprehensive service, some key features make MYOB AccountRight a standout product compared to competitors.

1. Tax entry and payroll

Taxes, taxes, taxes. They're a mundane, yet fundamental part of any business. MYOB's integrated tax system takes some of the pain out of the process. They have instant GST, BAS, and PAYG reports, ensuring you're always compliant with the Australian Tax Office. Continuing, their Single-Touch Payroll (STP) process keeps your employees' well-taken care of. STP streamlines employee payroll information directly to the ATO. To set up, send salary, payroll tax, and super data to the ATO after each pay. Then your employees can access their payroll information through the ATO's online service, MyGov. By providing a direct link to the ATO, MYOB  saves you time, allowing you to get back to what you do best. A bonus? This service works with timesheets.

2. Expense tracking and management

If you have to travel for clients, have work uniforms, or spend money on advertising, make sure you write off your expenses! Many businesses have an unconventional list of expenses. With the added challenge of working from home, claiming tax deductions has become increasingly difficult. MYOB allows you to flag certain expenses and consolidates this information monthly. Their free MYOB Capture app also reads receipts, automatically filing expenses for you.

3. Planning cash flow

Budgeting money is an overlooked yet essential part of every company. As more businesses join the e-commerce space, managing cash flow effectively can ensure the continuation of your business. MYOB can help manage receipts, payments from suppliers, automate recurring expenses, and much more. If you purchase Premier, you can work in multiple currencies, so you don't have to waste time with conversions. MYOB also integrates sales and finances, allowing you to gain a holistic understanding of your business and customers. This combination of forecasting and accessibility gives MYOB users a leg up against competitors.

4. Simple Interface

All information is easily accessible on a central dashboard that consolidates all business data. All major tasks can be viewed through the eight command centres; Accounts, Sales, Time Billing, Purchases, Payroll, Inventory, and Card Files. These segment your business data, yet are closely interrelated, helping to create a stress-free overview of your finances. Continuing, their analytical tool, Power BI, allows you to view sales data live.

MYOB's services extend beyond just accounting. AccountRight offers robust inventory tracking, billing for time, custom lists, and custom templates. These custom options can be useful when managing projects, or segmenting duties for individuals. If your business operates worldwide, adjust for different taxes by entering various tax codes into the system.

Industry Use Cases

MYOB can be customized specifically for virtually every industry. Some potential use cases for various industries include:

Accounting for Cosmetics and Beauty Merchants

  • Use AccountRight's custom list feature and to-do list to manage ingredient lists, and plan shipments with suppliers
  • You can also enter tax codes on MYOB, ensuring you're always compliant with the TGA and FDA

Accounting for Fitness companies

  • In a $30 billion industry, starting a fitness company is not easy! Fitness equipment has only become more expensive during the pandemic. MYOB allows you to set up recurring payments, with reminders to ensure you always know when the next amount is due

Accounting for Food Distribution businesses

  • Jobs in food distribution involve the careful management and allocation of inventory. MYOB's inventory management system allows you to view stock across different locations, and reorder in an instant
  • MYOB's business reports also automatically generate valuable data such as unit price and gross profit, saving you time crunching numbers

Start using MYOB AccountRight in your Shopify store!

No matter the industry you work in, MYOB's flexibility and simple interface make it an obvious choice. MYOB understands the importance of data in your business, and its many features make it not only a fantastic accounting software but also a business management tool. Check out this article for a comprehensive list of ways to integrate your MYOB product into Shopify.

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