Business

Benefits of Using MYOB Accounting Software for Your Small Business

Every business, large or small, needs to maintain financial records. Accounting software automates a large number of financial processes and allows firms to keep an accurate financial record. A small business with many customers and a wide range of inventory can benefit from the use of MYOB accounting software. Here is the list of some useful functions of this accounting software.

Functions

The MYOB accounting software offers a wide range of functionality that includes

  • Inventory
  • Multi-currency
  • Sales and Receivables
  • Banking
  • Purchases and Payables
  • Time Billing
  • Reports
  • GST Ready

To make things easy for you, this article discusses some essential features in detail.

Inventory Management

Every business involved in manufacturing needs to manage adequate inventory levels to prevent disruptions. The accounting software tracks levels of different items in the inventory automatically.

It also keeps track of finished goods, including sub-assemblies and components. The software allows you to set the level of back-ordering to maintain adequate levels of raw material.

Banking 

The accounting software provides a detailed view of your bank account status. It provides you with an easy to use interface that enables you to view every memo line in the transactions. It allows you to analyse the bank register and transaction journal in detail. You can also set recurring transactions every month and set reminders for regular transactions.

The Banking module allows users to set alerts on due dates for recurring transactions. You can also reconcile bank accounts and add entries like interest earned and service fees paid to the bank.

Sales and Receivables 

The accounting software allows you to add logos and other company-specific information to the invoice format. It provides you with a host of customisation options like adding headers, footers, and lines to invoices. The sales and receivables functions are feature-rich, allowing the user to create orders and invoices without much retyping.

The software also allows you to enter different credit terms for invoices based on your sales and receivables requirements.  It will enable you to perform other tasks like saving sales transactions for recurring use, printing, and emailing sales quotations and invoices.  The user can set credit limits for every customer and also place customer accounts on hold for non-payment of dues or other reasons.

Purchases and Payables 

Purchases are critical financial activities of a business.  You need to maintain an accurate record of purchases and payables for better accounting.  The software gives you a comprehensive view of all purchases and payables, which help you, track your business’s money flow.

The accounting software provides functions to create different credit terms for vendors and track backorder quantity for past purchases. It also allows you to make instant orders for backorder items. When placing an order with a specific vendor, the software populates essential information regarding past orders like rates and quantities.

To sum up, MYOB cloud accounting service enables businesses to record and track every financial activity necessary from a compliance point of view and understand your business’s financial health. The software is useful to small businesses as there are no upfront capital expenditures related to its use.

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