The world of accounts and accounting software has seen exponential growth. The 1990s saw an influx of new accounting solutions and bookkeeping software that took over the clever but tedious manual work of maintaining accounts and cashbooks. The advent of MYOB accounting software revolutionised the process of account keeping, especially in small businesses. This has led to the growth of Australian accounting firms, which value at over $20 billion AUD and provide accounting services including auditing, accounting, bookkeeping, tax services and advisory, locally, nationally and worldwide. 

What Is MYOB Accounting Software?  

MYOB accounting software helps companies keep track of their inventory, tax and other services. It is completely integrated with purchase features and sales to ensure that the stock listing is accurate and up-to-date. The MYOB software helps keep track of the goods that the company purchases and sells. It helps manage the interactions and the contact information. It also helps record the purchases and control the payables.

Offline to Online Transition

While most software used in the ’90s was offline-based, the past decade has seen a shift in technology and the way offices work. The last few years have brought the concept of cloud software into the market, which has become the norm in all offices today. MYOB is one of the accounting software that has adapted well with time and technology. The new software options are accessible from any office, present in any part of the world if the computer is connected to the internet. It is also not restricted to Windows OS and is accessible to any computer or laptop with an internet browser. 

Features of MYOB Accounting

MYOB software essentially helps keep track of goods that the company buys and sells. With the help of MYOB, the accounting department and businesses can :

• Record item information in three customised fields
• Get stock at a glance through graphical representations
• Track the average cost and the final cost of all the goods
• Print price lists, labels, and packing slips
• Develop inventory audits and stocktakes
• Provide records of items from over seven years

What Kind of Companies Benefit from MYOB Software? 

MYOB Accounting Software is beneficial for Australian companies that buy and sell products and services in terms of credit. It helps companies that want to track cost-centre, job profitability and stock items required for sale. It also helps companies that import and export items and services. It is also a beneficial tool to handle accounts overseas. Companies with two or more employees working in the accounts department can work seamlessly through the cloud software.

Benefits of MYOB Software

• MYOB is a powerful inventory management system that helps the accounting department see what is in stock as well as its movement and transactions.
• Upgrading one’s accounting software to MYOB enables them to analyse the business in greater detail, access the accounts on the network, handle foreign currency and global transactions.
• The Software helps Australian companies analyse their business in greater detail and produce more accurate data sets over the years.
• They can print various reports required by offices, including the statement of cash flows, general ledger detail, trial balance, balance sheet, profit and loss statement etc.
• Companies can control and review the overall business performance and the performances of particular divisions, offices, departments and stores. They can develop concrete financial statements and other required reports.
• As this is a cloud-based software, the accountants can export reports to Microsoft Excel, email or fax from MYOB software.
• With MYOB, companies can gain insight into the businesses with over 200 charts and reports using comprehensive information obtained from across the industry.
• It also ensures secure data storage through password-protected user profiles and helps control what the users can access and report.