GOTW | MYOB Essentials: Review
"The new and improved MYOB"
You may have noticed that MYOB have really amped up their marketing and released the new and improved MYOB logo. MYOB have recently re-branded themselves to give them an updated and fresh look in the market.
Part of the new and improved MYOB is Essentials Accounting. This is an updated and rebranded version of MYOB LiveAccounts or MYOB AccountRight Live as you may know it. There are many different pricing structures and models that make up the Essentials Accounting range.
MYOB Essentials is a cloud based accounting software, it eliminates the need to download software onto your computer like you do for MYOB AccountRight. Good news for our apple users, this now means you can use MYOB! The advantage of a cloud based program is that is can be accessed anywhere, anytime, on any device that has an internet connection. All of your information is updated in real time and is automatically backed up and saved in the cloud. Another big advantage is that your accountant or bookkeeper can log into your Essentials account at any time and as your information is live and up to date, they can provide you with any support, advice or reports as and when required.
Key Features
MYOB have done well by focusing on making the software easy to use from a business owner point of view rather than navigating a system that has been designed for accountants. It avoids technical terms such as debtors and creditors and instead use simple words such as “Money in” and “Money out”.
The whole system is easy and simple to navigate, a few simple mouse clicks allows you to complete everyday tasks quick and easy. Creating an invoice or a bill is as simple as opening the Sales menu and choosing Create Invoice.
The InTray is another great time saving feature, where it allows you to saved scanned documents into Essentials. The InTray eliminates the need to keep all of that paperwork. It saves a copy of those bills against the associated transaction in the cloud forever. Better still, depending on the quality of the scanned document, MYOB will scan the document and take out key data such as supplier name, invoice date, invoice amount, etc, and use this information to automatically create a bill for you.
There are a whole range of reports that are easy to generate and review. The latest time saving feature is the ability to lodge GST reports straight to Inland Revenue using a secure portal.
Some of the Essentials range includes payroll, one of the features that seems to fly under the radar is the FREE service called PayAgent. This service does the hard work for you. PayAgent will take care of paying wages, PAYE deductions and IRD reporting. This means more time you can spend on your business. All you need to do is complete your pay runs in Essentials as usual and when you're done, authorise MYOB to process pay and deduct wages and tax. MYOB will debit the gross pay from your bank account and credit your employees with their net pay. MYOB hold onto the tax amounts until it is due to be paid to the IRD. They will take care of filing the PAYE return and making the tax payment. To sign up for this fantastic service, all you need to do is complete your pay runs in Essentials and complete plus sign a form! This is a point of difference for MYOB compared to other payroll companies, where there is no additional service fee for a massive time saving advantage.
MYOB BankFeeds
All of the packages include MYOB Bank Feeds. MYOB BankFeeds lead the industry in quality, coverage and security. These bank feeds allow you to automatically import your bank transactions into MYOB Essentials, securely and directly from your bank. Say good bye to manually entering all of your bank transactions, you don’t even have to push a button, every time your log into your MYOB Essentials account your bank transactions will be there waiting for you. You will only have to enter your invoices and bills saving you a whole lot of time.
Click here to find out which bank accounts are supported.
Connected Ledger
This is a simple cashbook that is ideal for clients that are saving their receipts in a shoebox and/or using an Excel spreadsheet to keep track of income and expenses.
- Automatic bank feeds
- GST reporting
- Automatic tax updates
- BAS reporting
Accounting Starter
This is a great place for new businesses to start.
- Automatic bank feeds
- GST reporting
- Automatic tax updates
- BAS reporting
- Budgeting
- Payroll for one person
- 5 invoices per month
- 5 bills per month
- InTray
Accounting
This is the next step up from Accounting Starter and allows unlimited invoices and bills. This is for sole traders and hands on small businesses.
- Automatic bank feeds
- GST reporting
- Automatic tax updates
- BAS reporting
- Budgeting
- Payroll for one person
- Unlimited invoices
- Unlimited bills
- InTray
Accounting Payroll
This is for businesses that have multiple employees. This plan allows unlimited payroll.
- Automatic bank feeds
- GST reporting
- Automatic tax updates
- BAS reporting
- Budgeting
- Unlimited payroll
- Unlimited invoices
- Unlimited bills
- InTray
For a free demonstration, more information, pricing, or to sign up to a free trial today…..
Please contact our in-house guru, Kate
http://www.bwr.co.nz/contact-us#itdept
06 873 8037
