MYOB for Small Business

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MYOB For Small Business - Latest Tips

Cloud Accounting Vs Shoebox Accounting
It's a very easy process these days. Definitely, there's starter packages in the software that from at the moment, they've got deals on $12 a month. So why would you be on Excel or shoe boxes when you know if you're running a business that's not a significant cashflow, and of course the price goes up as you grow, but least to get you into the system, they have a product called Capture, which is an app on your phone. So instead of holding all those receipts, you can take a photo of the receipt and upload into your software. They've also got associations with, for example, Bunnings Trade, Officeworks, Tradelink. So the dockets, the invoices can be emailed directly to your in tray in MYOB. And then you can attach it to the invoice or you can create a new invoice in the system. And it auto fills as much information a day description into the software, so you don't have to double handle it. And it's great for those bigger businesses where you know those receipts go missing. If you've got staff members, especially tradies. And they get lost in use or disappear. This way, you're getting it directly through the software. So it eliminates those issues with lost receipts and tax invoices.

How much time do you think a business should or would spend for allocations? And how often should they do it?

Well, it depends on the number of transactions through their bank account. There are bank rules. So if you have the same thing coming through each day, like from Shopify and something like that, you can set it up. So they'll automatically code it to fees and you've just going to approve it to reduce time. So look, it really should be I do it daily, minimum or weekly. If you've only got a few transactions through your bank account, you might like to just weekly, but even with a few you know it's on top. If anyone pays you you're applying it against that invoice so at any time you know who owes you money, whereas if you don't do allocations regularly, how do you know it paid the invoice or not? So another key thing people don't understand too. I get this all the time. Why do you ask for bank statements when we have bank feeds coming through into our software? Those bank feeds We need to make sure they reconcile against the actual what's happened through the bank account. Often, not often, but it can happen, there will be duplicate entries or entries going missing through the feeds. So if you don't know, if you don't reconcile it against your actual bank statements, you're working with inaccurate data. So that's at least once a month with for our clients, we like to reconcile it the bank statements with the accounting software to make sure that all the entries in there are accurate. And then you relying on accurate information.