If you are searching for accounting software packages for any business, whether it’s small or medium sized, you have several options to choose from.
MYOB has a significant market share in the Australian, New Zealand and United Kingdom markets and now has moved into the United States also. MYOB has several products available to accommodate the size and requirements of your business enterprise. The more well known product lines include:
o Business Basics
o Accounting Plus with Payroll
o Account Edge (for Mac users only)
MYOB Business Basics has been created for businesses that need to record and print sales invoices, keep a separate record of those they sell to and buy from, as well as doing regular bank reconciliations from their bank statements.
MYOB Accounting adds to Business Basics and includes additional features such as recording purchases /creditors together with the associated aging reports, recording inventory as either stock or as a purchase to on sell, being able to link to Microsoft Office products such as Word or Excel, which you can use to send out letters or notices to your debtors or work in excel using the spreadsheet option to change the figures, add formats, etc. MYOB Accounting offers over 100 reports whereas Business Basics only has about 70 reports.
Upgrading from MYOB Accounting brings us to MYOB Accounting Plus. This application introduces the added features of Payroll and Time Billing. Payroll obviously is designed for businesses that have employees and wish to be compliant with salary and wages legislation while Time Billing allows service (as opposed to product) oriented business to keep track of time spent on jobs or projects. This could include professions such as lawyers, consultants, accountants but can just as easily cater for trade service industries such as electricians, motor mechanics etc. There are over 140 reports that come with MYOB Accounting Plus.
Moving up again, we come to MYOB Premier. This program has everything that MYOB Accounting Plus offers but with even more features such as the capability to use multiple currencies. This is particularly useful if your business is involved in importing or exporting and consequently, holds foreign currency accounts. MYOB Premier converts foreign currency into your local currency for accounting purposes. But MYOB Premier’s most notable feature is that it allows multiple users to simultaneously access the program data file at any given time. This version of MYOB includes more than 165 Reports.
Payroll can be purchased as a standalone package if you chose to use another accounting software package but still need to keep comprehensive records of employee entitlements and also produce appropriate reports, payslips and annual PAYG summaries.
Account Edge for Mac only is the equivalent of MYOB Premier and includes all of the same features except Payroll.
Before you decide what product is the best match for your business, you should make a list of what features you need. Once you’ve done that, you can then go to the MYOB website and download the appropriate product. MYOB offers a free trial period to give you time to assess whether it suits your needs.
Need MYOB Training? Call us on 0435 990 480 anytime for more information about our competitive rates.
Don’t wait until it’s too late. We would love to hear from you at any time.
MYOB Training Adelaide
P O Box 255
RUNDLE MALL SA 5000
Phone: 0435 990 480 (all hours)
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