MYOB has a renowned name for accounting software in the Australian
marketplace. MYOB has a reputation for making bookkeeping work for small
and medium enterprises as simple and easy as possible. MYOB Live
Accounts (see more here)
a relatively new product from MYOB seeks to simplify bookkeeping
processes further than their products do currently as it faces some
serious competition from Xero, Saasu and Quickbooks Online who all have
online product offerings. MYOB Live Accounts does not yet offer all the
same functionality that is available from MYOB’s desktop range of
products Accountright and Accountedge but is continually being improved
as new updates are rolled out.
MYOB Live Accounts is capable of assisting most small
and medium company businesses in the course of their daily business
management. Doing the accounts, banking, and payroll in a more efficient
and practical manner than other alternatives. Let’s now take a look in
detail at some of the features which MYOB Live Accounts currently does
offer.
Help Centre: The Help center enables
MYOB users to get started with their new accounting file by assisting
in creating an invoice, entering an expense, adding a new contact, and
setting up a new bank account and linking the account to your bank in
order to facilitate automatic bank feeds.
Invoices: The invoices page allows
users to create, edit and delete customer invoices. Payments made by
customers are also processed on this page, as well as creating and
returning credits, viewing the progress on sales, and the printing or
sending of invoices to customers. The ability to customize invoices as
required is also made possible from here.
Expenses: From the expenses page, a
user can view, create, edit and delete expenses as required. Users can
also process purchases to be accounted for and paid at a later date plus
set up items that your company buys or leases. Users need to be careful
as to the tax code they use when applying it against a purchase or
expense as this will determine how MYOB will report the expense for BAS
purposes.
Contacts: From the contacts menu users are
able to add a contact as a customer or supplier. By doing this a user
can store and view information about each contact, and track each
contacts previous transactions. The type of information that can be
stored for an individual contact include details such as email,
telephone, fax and address. The current status of each contact is also
shown in the format of a list.
Banking: From this option a user can
view the history of account transactions for any given bank account
where the transactions have been reconciled. For the ease of use and
convenience of users MYOB Live Accounts can connect to your bank and
download transactions automatically or alternatively if you are not
comfortable with this for security reasons users can download a
transactions listing from their bank account in a compatible format
generally .csv and upoad the file into MYOB Live Accounts. Users can
also set up bank rules to enable bank reconciliations to be completed
more quickly, this works where periodical transactions occur MYOB will
then treat the transactions as written in the rules you create
automatically.
Reports: MYOB Live Accounts has some
useful reporting capabilities including business performance reports
like a Profit & Loss and Balance Sheet, Sales reports and Expense
reports. These reports can be created at any point in time to give users
up to date information for their business. MYOB also provides all the
relevant payroll reports in order to successfully manage employees and
an employer’s end of year obligations. Reports can be printed or saved
in a .pdf or .csv type format.
Payroll: The payroll features in
MYOB Live Accounts enable users to satisfactorily manage and track all
ongoing employer obligations. The payroll screen can be used to set up
new employees, make payments and track entitlements as required for
employees. MYOB Live Accounts enables users to create a pay run and will
calculate the tax to be withheld, superannuation to be paid and
entitlements accrued for the pay period for each employee. Provisions
have also been made by MYOB for the end of year processing of Payment
Summaries or Group Certificates as they are also known.
Conclusion: MYOB Live Accounts is an efficient, time
saving accounting software system that will save users time and money as
the subscription price is an attractive selling point for the program.
However, our opinion at Darcy Bookkeeping & Business Services is
that the product is still a work in progress and lacks some great
features offered by some of its product rivals. You can find more
information here for MYOB Live Accounts or if you require MYOB Live Accounts bookkeeping assistance click on the link.