Archive for the ‘MYOB Software’ Category.

To Upgrade or Not to Upgrade my MYOB Software

The most oblivious from the MYOB software provider is of course you must upgrade! That is how they make their money.

But really, why would you?

  • If you have staff and use the payroll functions - you should upgrade to allow you to have the latest tax rates.
  • This year the Australian Taxation Office made changes to the legislation on Superannuation and Salary Sacrifice which affects the automatic payment summaries provided by the software.
  • Shortcut features are usually added to each new upgrade and this makes the software easier and faster to use.
  • MYOB only supports the last three versions of the software.
  • Business out grows usefulness of earlier versions.
  • Accountants like to see the latest version and may be unable to open data from older versions.
  • Add-on Solutions to the latest versions may be upgraded.
  • MYOB Upgrades can open older version data files.
  • MYOB Upgrades are cheaper than purchasing full version software.

Do I need to upgrade my MYOB?

  • Not if you are happy with the information provided by your current version of MYOB.
  • Not if you have a small payroll and do not mind having to change the PAYG tax manually.
  • Not if you do not have any staff on salary sacrifice to superannuation.
  • Not if you do not mind having to hand write your payment summaries at the end of year.
  • Not if your add-on software solutions have not upgraded their software.
  • Not if your accountant can still access your data file.
  • Not if you do not require MYOB support from MYOB.
  • Not if you use a MYOB certified consultant who knows the earlier versions.
  • Not if your business has not outgrown the software usefulness.

In the end it comes down to personal preferences and business needs.  Bear in mind though, that it may cost you business more than money if you do not upgrade your MYOB Software.  If your hardware dies and you have lost your old disks and software keys you may end up having to purchase more than just a hard drive not to mention the time it takes to regain your footing and return everything to its original position.

Sometimes we have to spend a little to gain a lot in the cut throat business world and not keeping up to date with the latest products and services can cost you more. To get MYOB training in Melbourne contact us.

To Upgrade or not to upgrade my MYOB software….that is the question!

The most oblivious from the MYOB software provider is of course you must upgrade! That is how they make their money.

But really, why would you?

  • If you have staff and use the payroll functions - you should upgrade to allow you to have the latest tax rates.
  • This year the Australian Taxation Office made changes to the legislation on Superannuation and Salary Sacrifice which affects the automatic payment summaries provided by the software.
  • Shortcut features are usually added to each new upgrade and this makes the software easier and faster to use.
  • MYOB only supports the last three versions of the software.
  • Business out grows usefulness of earlier versions.
  • Accountants like to see the latest version and may be unable to open data from older versions.
  • Add-on Solutions to the latest versions may be upgraded.
  • MYOB Upgrades can open older version data files.
  • MYOB Upgrades are cheaper than purchasing full version software.

Do I need to upgrade my MYOB?

  • Not if you are happy with the information provided by your current version of MYOB.
  • Not if you have a small payroll and do not mind having to change the PAYG tax manually.
  • Not if you do not have any staff on salary sacrifice to superannuation.
  • Not if you do not mind having to hand write your payment summaries at the end of year.
  • Not if your add-on software solutions have not upgraded their software.
  • Not if your accountant can still access your data file.
  • Not if you do not require MYOB support from MYOB.
  • Not if you use a MYOB certified consultant who knows the earlier versions.
  • Not if your business has not outgrown the software usefulness.

In the end it comes down to personal preferences and business needs.  Bear in mind though, that it may cost you business more than money if you do not upgrade your MYOB Software.  If your hardware dies and you have lost your old disks and software keys you may end up having to purchase more than just a hard drive not to mention the time it takes to regain your footing and return everything to its original position.

Sometimes we have to spend a little to gain a lot in the cut throat business world and not keeping up to date with the latest products and services can cost you more. To get MYOB courses in Melbourne contact us.

Why would you backup MYOB data?

I get asked a lot about backing up MYOB files, when, where & how.  I must say that I always tell my clients (and their staff) or students that it is critical that you backup every time you enter data.

Why, you ask?

Because MYOB like any other data, software or hardware can be prone to failure.  Now it may not be the MYOB software itself, but a virus or other outside influence, such as power outage, could attach itself to the MYOB data and corrupt it.

Many people do not service their PC’s like they should (you wouldn’t treat your car like that) and any hardware failure could make it impossible to retrieve the data.  Where are you then?, stuck on the highway with no RACV, because you did not keep an up to date backup copy of your MYOB data. This could be extremely time consuming and expensive with re-entering all that data over again!

If you do make backup copies of your data, do not leave them on your PC or in the same place as your PC.

Why you ask?

Because, if they are on your PC and it is stolen, not only is your PC gone but so is your data. If your Office or Home has a fire, it also burns up your back copies, so you must take your backups off site and away from your PC for storage.

Critical Backups.

You should also take end of financial year and end of payroll year MYOB data backups separately. This is because MYOB discards some information from the previous year’s work so that the data file does not become too large.

Mark these backup data files accordingly in case for any reason you need to restore the data to look at discarded information such as payroll data.

These ends of year data backups should definitely be kept securely as they are your financial records for that year and as such should be kept for a minimum of five to seven years under current law.

MYOB Add-On’s

What do you do if none of the MYOB software packages really cover all the requirements of your business? Looking to customise your software program to meet your exact needs?

MYOB’s Ad-on packages could be the solution to your problems:

MYOB AssetManager Pro

This software package handles a variety of difficult and time consuming transactions including write-off’s, revaluations and asset pooling with simplicity and ease - leaving you with peace of mind! AssetManager Pro allows for plenty of room for recording and tracking your asset details including serial numbers, warranty information and service history (no more hunting around for misplaced paperwork!). AssetManger Pro’s key features, in addition to those mentioned above, include:

  • Tracking assets by location
  • Assigning assets to groups
  • Splitting assets into components
  • Saving images of your assets
  • Generating, assigning and printing of barcodes for each of your assets

AssetManager Pro is ideal for businesses who depreciate their assets and/or have assets in multiple locations.

MYOB RetailBasics

MYOB RetailBasics is simply a Point of Sale solution for Retail businesses. It provides you with accurate information about the performance of your business, including but not limited to:

  • What is selling (including when and in what volume)
  • Discounts and refunds issued
  • GST collected
  • Individual staff selling volumes

RetailBasics also allows you to keep track of customer lay by’s and of your stock items by allowing you to insert pictures and create barcodes.

MYOB RetailBasics is compatible with most POS hardware, including barcode scanners, cash drawers and docket printers.

MYOB RetailReady

MYOB RetailReady is a software/hardware package that includes:

  • MYOB RetailBasics software
  • An Electronic cash drawer
  • A USB Docket printer and
  • A USB Barcode scanner

This ready-combined package is ideal for those starting a new business or updating an old system - everything you need combined in one!

MYOB RetailManager

MYOB RetailManager is designed to take some of the pressure out of running a retail business. If you find yourself juggling stock management, customer service and sales, staff issues and more, MYOB RetailManager may be the solution for you. By taking into account many retail businesses key procedures, RetailManager makes it simple to:

  • Process sales, including lay bys and accounts
  • Manage stock
  • Recognize where the money is coming in
  • Manage pricing
  • Calculate your GST

This software also handles discounts, vouchers, returns and credit notes. You can record sales using multiple payment types (i.e. taking part payment in cash and the remainder on Eftpos). As well as being able to print barcodes for your stock items, you can print barcodes for your customers - allowing you to create membership cards. Having a Sale or Promotion? Simply enter your start and end dates and RetailManager will adjust sale pricing automatically.

For a complete retail resolution - you can’t go past MYOB RetailManager.

MYOB RetailHospitality

MYOB RetailHospitality is designed specifically for restaurants, cafes, bars and other food outlets. It is an easy application that works with MYOB RetailManager’s business reporting tools. RetailHospitality’s many features include:

  • Touch screen Interface
  • Fast and efficient sales processing
  • Ability to track and view orders, track table numbers and even transfer and merge tables
  • Multiple docket printing, allowing orders to be sent directly to the kitchen
  • Grouping of products into categories, for easy identification
  • Ability to customise color schemes and include photos
  • Adjustable security measures for different staff members

MYOB PowerPay

MYOB PowerPay is generally used as a stand-alone payroll product, assisting in the preparation and processing of payroll as well as the tracking and calculation PAYG tax, payroll tax, superannuation and other employee entitlements. MYOB PowerPay is ideally suited for large organizations with high staffing levels.

Which MYOB for me?

MYOB is a software program created for the purpose of business management. It is various features allow for the management of company accounts, purchases and sales, the monitoring of debtors, creditors and inventory, payroll and the fulfillment of BAS and GST obligations.

But which software package will work best for you?

MYOB BusinessBasics & FirstEdge

Very basic accounting systems, both BusinessBasics (PC) and FirstEdge (Mac) are ideally suited for small service businesses with no employees. These software packages have limited features, but are very simple and easy to use. If all you need to do is invoice your customers, enter your bills and reconcile the bank then this may well be the choice for you.

MYOB Accounting

MYOB accounting is the next step up from BusinessBasics and FirstEdge. This software caters for pretty much everything a small business needs. Its updated features include the inventory function (allowing manufactures, retailers and wholesalers to jump aboard), more advanced reporting, access to M-Powered services (electronic payments) and links to Microsoft Word and Excel.

MYOB Accounting Plus

MYOB Accounting Plus has everything that MYOB Accounting has, but also includes the Payroll and Time Billing features. Having access to the payroll feature is worthwhile for business with 5 or more employees, simply because it saves so much time. The Time Billing feature allows you to keep track of time taken to complete jobs and activities, including monitoring costs and charges so you can accurately invoice your customers and ensure you get paid properly for your time.

MYOB Premier and MYOB AccountEdge

MYOB Premier (PC) and AccountEdge (Mac) include all the features you see in BusinessBasics, FirstEdge, Accounting and AccountingPlus but with one big difference - they are multi-user, meaning that more than one person can log onto Premier or AccountEdge at the same time, allowing employees to work concurrently on the accounts. The inventory features within Premier and FirstEdge are more advanced, allowing for multiple pricing and pictures of stock items. They also include multi-currency reporting making this choice ideal for importers and exporters.