MYOB Training – Classroom vs Online

What a decision! How do you choose whether to enter the classroom physically or spiritually?

Some of us have not been to class of any kind since we left school behind those many moons ago. It can be a daunting experience heading back into the classroom for some and for some it’s just a matter of time constraint.

Ok, so down to the pros and cons!

MYOB classroom training is usually accessed by adults wanting further education and therefore there should be none of that old feeling of teacher/student hierarchy.  MYOB Instructors are just that, instructors or trainers, and it is their job to get you through the course without making you feel that you are back in that old style school where you were not an equal.  Trainees, as we call our students, are seen as people looking to further their education and therefore want to be learning.  This always makes everyone’s job easier.

MYOB training in a classroom atmosphere can be extremely rewarding and fun. You have others that you can share the experience with, learn about more than just MYOB, network with others in diverse business situations, and hear different scenarios from the other trainees on their business practices.  All of these things are extremely educational for your own business and all you had to do was attend a MYOB classroom training session.

MYOB classroom training is usually done in day blocks over a short period of time, for example 2 full days or 4 nights. So if time is of the essence, this should be one of your considerations.

Now, to MYOB Online training.

Online training can be a cheaper experience than classroom training, but not always so. There are no rooms, computers or trainers to be paid for and therefore the costs to the Training Company should be minimal.  So do your research before you commit to either scenario.

You can work at your own pace with online MYOB training, (which is fine if you are not like me and leave everything until the final deadline!) and at your own time to complete your course. So if you are a night owl there is no problem with accessing training at 2 o’clock in the morning although there could be problems accessing help at that time.

Work is submitted and assessed usually through an online portal, where you can also chat to others on the forum if help is needed. Getting visual/written help should be one of the keys to look for when you are assessing what type of course would suit yourself.

You do study with some anonymity which for some people is a bonus and others it’s a pitfall.

In summary, I suppose it all comes down to the trainee; give me 2 years to finish a course and no supervision and that’s how long I will take, or put me in a classroom and give me a timeframe and I’ll get the job done.

why should business owners understand MYOB?

In the very busy world of running your own business it seems that you are now also expected to be the bookkeeper as well.  Sometimes we have no choice especially when we first start out, but a wise man once said “In the business world, everyone is paid in two coins:  cash and experience.  Take the experience first; the cash will come later.  ~Harold Geneen”.

With this in mind, why would you choose not to at least understand MYOB, or any other software package you choose to keep track of your business financials? As a small business owner myself, with a young family, I understand the pressures of just getting through the day to day work load without having to extend myself to extra training. I had to learn to use the computer, the internet, email, so having to learn the MYOB software was just daunting. But I have seen the need, done the MYOB training, and am reaping the rewards through being able to see the trees before the forest.

Why start a business in the first place?

I could have quite easily gone out to work for someone else and at the end of the day, left my troubles behind and headed home with money in my pocket.

I wanted the challenge and I had something I knew I could sell. Is that enough though? No, all business owners need to take responsibility for their business and there are so many responsibilities that we need to undertake.  Customers, Suppliers, Employees, Taxation, GST, Government Legislation, Work cover, Licenses, Equipment, Leases, Loans and the list goes on.

Having said that, why do we always seem to leave the financials of running a business to last? It’s really the most important part and getting to understand the financial side should be a first priority.  So many people say to me I have an accountant to do that stuff, but they only see him once a year if lucky, or they have a bookkeeper to do all the data entry and trust that that person is doing the right thing. I have had clients over the years (who because they didn’t know how to use their own software) have lost their businesses due to misappropriated funds by the bookkeeper. Not that I am saying all bookkeepers are dodgy, by all means they can be a massive asset to the business, it’s just that you as the owner are taking the risk and therefore should be educated.

I say get some MYOB training, even if it’s just the basic understanding of being able to read the reports generated by the software. You will find that the time spent in learning your MYOB software will repay you many times over and your business will benefit from your training and skills.

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.

Why I should learn MYOB?

Business owners by law have to take responsibility for the tax implications of their business.  One way that can help the business owner is to have at least an understanding of the program running their business.  We all know that being uninformed is not an acceptable excuse in the business world.

MYOB software is an easy to use and navigate program once you have learned the basics.

MYOB training for beginners is a great place to start.  In the MYOB short course for beginners you will learn how to enter simple transactions, the importance of reconciliations and manoeuvring through the required reports for the day to day running of your business.

Double entry bookkeeping used to be a scary notion, but with MYOB training we can show you that one transaction can do the job, which accounts if affects and why. Someone famous once said “education can set you free”, and with an MYOB short course for beginners you will be well on your way.

A MYOB short course for beginners will take only a small amount of time away from your core business but will enhance your knowledge to allow you the scope to build a better business management style.

Even if you do not have the time to enter the transactions yourself, you should as a responsible business owner, at least be able to understand and check the reports, after all you are the one signing off on the documents to the tax office that all is true and correct.

Many business owners use a bookkeeper to control the day to day financial data entry of their business, but how do you know that the bookkeeper is doing it correctly or accurately? With your own MYOB training you will at least be able to check from time to time and satisfy yourself that the job is being done properly.

MYOB short courses for beginners are designed for the true beginner who has absolutely no idea of where to start and they are fun!

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.