Which version of MYOB best suits my businesses bookkeeping requirements?

With so many different versions of MYOB available it can be confusing trying to select which version is best suited for your businesses bookkeeping needs. The MYOB website can be overwhelming when trying to differentiate the main points of difference between the different versions.

We find that most of our SME clients are suited to one of the four main MYOB Products and have summarised the type of company which is best suited to each:

    1. Basic Bookkeeping

      (SME with Turnover of < $1M and no employees)- MYOB Accounting This product has all the features required of a bookkeeping system for an SME that has no employees. Features of MYOB Accounting include:

      Accounts Payable and Purchase Order management
      Accounts Receivable and quotes management
      Inventory management
      Cashflow and Profit & Loss Reporting
      Reporting by Profit Centre

    2. Intermediate Bookkeeping

      (SME with turnover of <$2M and employees)- MYOB Accounting Plus v 16This product has all of the abovementioned features in addition to a powerful payroll module which handles all superannuation and PAYG obligations. The payroll module allows you enter employees details in the form of a timesheet which can be imported from excel or entered directly. It can also handle salary sacrifice arrangements that may have been agreed with the employee.

    3. Advanced Bookkeeping

      (SME with turnover of $2M+)- MYOB Premier v10MYOB Premier contains all of the abovementioned features in addition to multicurrency accounting and also allows multiple concurrent users. The multicurrency feature is a must for importers and exporters.

    4. Advanced Bookkeeping with remote access

      (SME with turnover of $2M+)- MYOB Enterprise v4MYOB Enterprise is ideal for businesses requiring remote access. Your computer network must be set up with Windows Terminal Services. This means all of your software is installed on a server and the server does all of the work, allowing you to get many more years use out of your old computers.

If you have any enquiries about which is the best level of software to handle your bookkeeping requirements, please contact us at Books Onsite and we’ll be happy to assist you in your decision.

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Payroll Tax Comparison between Sydney, Brisbane & Melbourne

The introduction of the GST was meant to lead to a reduction in other types of state and federal taxes. Unfortunately, state governments have taken the windfall from the GST without passing the resulting surplus on to taxpayers. One of the worst taxes in Australia is the Payroll Tax as it actually penalises companies for employing more people when they should actually be rewarded for doing so. Some state Governments are beginning to recognise this and are starting to reduce Payroll Tax rates and thresholds as an incentive to attract business to their state. Here are comparisons of rates and thresholds for Sydney, Brisbane and Melbourne as at 1 July, 2011:

 

City   ThresholdRate
Sydney$678,0005.45%
Brisbane$1,000,0004.75%
Melbourne$550,0004.9%
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Obtaining Finance as an SME

With interest rates at historical lows for the past few years and fierce competition amongst lenders, securing finance has never been easier…. if you know how.

Once you’ve chosen your source of finance, you’ll need to convince the lender that your business is a low risk for them.  To  do this you must be able to explain your business model and represent it’s strengths professionally in the form of a business plan.

  • The Presentation

    You should provide a background of both your business and your personal experience and qualifications. Then give your view on the direction of your business and the industry you operate in. Be prepared to discuss the following points:
    – The level of funding you require and how long you will need it for.
    – What additional revenue will be generated by the loan.
    – What risks are there and how you will mitigate them.

  • Documentation

    You will need to provide current financial statements. If they are older than 3 months an interim set of financials signed off by a CPA can be helpful. Reports from a well recognised accounting system such as MYOB and prepared by a professional bookkeeper will give the lender greater confidence in the accuracy of the accounts.
    You will also need to present a business plan which outlines the core aspects of your business and its future plans.

  • Business Plan

    Provide a brief overview of you business, including: name, address, owners, nature, history, structure, related companies, number of employees and current business assets.
    -Profile the business owners and management, including their education, experience skills and professional achievements. Outlining your business knowledge base and industry experience will help establish your business as a low risk customer.
    -Discuss your customers and how your product or service meets a market need and your companies “points of difference.”
    -Outline details of how you will use the funding, how much you need and how long you will need it for.
    -You should use the past 3 years as a template to project the next 3 years goals for sales, income, business operations, marketing strategies and cashflow projections.  Your projections should obviously show that you will comfortably repay the loan.
    -Detail any collateral you are willing to pledge as security
    -Identify the risks- lenders like to know you have considered all possible risks and have contingency plans in place to deal with them.
    -Provide copies of any printed brochures or articles that may enhance your companies profile and perceived professionalism.

Be confident, prepared and share your enthusiasm about the future of your business with the lender. Your attitude, approach and commitment to the long-term business goals of your company will help establish you as a sought after customer.

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Industry Guides for Bookkeeping

An efficient bookkeeping system should be customised to individual clients needs. At Books Onsite we get to know your company as well as you do so that we can setup the most efficient and effective system for your company.

This involves not only getting to know your business but also your key management staff who rely on accurate and timely information from the accounting system to ensure your business is maximising it’s profit opportunities.

An important part of this process is to document how we will manage your accounts in the form of a manual. At Books Onsite we customise an Accounts Procedure Manual to suit your operations and your industry.

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Onsite v Offsite Bookkeeping

“Bookkeeping” is a broad term that can be used to describe any of the number of different levels of skill required to provide a business owner accurate information about the accounts of their company. Bookkeeping tasks can range from basic data entry of creditors invoices through to providing detailed monthly reports to analyse profitability, budgets and cashflow.

The level of service you can expect from your bookkeeper depends on the level of skill of the bookkeeper you appoint to look after your accounts. At Books Onsite we provide a premium bookkeeping service which encompasses all levels of the bookkeeping function right through to management accounting reports to enable you to analyse your companies profitability. We believe the only way that this level of service can be provided is by us coming to your site on a regular weekly basis.

Here are some of the reasons we believe an onsite service enables us to provide a superior bookkeeping function:

  • Relationship Building

    We come to your premises. This means we get to know you, your business and your staff. This enables us to sit down with you and understand what information and in which format is most important for you to assist you in analysing your business performance.

  • Security

    All files are kept on your premises. There is no time wasted sending files back and forth from your office to ours. This also provides better security for your source documents and your data files.

  • Dedicated bookkeeper

    One bookkeeper is allocated to you to look after all of your bookkeeping functions. If this work is done offsite, the work is usually shared around by various people (some not necessarily located in Australia).

  • Regular Service

    We will establish a regular day or days each week that suits you. This way, all of your staff, clients and suppliers know that any accounts enquiries can be followed up on a particular day each week.

  • Comprehensive Analysis

    We can sit down with you to review monthly financial reports such as profit & loss, balance sheets, cashflow and actual v budget comparisons. If there are any amendments required we can update your accounts immediately and re-run the reports.

  • Accountability

    There is more accountability in an onsite service as you know exactly how many hours we are working each week.

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