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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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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MYOB Add-on – Money Manager

MYOB and Quickbooks now dominate the SME market for bookkeeping and accounting software in Australia. As a result there is a whole industry of add-on products that enhance the reporting capabilities and functionality of the software.

One of the products that we utilise for many of our clients is Money Manager.

If you use jobs within MYOB to report on the profitability of different profit centres within MYOB, you will find that there are some limitations with setting budgets for these different profit centres. Money Manager overcomes these limitations and allows you to set detailed budgets for all of your profit centres and then consolidate them to form the company budget. It gives you many more options when viewing reports for actuals v budgeted figures.

Money Manager also provides a fantastic cashflow forecasting tool. It integrates with your MYOB data file to combine your actual YTD result with your latest forecast in Money Manager to produce cashflow forecasts years in advance. Not only is this a great management tool but banks love it if you need to apply for finance.

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