How does an MYOB accounting system work?

MYOB accounting system
MYOB can help you stop wading through piles of paperwork. Photo: Elnur, Bigstock

An MYOB accounting system (which stands for “Mind Your Own Business”) essentially condenses all of your stock, staff, point of sale and payment management into one program that lets you get an overview of the entirety of your business. It is incredibly useful software for managers, no matter how large or small the business is.

The program integrates the different areas of your business to make overall management, and accounting in particular, much easier. While it is still important for a business of any size to be regularly audited by a professional accountant, installing an MYOB accounting system means that a small to medium sized business can get away with not employing an accounting division full time.

Examples of how an MYOB accounting system can work

Say you run a pub. You need to organise regular deliveries and storage of the ingredients for the food you serve, along with beer, wine, spirits, soft drinks and ingredients for the various cocktails you offer.

You also need to keep track of where all of your furniture is (particularly if you have the occasional live band and so have a portable stage), what you are selling, the money coming in, your staffing roster, the penalty rates you need to pay and the hours actually worked. All of this can be recorded in one place (with updates occurring at the point of sale) with an MYOB accounting system.

You can check what supplies you have on the premises, and whether it will be enough for the day. You can order fresh food and drink from your suppliers and ensure you have enough staff rostered on for the day. You can also see how long you’ve had each food item for, and throw it out if it might be going off.

A shop will have less things to worry about, but will still need to keep track of stock, sales and staff. Again, these can be checked easily with the most up to date information through an MYOB accounting system. Delivery orders can also be made for any items which are fast selling or running low.

Services such as law firms only really need to keep track of staff, hours and payments. It is important that payments are being made in a timely manner and hours are accurate, however, as people are billed based on the time spent on their case. Once again, an MYOB accounting system will help.

The software makes managing any business easier than relying on paperwork and memory – or even using a number of different programs to record things. It will also provide you with a data analytics solution.

What else does it do?

You can also get a snapshot of your overall business position and trends through an MYOB accounting system. You can generate reports that compile all of the data entered into the software and interpret it for you. For example you will be able to see which periods of the year see increased sales, and can look for patterns in revenue.

You will be able to find inefficiencies in your business more easily. If a hospitality venue is routinely ordering more fresh food than they need, lots will be thrown out and money is wasted. This will become obvious when your program compares the deliveries to sales and wastage, and you will be able to order in less fresh food.

Additionally, you will be able to see hard data generated by your MYOB accounting system that shows you how many sales are made at different times of the day, and when different staff members are on. This will allow to roster your staff on more efficiently, and over time you will gain a better idea of who is a high performer (and should be given more work and responsibility) and who is not pulling their weight.

An MYOB accounting system is a huge asset to your business. Not only does it make balancing the books far easier, but you are able to keep track of all elements of your business – easily. You can also generate complex data that allow you to make better informed business decisions – and you can even get your MYOB accounting system to upload data to the cloud!