Review: MYOB Cloud Accounting Software
Cloud-based accounting systems are paving the way for greater efficiency in your organisation. Instead of purchasing expensive, high-maintenance IT infrastructure, organisations access their accounting software via the internet, for a fixed monthly fee. This allows them to offload IT hassles and concentrate their financial and operational resources on their core business.
Twelve percent of Australian small businesses have made the leap to cloud accounting software. These organisations have a clear advantage over those still muddling through reams of paperwork.
What is MYOB?
MYOB’s cloud offering is currently used by over one million small businesses in Australia and New Zealand. This accounting software helps organisations efficiently manage cash flow, payroll and day-to-day bookwork.
MYOB’s cloud accounting system can dramatically reduce time wasted on manual processes, which cause bottlenecking and inaccuracies. Organisations using MYOB end up saving a great deal of time and money, especially since there’s no need for upfront capital expenditure on computing resources.
What are the benefits of MYOB?
Anytime, anywhere access
Cloud accounting gives employees the ability to work on organisational content from anywhere, using any device. This eliminates productivity roadblocks when traveling, while onsite with a client or at home.
In a study of 1000 companies, MYOB found the most popular reasons for adopting cloud computing were being able to access data from any location (42%), followed by remote working capability (28%).
Tim Reed, CEO of MYOB, says “Cloud usage can provide a serious competitive advantage. Increasingly, businesses have teams on the road, in the office and working at home. The power of the cloud provides the freedom to work anywhere at any time, to be with your customers, partners and suppliers while still enjoying a connection to the office.”
Anytime, anywhere access can extend a workforce’s productivity remarkably, reducing employee stress and strengthening an organisation.
Greater speed of input
Manual accounting systems can be painfully slow. MYOB has the ability to automate many manual accounting processes that waste valuable time and money.
Oftentimes, manual accounting systems require multiple entries of the same information. MYOB syncs information and reduces time-consuming processes by automating credit notes, purchase orders, payroll and more.
In addition, business analysis becomes painless. Reports – including Statement of Cash flows, Profit and Loss statements and more – are seamlessly produced to assist with managing, monitoring and controlling the business. Instead of waiting for different teams to collect and collate information, users generate extensive reports with a few clicks of the mouse.
This allows organisations to predict events like cash flow problems or periods of growth, helping them plan for the future with confidence.
Accurate data is essential for effective financial management. Organisations relying on manual accounting systems are burdened by the possibility of human error and the likelihood of working off outdated information.
MYOB automates these manual processes, reducing the room for human error. Furthermore, there are built in controls designed to detect and remove duplicate entries and redundancy errors.
Additionally, MYOB ensures content updates occur in real time, so employees are always working with the latest information. For example, updated accounting records are instantly reflected in account balances in customer accounts.
This enables accurate representations of the organisations financial position at all times, helping to achieve genuine financial stability and security.
Hardware, operating systems and accounting fees can quickly exhaust a solid budget. MYOB’s cloud offering reduces financial and operational expenditure.
When organisations use MYOB’s cloud offering, instead of needing upfront capital, organisations pay a monthly fee. This eliminates the ongoing costs of maintenance, updates, and backups. Additionally, server failures, hardware upgrades and other technical issues are no longer the company’s problem. According to CCH, 32% of Australian SMEs turn to cloud computing to avoid paying for infrastructure.
Cloud Accounting Australia found businesses reviewed could save up $125 billion a year if they shifted to cloud computing. Michael Kuster, CEO of Cloud Accounting Australia, says “Cloud software is an opportunity for small and medium businesses to use state-of-the-art technology with very low operating costs. Over the next few years, we expect to see a range of businesses reducing their operating costs by moving their bookkeeping, accounts and financial reporting online.”
MYOB provides enterprise-grade tools to not only reduce expenditure on assets, but also operational costs, giving organisations the opportunity to enhance their productivity.
What are the challenges of MYOB?
- A major concern for cloud accounting systems like MYOB is data security, with 46% of Software Advice’s survey respondents stating security is the top concern. This is because online content may be vulnerable to hackers, fraud and other threats. However, MYOB invests heavily in security architecture and design and in implementing industry best practises. Not many organisations can afford this level of security, including secure user access controls and approval processes.
- MYOB is not novice-friendly. An organisation’s workforce must be trained on the software to avoid employees continuing with inefficient manual processes. Many companies aren’t taking advantage of cloud automation, as they’ve gotten used to the limitations of the old solution. Therefore, it’s critical to arrange for staff training. MYOB offers free webinars for MYOB Essentials users.
How do I Implement MYOB?
- An effective implementation of MYOB is a planned process. Establish what outcomes you’d like to achieve from a MYOB migration and communicate these to your assigned Project Manager after you’ve downloaded the free trial.
- MYOB implements the system to your requirements for you, including configuring assignments, templates, security and workflows. System requirements for MYOB Essentials are minimal, including broadband internet, a standard web browser and Adobe Flash Player.
- Arrange office training. MYOB offers day courses and online seminars. These can be expensive, so identify the system admins who’ll have the most interaction with MYOB, have them attend and then they can teach the remaining staff for free. Ensure appropriate channels for support are open. MYOB offers support via phone from 6am to midnight.
MYOB provides a cost-effective solution for organisations wanting to eliminate manual processes and streamline not only their accounting, but develop a strategic approach to the future. Organisations leveraging this technology are given the opportunity to eliminate the inefficiencies holding them back from reaching their true potential.