| MYOB have several different programs on the market | | | | MYOB Premier also has a slightly more advanced |
| to help businesses with their accounting and GST | | | | inventory module, where you can have price matrixes |
| reporting requirements to suit the various stages of a | | | | for different customers and quantity breaks. Ie you |
| business’s life cycle but which one would suit your | | | | can have a retail price as well as a wholesale price |
| business? | | | | and you can have one price for sales between 1 and |
| MYOB constantly brings out upgrade versions of their | | | | 10 items, and a different price, between 11 and 20 |
| top end products, either to make things easier for the | | | | items. |
| end user or to keep up with the tax office | | | | MYOB products are one of the few accounting |
| requirements, ie updated tax tables for employee | | | | packages that have both a PC and Mac version |
| pays. | | | | available and they are interchangeable. ie If you have a |
| Therefore, I would recommend you pick the program | | | | Mac and your accountant has a PC, you can still give |
| that suit’s your situation now, rather than what you | | | | him/her a copy of your data file, and they will be able |
| might need in the future as all the MYOB products are | | | | to open it on their machine and read your information |
| fully upgradeable to the higher end product. For | | | | to prepare your tax return. |
| example, you could purchase Business Basics now but | | | | MYOB Products are not just accounting tools to help |
| in 2 years time, you might need the features of MYOB | | | | you with your end of year tax return or BAS returns, |
| Accounting Plus. In this case you can simply purchase | | | | but they can help you run your business if they are |
| an upgrade (difference in price between what you | | | | effectively use. For example, you can use the |
| already have and the full version) and convert all your | | | | database in MYOB to create mail merge letters to |
| financial information to the higher end product. | | | | your clients or suppliers. |
| But which MYOB will suit your business needs? | | | | MYOB also has a Test Drive version of the software |
| MYOB Business Basics is the baby of the family, and | | | | that you can buy at most retailers, ie Harvey Norman |
| if you are a sole trader business ie a plumber or | | | | or Office works for about $15.00 or you can download |
| electrician, MYOB Business Basics would probably suit | | | | it direct from the MYOB web site. The Test Drive |
| your situation. It will allow you to create Sales Invoices, | | | | version allows you to trial the software before you |
| keep track of who owes you money, when you have | | | | buy, to ensure it is going to do the job for you. There |
| received payments from customers, as well as | | | | are also many MYOB Certified Consultants who offer |
| keeping track of the expenses you have paid for. It | | | | free demonstrations of the program in your own |
| also has the entire reporting requirement to complete | | | | office. You can then explain what you want to use the |
| your Business Activity Statement as well as the | | | | program for and they will tell you which the best |
| information to complete your tax return. MYOB | | | | version to suit your needs. |
| Business Basics also has a very basic database, to | | | | Once you have purchased the right MYOB software |
| keep track of your customer’s and suppliers. | | | | for your needs, you may need some help, either |
| You could also use MYOB Business Basics if you | | | | setting up the program, or with some problems you |
| have a self managed super fund or you have | | | | might encounter after you have been using the |
| investment income and expenses you wish to keep | | | | program for awhile. |
| track of, to complete your tax return. | | | | Many people buy accounting programs like MYOB |
| MYOB Accounting suits a slightly larger business that | | | | because they think it will cut down on the amount of |
| wants a little bit more information from their accounting | | | | fees they pay their accountants each year. This is true |
| package and they have perhaps between 1-5 | | | | providing the information given to the accountant is |
| employees. | | | | correct in the first place. It’s a case of “Rubbish |
| MYOB Accounting has all the features MYOB | | | | in – Rubbish Out”. |
| Business Basics, some of them slightly more | | | | MYOB products are easy to use, once they have |
| sophisticated but you also get the Purchases module, | | | | been setup correctly, but the initial set up phase is |
| which will keep track of who you owe money to, as | | | | critical to ensure that you will be getting the correct |
| well as when you have paid the supplier. | | | | information out of the system. If the program is not set |
| MYOB Accounting also has a full inventory module. | | | | up correctly from the beginning or the information |
| The inventory module will allow you to keep track of | | | | entered in is not properly allocated, your accountant |
| stock levels, as you buy and sell your inventory, as well | | | | may end up having to re-create the information or |
| as keep track of any backorders you have with | | | | spend many hours correcting any mistakes and this |
| suppliers. And more importantly, any customer | | | | can end up being more costly. |
| backorders, so you don’t miss out on a sale | | | | When it comes time to set up your MYOB to suit your |
| because you forgot the customer had ordered 12 | | | | business, there are many resources available to you, |
| items but you had only sent him six. | | | | from class room style training course or self paced |
| MYOB Accounting also has a more advanced job | | | | training manuals to on-site assistance. |
| costing module, which will give you job or departmental | | | | There are many training institutes that offer class |
| reporting, ie you want to keep track of the income and | | | | room style training, ie MYOB themselves or |
| expenses for a particular project. | | | | Community Colleges and TAFE courses, many of |
| MYOB Accounting Plus has all the features MYOB | | | | which are run by MYOB Certified Consultants. They |
| Accounting, plus it also has a fully integrated payroll | | | | are worthwhile attending, especially if you don’t |
| module. MYOB Accounting Plus would suit a business | | | | particularly any accounting or bookkeeping knowledge, |
| that has five or more employees. MYOB will correctly | | | | as they will give you the steps to setup the program |
| calculate the pay each week, including Tax and | | | | correctly. You can also get on-site assistance from |
| Superannuation requirements, and it will also keep track | | | | qualified people; sometimes your accountant will know |
| of any annual leave or sick leave entitlements that the | | | | somebody that specialises in MYOB or have |
| employee accrues. The real bonus comes at the end | | | | somebody within their own office that can help you |
| of the financial year, when you can print PAYG | | | | setup your file. |
| Payment Summaries (formerly group certificates) at a | | | | MYOB also has a panel of independent trainers call |
| touch of a button. MYOB Accounting Plus also has a | | | | MYOB Certified Consultants, who are authorised by |
| special report, which will comply with all the quarterly | | | | MYOB to offer on-site assistance on their behalf. This |
| superannuation reporting to employees as required by | | | | is your quality assurance stamp to say the person you |
| law. | | | | have chosen to assist you, knows what they are |
| MYOB Accounting Plus also has a Time Billing Module, | | | | doing. MYOB require these trainers to pass a stringent |
| which suits anybody that needs to keep track of time | | | | test to join the panel in the first place, and they are |
| spent on working for a client progressively and then | | | | also required to sit yearly exams to ensure that they |
| invoice them at the end of a period of time, ie a | | | | are completely up to date with all the latest versions |
| solicitor or consultant. | | | | as well as attending regular training sessions. |
| MYOB Premier is the granddaddy of the family, and | | | | If you do get somebody to help you setup your |
| would suit larger businesses. MYOB Premier has | | | | MYOB program, it is best to do the training in small |
| everything MYOB Accounting Plus has but it also has | | | | chunks. It is tempting to get somebody out for a full |
| the ability to be Multi User. ie You can have more than | | | | day, and try to cram as much information into that day |
| one person accessing the same company file at the | | | | as possible but the reality is, you will forget most of |
| same time, for example, Mary in Accounts Receivable | | | | what you are shown on that first day. |
| can be processing Sales, while Jenny in Accounts | | | | It is best to only have somebody out for no more that |
| Payable can be paying bills. | | | | about 4 to 5 hours on the first day. This would consist |
| MYOB Premier can also be Multi Currency, ie you can | | | | of about 2 to 3 hours to setup the program, depending |
| keep foreign currency bank accounts, as well as | | | | on what was needed. For example, you may also |
| invoice your customer in the their own currency, ie | | | | wish to customise an invoice, as well as setting up |
| US$ or NZ$ and MYOB will then convert the | | | | your opening balances, then have no more than 2 |
| information to AUS$ for your reporting requirements. | | | | hours training, to learn how to use the program. |