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Key Benefits of MYOB Bookkeeping for Businesses In 2022

Bookkeeping and accounting require expertise, and with the right bookkeeping services, you can expand your business. You can also opt for MYOB bookkeeping which is cloud-based accounting software used by several medium and small-scale industries. Dig deeper to gain more insights related to MYOB accounting services. 

If you are an entrepreneur and have a start-up, it can be challenging for you to hire an accountant. Recruiting a professional expert who can seamlessly deal with your financial statements is hard to find these days. They need to have the right knowledge and skills to analyze financial data, manage bank account operations and take care of the outgoing invoices.

our financial information helps your business flow as it gives you unbiased records of your income and expenditure. It also assists your investors, management, and government in your business position in a better way. To keep you updated with your numbers, hiring MYOB Bookkeeper Perth will serve and prove to be cost-effective in comparison to hiring a full-time employee.

What Is MYOB Bookkeeping?

  1. The MYOB accounting software helps the companies to take care of the cash flow payroll and assists in keeping track of the financial records. This cloud accounting software efficiently reduces the overall time invested in manual procedures. Manual handlings can lead to inaccuracies and errors, thus decreasing the overall optimal performance of your company.
  2. MYOB accounting software offers a broad range of services such as GST tracking, expense tracking, quote management, payroll, and invoicing. Besides that, MYOB also helps generate a loss or profit statement and helps your organization stay on the top.

What Are the Benefits of MYOB Bookkeeping?

  • Opting for MYOB bookkeeping software can provide you with incredible benefits such as:

Several Options

  • MYOB accounting software allows you to choose among different products. They have several accounting programs that are exclusively designed for small-scale industries. Apart from that, this cloud-based accounting software provides an advanced management platform that is meant for large business organizations.
  • MYOB accounting packages are the best suitable options for small companies and sole traders. They can carry out basic accounting tasks such as creating invoices and quotes.
  • This software can pay bills, GST, and other expenses.
  • MYOB software also helps to track jobs and manage inventory. They can keep track of the sales and purchases in various currencies.
  • The advanced platform of MYOB is the right choice for large organizations. They offer several functions such as CRM management, customer pricing, costs, system-wide stock management, and distribution.

Payroll Is Unlimited

  • MYOB bookkeeping services come with the impressive feature of unlimited payroll. With the help of this software, you will be able to handle all your employees efficiently on the records. It has the outstanding potential of processing multiple pay runs and can handle hourly rates and different wages.
  • Another feature includes the single-touch payroll software. Every time you pay one of your employees, MYOB accounting software can instantly report the superannuation, tax, and other related payroll information.
  • MYOB can accurately calculate the leaves, taxes, and superannuation. This helps save a lot of time since you need to complete the payment certificates and summaries at the end of the financial year.

Helps to Manage Jobs

  • If you have a business responsible for carrying out several tasks, it can be a daunting process to deal with. Under such circumstances, the job management feature of the software can act as a blessing. It helps link the jobs to specific customers by allotting job numbers that assign expenses and invoices to individual jobs.
  • The software can also assign the job number to each individual’s amount so that several amounts and jobs can be linked into a single transaction.
  • It will help you form budgets for specific jobs with an approach to estimate expenses accurately.
  • If you set a particular amount for a job, it can help in preventing unpredictable blowouts, thus helping you to save quite a buck.

Quicker Inputs

Inputting figures and values manually is a time-consuming procedure. It can get hectic for you to manage the financial area while taking care of the other aspects of your business. These manual processes are quite complex that can force you to put multiple entries for every transaction. An integrated software such as bookkeeping Perth will assist you in improving your business massively.


MYOB is an exceptional software due to its accuracy in data management. It has built-in controls that will make it easy to remove and detect certain data errors or duplicate entries. You can observe the updated account records instantly in your account and software.

MYOB has many products to choose from. MYOB Essentials and AccountRight are accounting programs designed for smaller businesses, while MYOB Advanced is a complete management platform for larger businesses. Each of these products has 3 levels so you can easily find one that suits your business.

MYOB Essentials Accounting package is perfect for sole traders and small businesses. It can do the basic accounting tasks of lodging BAS, creating quotes and invoices, tracking and paying expenses, bills, and GST. It includes single-touch payroll for one employee. If you add the extra Payroll option it will allow you to configure payroll for an unlimited number of employees.

MYOB AccountRight is for businesses that also need to manage inventory and track jobs. The top tier is a powerful program that can manage multiple company accounts, track sales and stock across multiple locations, and record purchases and sales in multiple currencies.

MYOB will keep each business separate, but you can prepare business reports for each company without having to log in and out of different software. Being able to handle multiple company accounts saves you’re a lot of time.

MYOB can generate an invoice that can break down activities into hours an employee has spent on them, and on the same invoice include any items which have sold to your customers. The hours will then be included in the employee’s pay.


The operational and financial expenses of the cloud-based accounting software are comparatively low. The organizations that use MYOB accounting services do not need upfront capital. While using this accounting software, you will not find hidden or ongoing costs, and updates, backups, and maintenance do not involve any hidden costs.

MYOB can generate an invoice that can break down activities into hours an employee has spent on them, and on the same invoice include any items which have sold to your customers. The hours will then be included in the employee’s pay.

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  • MYOB accounting software offers the provision where you can access various information or data anytime and anywhere. Since it is cloud-based, it can store all the necessary bookkeeping information in an online secured space. These services are convenient since you will be able to access all the essential information at your convenience.
  • You can take a look at the necessary data from your laptop and smartphone. The element of convenience in MYOB software is an incredible boon because it removes all the roadblocks that appear in the path of high-quality performance.
  • Imagine a situation where your internet connection suddenly cuts off in the middle of your task? Nothing can be worse than this. However, with MYOB accounting software, you will be able to take a look at all the statistics and details that you have entered previously.
  • Besides that, you will get the opportunity to add and edit multiple data that are stored in your software. Once your device connects to the internet, all the updates will automatically get synced.

Real-Time Budgets and Reports

In MYOB software, you will be able to remove, add or reorder the columns in a detailed report. You will get the option to personalize the report band from years to weeks.

Inventory management

Inventory tracking is another important tool of MYOB. AccountRight can help keep a detailed checklist of inventories and also keep track of backorders. It can also provide automated alerts on stock levels.

accounting software helps create accounting systems for your business. The MYOB accounting system has many functions, including creating invoices, updating supplier and client accounts, and performing payroll duties. MYOB accounting software will save you time, helps you get paid faster, and makes tax time easy.

A certain useful feature is that MYOB Bookkeepers can track stock in different warehouses, even overseas. One can record where an item is received and from where an item is shipped. MYOB Advanced allows one to manage the entire distribution process for large businesses. It includes monitoring goods in transport between locations, location control/inventory bin, expiration dates, and much more.

The Bottom Line

Accounting software such as MYOB bookkeepers can seamlessly track your financial records, thus removing all the possible hassles. It helps to streamline your accounting processes and ensures improved accuracy. MYOB bookkeeping service that can deliver finance, manufacturing, inventory management, and payroll functionality on a single platform. By working with MYOB bookkeepers, one can make sure all the reports are submitted to the government regularly. One need not worry about calculating payroll taxes or other things as it will be done for them. This will allow a business to run as usual while allowing MYOB bookkeepers to focus on tax obligations.

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