MYOB - why it’s time to transition to the cloud
29 Nov 2017
Every small business owner wishes they had more time in their day. Switching from the desktop version of MYOB over to the cloud-based version is a simple change that can save you time, while also delivering better outcomes for your business.
More options for automation
The primary difference between the two versions is the level of automation. The cloud-based version gives you a lot more options to automate your business. You can automate your bank feeds and use add-ons to manage all your debtors and creditors.
The ‘In-Tray’ feature uses optical recognition technology to identify key information in a document and create bills that can be uploaded directly to MYOB. This means no more time spent manually entering invoices. You can simply upload a photo of a printed invoice, or forward a copy of an electronic invoice to your MYOB In Tray, and the software will populate the relevant information for you. It also eliminates a significant amount of paperwork because all invoices are stored in the cloud, removing the need to keep paper copies on file.
‘Pay Super’ is an integrated solution that allows you to pay superannuation directly from the software. This helps to consolidate more of your activities in the one place, rather than having to use BPAY or the superannuation clearing house. Again, this will help to save you time every month, adding up to a lot more time back over the course of the year.
A tool for business planning
Over and above the time savings, you will also get more value out of your accountant if you switch to the cloud-based version of MYOB. The in-built automation means that your accountant will receive more timely and accurate information, allowing them to provide your business with more timely and valuable advice, beyond the standard end-of-year tax requirements.
With real-time reporting, your accountant can help you to identify and understand trends and patterns in performance, providing a more strategic view of how your business is tracking. They can provide you with a quarterly analysis that can help to inform your business strategy. Plus, one of MYOB’s key strengths is the range of different, detailed reports you can generate, allowing you to spend less time crunching numbers and more time analysing what’s actually going on. In this way, moving from the desktop version over to the cloud allows MYOB to become more of a business planning tool, rather than simply performing an administrative function.
An easy switch
The transition from the desktop version over to the cloud is easy. For simple transitions it only takes about an hour, and if you’re already paying a MYOB subscription then it is free to switch. AR Advisors can even help you with the conversion, free of charge. Of course, if you’re using an expired desktop version of the software then you will need to upgrade to a subscription. However, the ongoing time savings will make it well worth the investment.
The interface is also easy to use and not too dissimilar from the desktop version, so you won’t feel completely disoriented moving from one platform to the next. Importantly, you can rest assured that your data will be secure, as MYOB follows industry best practices for risk management and information security. MYOB commissions independent testing for its online products and adheres to banking security standards with regards to transmitting data.
The only potential issue worth flagging when it comes to the cloud-based version of MYOB is foreign exchange, as the software is unable to calculate foreign exchange rates in real time. However, this is only a problem if a significant amount of your business involves foreign exchange. If a small number of your monthly transactions involve foreign exchange, it may still be worth making the switch and getting your accountant to help you find a way to manage this.
If your business uses MYOB but you still haven’t got around to making the switch to the cloud, then it’s time to put this at the top of your to-do list. It can save you time, reduce paperwork, help with your business planning, and it’s an easy change to make. However, if you’re still unsure whether it’s the right move for your business, or if you would like help making the transition, please get in touch via email@example.com, or contact us here.
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