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How Is MYOB Software Beneficial For Business Growth?

How MYOB Software Beneficial Business Growth

Are you a small business in need of high-quality, accurate tax and accounting software? If so, look no further than MYOB software. To learn more about how MYOB software can help your business, please continue reading below.

MYOB is a software that is designed to help small businesses meet their tax obligations and carry out accounting in an efficient and convent manner.

The software comes in several versions, including the browser-based version, physically installed version, and cloud-based version. Most importantly, MYOB is a Microsoft Gold Certified software developer.

This means that their software has been designed to work well with Microsoft operating systems. The software is also feature-filled.

For instance, it has expense tracking and paying features, an inventory management feature, easy customer and supplier management, and easy and efficient GST tracking and calculating.

However, businesses across the country do not rely on MYOB just for its features.

Small business owners rely on the software for the wholesome user-experience, the value, and the benefits the software provides their businesses, all of which help their businesses grow and thrive. Some of the benefits businesses are:

  • Efficient expense reporting,
  • Ease of conducting audits,
  • Cost savings that spur business growth
  • It increases productivity by increasing accessibility, and
  • High accuracy.

Efficient Expense Reporting

Efficient expense reporting helps businesses reduce losses through fraud. For instance, the real-time capture of the documentation, such as receipts from mobile devices, negates the risk of fraud and the losses caused by fraud.

It Is Easy To Conduct Audits

Auditing can be a huge, expensive, and time-consuming endeavour. With MYOB, however, the process of auditing, for instance, expense reports, is rather easy and straightforward.

Since the documentation is captured and stored in the system, auditors can access the documents much faster. This makes it easier for auditors to identify and prevent fraud, reducing the losses caused by fraud.

MYOB Has The Benefit Of Reducing Costs

The cost of setting up accounting infrastructure and systems such as purchasing computers and operating systems and maintaining these systems can be expensive.

Moreover, there is a cost associated with hiring a professional accountant regularly to conduct the accounting. MYOB reduces the cost of tax compliance and accounting by doing away with the maintenance cost for hardware and software.

The software also eliminates backup costs. The software reduces the need for regular accounting services. Consequently, businesses can deploy their financial resources in growth sectors that will help the business thrive.

MYOB Provides Business Owner With Unmatched Accessibility To Their Accounting Tools And Records

As mentioned above, MYOB comes in several formats, chief among them the browser-based and cloud-based versions. This means business owners can access the accounting tools and documents on a wide variety of devices.

As such, the accounting personnel and the managers/owners can access documents such as invoices on the devices they have at hand and not necessarily a computer. The accounting part of the business can happen anywhere.

This level of access helps business owners conduct business even when they are far from their offices or business location, which in turn increases profitability.

Accuracy

Accuracy is a core benefit of using MYOB software. MYOB always has up-to-date calculations and comes with built-in automatic calculations.

This reduces the chances of making human-induced errors when calculating GST and invoices. Moreover, the software allows business owners to detect the mistakes resulting from redundancy and duplicate entries.

Accurate accounting helps businesses accurately predict impending problems with a high degree of certainty. Most importantly, business owners and managers can take pre-emptive steps to prevent and or overcome these problems.

Conclusion

While each of the above benefits can help your business grow, the combination of the benefits helps small businesses grow even faster.

For instance, the cost-saving and fraud prevention helps improve a business’ cash flow, which in turn helps companies to grow.

If you are looking for accounting software solutions anywhere across Australia, then please get in touch with us at Stratus Smart Software Solutions.

We are accredited and experienced MYOB Australia/NZ Enterprise Partners with a dedicated team of business, accounting and IT Consultants who are passionate about helping Australian businesses grow.

Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.

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