MYOB Accounting Software Malaysia

 

MYOB Accounting Software

 

MYOB Accounting system is a simple yet powerful accounting software for Small Medium Enterprises (SMEs) which emphasises on business processes and work flows. MYOB Accounting System’s award winning design assists users in the automation of every financial aspect of the business, thus making it easy for users to track accounting data. There are four different types of software offered under the MYOB Accounting system – MYOB Business Basics, MYOB Accounting, and MYOB Premier for Windows, as well as MYOB AccountEdge for Mac.

MYOB Business Basics

MYOB Business Basics is a simple invoicing software that covers basic accounting functions. It is suitable for users who run their own small, service-based enterprises or micro businesses. Among the accounting functions covered by the software are accounts, banking, sales, and reports. The Sales command centre allows users issue quotations, sales invoices and sales orders to customers. These can be printed, or they can be sent directly to customers via email.

Besides that, users can manage their database of customers via the CardFile management function. Information of suppliers and customers are stored conveniently, and users can group customers into different categories for classification purposes. The Banking command centre enables users to record all transactions involving cash spent and received, print cheques and receipts, prepare bank deposits, and perform bank reconciliation.

Users can also track tax and prepare tax reports in order for them to identify their tax obligations. They can also track job costing and project profitability. By assigning job-specific expenses to their respective projects, users can find the income received and expenses incurred on a specific job, as well as net profit or loss made. Besides that, users can also generate various financial reports such as income statement and balance sheet, as well as other sales, sales tax and banking reports. These reports can be transferred to Microsoft Excel and converted into PDF files.

MYOB Accounting

MYOB Accounting is known as one of the best accounting software applicable for small businesses of any type. It has accounting, sales and purchases, as well as inventory modules. Alongside the simple accounting functions available under the Business Basics software, MYOB Accounting also deals with purchasing functions such as management of credit purchases and accounts payables. The module enables users to manage their supplier database as well as credit terms. The purchases register also allows users to view purchases status and create purchase orders and quotes. Users can also email their purchases to vendors, thus eliminating the need to print purchase orders. Furthermore, templates for recurring transactions such as monthly expenses can be generated, and users will be reminded to record the transaction before it is due.

The inventory module enables users to categorise and manage their stock. Users can keep track of stock purchases and sales, as well as quantity on hand. Stock levels can also be managed by the low inventory warning, as well as setting inventory levels to automatically back-order, build, or buy low stock items. This ensures that business inventories are never empty.

Besides that, as MYOB Accounting is GST ready and GST compliant, users can also manage and track GST via the software. They can set default tax codes for suppliers and customers, link tax codes to GST received and GST paid accounts, filter tax code exception reports, as well as work with both GST inclusive or exclusive prices. Documents and reports such as GST audit trail and GST tax forms can also be generated. Bad debt relief is also available under the module.

Besides that, MYOB Accounting’s business insights feature allows users to analyse key financial information such as profits and losses as well as cash flow movements. This enables users to make key decisions such as planning expenditure and predicting cash flow issues.

MYOB Accounting also enables users to conduct project management. Users can track profitability of projects or cost centres, budgets for jobs, as well as respective job revenues, direct costs and expenses. Tracking of categories for division or departmental reporting is also available. Besides that, reports such as cash flow statements and itemised customer statements can also be generated. Reports can be viewed according to cash or accrual based accounting.

MYOB Premier

MYOB Premier is an accounting software which provides advanced inventory and business management solutions to medium sized companies. It covers all functions of MYOB Accounting software, as well as other more advanced functions such as the ability to support multiple currencies. It is also supported to work over a network. Other advanced functions such as inventory location reporting and negative inventory management are also available. Furthermore, MYOB Premier allows multiple users to access the software.

MYOB AccountEdge for Mac

MYOB AccountEdge for Mac offers complete and easy to use accounting solutions for Mac based small businesses. It covers accounting functions such as sales, purchases, inventory and banking completely, and can handle multiple currencies as well as multiple users.

Advantages

An advantage of MYOB Accounting system is that it is simple to use, thus users do not need to have accounting experience to use the system. It avoids accounting jargon, thus making it easy for users to operate. Double entry accounting entries are taken care of by the system, as transactions are posted to their relevant accounts, and reports such as trial balance, balance sheet and income statements are generated automatically.

Besides that, MYOB Accounting system enables users to view up-to-date reports at any time, thus users need not wait for the end of the month to review their business status. Real time reports with accurate figures for sales, profits, and cash flows enable users to identify areas which require improvement. Furthermore, MYOB Accounting system ensures security of data, as previous month transactions are locked to prevent editing. Audit trail of transactional and system changes is also available.

MYOB Accounting system’s user friendliness makes it suitable for SMEs engaged in all kinds of businesses, whether in Malaysia or worldwide. It is well known for providing accounting solutions to users worldwide, as over a million users across the globe use MYOB to manage their business operations.