Next week will be my first MYOB Bookkeeping Partners Conference where the focus is on MYOB Essentials. MYOB Essentials is MYOB’s version of cloud accounting aimed at small businesses with their main competitor being Xero. As a partner of both MYOB and Xero I am interested to see how MYOB compares especially as I am using Xero on a regular basis.
Reporting has always been a problem / glitch with MYOB in particular when you are unable to create previous year comparison reports until you start a new financial year in your MYOB file. This is fine if your accountant has your Tax Return completed in July! I have been told there are many exciting changes…….we will see.
It isn’t just internal reporting I am keen to see how MYOB Essentials works but also MYOB’s integration with the ATO’s implementation of Single Touch Payroll. The Budget Savings (Omnibus) Bill 2016 – Single Touch Payroll reporting was introduced into Parliament on 31 August 2016 (www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Single-Touch-Payroll/) where employers through their accounting programs will be required to report to the ATO on their employees PAYG Withholding and Superannuation every time you pay your staff. From 1 July 2017 Single Touch Payroll will be available with the mandatory date yet to be advised for small business or less than 20 employees. If you would like to find out more about Single Touch Payroll and how this will affect your business I am more than happy to discuss this with you.
Payroll can be a nightmare for businesses, MYOB Essentials includes a payroll function where employees can input their timesheets ready for approval. I have been using this function with Xero and it certainly makes life much easier by eliminating so much paperwork and time.
There is also the opportunity to speak with a number of add-ons partners and I am hoping to get a better understanding of how successful the integration between Best Practice and MYOB is. Now this would make so many lives easier and save practices hours each month in data entry fees giving your bookkeeper more time to spend analyzing and reporting on these figures.
I will keep you posted on what amazing information I come back with but in the mean time……