Why is MYOB accounting software good for automation
MYOB is one of the leading accounting software platforms in Australia. Established all the way back in 1991, the brand has truly evolved its product and service offering with changing times by adapting new technology and creating a better system for businesses.
The MYOB accounting software is an online platform that is a great choice for businesses looking to automate their bookkeeping and make processes related to business finance seamless and efficient.
What is accounting automation?
Accounting automation is the process of using a modern software tool that helps you set workflows to automatically complete many accounting-related tasks. The accounting tasks that can be automated using these tech systems are often repetitive and mechanical tasks such as data entry, matching, and categorization.
A few examples of automated accounting include automated invoice sourcing, data capture, invoice matching, scheduling payments, and setting up recurring payments among many other tasks.
Why use MYOB accounting automation software?
There are many features of the MYOB accounting software platform that make it a great choice for organizations to use for their accounting purposes.
Here are some of the many reasons why a business would opt for an accounting system like MYOB:
1. Saves time and money
The first and most obvious benefit of using any kind of automation tool is that it saves the time of the people working in that particular function, which in turn helps them save money by being more efficient and effective in their operations.
2. Real-time reports and budgets
All the transactions that you record on MYOB or the payments you make and receive are instantly recorded on the platform. This enables constant updation of finances and gives you real-time budget updates and generates up-to-date and accurate reports.
3. Invoicing
MYOB’s invoicing allows you to create custom invoices on the go and send them to your clients on time.
The system allows you to set up automatic payment reminders to be sent to clients so that they don’t miss out on payments and your company has a positive cash flow.
4. Cashflow management
As an accounting tool, MYOB is the place where all the transactions of your company are finally recorded. This makes it easy for accountants to view all the data and deduce whether your business has a positive or negative cash flow so that you can manage it better by making certain changes.
5. Get more accurate data with little to no errors
Simple errors can cause huge problems and cost a company a lot of time and money to fix these mistakes.
One of the major benefits of using automated accounting tools is the reduced rate of error as compared to an individual manually entering data.
6. Comprehensive analysis of data
MYOB is a tool that is not only able to generate customized reports regarding your company’s financial health but also analyzes and provides suggestions based on the data to improve finance operations and their efficiency.
7. Payroll
As a company, you have to make salary payments every month. This can be a tedious task but is made more efficient by using tools like MYOB that are compliant with the taxation system of different regions and also help generate payslips for employees.
8. Uses secure file storage
The platform is guarded with robust IT security to ensure that all the data of its users are safe and secure.
9. Easily access from anywhere
The benefit of being a cloud platform is that it can be accessed from any computer or laptop as long as there is an internet connection and the correct credentials to log in.
10. Integrate easily with other tools
The platform has a host of different tools that it can integrate with including Volopay. This particular integration is beneficial for companies looking for a more diverse expense management system along with the convenience of using MYOB.
Suggested read: Benefits of MYOB accounting software for businesses
Integrate your MYOB accounting software with Volopay
Volopay is a great all-in-one solution to make, manage, and control expenses. Alongside the MYOB accounting software, these two tools are great to manage the finance and accounting of your business.
The best part is that you don’t need to create any complex third-party integration as we have a native integration with MYOB. Here is how that benefits your business:
Two-way sync
The two-way sync feature ensures that data on both platforms matches at all times and there is no overlap or repetition of data entry leading to incorrect entries.
Automatic accounting
Instead of manually having to export the expense data from Volopay and then uploading it to the MYOB platform.
You can simply import the chart of accounts into Volopay, categorize expenses according to your existing ledger, and set up sync periods so that all verified transactions automatically transfer into your company ledger.
Saves time
This native integration allows you to easily connect the two platforms together, export & import important data, and set up automatic syncing periods so that your accounting books are always up to date. This helps your accounting team save a lot of time and use it for more strategic tasks instead.
FAQs
Yes, MYOB’s automation within its accounting platform has developed to be a great tool for companies to manage and stay on top of their accounting. It includes features like payroll, invoicing with automated capture, automated matching, approval workflows, and batch payments.
Yes, many bookkeeping tasks that are repetitive in nature and take a lot of time to be done manually can be automated using modern cloud accounting platforms. These tools run 24x7 as online platforms to make sure that tasks such as data capturing and matching of documents are happening in real-time.
Different types of digital technologies are used and implemented within online platforms to enable accounting automation. OCR(Optical Character Recognition) is a type of technology that is used by these systems to scan documents and interpret the data to capture important information for accounting purposes.