How can MYOB accounting software help your business grow?

Apr 05, 2024

MYOB is Australian and New Zealand-based accounting software that helps automate many of your otherwise manual accounting processes.

Starting from data entry to accepting payments from customers to payroll management, you can utilize MYOB to save yourself valuable time and money so that your business can grow faster.

Not only will you be able to allocate your resources elsewhere more efficiently, but you will also enjoy faster invoice turnovers and better bookkeeping with MYOB accounting software.

8 ways MYOB accounting software helps your business grow

MYOB accounting software frees up a good amount of your time and money by automating your accounting processes. Below are the details of some features of MYOB accounting software that can help you and your business grow.

1. Compliant single-touch payroll

Generate reports in a single touch with MYOB accounting software.

Calculate tax rates, superannuation, and leaves automatically through the system to ensure that your payroll is in compliance with government and industry regulations.

Any data that seems off in the system will trigger error messages so you can double-check if you need to. 

Employees can enter their own data securely for the payroll, which frees up your time from having to do manual data entry.

Your payroll can also pull data from online rosters and timesheets on your MYOB cloud accounting software.

2. Manage taxation compliance

MYOB allows you to automatically record GST and pre-fill your BAS. All you will have to do is review the data without having to do all the manual data entry.

You can easily create PAYG, GST, and BAS report all from your MYOB accounting software. This helps you ensure that you are in compliance with regulations from the Australian Taxation Office.

3. GST taxation compliance

As an Australian-based platform, MYOB accounting software guarantees that you are in compliance with Australian tax regulations. The tax feature of your software will calculate your GST in compliance with the ATO.

MYOB also allows you to invite your accounting professionals or bookkeepers onto your platform, letting you have a second pair of eyes to look over your numbers.

With the help of the software and an accountant, you no longer have to worry about taxation compliance.

4. Cash flow management

With MYOB you have the ability easily view your income and expenses from your dashboard.

View monthly sales and purchases and track your monthly or even yearly financial performance. This way, you have reliable data and full visibility of your cash flow, which in turn can help you with budgeting for the future.

Good cash flow visibility means that you have better cash flow management, which will lead to healthier cash flow and overall business financial health.

5. Handling multiple invoices

Save time using your MYOB accounting software invoice feature, which allows you to turn your quotes into ready-to-send invoices, including the GST calculation and your customers’ data pre-filled for you.

This feature helps you manage multiple invoices in a shorter amount of time. You can even track your invoices to see which of your customers have paid them and which haven’t.

To follow up, easily send due payment reminders to your customers all from the MYOB accounting software. Build better relationships with your customers and get paid faster.

6. Budgets and reporting

Eliminate the manual work of data entry by having MYOB pre-fill data in your reports. This data is pulled from multiple sources such as bank transactions, receipts, past reports, and even employee timesheets.

With automation, you can be sure that your data is accurate and not riddled with errors, allowing you to focus on other things like analytics.

7. Cash flow analysis

Some features of MYOB accounting software give you the ability to gain insights into your cash flow. The dashboard, for example, allows you to view every essential report of your business’ finances.

Having all this data at your fingertips means that you can pick and choose which way to view your data to analyze it, allowing you a better understanding of your business financially. This also helps with more accurate forecasting.

8. Manage accounts payable and receivable

Send invoices from your MYOB accounting software and accept payments from customers all in one platform. Having online payments give your customers more payment options, which will lead to you getting paid faster to keep your cash flow going. 

Conversely, be on top of your accounts payable and capture all your expenses on your software. Your data will be saved on the platform with ease without having to keep all your physical receipts. This way, you can track and manage all your spending.

When you connect your bank accounts with MYOB, you can reconcile both bills and payments with your bank account statements to keep you on top of your books.

If you are looking to get an accounting software for your business, check out our article on the best small business accounting software and explore a variety of top-notch options available in the market.

Seamlessly integrate your MYOB accounting software with Volopay

There’s no need for you to spend long hours manually entering data, reconciling, and matching invoices and transactions.

With Volopay, you can sync everything automatically in real-time. All your data on Volopay will match your data on MYOB with Volopay's accounting integration.

Integrate MYOB accounting software with Volopay and enjoy features such as automatic categorization using accounting triggers, bulk updates, custom fields, automated receipt gathering, and invoice matching.

Two-way sync will save you from lost time and costly errors, giving you the opportunity to turn your attention elsewhere.

Related read: Benefits of MYOB accounting software in Australia


Is MYOB cloud-based accounting software?

Yes. MYOB operates on subscription-based plans that offer cloud-based accounting services. Your MYOB cloud accounting software is available for access via desktop, mobile, and tablet.

Where is MYOB cloud data stored?

All your MYOB accounting software data is stored on a remote server as opposed to on your local desktop. MYOB partners up with Microsoft Azure and AWS, with your data stored in Australian servers from these partners.

Is there an offline version of MYOB accounting software?

You can access backup versions of your online files offline. However, there are some features that you can only access if your files are online.

Integrate MYOB with Volopay and sync transactions instantly!