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5 Signs You Need to Upgrade Your Business Accounting Software

5 Signs You Need to Upgrade Your Business Accounting Software

Once upon a time, maybe tracking all of your financial and accounting data in an excel spreadsheet was all it took. Then, as you grew, you probably graduated to an accounting software tool. But, as you continue to grow, so does the need for better organisational tools. So, how do you know when it’s time to upgrade your business accounting software to a more powerful package?

If the following items fit your situation, you may want to look into upgrading.

1. You’ve Reached Your Limits

Small business accounting software is meant for just that – small business. They often come with limits as far as the number of transactions, number of clients, number of employees or the amount of storage they can handle. As your business grows, so will your number of transactions, clients, employees and the amount of storage you require. If you’re reaching the limits of your current software, then it’s time to upgrade.

2. Record Keeping is Time Consuming and Behind

If you’re spending a lot of time on record keeping, and you still can’t stay on top of your accounting data, it may be time for an upgrade.

As your business grows, the amount of information that you need to keep track of does too. However, when you don’t have all of your information recorded accurately, you can’t look at your financial reports and you can’t track your company’s finances.

It’s time to find a new accounting software tool that simplifies or partially-automates the record keeping process, and you can spend your time analysing and coming up with ways to improve your business instead of struggling to keep track of it.

3. You’ve Fallen Behind the Times

In this day and age, you should be able to access your accounting data from anywhere, anytime. Integrating your entire system with your accounting software can help make it easier to record, easier to analyse and easier to improve.

Regardless of where you or your employees work from, having an accounting system that can be as mobile as you are can help your business grow further, and allow you to take care of bookkeeping, accounts and billing faster.

4. Your Accountant Recommends an Upgrade

Your accountant’s job is to help you with your business accounting. He or she understands how your business works as well as how your accounting software may be holding you back from growing and expanding. If you’re unsure of how to improve your current system, your accountant can be a great resource, and may be aware of how software, like MYOB Exo or MYOB Advanced, can improve your accounting process. A more integrated system may be just what you need.

Your accountant knows you and your business, and they are an expert when it comes to accounting, so if they’ve suggested that you upgrade your software, you may want to take the advice into consideration.

5. You Can’t Find the Information You Need

Accounting software helps you keep track of things from employee payroll to the number of sales per customer. If your current system has become unorganised, inaccurate or even slow and clunky from maxed out memory, then it’s time to look for a better alternative.

So, is it Time to Upgrade?

The right accounting software can help improve all aspects of your business processes, so having the right one is critical. If you find yourself in this situation you might find some of our other resources helpful:

Or you can get in touch with one of our consultants who can help find the right software package for you.

5 Reasons you NEED to invest in a Business Management System

investquoteWhen a business is just starting out, using several different programs to manage business function isn’t a big deal. As a business expands, however, the costs to both time and efficiency can begin to add up. Effective business management software helps businesses address their scaling growth and operations by keeping things simple.

Let’s look at 5 ways companies can benefit from an investment in a business management system.

1. Simplicity keeps things moving smoothly

With a modern, high quality business management system, companies are able to access everything they need to know about their business easily and efficiently. With just a few clicks, they’re able to easily navigate from one screen to another, moving from accounting to CRM with ease, and more importantly, integrating these processes (more on this to come!).

2. Keeping costs down is just good business

When you’re new to the business world, you can often find free cloud-based programs that will meet your needs. As your business expands, however, finding an all-inclusive (and free) solution becomes considerably more difficult. Many programs are free up to a point, but then require you to pay if you’re invoicing, selling or generating more than a certain number of reports. Each individual piece of software may be reasonable, but paying for them all together can be much more expensive than one comprehensive solution.

3. Better integrated software = more efficient employees

And of course, to be a successful entrepreneur, you need to count costs not just in terms of dollars, but in terms of personnel hours spent on any project. If having multiple pieces of software causes your employees to take longer to complete tasks, then you start to lose productivity dollars. This can become especially problematic when information must be transferred from one program to another, taking up valuable staffing time (and costing you even more).

4. Avoiding errors is always better than catching them after the fact

Every time you take information from one platform to another, you introduce the possibility of errors. You either have to tolerate those errors or you have to spend even more labour on checking for them. With a comprehensive business management solution, you put in information once; the software does the rest. For many businesses, this type of automation and simplicity greatly reduces the chance for errors.

5. Accessibility rules in business management systems

The best business management systems allow you to access them anywhere. Harnessing the power of the cloud, 21st century business management platforms make sure that executives and salespeople alike have access to the parts of the system they need — no matter where they are. At the same time, great systems let your IT team make sure that no one has access to more than they need, matching access to responsibilities and confirming that information stays as secure as needed.

Finding the Right Business Management Solution

There are a variety of great business management systems on the market, including MYOB EXO. The system comes with a variety of modules that meet the needs of most businesses as they scale from single person companies into larger businesses. In the end, the best business management systems also allow for simplified customisation at their core.

When a company invests in a cohesive business management system, they gain the ability to see a complete picture of their operation. They can see which factors, internal and external, are affecting the business and changing how the business operates within the marketplace.

When you have a clear picture of your business’s overall functionality, you can make the necessary adjustments to keep things operating smoothly. This type of simplified management improves productivity, helps to contain costs, and keeps your day-to-day operations as simple as possible. When you are using half a dozen different programs to manage your enterprise needs, getting that holistic picture is virtually impossible.

Choose a business management system that lets you get that complete picture. That way, your business planning and marketing development can be on-point and useful as you move forward.

Would you like any more information?  Contact Horizon to see how we can help your business achieve!

EOFY: Top tips to ensure you are prepared for Tax Time

June 30 always seems to sneak up on us doesn’t it? There’s a lot involved in preparing your business documentation for the end of financial year.

The Australian Taxation Office will be expecting your return between July – October 31 2015, and employees will be expecting their payroll information ASAP. It’s not too late to get your business ready for tax time, even if you’ve done a poor job of record keeping so far.

1. MONITOR BANK TRANSACTIONS CLOSELY

According to a 2014 member survey from the Institute of Public Accountants and MYOB, 65% of business operators miscode bank statements. If most of your entries have already been made, it’s not too late to incorporate a software tool to help you catch errors. Accounting software should have built in controls to ensure that data is accounted for correctly, within an easy-to-use interface.

2. STAY ORGANISED AS YOU GO

According to the same research, it is estimated that 58% of business managers fail to keep up with their accounting and business statements on a regular basis throughout the year. One of the main reasons business people run into trouble is the fact that they are disorganised or simply don’t know where important records are.

This is where choosing the right business management and accounting software can really make a difference. Intuitive and user-friendly software (like MYOB Exo!), which can integrate the accounting function with other business management functions (like sales, stock, point-of-sale, payroll, field management etc.) means less work for you as these functions will communicate with one another and keep your accounts up-to-date.

3. EVALUATE GST LIABILITY

You may need to change your GST net liability for a reporting period. Business owners can increase or decrease adjustments, depending on their circumstances. MYOB Exo can help you evaluate your situation and ensure compliance.

4. PAY ATTENTION TO SUPERANNUATION

If you have to make superannuation payments for your staff, paying them in June will ensure that you can deduct them in this fiscal year. An advanced accounting software program can help you avoid exceeding your personal contribution caps.

5. RESPOND TO REQUEST FOR ADDITIONAL INFORMATION AS QUICKLY AS POSSIBLE

Around 49% of business owners fail to report or update information when it is asked for. Take care of any “loose ends” and tie things up as fast as you can.

6. CONSULT A PROFESSIONAL

If your paperwork is not quite ready to file, it’s still a wise decision to sit down with an accountant who can assist you with planning and strategy. If your records for this year are not up to date, business data from prior years can give your accounting professional a glimpse into your finances. Accounting software ensures that prior year records and returns are easily accessible at tax time.

7. GET THE BIG PICTURE

Don’t look at June 30th as tax time, look at it as a time to analyse your business, and your financial future. Enterprise accounting software will not only help you with last minute tax details, but it will give you a glimpse into other important details, such as insurance, investments, and retirement planning.

8. LEARN HOW YOUR ACCOUNTING SOFTWARE CAN MAKE THINGS EASIER

Smart business software keeps up with facts and figures that you might forget otherwise. No one can remember all of the facts necessary to keep up with the intricate accounting details of a busy office. However, 46% of business managers are not able to use the software they choose with a high level of functionality. This can defeat the purpose of having tax or accounting software in the first place!

At Horizon Business Systems we have MYOB EXO & MYOB Advanced Consultants, who can work closely with your team to deliver customised training and support.

Automated and fully supported ERP systems – such as MYOB Exo and MYOB Advanced – offer reporting and compliance functionality for business owners and managers to confidently make decisions and forecasts to ensure successful financial management and the ability to seize market opportunities.

Horizon Business Systems offers the perfect combination of expertise and service to ensure that your business is ready to handle tax season, every year!

What are the reporting capabilities of MYOB EXO?

WHAT ARE THE REPORTING CAPABILITIES OF MYOB EXO?

There are a number of reasons to invest in a great enterprise resource planning (ERP) system as a business develops. From more targeted inventory tracking to better human resource management, software that is developed specifically for your business can help you reduce bottlenecks, identify opportunities, and increase growth.

One of the areas that an ERP like MYOB Exo can really help a company shine is its impressive reporting capabilities. How can one piece of software save your business time, effort, and confusion? Let’s explore the reporting capabilities of MYOB Exo.

WHAT TYPE OF REPORTING CAPABILITY IS NATIVE IN MYOB EXO?

One of the greatest benefits of MYOB Exo is the availability of different facets of the software and add-ons that work seamlessly together – such as accounting, point-of-sale, job costing, payroll and stock control to name just a few.

This gives you the ability to generate unified reports that pull information from all the different areas of your business. This might enable you, for example, to cross reference POS and stock, or sales and debtor tracking.

The reporting capabilities of MYOB Exo, however, are advanced even for an ERP of its class. From the core software, MYOB Exo offers deep diving reports on creditors, debtors, taxes, sales, and a variety of other pieces of information that might be necessary for your business.

MYOB Exo also offers a variety of ways to see the reports you run. You can view the report in your system, which is a great way to preview the information and make sure it’s showing the data you need in the way that you intended. For a report that you need to manipulate externally, you can have MYOB Exo save the report to an Excel file, then open it and manipulate the data in Office. Or, if you know exactly what you need, you can have the ERP use its first class reporting capabilities to email the report directly to the intended recipient.

Unique to the MYOB Exo brand is the Analytics report. Analytics is an add-on module which allows business owners to see exactly what is happening with the deepest level of their business. Analytics takes data snapshots at set times from various points in the software, and then collates that data in different graphic displays.

MYOB Exo also offers the Clarity Report Browser and Designer. Most of the above reports have already been created and are built into the software package, but Clarity assures the business owner that there will never be a report they need that can’t be created. By using drop down menus and easy selection tools, the user can compare virtually any data elements from within their company.

HORIZON DEVELOPMENTAL SUPPORT

If there’s a report you need, and it isn’t natively available in MYOB Exo, you can partner with your Horizon support team to get it created. Horizon has worked with MYOB Exo since it’s inception as Exonet (for over a decade!), and has the kind of in-depth product knowledge that makes creating a custom add-on for your company’s needs both efficient and cost effective. The HBiz Development Team at Horizon is intimately familiar with not just the accounting and financial side of running a business, but also the intricacies of marketing and operations functions. They can help you get what you need out of the software, so that you can get back to work.

If you want to take advantage of the ability to customise your MYOB Exo software, there’s no one better at it than Horizon; that’s why we earned MYOB’s Enterprise Platinum Partner of the Year status. Find out more about our team, or review our client testimonials, and then get in touch to find out what we can do to help your business access the full reporting capabilities of MYOB Exo.  Contact us here!

Reducing debtor collection periods (without resorting to extreme measures!)

REDUCING DEBTOR COLLECTION PERIODS (WITHOUT RESORTING TO EXTREME MEASURES!)

When you first started out in business, how much of your day did you expect to spend hunting down customers or clients who owe you money? For some business owners, collecting unpaid money is often a huge time commitment every day. It makes many people feel like debt collecting is their main job rather than their actual business.

This is one of those less discussed aspects of business operations – but it’s an important one. After all, it’s your money for services rendered. You want to get that money in the bank.

What options do you have for reducing your debtor collection periods? Below, we’ve outlined a few solid steps to help your reduce these debtor collection periods. Check them out and see how they can work for you.

INCENTIVISE UPFRONT PAYMENT

When it comes to debt collections, sometimes the best strategy is the most basic one. Try this example on for size: reduce the payment terms into two simple options. Tell your customers that the minimum payment due now is 50%. But if they offer to pay the full balance now, offer them a discount of somewhere between 3% and 5%.

The incentive here falls on your customer. If they can get away with only paying 50% now, why wouldn’t they choose this option? If you’re giving them an incentive for full payment now, however, they now have a much more compelling reason to pay the full balance. The small discount won’t hurt your bottom line too much. But it will definitely help you collect your money more quickly.

Incentivise-upfront-bill-payment

STICK FIRMLY TO YOUR DEBT REPAYMENT TERMS

The main thing to remember when dealing with debtors is the critical importance of consistency. You need to stick to your repayment terms without swaying if you want them to work for you. Even one instance of letting a customer get away with a smaller deposit could balloon into confusing and ineffective repayment terms. Don’t sway on your terms and watch how your average debtor collection periods improve.

Past-Due-Debtor-Bill

MEET YOUR CUSTOMERS WHERE THEY ARE

Average collection times can vary wildly based on the industry you serve. Of course, there’s always room to improve those timeframes or better ensure your customers’ 100% repayment. One smart and simple business tactic is to meet your customers right where payment is most convenient for them.

For instance, at the end of a successful sales pitch meeting you could use your mobile CRM system to raise an invoice on-the-spot for payment instead of a mailing the invoice when you get bck to the office. Similarly, new smartphone-based EFTPOS technology is making it even simpler to connect on the spot payments directly to your business accounts.

By rethinking of payment collection as a direct component to your sales process (rather than an afterthought), you’ll see a much better turnaround in customer payments.

Meet-your-customers

SOFTWARE SOLUTIONS: AUTOMATION FOR COLLECTION MANAGEMENT

Business management & accounting software solutions, like MYOB Exo, can automate a large portion of the debt collection process for you. That way, you’re not spending an inordinate amount of time trying to chase down payments from clients and customers.

MYOB Exo can help you keep track of your debtors, set reminders for you and even send out email notices or other notifications to your customers. It also enables you to link all accounting data, client information, client orders etc. so you can have a quick overview of the full situation for each client before a follow-up call.

You can save a lot of time on your end by automating these processes. And most of your customers will likely respond well to regular reminders – hopefully improving your collection periods to get your money faster.