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MYOB ERP Solutions

5 Ways Accounting Software Can Make Your Business Run More Efficiently

Accounting is a key aspect of any business, so it is important that it is done properly and efficiently. Utilising accounting software can greatly contribute to the process, streamlining your accounting operations so that you can spend more time focussing on other aspects of running your business. Here’s how accounting software can help you:

manual-accounting

Simplify the Accounting Process

With traditional paper/manual Excel sheet accounting, each transaction must be entered by hand, often in multiple accounts. Everything must be handled meticulously to ensure that all entries are completed properly. Accounting software makes it easier to get the accounting done quickly. Many software applications automate everything for you, ensuring that each entry is allocated properly with minimal time and effort.

Minimise Mistakes

When errors occur in the accounting process, it is often a result of human error. Whether it is through entering data in the wrong column or account, or through mistakes in calculations, the human element greatly increases the risk of discrepancies in the books. With accounting software, you know that calculations will always be done correctly. With many accounting software applications, there are in-built checks that can alert you if a transaction may be entered incorrectly, helping to reduce errors even more.

Simplify Taxes

When tax time comes around each year, many businesses scramble at the last minute to obtain the data they need to lodge their taxes properly. Any errors can result in fines or audits, putting added pressure on your business. Accounting software makes the tax lodging process easier by compiling all of the necessary data for you. In some cases, you can even complete your tax forms directly within the software, making things even easier and saving you a lot of headaches throughout the process.

View Financial Overviews

accounting-software

Knowing exactly what is going on with your business’ finances is crucial to keeping it successful. Creating financial reports can take a lot of time when doing it by hand, which can take you away from the day-to-day aspects of running your company. Instead of taking the time to do this yourself, accounting software is capable of creating detailed reports for you automatically. In addition, the extensive reporting capabilities in most accounting software applications can give you access to data that you would have been unable to examine on your own due to the time involved in completing the calculations.

Analyse Forecasts

Forecasting capabilities are one of the most useful features in many accounting software applications. By analysing past data and trends, as well as your sales projections, accounting software can often generate predictions regarding the future cash flow of your organisation. This can be of great assistance in planning future courses of action for your company, such as when would be a good time to invest in an equipment upgrade for example.

As with creating financial reports, developing forecasts can be incredibly time-consuming when done by hand. Having this information at your fingertips, within the software application, can help you to make informed decisions about how to proceed.

Horizon Business Systems is your Source for Innovative Accounting Software

Here at Horizon Business Systems, we are committed to providing market-leading accounting software to help businesses all across Australia. Our team of associates would be happy to discuss our products and services with you further to help you understand how we can help you take your business to the next level. Call us at 61 8 9328 1678 or get in touch with us online for more information. Your business’ success is our business, and we will work with you to help make it happen.

Most Popular Australian Business Management (ERP) Software Packages Compared Side by Side

MYOB EXO vs Triumph Business Management Suite vs Pronto Xi vs Greentree4

Last month we compared the leading Australian Accounting Software for medium-sized businesses.

This month we’re broadening our comparison to look at the top Australian Business Management Software Packages (ERP Software).

Again, the below is just a simple overview of some key features. To really decide the right software package for your business you’ll likely need to do some further research and request a demo for your team to trial. However, the below side by side comparison is a good place to start!

 

 Provider

 

MYOB Triumph Pronto Greentree
Product

 

EXO Business Management
Suite
Xi Greentree4
Indicative Cost (per user per month)

 

$100-$145 $145-250 $150-200 $150-200
Suitable for business size

 

A$1m-A$250m+ Annual Turnover Unavailable during our research A$20-A$250m Annual Turnover A$5m-$250m+ Annual Turnover
Multiple users permitted?

 

Yes Yes Yes Yes
Multiple
Companies Supported in Single Account?

 

Yes Yes Yes Yes
Multiple Currency Support?

 

Yes Yes Yes Yes
Cloud option available?

 

No No No No
Onsite option available?

 

Yes Yes Yes Yes
Smartphone App Available?

 

Yes No No No
                                                                                       FEATURES

 

Financial Management General Ledger

Accounts Payable & receivable

Profit & Loss

Balance sheet

Cost centre/profit centre

Procurement (requisitions, PO)

Project accounting

Inventory accounting

Services accounting (jobs, timesheet, billing)

Bank reconsiliation

Bank
feeds

 

General Ledger

Accounts Payable & receivable

Profit & Loss

Balance sheet

Cost centre/profit centre

Procurement (requisitions, PO)

Project accounting

Inventory accounting

Services accounting (jobs, timesheet, billing)

Bank reconsiliation

 

General Ledger

Accounts Payable & receivable

Profit & Loss

Balance sheet

Cost centre/profit centre

Procurement (requisitions, PO)

Project accounting

Inventory accounting

Services accounting (jobs, timesheet, billing)

 

General Ledger

Accounts Payable & receivable

Profit & Loss

Balance sheet

Cost centre/profit centre

Procurement (requisitions, PO)

Project accounting

Inventory accounting

Services accounting (jobs, timesheet, billing)

Electronic Document processing with OCR capabilities and approval routing

 

HR & Payroll Human Resource Management

Payroll

Time & Attendance

Timesheets

Timeclock

PC Timeclock for remote staff

Employee info

 

Time clock

 

Payroll

Timesheets

Employee information

Leave requests

Human Resource Management

Payroll

Health & Safety

Leave planning

Recruitment

Employee development

Job Costing Job planning and scheduling

Flexible estimating – multiple billing methods (time and materials, as quoted, milestone or claim schedules)

Master and sub-job structures for more accurate control over large jobs or projects

Customisable alerts to monitor progress

Customisable quote forms

Job planning and scheduling

Base costing on actual cost or charge rate

Master and sub-job structures

Record Work-In-Progress (WIP) at job or transaction level

Create budgets

Job planning and scheduling

Flexible invoicing or via Claim Schedule

Multiple cost centres and budgets per project

Project Tasks and milestones

Export Project Tasks to MS Project 2013

Master and sub-job structures

Job planning and scheduling

Timesheets

Flexible estimating

Budget vs actual

Master and sub-job structures

Multiple customer invoicing for single jobs

Export Project Tasks to MS Project 2013

Customisable alerts to monitor progress

 

CRM & Sales Customer activity/notes

Single customer view (orders,

sales, credit)

Marketing Campaign Management – tracks costs & ROI

Social media integration

Mobile sales (browser/tablet order/re-order)

Real-time stock & finance integration

 

No CRM Customer activity/notes

Single customer view (orders,

sales, credit)

Campaigns

Mobile sales (browser/tablet order/re-order)

Marketing automation

 

Customer activity/notes

Single customer view (orders,

sales, credit)

Campaigns

Mobile sales (browser/tablet order/re-order)

Marketing automation

 

Point of Sale

 

Yes No Yes Yes
Built in
eCommerce
Third party integration available

 

No Yes Yes
Inventory/ Warehouse Available to order

POS/ e-commerce integration

Available to pick

Scan pick/ pack/ dispatch control

Quality control

 

Available to order

Available to pick

On-order /reserved /backordered

Available to order

POS/e-commerce integration

Available to pick

Scan pick/ pack/ dispatch control

Quality control

Available to order

POS/e-commerce integration

Available to pick

Scan pick/ pack/ dispatch control

Quality control

Integration and support of third party add-ons

 

Yes – Open API No Yes – Open API Yes – Open API

Which business management software is best?

While the above table gives a snapshot of the availability of some key features, it doesn’t give an in-depth look at the full functionality level in each of these areas, and importantly, how that matches up to your business’ needs.

It must be said, however, that MYOB EXO is often seen as the strongest contender in the game. MYOB is a long established world leader in the ERP market and it is the largest selling mid-sized ERP in Australia & NZ – they’re not a new or start-up business so you can rely on their longevity and stability as a provider for your business.

MYOB also has a strong network of trusted, authorised, local partners and third party MYOB developers (like us here at Horizon Business Systems!) who can offer local support and training and help you design custom add-ons specific to your business needs.

If you’d like to find out more about how MYOB EXO can help your business, don’t hesitate to get in touch with us today!

Most Popular Australian Accounting Software Packages Compared Side by Side

MYOB vs Xero vs Quickbooks vs Reckon vs Saasu

When choosing an accounting software package for your business there’s a lot of research involved – you’ll need to visit each supplier website and go through their pricing and features in depth to make sure their offering suits your needs.

But it’s also handy to have a quick overview where you can see all the accounting software packages side-by-side and compare their features at a simple level, so we’ve done our best to create a simple overview below.

Some things to keep in mind when reviewing the below comparison table:

  1. Each supplier offers different levels of service for different payment plans. To keep things on an even keel (as much as possible) we’re comparing the price plan for each supplier that falls into the $20-40 price bracket
  2. Where there is an asterisk (*) next to a ‘No’ it means the feature isn’t available at this price level, but it is available under a higher price plan or with paid add-on functions.
  MYOB Xero Quickbooks Reckon Saasu
Plan we’re comparing Essentials Starter Essentials Basic with all Add-ons Medium
Cost per month $35 $25 $25 $20 $40
Multiple users permitted Yes Yes Yes† Yes Yes
Cloud-based Yes Yes Yes Yes Yes
Quoting Yes Yes Yes Yes Yes†
Invoicing Yes Yes Yes Yes Yes†
Online Payments Coming soon Yes No* Yes Yes
Inventory Yes† Yes No* Yes Yes†
Expenses Yes Yes Yes Yes Yes
Bank Feed Yes Yes Yes Yes Yes
Multi-Currency No* No* No* Yes Yes
Calculate & Track GST Yes Yes Yes Yes Yes
Payroll Yes† Yes† Yes† Yes Yes†
Payroll for how many staff? 1 1 10 Unlimited 20
Leave calculation Yes Yes Yes Yes Yes
Timesheets Yes† No* No* Yes Yes†
Mobile Access Yes Yes Yes Yes Yes
More add-ons available Yes Yes Yes Yes Yes
Integration and support of third party add-ons Yes Yes Yes Yes Yes

* No functionality in this area – but there is on a higher plan

† Some functionality in this area – more on higher plan

Which accounting software is best?

While the above table gives a snapshot of the availability of some key features, it doesn’t give an in-depth look at the full functionality level in each of these areas, and importantly, how that matches up to your business’ needs.

It must be said, however, that MYOB is often seen as the strongest contender in the game. MYOB is a long established world leader in the ERP market – they’re not a new or start-up business so you can rely on their longevity and stability as a provider for your business.

MYOB also has a strong network of trusted, authorised, local partners and third party MYOB developers (like us here at Horizon Business Systems!) who can offer local support and training and help you design custom add-ons specific to your business needs.

If you’d like to find out more about how MYOB can help your business, don’t hesitate to get in touch with us today!

Annual Leave

How to Prevent Annual Leave Accrual from Crippling Your Business

Annual Leave

Image credit

With the end of the financial year fast approaching on June 30, this is the perfect time to review your staff’s annual leave accrual and take positive steps towards preventing difficult a financial situation for your business arising as a result of staff’s annual leave building up, as allowing staff to accumulate too much leave could end up crippling your business.

It is important to consider the impact it could have on your small to medium-sized business, and be aware of the law regarding employees’ rights to carry accrued leave over into the following year.

Problems associated with accrued annual leave

If you are a small to medium-sized business, then you are likely to be running on tight profit margins and managing cash flow can be an issue. If one or more staff members leaves or resigns and you end up owing them for unused leave hours, it could be a huge obstacle. Also, consider the problems that could arise if you find that staff are owed leave at the end of the working year and more than one employee wants to book time off at the same time, or at an inconvenient time for you.

Delays, a poor impression of your processes, or departments not working effectively could leave your customers with a negative impression of your business – and financial hardship for you. In addition, staff might ask to carry leave over to the following year, creating problems at a later date.

The law regarding accrued annual leave

Employees can carry over accrued annual leave to the next year, but by law, there are two situations in which you can direct an employee to take annual leave. According to the Fair Work Ombudsman, an employer can direct an employee to take annual leave if the business is closing for holidays (over Christmas or Easter for example), or if an employee has accumulated excess annual leave. What constitutes ”excessive” differs between industries; more information is available on the Australian Government’s website, and it’s extremely important to know your rights as an employer in your industry so you can enforce leave on staff members with excessive accrual.

How can you stay on top of it?

Larger companies have HR departments to keep on top of annual leave, but without that resource how do you keep on top of the leave hours of all of your staff members and still push forward with your business? It’s not easy! But good accounting and business management software can really help you out.

An EPR platform, like MYOB EXO, is the simplest way to keep on top of it. Most ERPs come with a core finance / accounting software, and can be integrated with a payroll module, which will not only allow you to keep track of accrued and taken leave for each staff member, you can also get a snapshot of how your financial situation would look should you have to pay out a lump sum for accrued leave if a team member were to hand in their notice.

Payroll tracks the amount of leave that has accrued and shows the monetary equivalent of the days that are owed to individuals. Add-ons can calculate leave entitlement, manage requests and approvals, and monitor and show accruals and deductions of leave hours. The software can effectively manage the full life cycle of an individual’s leave, whilst ensuring compliance with employment laws and regulations.

Once you know what leave is owed, you can think about how you will finance this in the event the leave must be paid out. This is a good topic to discuss with your accountant when you do year-end tax planning.

EOFY Tips

EOFY: 5 Tips to Ensure You’re Prepared for Tax Time

We’re nearing the end of the financial year with 30 June right around the corner, which translates to stressful times for Australian businesses. Don’t fret, you can make the process slightly less stressful for your organisation by following these simple tips.

1. Get Documents in Order

Because of the high volume of documents required to lodge your business taxes, it is crucial that you get everything in order before you begin. Taking some extra time at the start to get organised can save you delays and headaches further down the track.

Be sure that you have statements dealing with your pay-as-you-go (PAYG) withholdingsgoods and service taxes, and any documentation of deductions you are claiming so that you can prepare your Business Activity Statement (BAS) to formally lodge your taxes. Getting this done early means you will not have to scramble at the last minute to put everything together.

Keep in mind that the ATO has changed the way in which they accept payment summaries in 2016. Allow plenty of time to convert documents to the proper format so you can comply with the new requirements. The ATO has provided a guide to help explain the changes to make it easier for businesses to comply.

2. Consult with Your Accountant

Your business accountant can help you navigate your financial data to find the information you need to lodge your taxes. Be sure to have your accountant go over the books in detail to ensure that there are no errors in your financial reporting. Have them remedy any mistakes as quickly as possible so that you can move forward with lodging your taxes.

Using good business accounting software (like MYOB Finance) can streamline this process, giving you easy access to detailed account statements, financial summaries, and trend analysis. The Exo Accountant’s Assistant module is also indispensable at tax time – you can follow pre-defined checklists for tax return processing, see the financial health of the business from a high level and easily identify any areas that are incomplete or need review.

Ask your accountant to review your account balances to determine if you can qualify for any tax deductions, as explained in the sections to follow.

3. Spend Money to Save Money

If your accountant confirms that you have funds available in your business accounts, spending some money on your business now can save you in tax liability later. Paying your employees’ superannuation before tax day can result in a large deduction for your business. Be sure to make your payments well in advance to allow for processing time. Your business can also take a deduction for paying your bills in advance, like rent, utilities and subscription services. Keep in mind, though, that you may not be able to claim the deduction if the expense covers more than 12 months.

4. Take Care of Your Debts

The ATO also offers deductions regarding debts your business is owed. If you and your accountant have determined that a debt is unlikely to be repaid, you should write it off as a bad debt. Your accountant can help you determine which accounts are deductible for the current tax year. If you or any of your colleagues have taken personal loans from the business, try to pay them back before the end of the tax year to avoid a large increase in personal income taxes. At the very least, submit a minimum payment incorporating interest for the business. MYOB accounting software can aid your business in keeping track of debts paid and debts payable.

5. Evaluate Your Inventory and Assets

Go through your inventory and determine if any of it is expired or obsolete, as you can write these off on your taxes. Also, if the current value of your inventory is lower than what you had at the beginning of the year, you can deduct this as a business loss. If your business needs to increase inventory or purchase new tools or equipment, presuming it fits in the budget, a portion of these expenses may be able to be deducted. The regulations on this change frequently, so be sure to consult with your accountant or check the ATO’s website before making any large purchases. The EXO Fixed Assets Module allows you to keep track of asset value and depreciation.

It is never too early to start planning for next year, and investing in good accounting and business management software will keep you on track for next year Get in touch with us today to learn more about our software solutions and how we can help your business breeze through tax time! You can also check out our MYOB EXO EOFY webinar below for some more great tips.