Which MYOB should I buy?
For a small business owner, the choice of which MYOB Software package to use for your business can be a tricky one. Here at Penrith Bookkeeping, we have put together a small guide to help you through the process.
For the sole proprietor looking for a way to create invoices, keep track of your receipts and help you with BAS reporting, MYOB Business Basics is the baby of the family, it has a very basic database, to keep track of your customers and suppliers. For the individual tradesman, it is sufficient to help you keep your bookkeeping in order and easily accessible when you need it.
For the next step up in size, businesses with 1 to 5 employees might prefer the MYOB Accounting. It has all of the features of MYOB Business Basics, but offers enhancements on certain areas and also can help you maintain the records of all your suppliers in the Purchasing module. This allows you to enjoy slightly more complicated accounting function-ability.
The inventory module of MYOB Accounting is helpful to track stock levels and adjust ordering needs based on customer back orders or items that are top sellers. This helps you have better control over inventory levels and can keeps you from tying up so much cash in them.
The job costing module of MYOB Accounting makes it easier to keep track of the income and expenses for a particular project. You can also use it to break down projects by customer or departments.
If yours is a business with more than 5 employees and you want a fully integrated payroll module, MYOB Accounting Plus has all the features of MYOB Accounting. Because MYOB correctly calculates weekly pay, including Tax and Superannuation requirements, and keeps track of sick leave entitlements and annual leaves, you can print PAYG Payment Summaries quickly and easily. The special report for quarterly superannuation reporting in MYOB Accounting Plus helps you stay in compliance when it comes to the legal reporting requirements to employees.
The time billing module in MYOB Accounting Plus is a perfect way to keep records of time spent working for clients when you are billing by the hour or day and allows you to invoice them at the end of specific periods of time. This is especially helpful for those that work on hourly allotments, including plumbers, electricians and attorneys.
For large businesses, the MYOB Premier program has everything MYOB Accounting Plus has but Multi User functions allow you to have more than one person accessing the same company file at the same time. Multi Currency and a slightly more advanced inventory module make MYOB Premier more desirable for the larger business. You can have price matrixes for different customers and quantity breaks, which allows you to have a retail price as well as a wholesale price. You can have one price for sales between 1 and 10 items, and a different price, between 11 and 20 items, as an example.
Here at Penrith Bookkeeping Services, we can help you with your software selection and if needed provide both Installation and Training.
