Accounting software

Understanding accounting software in the time it takes to make two-minute noodles.

Accounting software makes keeping track of your business’ finances as easy as making two-minute noodles.

In the next two minutes, we’ll take you through the features and benefits of accounting software. That way, the most difficult decision you’ll have to make is whether you’d prefer chicken- or beef-flavoured noodles.

One of the most demanding tasks for many business owners is accounting.

Luckily, with the availability of online accounting software, it’s never been easier to systemise accounting processes to save you time, money and stress.

Benefits of accounting software

Accounting software is technology that streamlines various accounting processes for your small business. It makes it easier keep on top of your finances.

Accounting software has many benefits, including improving the speed and accuracy of all your accounting tasks, which saves you time and money. It also lets you see your business’ financial position in real time.

As most accounting software is online, it also means that you can access your business’ financial information from almost anywhere.

If you’d like to read more about how accounting software can benefit small businesses, we’ve prepared something for you here.

How MYOB helps simplify accounting success

When it comes to accounting, MYOB helps simplify the following:

• Creating digital and print-ready invoices
• Integrates business database with the accounting program
• Records suppliers’ invoices
• Makes payments to suppliers
• Updates general ledgers
• Automatically calculates payroll expenses
• Helps you prepare your BAS and tax records (if you’re in Australia) or your GST returns and tax records (if you’re in NZ)

When it comes to reporting, there are a few particularly helpful reporting tools in your accounting software that we thoughts you should know about.

DOWNLOAD: MYOB’s FREE invoice template

There are three major benefits of MYOB software:

1. It makes tax time easy

Fast and easy tax updates mean you’re always up to date. Paying super and staying on top of ATO SuperStream requirements is a breeze.

2. It helps businesses get paid faster

Say goodbye to cash flow headaches. Add PayDirect Online to MYOB Essentials and your customers can even pay you straight from an emailed invoice.

3. It gives you back your time

MYOB Essentials is the fast and easy way to manage your cash flow and ATO compliance requirements. It also includes time-saving features to help take care of the day-to-day bookwork.

Top 3 takeaways

1. Accounting software helps create accounting systems for your business.
2. MYOB accounting system has many functions, including creating invoices, updating supplier and client accounts and performing payroll duties.
3. MYOB accounting software will save you time, helps you get paid faster and makes tax time easy.

READ NEXT: Technology, safety, and your business