7 ways to set up your trades business for success in 30 days (for free)
What if we told you that within 30 days we could save your trades business time, money and sanity? What if we then told you that doing all this would cost you roughly zilch?
While many people take out an MYOB trial, they often go in and look around – but they barely scratch the surface of what they can do in 30 days.
But with just a trial of MYOB, it’s possible to set up your business to run more smoothly and efficiently so you can get back on the tools knowing that the books are virtually taking care of themselves.
Want to know how?
1. Set up your advisor or partner so they can do the books for you
If you’re the type of person who wants to do everything yourself, great! When you take up a trial you’ll basically get a checklist of stuff to do so you can get up and running as quickly as possible.
But, let’s face it, who has time to go in and fiddle around?
Luckily, right from the start you can set up your advisor (bookkeeper or accountant) so they can do a bit of the heavy lifting for you.
You can also add in other people, such as somebody else from your business or a partner, so they can do all the bookwork for you.
Go to the top right and click on your user name. Under settings, you can click on advisors. Click the big green button, fill in their details, and they’ll get an email telling them what to do next.
If you wanted to invite a partner in, it’s much the same thing.
Under settings click on users. You can invite them from there, as well as setting up just how much control you want to give them.
2. Get your quotes and invoices looking schmick
Want to stand out from other tradies in the area? One of the easiest ways to do that is to make sure your invoices and quotes look great.
We know from our own research that people who invoice electronically get paid a heck of a lot quicker than those still printing out invoices and handing them to the client at the end of a job.
But the best thing about invoices through MYOB is that you can see if a person has opened the invoice when you’ve sent it to them.
No more ‘yeah, nah, yeah I didn’t get it’…
3. Shop at Reece, Actrol or Metaflex?
If you get your supplies from Reece, we have a bit of a sneaky tip for you.
MYOB and Reece Group have partnered to make it easy to get your supplier invoices directly into the software. No more tedious data entry.
Setup only take a few minutes and once completed all invoices will be automatically be set over to the MYOB In-tray, ready for you to review and what’s even better, all future bills will be automatically coded as an expense in your software.
No more sitting there with invoices and a laptop every night.
And because everything is electronic and hunky-dory, you can also have an accurate record of your bills so when it comes to tax time you can get everything you’re entitled to.
For more information on setting up your integration (with video), head here.
4. Get those bank feeds flowing!
If you’re unfamiliar with bank feeds, you’re missing out!
You know at the end of the month when you have to make sure all the books are right so you’re left cross-referencing financial statements with invoices to make sure everything matches up?
That’s now a thing of the past.
By setting up bank feeds, data from your financial institution is automatically downloaded into your accounting file and matched with data so you don’t need to compare the two.
What will you do instead of spending long nights looking at financial statements? Well, that’s up to you, but by setting up bank feeds you can get time and sanity back.
5. Set your staff up right
Getting your head around all the ins and out of paying staff correct super and PAYG withholding can be a complete pain if you’re basically running everything off an excel spreadsheet.
With MYOB, you basically set up the employee from the start and then the software will automatically calculate just how much you need to pay the taxman when it comes to employees.
Because MYOB works with the ATO to make sure all the data is correct, you can rest easy knowing that you won’t have a massive super bill to pay out in three or four years’ time.
Turn on Single Touch Payroll and this becomes even easier!
6. Set up your BAS and GST
Speaking of the taxman, he really hates it when you don’t get your GST or BAS statements right – but preparing those documents can be a complete pain if you’re doing it all manually.
Doing it manually also means you’re likely to make mistakes.
Let’s face it, you might be a fantastic sparkie but making your numbers sparkle might be a different challenge altogether.
Within 30 days, you can set up everything so you never need to worry about getting the numbers right.
7. Access reporting on your business
MYOB isn’t just a place to do the books, but gain insights into how your business is performing more broadly.
Want to know if you’ve got a cash flow gap coming up? MYOB reports can let you know when you’ve got an expected gap coming up so you can take action sooner rather than later.
Want to know when you’ll be in a position to take that trip to Kuta? MYOB reports can let you know as well.
Want to know more about what you can do with MYOB? Take a free 30-day trial today and find out just how easier your life can get!