Why You Need MYOB Accounting Software for Your Startup Business

Books like “Side Hustle” and “$100 Startup” have influenced people to turn their passions into a small business. Based on a 2019 survey released by Statista, Asia has a growing percentage of business startups.

While most businesses begin with high expectations, the sad truth is that most startups fail within the second year. Successful startups attribute their success to answering problems in the market, learning from mistakes, and being productive.

Regarding productivity, let’s face it - entrepreneurs are busy marketing their products and services. They have very little time for details like accounting. Fortunately, MYOB accounting software meets the needs of active startups.

Here are four benefits of using accounting software like MYOB.

Scalable

Perhaps one of the best advantages of MYOB accounting software is its scalability. Once a startup is ready to expand, business owners can upgrade their starter package by adding features, like bank reconciliation, payroll, inventory, multi-currency, and multi-location.

However, if the business needs to scale back due to changes in requirements, the software can be adjusted accordingly. MYOB consultants assist in both upgrades and downgrades of its software packages.

Expertise in Payroll

MYOB accounting software has one of the best payroll features. When starting a business, the owner is the sole employee, handling everything from product development, marketing, shipping, and accounting.

As the business hires more staff, there is a need to move from simple spreadsheets to a payroll system. MYOB makes handling payroll easier by:

• Automatically calculating for tax and superannuation

• Allowing staff to fill up timesheets and access their payslips through their mobile phones

• Creating consolidated payroll reports

• Generating statutory reports submitted to tax authorities

Another positive feature of MYOB is its flexibility in adapting to tax changes affecting payroll. For example, MYOB is widely used in Singapore to conform with IRAS tax requirements and CPF contribution changes.

Improves Cash Flow

One of the challenges of a startup is sustaining positive cash flow. With accounting software, invoicing is made simple. Invoices sent through email allow customers to pay directly using their credit card.

Anytime, business owners can access a dashboard to track cash flow. What’s more, the latest inventory is available online. Startups are better informed on the best time to release or hang on to funds.

Convenient

Since MYOB accounting software is cloud-based, remote work is possible. Under the new normal of the COVID era, working from home is commonplace. With the company’s latest data stored in the cloud, employees can collaborate wherever they are, as long as there is a stable internet connection.

Another convenience is that MYOB allows the capturing and storage of paper receipts through the MYOB Capture app. Being cloud-based, business owners can track documents, receipts, and bills wherever they are, at their most convenient time. With real-time access, expenses are better managed.

A third benefit is the software’s capacity to manage multiple currencies. With e-commerce rapidly growing, a startup’s market is no longer limited locally. Business owners use the internet for marketing their products and services globally. With MYOB, receiving payments in multiple currencies is not a problem.

Lastly, MYOB integrates with more than 300 business software in various industries. MYOB can easily integrate with the necessary apps without downtime, whether the startup is related to healthcare, legal, professional services, or retail. With MYOB, there is no need to stop operations for data migration or introduce procedural changes.

With these benefits, MYOB accounting software is a must-have tool for startups.

Author Bio: Emily Stuart is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry.  She is a multi-niche content chef who loves cooking new things.