The Evolution and Key Features of MYOB Essentials
MYOB Essentials has undergone significant upgrades, transitioning to a new platform that offers more frequent updates, improved workflows, and a cleaner, mobile-responsive experience. The updated features include customised reporting, enhanced payroll management, insightful business decision-making tools, and a real-time dashboard for better cash flow visibility. These advancements make MYOB Essentials a dynamic solution for modern business needs.
Real-Life Success Story: Miss Trixie Drinks Tea
Miss Trixie Drinks Tea, an Australian business specialising in custom and classic cakes, leveraged MYOB Business to transform its operations. Founder Alice Bennett utilised MYOB’s user-friendly invoicing, expense management, and inventory control features to streamline the business. This shift to MYOB marked a significant turning point for Miss Trixie, enabling efficient management and contributing to its growth during the challenging pandemic period. Read the case study here!
Advantages of MYOB Essentials for Australian Businesses
For over a decade, MYOB has been a top choice for small business accounting software in Australia. Its advantages include a user-friendly interface, efficient bank reconciliation through BankLink, and innovative features like smart bills and a mobile payments dongle. Additionally, MYOB Kounta integrates with Essentials for a seamless point-of-sale experience . However, it’s worth noting that Essentials is primarily designed for sole traders and small businesses, with certain limitations in features like inventory and multi-user roles.
Features and Functionality: Job Tracking and Payroll
MYOB Essentials offers streamlined invoicing and automated payment reminders, making GST calculations and customer billing more efficient. Job tracking is integrated into the system, allowing for more effective management of various tasks and projects.
Optimising Operations with MYOB Essentials:
The software’s invoicing system streamlines the billing process, making it faster and more efficient. This includes automated GST calculations, ensuring accuracy and compliance in financial transactions. What’s more, with automated payment reminders, you can reduce the time spent on follow-ups and focus more on core business activities. For a deeper understanding of these features, explore our Certificate in MYOB AccountRight course, which covers a broad range of practical skills.
Job Tracking for Enhanced Project Management:
MYOB Essentials goes beyond basic accounting; it incorporates job tracking functionality, enabling businesses to oversee various tasks and projects effortlessly. This feature is invaluable for maintaining project timelines, budgeting, and resource allocation. Whether you’re managing a single project or juggling multiple tasks, MYOB Essentials provides a clear overview of each job’s progress, expenses, and profitability. This level of detail helps in making informed decisions and streamlines project management, leading to increased productivity and efficiency.To master these project management tools, consider our Advanced Certificate in MYOB, which combines comprehensive MYOB training, including project tracking and reporting.
Payroll Management Made Simple:
Payroll processing is made straightforward with MYOB Essentials. The system caters to the nuances of payroll management, from calculating wages and managing employee data to handling PAYG tax obligations. Its intuitive interface simplifies what can often be a complex process, ensuring your payroll is accurate and compliant with the latest tax laws. This feature is especially beneficial for small to medium-sized businesses looking to streamline their payroll processes without investing in separate payroll software. To gain expertise in this area, our Certificate in MYOB Essentials Payroll course offers focused training on setting up and managing MYOB payroll effectively.
Staying Compliant with 2023 Tax Changes
Adapting to tax changes is crucial for businesses. MYOB Essentials aligns with the ATO’s 2023 tax compliance changes, which include updates in foreign currency exchange rates, Medicare levy reduction, study and training loan repayment thresholds, and more. These updates ensure that businesses using MYOB Essentials remain compliant with the latest tax requirements.
Learning MYOB Essentials with The Career Academy
At The Career Academy, we offer a variety of MYOB courses tailored to different skill levels and needs.
Our courses include:
Advanced Certificate in MYOB:
A comprehensive package covering AccountRight, Essentials, and Payroll, perfect for enhancing your CV. Learn more about the advanced certificate.
Certificate in MYOB AccountRight:
An intermediate-level course that covers a broad range of AccountRight features, accredited by MYOB and ICOES.Learn more about MYOB AccountRight.
Certificate in MYOB Essentials Payroll:
Focuses on setting up and managing MYOB Payroll and connecting it to your accounting system.Learn more about MYOB essentials Payroll.
Certificate in MYOB Essentials:
Helps you become proficient in navigating MYOB Essentials.Learn more.
Advanced Xero Package + Advanced MYOB Package:
Offers advanced skills in both Xero and MYOB, ideal for accounting or administration roles.Learn more about the package.
Basic Xero and MYOB Package:
Provides an introductory skillset in Xero & MYOB software.Learn more about the basic package .
