MYOB (Mind Your Own Business) accounting software makes recording and analyzing financial transactions easier.

It's faster, more accurate and more efficient than manually entering transactions in the general ledger. Unlike the general ledger's paper-based accounting system, it can produce documents instantaneously and track finances in real time.

Speed and Accuracy

A computerized accounting system like MYOB enables staff to enter transactions faster and more accurately. MYOB has easy to navigate screens and built-in databases of customers and supplier details. It saves time by bypassing the need for the double entry manual accounting method used for general ledgers. It improves accuracy because only one entry is needed rather than several entries for the general ledger. There aren't as many errors because the computer records and calculates results instead of staff.

Automatic Document Production

MYOB has the capability to automatically produce financial records for management and external users. It creates documents such as detailed invoices, purchase orders and payroll forms. Accountants can generate financial statements such as income statements, balance sheets, the statement of cash flows and retained earnings by pushing a button. The general ledger system requires weeks of compiling information and performing calculations. MYOB software is useful for auditing purposes. When the auditor finds an error and fixes it, all other records are automatically updated.

Real Time Information

A computerized accounting system has the advantage of providing information in real time. Accounting records are always up-to-date because they are automatically updated every time a transaction takes place. This is very useful for tracking inventory costs and sales. MYOB will show how much stock is on hand at any given moment. This helps to prevent shortages. One other advantage is that the real-time information is available for multiple users located in different places.<

Efficiency

MYOB is more efficient than the general ledger system of accounting. It makes better use of time and resources. Companies can collect debts faster because the system generates automatic invoices. It shows users where money was spent and identifies areas for improvement. This helps to cut future costs. Staff spends less time doing the accounts. It can also record transactions in multiple currencies and calculate exchange rates, which minimizes mistakes accountants may make by performing calculations themselves.