MYOB’s products and services, an accounting and financial management software solution are now the choice of over 1 million businesses and over 10,000 accountants in practice. Thousands of growing businesses, from florists and law offices to churches & retail stores, have trusted their books to MYOB products.

MYOB software is not just a package that can be used to satisfy government requirements like the production of Business Activity Statements, but the software also helps any business to analyse its performance and plan for the future with confidence.

If you are still in doubt about whether to use MYOB software, let’s take a look at a few reasons why you should.

1. Focus to your business rather than book keeping job:

All competent business managers know that they should be spending their valuable time in planning their business, implementing new strategies and researching new possibilities. Becoming bogged down in the day-to-day issues that arise with bookkeeping and accounting can distract a business from its core activity and actually contribute to a business becoming stagnant. Using MYOB does not require accounting knowledge although it is accounting software. With user friendly and intuitive designed MYOB, the managers can know every detailed activities of their business in their own perspective , but the all data still comply with accounting rules and tax law.

2. Follow your project cost:

If you manage many projects, you know how challenging it is to effectively forecast and manage costs. While spreadsheets track certain components of projects, their functionality and effectiveness are limited. Making the shift to project cost management software is a step in the right direction to ensure everything in right track. With the concept Job, MYOB manages all income and expense of each project and produces valuable project reports such as Profit and Loss, Budget Analysis to give you exactly your project financial status.

3. Tracking cost of sales:

Cost of sales is always important for business. MYOB provide several methods to manage cost of sales which really helps you to know exactly how much you earn for each goods item.

• Perpetual Inventory: A method for accounting inventory whereby the records of on-hand quantities of items is kept up to date by recording every time an item leaves or enters inventory. The total value of the items held in stock is reflected in the inventory asset account and the cost of sale is recognised at the time of selling the good.
• Periodical Inventory: A method for accounting inventory whereby the goods on-hand are determined by a physical count and the cost of goods sold equals opening inventory plus net purchases, less closing inventory. Using this method, when inventory is purchased it is usually charged to a cost of sales account. If you require this, then your linked Expense account for tracking costs should be a Cost of Sales
• Auto-Build: A feature of your software that enables you to create finished goods out of sub-components. Often used for manufacturing. Our support note Inventory Auto-Build has more information on this.
• Work in progress: Usually refers to inventory that has value added from labour or additional processing. When considered for inventory value, the value of the raw material plus the value added component is accounted for in determining the value of that inventory at that point in the process.

4. Management reports:

MYOB software offers full-featured accounting, including general ledger, cheque book, invoicing and quotes, cash-flow forecasting, inventory, A/R and A/P with over 160 management reports, as well as multiple currency accounting and professional time billing applications.

Moreover, MYOB produces numerous reports that will help you analyse your business and plan for future growth and activity. Imagine being able to study the impact on your cash flow if you raise prices by 10%. Or, being able to predict where a cash flow problem may emerge later in the year, allowing you to change tack or make appropriate plans.

5. Compliance Vietnamese Tax:

Many businesses in Vietnam have trusted MYOB to manage their accounting because it is user friendly in data entry, effective in management and compliant with Vietnamese accounting standards. Although the software is developed in Australia, its accounting rules are the same as Vietnamese accounting rules.

In addition, to handle with some differences between Vietnamese and the original MYOB in terms of reports, forms, HD Expertise provides add-on software named Vietnamese Tax Report to assist enterprises to apply MYOB in Vietnam. The add-on software – Vietnamese Tax Report - consists of numerous reports required by Vietnamese Accounting Standards and Tax Law.