A range of professions can benefit from MYOB training – not just those in finance. Such qualifications can make you very attractive to prospective employers or clients.
Whenever anyone thinks about the financial responsibilities of running a business, particularly medium to large businesses, they automatically think of ‘accountants’.
Among other things, the role of accountants is to prepare and examine financial documents. However, they are not responsible for the implementation of many financial tasks business-wide. Often, this is because division managers must take responsibility for the financial activity of their particular unit. Accountants make sure the records of this financial activity are accurate and comply with taxation requirements.
Manage Your Own Business, or MYOB as it’s better known, is a company that provides solutions. In a nutshell, they develop software programs that help businesses of all shapes and sizes run as smoothly and efficiently as possible. The software can provide assistance across a wide range of business departments, in a range of ways. The size of the business will determine which modules of the MYOB portfolio of solutions it will need.
Small Business Needs
Most small businesses simply do not have full-time accountants. Often, the role of accountant falls on the owner, sometimes (if they are fortunate enough) this is in conjunction with a part-time bookkeeper. MYOB can assist with simplifying the accounting process by:
- Tracking G.S.T. requirements
- Creating & storing invoices
- Producing important reports
- Documenting expenses
- Managing employee records and payroll
All in a user-friendly way. In fact, the person responsible for the financial health of the business and the bookkeeper can work remotely with MYOB, but in real time. Some business owners even bypass the need for a bookkeeper by using MYOB.
The old adage ‘time is money’ is especially prevalent in small businesses. Because owners and staff need to be working on building the business, as opposed to getting bogged down in the nitty gritty of running a business, implementing accounting software is imperative.
Tasks such as:
- Creating and maintaining spreadsheets
- Keeping track of who you need to pay and who owes you money
- Managing hand-written notes, receipts and invoices
can all be a thing of the past, thus freeing up precious time to grow the business. MYOB is a wonderful tool for managing cash flow and any Australian Tax Office (ATO) requirements
The range of benefits for small businesses using MYOB is incredible and there isn’t a single accountant in sight! Owners, bookkeepers and any staff that are responsible for the financial management of a business that is using the MYOB system should be well-trained in its use. This way, they will be able to:
- Manage cash flow
- Automate bank reconciliations
- Easily track emloyee payroll, leave entitlements, super and PAYG tax obligations
- Control inventory and a host of other duties
An employee with MYOB experience is a highly valued member of any small business.
Medium to large business needs
Larger businesses with multi-million-dollar annual turnovers, high staff levels and various business departments have different accounting needs than their small-business counterparts. Often, there is a full-time accountant on staff and while their role is to manage the financial health of the business and ensure they are ATO compliant, it is impossible for them to be across every financial decision being made at any given time.
Employees with managerial roles and organisational departments heads have budgetary responsibilities such as purchasing inventory and paying suppliers. However, there are many other procedural systems that MYOB software can help in streamlining all aspects of a business, all in real time.
- Accounting – oversee accounting and finance, reporting, job costing, point of sale, customer relationship management, payroll and human resource management
- Chief Financial Officer (CFO) – collate relevant data and deliver it accurately and quickly to whoever needs it
- General Manager – get an overview of financial performance from an array of reports
- Human Resources – manage staff payroll, time and attendance, time-sheets, employee information, and provide access to staff for pay slips, managing leave, reading memos and updating their personal information
- Information Technology (IT) – access data on services, staff, vendors and customers for distribution to various staff
- Marketing Manager – manage marketing campaigns from start to finish, calculate Return On Investment (ROI), create distribution lists for communications, monitor social media activity, and customer and prospect management
- Operations – maintaining stock entry and distribution processes, customer service, sales, purchasing, warehouse management, problem solving
- Sales Manager – manage customer activity, history and other relevant information, sales forecasting, email communications, provide quotes
- Warehousing – manage inventory, coordinate labour and resources, optimise distribution processes
While small businesses may only require one or two people to have access to MYOB to run the business successfully, medium to large businesses may require a range of people to have access. This is to ensure every department is talking to one another, online within the system at least, and everyone can access relevant information about the company in real time.
Who should enroll in an MYOB training course?
- Anyone who has no experience using MYOB
- People with some experience but want to expand their knowledge base
- Bookkeepers wishing to make themselves more appealing to potential clients
- Small business owners and/or staff who are responsible for the company’s financial management
- Anyone who has an interest in financial management and wishes to pursue a career in this industry
- Medium to large business employees who have financial responsibilities for their particular business unit
As you can see, accounting is just one profession that needs MYOB qualifications and training in order to be attractive to potential employees, and to perform their particular duties efficiently. Many other professionals across numerous industries have a need to be MYOB trained to be an efficient and valuable member of staff.
If you want to become MYOB trained, we have just the courses for you!