If there’s one commodity a small business owner needs, it’s time.
Luckily, tech is coming to the party.
There’s not a single small business owner who would prefer doing data entry over actually working on their business.
However, small business owners have spent way too much time in the past hunched over a laptop instead of doing anything else with their time.
With the smart tools available in your online accounting software, however, it’s now possible to automate processes which used to take hours.
Want to know how you can reclaim both time and your sanity?
1. Link all your business accounts, credit cards and even rural supplier accounts
Do away with manual data entry of transactions and enable bank feeds.
Make reconciliation easier and get back a serious chunk of time when you link your bank accounts and credit cards using bank feeds.
You simply enter your invoices and purchases and no longer need worry about simple transaction such as bank charges. You’ll have more complete and accurate information in your file.
MYOB BankFeeds™ are applicable for most bank and credit cards accounts you may use in your business and are the only bank feed provider that offers a quality guarantee.
TIP: Ask us how to set up bank feeds in MYOB Essentials.
2. Create bank rules
Once you’ve applied for MYOB BankFeeds™ the next logical step is to create as many bank rules to automate your data entry.
Bank rules will automatically allocate your transactions which will in turn reduce your data entry even further.
For example, if you have regular direct debit transactions on your statement you can create a rule to auto allocate this for you.
The same applies if you have a lot of little purchases on your statement like petrol or bank fees.
3. Track invoices online
You can get paid faster by using online invoicing, which is a powerful tool which allows you to track your invoices within your accounting software.
Gone are the days where you need to have several windows open on your laptop to track down all the invoices which may be floating around in different places.
You can even see if the recipient has opened and viewed the invoice.
Additionally, you can apply for MYOB PayDirect Online, which is an online payment solution that allows customers to pay their invoice by clicking on ‘Pay Now’ on their invoice using Visa and MasterCard if activated.
This method will update your accounting software and your invoice will be closed as the money is deposited into your nominated bank account.
4. Upload PDF documents
Do away with paper trail by uploading all you supplier bills into your MYOB accounting software.
We use it extensively in our business and it just saves so much time!
When suppliers email you their invoices, all you have to do is upload them directly into your accounting software.
It has advanced Optical Character Recognition (OCR) that identifies key information to speed up your data entry.
You can either upload, drag and drop the PDF or simply email to a dedicated email address that uploads it for you.
The beauty of this is that you never need to look up the paperwork as it will always be attached with your purchase in MYOB so all you do is click on it to view.
You can do away with the chasing up to get copies from your suppliers!
5. Set up Pay Super
MYOB software make it easy to comply with the government’s requirement for you to be SuperStream compliant.
With MYOB Essentials you have access to MYOB’s super online portal which allows you to make compliant super payments.
You simply create the file in the software and then upload it to the portal.
In MYOB AccountRight it does it directly through your software once you set it up which by the way is seamless to do.
The process is really easy to setup and it handles both standard as well as self-managed funds.
It’s now such an easy task each month or quarter to comply with regulation seamlessly.
By implementing these simple steps, it will have you on the road to building an even greater business.
It will also help free you to invest more time in building your success.
Looking for accounting software?
We have a solution for every stage of your business. Explore our products or call OBT in Gatton on 5462 2277.
Further reading: Stepping off the ark and into the cloud with MYOB and OBT