The changing face of accounting software
Accounting as a practice has never changed in hundreds of years and manual systems taught in secondary school is the same as ever. We still have source documents, journals, ledgers, and trial balance, final reports (Balance Sheet, Profit & loss). Apparently the word ‘ledger’ comes from bookkeepers who wrote transactions in their ‘book’ with their feet rested on a ledge.
The programs that help you do your accounting are thoroughly different now to 10 years ago. Software (and hardware) has changed heaps and the change will continue. In times to come I think we will use voice recognition to make entries to our accounting programs. The truth is that bookkeeping & accounting work will take less & less time.
We often come across bookkeepers who used MYOB years ago. Those people need refresher training otherwise they go back to their old (and slow) ways of doing things.
What are some of the changes in MYOB Live?
- Cloud (on-line) means you can access MYOB from the office or home or from any pc with internet connectivity
- MYOB now multi-user with minimum 5 users (all live versions)
- Backups done for you on off site servers plus a local backup every 20 mins
- Bank feeds (bank and credit cards) directly from your bank to your MYOB. Bank balances now show in MYOB and you can auto-reconcile.
- Scan in your invoices to MYOB so they sit next to your purchase. Details can be ‘read’ by MYOB.
- MYOB now on your smart phone means you can invoice (and get paid) without having to go back to your office
- You can roll the year both back (and forward)
- Upload GST returns directly to the IRD website (for GST filing). Coming June 2016.
- Integrated payrolls - a choice of desktop or online payroll
Are the changes good for my business?
Yes – they mean you can spend less time than ever doing accounting and more time & resource in the production and marketing side of the business. What we see is that the ‘progressive’ companies have cut out the overhead cost of accounting by adopting new technology. They embrace the change and use technology to make their lives easier.
As a business owner how do I embrace change?
We think ongoing training is necessary plus having people who are prepared to learn. There is all sorts of self training as well as professional training that we offer. No excuses - people must keep themselves relevant.
