MYOB Essentials Review

Convenient tax reporting and payroll processing

One of the best features of MYOB Essentials is that it’s a Single Touch Payroll-enabled software. With this feature, the software automatically reports employees’ payroll and tax information to ATO each time you pay employees through MYOB Essentials. The software also automatically calculates taxes and superannuation, saving you time and effort at the end of pay cycles. Changes to tax laws are also automatically applied to calculations.

Automated, error-free data entry

With MYOB Essentials, business owners and accounting teams can also avoid the hassle of dealing with paper receipts and bills. The software lets you use a mobile app to scan receipts and bills and automatically fills out forms with the scanned information. This automation ensures data accuracy and reduces the errors that can be caused by manual data entry.

Hassle-free bill tracking

The platform works with companies and local suppliers to make it easier for you to track and approve bills and expenses. Bills automatically appear in the software, so all you have to do is review and approve these. The bills contain detailed supplier information, including total bill amount and individual line items so you’ll see all the information you need.

Organized, on-time invoicing

MYOB Essentials come with plenty of features to streamline your business’ invoicing activities. You can quickly create professional-looking invoices and quotes and send these even via mobile devices. The platform also lets you set automated invoice reminders and see whether customers have seen and opened your invoices. Once your customers have paid their invoices, the software automatically updates as well. Moreover, your customers will be able to pay you via AMEX, Visa, MasterCard, and BPAY. All these features help reduce the effects of late or unpaid invoices on your cashflow.

Data-driven business insights

With MYOB Essentials, you can easily get data-driven insights on your business’ financial health. View payment summaries and reports on YTD cashflow, bad debt, liabilities, and deductions and customize these according to date range for comparing against your budget. You can also track taxes (GST and PAYG) and create reports on the data.