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 MYOB 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.
Accounting software like MYOB accounting software allows you to automatically import your bank transactions into them securely.
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.
Here’s how to set up bank feeds in MYOB Accounting Software.
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 Click-to Pay, 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.