Benefits of MYOB Accounting Software

MYOB is a user-friendly accounting software that offers easy understanding, various reports, smooth business operations, easy operation, and effective stock management. It is suitable for every accountant and provides clear insights into the financial performance of a company.

MYOB
Abstract

Myob is very good accounting software meant for every accountant. This software is very easy to use
and easy to handle. Very good reports can be generated through MYOB software Following are the
main benefits of MYOB software:
1. Easy to understand: The structure of MYOB software is very easy to understand and its very easy
to create new company and start working on it.
2. Ledgers are very easy to create along with entering the opening balances.
3. Number of Reports: There are various reports which can be generated through MYOB
accounting software like Trial balance, Balance sheet, Profit & Loss Account, Payable &
Receivables report etc. These reports give very clear picture about the working of the business.
4. Smooth running of business: As discussed above various types of reports can be generated
through MYOB which can help in smooth running of business. In other words, it can help in
finding out the lacuna in the business so that we can fix it up.
5. Easy to operate: It is very easy to operate as everything we can find on the dashboard. Every
option is available easily. Sales & Purchase entries can be entered very easily.
6. Stock management: Stock management is very easily and effective. Main area to manage In
business is stock management because heavy loss can be incurred if stock is not managed
properly.
FOLLOWNG ARE THE FORMAT OF REPORTS:
Krishna Sai & titus Private Ltd
863 Elliott Road, Brisbane, QLD, 4000 Australia
Balance Sheet
As of January 2019
Assets
Current Assets
Cash On Hand
Cheque Account $82,728.00
Total Cash On Hand $82,728.00
Trade Debtors $55,669.00
Less Prov'n for Doubtful Debts ($1,868.00)
Inventory $96,710.00
Office supplies $1,488.00
Prepaid rent $5,833.00

Total Current Assets $240,560.00
Fixed Assets
Furniture & Fixtures
Prop & Equip at Cost $55,500.00
Prop & Equip Accum Dep ($16,100.00)
Total Furniture & Fixtures $39,400.00
Total Fixed Assets $39,400.00
Total Assets $279,960.00
Liabilities
Current Liabilities
Trade Creditors $49,573.00
GST Liabilities
GST Collected $10,980.00
GST Paid ($9,714.00)
Total GST Liabilities $1,266.00
Payroll Liabilities
PAYG Withholding Payable $3,090.00
Total Payroll Liabilities $3,090.00
Interest payable $70.00
Short term loans $14,000.00
Total Current Liabilities $67,999.00
Long-Term Liabilities
Bank Loans $48,000.00
Total Long-Term Liabilities $48,000.00
Total Liabilities $115,999.00
Net Assets $163,961.00
Equity
Owner's Equity
Owner's Capital $45,000.00
Total Owner's Equity $45,000.00
Retained Earnings $120,452.00
Current Year Earnings ($1,491.00)
Total Equity $163,961.00
Krishna Sai & titus Private Ltd
863 Elliott Road, Brisbane, QLD, 4000 Australia
Profit & Loss Statement
July 2018 through January 2019
Income

Sales
Sales Type A $161,299.00
Total Income $161,299.00
Cost of Sales
Purchases
Purchases Type A $108,509.00
Total Cost of Sales $108,509.00
Gross Profit $52,790.00
Expenses
Depreciation Expense $16,100.00
Store Supplies $2,842.00
Employment Expenses
Salaries expense $22,298.00
Total Employment Expenses $22,298.00
Rent $1,167.00
Telephone $4,901.00
Services
Electricity $4,598.00
bank Charges $49.00
bad debt expense $2,137.00
Total Expenses $54,092.00
Operating Profit ($1,302.00)
Other Income
Interest Income $601.00
Total Other Income $601.00
Other Expenses
Interest Expense $790.00
Total Other Expenses $790.00
Net Profit / (Loss) ($1,491.00)
We can see from the above reports that it is very easy to understand the report. It can be understood by
layman also.
Conclusion: In short it can be said that, MYOB as an accounting software is very use friendly. Inventory
management is also very good in MYOB. Analysis about the financial performance of the company can
also be done very efficiently.