Our bookkeepers explain MYOB bookkeeping for personal finances

July 31, 2023

Do you want to take control of your personal finances?

Many people find it difficult to manage their day-to-day budget. This is often due to the lack of understanding when it comes to bookkeeping.

The good news is you don’t need an accounting degree or be a finance expert in order to get on top of things! 

With help from our professional bookkeepers, we’ll explain how MYOB bookkeeping specifically can help with your financial management objectives. 

Read on for tips, advice and further information about mastering MYOB for ultimate success in running a smoother personal budgeting system!

Managing your finances with cloud bookkeeping 

Successful finance management starts with a great understanding of your current situation. Planning for the future is great, but that’s difficult to do when you lack clarity about the “now”.

Whether you’re looking to improve business transparency or are focused on getting your personal finances in check, MYOB may be the solution you’re looking for.

This week, our cloud bookkeepers in Melbourne unpack the MYOB benefits and features that can assist you both personally and from a business perspective.

Looking for additional support for your business? Explore our bookkeeping services

If you’re looking for an experienced and reliable bookkeeper in Melbourne, we would love to talk to you. Get in touch with Maximum Business Solutions today.

MYOB bookkeeping Melbourne

Is MYOB a financial management system?

A popular option for small or large businesses to consider is MYOB – but what actually is MYOB, and how does it work?

We’ll take a deep dive into the features of MYOB’s financial management system so that you can determine if it’s suitable for your organisation.

MYOB bookkeeping is a highly advanced financial management system that can handle even the most complex financial related aspects of your business or personal finances.

Managing finances is an important part of operating any business, and making sure you have a comprehensive financial management system in place can make your job much easier. 

Its overall goal is to help you understand not only where you are now, but importantly, where you’re headed, too.

The day-to-day is just as important as the long-term: your financial management system tracks daily transactions, income, and expenses in order to provide you with a sustainable, long-term, and broader understanding of the state of your finances.

All of this knowledge is essential to help achieve your personal and business goals!

What services does MYOB provide?

Accounting is an essential part of managing any business, large or small. It ensures you can understand your finances and make essential decisions that are in the best interests of your company’s success.

However, accounting isn’t always the easiest thing to do. 

Without the right tools and know-how it can be quite tricky. Luckily for those looking for a helping hand there is MYOB.

The software has been designed specifically with accountants in mind!

Let’s touch on some key features that set them apart from competitors. 

Discover why many businesses have chosen to trust their accounting needs with this powerful platform.

So keep reading if you’re interested to find out more about the services that MYOB provides. 

Create a simplified personal budget

Step #1 in securing your personal finances? A personal budget.

And with MYOB Essentials, you can do just that.

Preparing a budget is simple. Just click ‘reports’ and create a budget that includes categories for all of your personal spending.

Compared to budgeting the old-fashioned way, MYOB makes this process so much easier – and faster.

Once you’re set up, you’ll be able to easily compare your actual figures to your household budget side-by-side, in a table, or in a graph format.

What’s more, you’ll also be able to see where spending spiked, and take measures to bring your spending back under control.

Track your personal expenses easily

Is your current system a mess of spreadsheets and hard copies?

Do you find yourself struggling with a major headache every time the time comes to check your finances or make an edit?

If so, you aren’t alone.

Once you transition to MYOB however, you’ll never have to worry about this again.

Data entry with personal and business is simple – just enter your details into the appropriate field and you’re done. In fact, it can even be automated altogether!

MYOB can be set up to sync with your bank account, so your spending is automatically tracked in MYOB without you having to lift a finger.

That isn’t the only thing that’s automated, either – MYOB Essentials can also be set up to automatically generate reports, allowing you to keep on top of your personal finances.

Of course, you’ll need to clean up your accounts first before importing them to MYOB. If you’re struggling with this and aren’t sure where to begin, our cloud bookkeeping specialist can help.

Simplify your tax obligations with MYOB and our bookkeepers in Melbourne

Keeping up with your tax obligations can be difficult – but it doesn’t have to be.

Sure, individuals have it a lot easier than businesses do. After all, your income tax is calculated (and paid) by your employer, and GST is automatically included in every purchase.

Having said that, there will still be circumstances where you might have to manually calculate taxes.

Not really a numbers person? Luckily for you, MYOB will automatically tell you how much you owe.

MYOB keeps an updated list of taxes in its system. When you manually enter a transaction in MYOB, all you have to do is click the drop-down and choose the relevant tax (for most individuals, GST is probably the only one you’ll ever need to worry about).

Once that’s done, MYOB calculates the amount owed!

For more MYOB tax tips, you can check out this post.

Access your personal finances on-the-go

That’s the power of cloud bookkeeping!

Cloud bookkeeping solutions like MYOB allow you to access your bookkeeping wherever you are. No need to install any programs on your computer, check your filing cabinet at home, or book a meeting with your accountant.

With MYOB, all of your finances can be accessed remotely, thanks to MYOB’s mobile app and anytime-anywhere cloud accessibility.

Does MYOB do cash flow?

MYOB offers interactive and easy-to-interpret cash flow reports to help you see, at a glance, your spend on a daily, weekly, monthly, and yearly basis.

This intuitive feature gives instant insight, helping you to better plan and manage your personal or business finances.

Good cash flow management is essential to helping you understand if you have enough money to pay your bills, while also making a profit.

While this is particularly important for business, it is also a critical metric to measure for personal finances, no matter your goals.

MYOB Partner Melbourne

Need bookkeeping in Melbourne? We can help you manage your personal finances with MYOB

Contact Maximum Business Solutions’ bookkeepers in Melbourne to get set up

It isn’t just businesses who can benefit from the power of MYOB – it’s also the perfect tool for individuals who struggle to keep up with their finances otherwise.

Simplify your tax, household spending and personal finances with MYOB’s flexible and accessible cloud-based bookkeeping system. Say goodbye to disorganised spreadsheets and hello to a more detailed, advanced, and accessible personal bookkeeping system.

Maximum Business Solutions is an MYOB partner that can help you soar in the cloud. In addition to MYOB, we are also Xero bookkeepers in Melbourne so we can help advise you on the right tool to nurture your business or personal finances.

A cleaner, simpler way of doing your personal finances isn’t far away – if you’re looking for advanced cloud bookkeeping in Melbourne, give our friendly team a call today.

Call now on (03) 9589 0128 or fill in the form and we’ll get back to you soon.