How to Choose a MYOB-Integrated POS System
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In today’s technology-driven business world, the endless supply of software tools on the market can often feel overwhelming. While these tools no doubt have their merits, things can get messy if your business depends on too many different ones.
One company that aims to fix this problem is MYOB, a leading provider of accounting, inventory, payroll and other business management software. In keeping with the brand’s all-in-one ethos, MYOB’s accounting software also integrates with a wide variety of POS systems.
Connecting your MYOB account with your point of sale system will help streamline your retail operations and place efficiency at the core of your business. Below, we explore the key features of an MYOB integration and explain how to find the right tool based on your business needs.
Key Statistic
Why Integrate MYOB With Your POS Software?
Are you still adding up your MYOB accounts manually? If so, we’ve got some news for you: you’re wasting precious time that could be invested in the more important parts of your business. With the right POS integration, you can forget about manual bookkeeping for good.
If that isn’t enough to turn your head, here’s a snapshot of the basic functionality of an MYOB-POS integration:
- Data synchronisation
- Real-time reporting
- Automatic online invoices
- Professional tax solutions
- Inventory tracking
- Automatic bank reconciliations
- Customer and supplier data management
And that’s just scratching the surface! Below, we dive into greater detail about POS systems with MYOB integrations and how they can give you an edge over your competition.
The 5 Best Features of an MYOB POS Integration
We got hands-on with a wide range of MYOB integrations from various point of sale providers and shortlisted some of the best features on offer.
From advanced financial reporting to cash flow management, here are five ways an MYOB integration can improve your accounting processes and build a springboard for success!
1. Automatic Data Entry
The main incentive for connecting your MYOB accounting software and POS system is to eliminate the need for manual data entry. Once the integration is up and running, all account sales will be imported automatically from your POS system into MYOB at specified intervals.
For instance, you can choose to sync individual transactions or record daily summaries. In addition, you can import all historical data from your POS software. Not only does this save time and reduce error, but it also gives you full flexibility in how you decide to keep the books.
2. Real-time Reporting
As a follow-up to the previous point, automatic data entry means you can view your finances in real-time. As new sales roll in through the day on your POS system, revenue in MYOB is updated accordingly.
But reporting isn’t just limited to sales. The integration will also take into account outstanding invoices or tax liabilities and offset expenses like rent, payroll and marketing from your income to give you the most accurate, up-to-date insights into your business’ profitability.
3. Inventory Controls
Integrating your MYOB account with your POS software also gives you access to some of MYOB’s solutions for inventory management. These include tools for tracking inventory levels, purchase orders and inventory adjustments.
Inventory insights can be imported directly into your accounts, providing full transparency on all of your product details and movements. You’ll also be able to gauge how much cash you have tied up in inventory assets—this is key to making informed cash flow management decisions.
4. Automatic Bank Reconciliations
Bank reconciliation is one more tedious task you’ll be waving goodbye to with a POS system that integrates with MYOB. Rather than manually reconciling your books every month, the right integration will prepare your statements automatically on a daily, weekly and monthly basis.
Transactions of all currencies and accepted payment methods will be imported directly into your accounting software, offering full clarity on your payment totals and generating bank reconciliations without any trouble.
5. On-the-go Accounting
For MYOB users, the set-up for most integrations on the market is as simple as logging into your account while on your POS system, or vice versa. Once you’re up and running, you can access your integrated accounting software from any connected device.
That’s because MYOB and the majority of modern retail POS systems run on the web and provide cloud-based job management solutions, meaning you can access all of your key data from any place, at any time.
Productivity Tip
Which MYOB-integrated POS System is Right for My Business?
It’s worth noting that not all MYOB integrations are the same; their precise features will depend on the POS system they’re connected with.
If you’re looking to purchase a POS system that integrates with MYOB’s accounting software, think carefully about your budget, your current business requirements and your future business goals.
If you’d like us to match you with POS systems that suit your business and budget please click here. Simply answer a few short questions about your business and our experts will provide you with a selection of free, personalised quotes for suitable MYOB-integrated POS systems!
Is MYOB Compatible With My POS System?
Dozens of POS systems on the market today are compatible with MYOB’s accounting software, and the integration process typically takes a matter of minutes. If you’d like to find out more about the different POS providers that integrate with MYOB, get in touch for free quotes today.
How Do I Integrate MYOB With My POS System?
The process for integrating MYOB with your POS system will differ depending on the POS system you’re using. Generally, set-up is as simple as logging into your MYOB account on your POS system, or vice versa.
What are the Benefits of Integrating MYOB With My POS System?
Integrating MYOB with your POS system supercharges your accounting process and provides unique insights into your business’ finances. Specifically, integration with MYOB allows you to automate data entry, perform real-time reporting, track inventory movements, automate bank reconciliations, manage customer and supplier details, send invoices and manage bills.
