MYOB Malaysia Accounting software is GST compliant

The MYOB South Asia team is officially approved as a vendor for Malaysia GST compliant accounting software for purposes of claiming the rebate from the Malaysian Government.  The approval was granted on 12 th March 2014.

Details of the rebate or grant is not out yet, and will be updated once we have details.

Two of the product release by MYOB Malaysia, namely MYOB Accounting v20, and MYOB Premier v15 have been subjected to vigorous testing by the Customs personnel.

The approved software is listed in this screenshot taken right after the lsit is first posted on the Customs website.  This list may change as more accounting software vendors are enlisted.  To get the latest and complete list, refer to the official GST wesbite  http://gst.customs.gov.my

Overview of MYOB Accounting system

Introduction to MYOB Accounting system

You may also read the review of  MYOB Accounting software

MYOB Accounting-Introduction

More PowerPoint presentations from Elaine Pang

Why Every Business Needs an Accounting software

Most business owners don't give importance to getting an accounting  software to manage their business.  Or they get the software without any training, hoping against hope that they can learn to operate the software by themselves or by their staff.

This is a story of a business entity which got into serious bank problems after 8 months into their new businsss. Their business is a service-based, and is profitable.  They have managed to raise orders of almost Rm 1.3 million within 8 months.

So, what is their problem?

UBS or MYOB Accounting software?

The two popular accounting softwares used by Malaysian SME companies are UBS and MYOB.  Why do we say so?


We go by the following points :
1.job placement advertisements in the local newspapers often state 'knowledge of UBS or MYOB computerised accounting system is preferred'


2.potential customers often ask us to compare MYOB with UBS.


So what are the main differences between MYOB and UBS software?

MYOB Malaysia launches latest version compatible with Windows 7

MYOB Malaysia has launched the latest version of MYOB Accounting v18 and MYOB Premier v12 which is compatible with Microsoft Windows 7. Look out for the new product box with the logo 'Compatible with Windows 7' on it.

MYOB product box with the logo Compatible with Windows 7

This means that MYOB Accountign products have passed Microsoft designed tests to help ensure they install readily and run reliably with minimal number of hangs, crashes and restarts.

To know more, click here

My Raving Fan

Today I got a call from one MYOB user. He informed me that he is leaving his present employment to join another employer, and he never fails to keep me informed every time he makes an upward career move. This is his 4th move in 10 years. And every time he joins a new company, I get a new sale of MYOB software.

This user and I go back a long time, some 10 years ago. His first employment (an orthodontist) is one of my first few MYOB implementation. And being new to MYOB, I was not so well versed in all the features. And he being fresh from college, was not competent in computers or computerised accounting software. Together we preserved and finally implemented MYOB at the workplace.

The nurses enter the patients details, and prints and the sales receipt from MYOB Accounting software. The doctors get their sales report broken down into types of services, and the accounts department completes the payments to suppliers. I am proud of this implementation because till today, the nurses are still using MYOB system to issue the receipts to patients. The nurses come and go, but they managed to teach each other before they leave employment (that's how easy it is to transfer MYOB knowledge). So if the nurses can use MYOB Accounting in their daily work, there is no stopping others. (no offence meant to the nursing profession, just an example, of how easy it is to use MYOB)

I have many users who are my raving fans. Every time they change employment, they inform me, either to find a replacement for them, or to buy another MYOB software for their new employer. My comprehensive training, amongst others, does the trick, I guess.

MYOB Asia launches latest version of MYOB Accounting software

MYOB Asia (the publisher of MYOB software for Asia) has launched the latest version of MYOB Accounting v18 and MYOB Premier v12. Also included in this latest launch is MYOB Premier Plus v12.


What's new in the latest version, as compared to the previous version? I want to highlight 2 new interesting features.

1. Spelling check.
Something seemingly unrelated to Accounting, but equally important if you want to present a professional image to your customers. MYOB software can now check the spelling in your sales, purchase and item information. It checks for misspelled words, and the user can have a choice to add the word to to the spelling dictionary or to ignore the word. For example, the word 'Petaling Jaya' is considered a misspelled word in the dictionary, but it is a valid spelling of the city I am living in! So I add it to the dictionary, and in future if I spelled it as 'Petalign Jaya' (which I always do), then it will highlight to me my typo error. Cool!

2. Enhanced search feature
There are now more options to sort information in the Cards,Items, Activities and Locations list. Example of search filters for Cards List are : phone number, email address, city and postcode, while for Items list, you can search by Primary supplier and Supplier Item number.

MYOB Premier Plus v12 has a new Payroll feature suitable for Malaysian companies.

Other features was introduced to make working in MYOB a breeze.

To learn more about the new features go to MYOB website

Note : Upgrading your file from an older version can be done in minutes. Try it out

When is a good time to computerise my accounting records

If you ask me, I will say, computerise your accounting records as soon as you start your business.

As business owner myself, I am aware that starting a new business is stressful - and it stretches ones' resources - time and money. There is a tendency to put buying a computerised accounting system the last priority.

However, having implemented MYOB Accounting software for more than 300 businesses at different stages of the business life cycle, I have enough evidence to conclude that companies which implement a system right at the start of the business have less stress on the resources than otherwise thought.

Yes, its true there is less invoices and expenses to account for in the beginning, and there is the uncertainty of when the first sale will come. But you started your business not to fail, so the customers will come. And when the customers come, there will be an avalanche, and then you might find there is a bottleneck in invoicing, collection and inventory recording. And the delay in getting the information (for example, amounts owing) will cause an un-necessarily strain in the resources.

One new convert to the MYOB computerised accounting system tells me that his staff takes 6 days to prepare the customer statements for 100 customers. This client delivers perishable stocks to the hotel industry on a daily basis (or at worst once a week). The handwritten delivery note serves as an invoice. The staff enters the details of invoice (invoice number and amount) onto an excel worksheet for every of the 100-odd customers. The spreadsheet is updated whenever the customer makes a payment. The entire process of preparing a customer statement the manual way takes some 6 days (including overtime hours clocked in). On top of that, they are not able to tell how much stock in total have been sold, and at what profit margins.

The other disadvantage of waiting too long before you invest in a computerised software is that you lose valuable historical sales data. This client is only able to spare the staff and time to enter transactions for the new year 2008 onwards. For the past year 2007, they will have to farm it out to an outsourced bookkeeping services to prepare the final accounts. This incurs some more costs, which could be avoided had they invested in the computer program since the beginning.

If you are starting a new business, do set aside some funds for the accounting system. The accounting system is a necessary tool in your business, far greater than any renovation that you intend to put up for the new office. Prioritise your needs and wants.

Choosing a Consultant - Top 5 things to consider

What are the criteria you would look for in a consultant to assist you in implementing your accounting system in the shortest time possible?

Here are 5 points you might want to consider

1.Do not base you decision on lowest prices quoted. You need a system consultant not just to install your system. You will need to contact the consultant for assistance, support, updates, enhancement, add-on modules, training, advice, and troubleshooting.

If your consultant does not earn enough to last the long haul, he may be out of business, and you may not have a consultant to consult in the future.

2.Ensure that your consultant has sufficient experience in installing the system. Has the consultant implemented the software for similar companies (similar in size, and similar in business nature). Check out customer references if necessary.

3.Has the consultant undergone training and certification by vendor. For example, MYOB Software requires all their professional partners undergo a certification assessment annualy, and only those who meet the minimum passing marks will be allowed to display the logo on the marketing collateral.



MYOB Professional Partner logo


4.Assess the consultant’s ethics and professionalism. The better consultants generally do not talk poorly of their competition, they do not pressure you into a decision, and the dealings appear to be above board.

5.The consultants should be able to grasp and understand your business, your needs, and your goals so that he can assist you and your team mates become self sufficent after the end of the training.

Top 10 tips on choosing Accounting software

Top 10 tips for Choosing Accounting software

If you are thinking about implementing a new Accounting software for your business, then you should gather all the facts before you make the decision as to which accounting software to buy, and more importantly, which service provider to buy it from.

Nowadays, accounting software performs more than just book-keeping functions. As a decision maker, you should consider the impact of implementing the software in the purchasing, receiving and sales department, besides the accounting department.

If you are a small setup (with less than 5 employees), then you need to consider also whether the system can be operated by the existing staff under your employ. It will save you much needed resources.

Top 10 Questions to prepare your Business for the new software

Before you evaluate the features of the new accounting software, you should spend more time evaluating your own business processes.

1. Identify tasks which are routine in nature, tedious and is time consuming to perform. These tasks can be automated easily. Eg.preparing customer statements

2.Identify the tasks or activities that causes the highest error, or produces inaccuracies that can affect your business operations.For example, errors in invoice computation

3.Identify the information that, if become easily available, could have boosted productivity and profitability. For example, analysis of gross profit by salesperson .

4.Identify the accounting and non-accounting information that flows through the different departments in your company. Separate the must-have information from the 'good to have' information.

5.Make a list of requirements that is unique or special about your company or its operations, for example, do you require serial number tracking

6.Identify the number of users that will be using the system simultaneously

7.If you have branches, is it necessary to have remote access?

8.How much are you willing to invest in the whole project

9.Assess the level of accounting and computer experience of the users.

10.Besides delivering financial statements, what else do you need your accounting software to do :

Create Invoices for Goods / Services
Purchase order
Track Inventory
Handle foreign currency transactions
Job Costing & project management
Budgeting
Tracking Accounts Receivable
Tracking Accounts payable
CashBook

When you meet your consultants, you are prepared

How to choose an Accounting System

Selecting accounting software is a critical business decision. In fact, when properly selected, installed, and implemented, accounting software can contribute fundamental benefits to your organization, including

better decision-making capabilities,
improved cash flow,
more accurate information and control,
and a real foundation for growth.

That’s why understanding your business’s financial information capabilities and weaknesses is vital to selecting the right solution.

What are the criteria I would use when choosing an accounting software?

1. Easy to use.Even though the software is tagged "user friendly", you need to take a 'test drive' to see whether the software is really easy to use.

A quick acid test will be how fast the user can pick up the basic functionality of the software during a demo presentation. An easy-to-use software would facilitate easy transfer of knowledge between old and new staff. The user should also be able to pick up the functionality from the user-manuals, or from a quick call to the consultant.

For example, the sales input screen should be intuitive in that the sales staff should be able to know by looking at the screen what to put in which field, and where to go if a printout is required.

Of course with proper training, the learning becomes even faster, but at least, a staff with initiative should be able to get by before training can be arranged.

2. Simplify the process
The software should simplify the processes of issuing invoices, purchase order, payment vouchers, cheques, statements and other documents required in a business. Preferably, these documents can be easily customised by the user, and can be electronically sent (by email etc) to the recipients.

3. Reports - customisable?
Most off the shelf accounting software produce standard reports. If you need unique reports, you should look for a software that allows you to customise your own reports (but make sure you have the capability to do your own customisation). Most times, customisation comes with a cost. So consider whether the data can be exported to other commonly-used applications like Microsoft Excel or other spreadsheet applications for further analysis.

4. SupportSupport should come in the form of
- onscreen help/tips
- user manual - print / online
- local one-on-one support with a consultant

5. Easy to trace data within the software.
The data, once keyed into the system, should be easily traced and tracked, either by transaction date, keywords, customer name, supplier code etc. It should allow for 'drill down' to the source documents from all reports.

6. Features
Most important, the software should meet your basic requirement. If you deal in foreign currencies, make sure the software can handle multi-currency transactions.
If you have multiple warehouse, make sure that the software can identify stocks by locations.