Use MYOB? Here are some recent changes and features coming to the accounting software.
MYOB has been working on a range of change to improve cash flow and simplify record-keeping.
They include an automatic invoice reminder feature, which will email customers to let them know about unpaid invoices. This feature is now available in MYOB AccountRight and will soon appear in MYOB Essentials.
The feature will allow MYOB users to set a schedule for the reminders. For example, the software might email a customer three days before their payment is due with the message: “your payment will soon be due". Five days after the payment deadline, the software could send another message, which says: “we don't seem to have received your payment".
The software will also now automatically generate emails that list all the invoices a clients has due now, the invoices that are nearly due, and the invoices that are overdue.
Invoices also now include a button that customers can click to set a reminder in their calendar about the invoice payment, including a link to a page where they can make the payment.
No doubt these features can’t come soon enough for many small businesses. The problem of late-paying suppliers is so widespread that the Federal Government has initiated a review of the problem.
Paying invoices with Bpay
Automatic invoice reminders are one of several changes MYOB has been working on to improve cash flow and simplify record-keeping.
The company has also made it easier for customers to pay invoices directly from invoices emailed from MYOB, using the PayDirect Online feature. Customers can now choose to pay using Bpay in addition to Visa or Mastercard.
MYOB has also been improving its supplier feeds. For those unfamiliar with these feeds, they allow MYOB users to connect the software to accounts they have with suppliers, so that invoices flow directly into their MYOB ledger.
Bathroom and plumbing supplier Reece has signed up to take advantage of the supplier feeds feature. Its customers can enter their own job numbers into MYOB at the time of purchase and allocate each line item to that job. Those line items can then flow through to invoices as reimbursable items, which MYOB says is an industry first.
Another improvement in AccountRight version 2018.4 is the ability to attach photos of receipts document - not just digitised receipts – to a 'spend money' transaction. For example, it is possible to attach a photo of a petrol station receipt to a transaction, making it easier for a bookkeeper to allocate the transaction to the correct account. This feature will be available in MYOB AccountRight.
In the future, MYOB will also use optical character recognition to extract the date and total of the transaction from a photo of a receipt, and suggest a matching transaction in a bank feed. MYOB Connected Ledger user will get this feature first, followed by MYOB Essentials and AccountRight users.
Other timesaving features
MYOB Essentials uses can also now set up a special email address for receiving invoices, instead of using their usual email address and then manually uploading the invoices into the MYOB software.
It’s also now possible to attach documents to contact records in AccountRight version 2018.4. For example, MYOB users might attach an employment contract to an employee's record.
Businesses that deal with multiple currencies should be aware that beta testing of multi-currency features in AccountRight Premier is underway. Some businesses are using AccountRight Classic v19 to access its multi-currency capabilities, but MYOB will stop supporting that version of the software on September 30 2019. They will be able to upgrade their company files to AccountRight Premier, when the multi-currency version is released.