Whatever software package you choose to use, the management information that it generates is only as good as the information entered into the package.

What Financial Information Do You Need To Manage Your Business?

At a very basic level you need to be looking at your Balance Sheet, Profit and Loss, Aged Payables and Aged Receivable reports on a monthly basis. What other management reports are useful for you? Do you have a budget to compare to? Do you have business KPI’s (Key Performing indicators)? Do you have standard industry KPI’s to compare to?

GIGO ~ Garbage In Garbage Out

What information is currently being entered into the system? Is the information entered reliable? Is it being reconciled? Is it complete? Is it precise? Are their unexplained figures in the balances? If the basis of what you are using is unreliable, than the management reports in turn will be unreliable.

Are other packages being used within the business? Do they integrate with MYOB?

To ensure complete records I suggest all transactions have the following information added to them;

G/L Code

Job Code

Amount

Approved

Account Paid from

Cheque No.

Cheque Date

On Charge

Entered

Can MYOB realistically produce the information that you want?

What changes need to be made?

Review of data file?

Has it been correctly set-up?

Is it being used correctly?

Review accounts list especially income, cost of sales, expenses.

Review jobs / activity / categories if relevant.

from Heather Smith ~ MYOB Certified Consultant