One of the most important factors for any e-commerce store is its accounting. In order to handle your business's financial side, of course you'll want the best accounting tools at your fingertips. This is where Australia-based MYOB (Mind Your Own Business) comes in, since the functionality will likely bring many benefits. MYOB offers e-commerce merchants whose businesses are mid-sized business software, as well as high-quality accounting.
Read on to learn more about how your e-commerce platforms can be integrated with MYOB.
Mind Your Own Business (MYOB)
There are particular tools that can be made specifically for an e-commerce company's business or accounting side by MYOB. The company specialises in that starting with their accounting software. It can do several things, such as:
Automate payment-related processes
Payroll management
Retail point of sale
Tax solutions
Moreover, MYOB's accounting software can easily be done in tandem with tools and apps that you (or your e-commerce accountant) might already have. That way, you'll have well-rounded financial systems management for running your business.
There are several categories that MYOB's range of third-party apps fall under, including asset management, data synchronisation, email marketing and manufacturing. Apps that may already be in use for the company's financial processes to be streamlined include, but are not limited to, Neto Commerce, Relay and Waddle. Integration is quite easy across all of them in order to make the most of efficiency and get quick results.
A good example is MYOB's AccountRight serving as a complementary tool to software like BQE Core. This will allow for the automation of business-related and finance-related processes such as inventory, payroll and profit/loss details and analysis. BQE Core is usually used for financial items such as billing, invoices, and project management. While having these two working side by side is helpful, they're still separate programs. That means there is a major chance that you're analysing/gathering the same data twice or thrice, and repeating manual tasks. Resources like time and funding end up getting wasted, especially since there's a way to just get both things done all at once.
Integrating the tools will make things easier for you and/or your e-commerce accountant. Aside from the savings in resources, financial processes will be better streamlined.
Shopify
Aside from accounting-related services, MYOB tools can also work with an e-commerce platform's built-in tools. One of the key integrations is that of MYOB tools and that of Shopify.
A great way to get the integration done smoothly is through Shypyard, found at shypyard.io. Custom Spotify integrations are their team's specialty, and they're quite familiar with MYOB and Shopify integration in general. Other options include the likes of Blackball Software and Celigo.
Conclusion
Accounting is one of the more precise and crucial parts of any business, but especially so for e-commerce platforms. This is how specific accountants for the niche have started growing in number over the years. A great way to streamline accounting and financial processes in general is through using MYOB tools, which can easily integrate with the likes of Shopify.
Looking for an ecommerce accountant in Australia? Reach out to The ECommerce Accountant! We are business advisors for online stores and influencers.