20th March, 2024
Recently, MYOB hosted the Crush the Numbers: Mastering EOFY webinar, which was a great opportunity to showcase how the MYOB business management platform can make EOFY a breeze for bookkeepers, accountants and their clients.
Along with host Leanne Berry, MYOB’s Community Relations Manager for Bookkeepers, the webinar featured some great insights from Laura Mason, Owner of Team Bookkeeping and Secretary with ICNZB, Tess Jolly, MYOB’s Partner Success Manager, and Jono Simko, MYOB’s Financial Services Manager.
Laura kicked the EOFY webinar off by revealing how Team Bookkeeping achieves a successful EOFY.
By being proactive throughout the year, they schedule financial and system health checks, including a full general ledger review in January to ensure they’ve collected all the source documents they need, as well as any client conversations before EOFY.
“It’s a hugely stressful time, not just internally but for clients as well,” Laura says.
“Open communication is key, we can lean on each other for support. Schedule timeframes and keep track of them and use a detailed, customised checklist for each client to manage the workload.
“Communication is key. All about comms on all channels, encourage clients to communicate on any channel available. We aim to sit down with each client once a year to review and assessing risks and opportunities.”
Keeping up to date with changes in software is also important. Ensure there is lots of learning and development by signing up to newsletters, podcasts and webinars. Social media can also be helpful to keep track of things like legislative changes.
Laura’s advice is to nurture your relationships. People are the biggest variable, so you need to be agile in the face of change and embrace technology, which enhances client experiences. Set realistic goals and invest in professional development.
Tess then runs through some efficiencies that Partners may not be aware of.
She shows keyboard shortcuts for Bank transactions, opening up Bank Feed rules, and goes over how rules and allocation templates work within the MYOB platform.
She also shows how rules and allocation templates are set up and managed.
Leanne talks about the advantages of using the MYOB Capture app, and why it’s so important for EOFY.
“The reason I love the Capture App is it gives you all the source documents. Once you’re set up with your clients, you’ve always got the important documents,” she says.
“From an EOFY perspective, for both accountants and bookkeepers, it’s fantastic to always have those documents at your fingertips.”
Tess runs through some more tips and tricks customising and consolidating reports to help ensure the data is right for clients every time.
In addition, there is a deep dive from Leanne and Tess on Report Packs and how easy they are to set up and maintain.
Tess runs through all the options and shows users how to create templates and run Report Packs, with detailed examples.
Next, Jono runs through how the adoption of online invoice payments (OIP) can help transform the EOFY process, benefiting both you and your clients.
The EOFY process is generally one of long hours, mounting paperwork and compliance deadlines.
Traditional invoicing and payment practices not only slow down transactions, but they also lead to delays in reconciling accounts and finalising financial statements.
But with OIP, you can streamline invoicing, resulting in faster processing, real-time reconciliation, and improved financial visibility.
More payment options means happier customers and optimises your cashflow management.
“OIP doesn’t just benefit your clients, they improve your workflow operations as well,” Jono notes.
“Each transaction is accurately recorded and easy to retrieve, making tax filing smoother and more precise. The digital trail also assists in audit readiness, helping you stay a step ahead.”
Plus, we’re giving you 60% off MYOB Business base subscriptions ‘til 2026 so you can give your clients more for less. Terms and conditions apply.
In case you missed the EOFY webinar, you can watch it on-demand by clicking here.
Alternatively, our Partner Success team will be available to answer any burning questions about EOFY during a couple of Q&A drop-in sessions in April. Simply join us on 17 April at 11am or 18 April at 1pm, there’s no need to register.
For Practice Tax users we will be giving compliance updates in our April events, and all attendees can join the competition and be in the running to win lunch, morning or afternoon tea for their practice, up to the value of NZ$500. For full terms and conditions, click here.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.