One of the essential accounting tasks involved with running a business is filing Business Activity Statement (BAS) lodgements. Every business is required to send a statement to the Australian Tax Office (ATO) monthly or quarterly, depending on the size of the operation.
For many firms, this process can involve a lot of manual administration. And when your client list is in the hundreds this compliance task can quickly hinder productivity – without the right accounting system.
That’s exactly where MPK Accountants found themselves before migrating to MYOB Practice to streamline processes for BAS lodgements.
MPK Accountants is an established accounting firm located in Sydney’s southern suburbs with over 30 years of expertise in the industry. They work with individuals, startups and growing businesses, educating and inspiring clients towards success and supporting them with services that lighten their financial burdens.
We spoke with Megan Higgins, Senior Accountant and Manager, about how MYOB Practice’s compliance has streamlined that process, saving the firm weeks of time.
From desktop to the cloud
Originally, MPK Accountants used multiple systems to track and send BAS lodgements. They had an Excel spreadsheet that got updated every time a client’s information changed or a lodgement was completed.
The problem is that people get busy, and Megan often found herself interrupting staff to get an update.
“We were losing so much productivity by having those conversations that we didn’t – or shouldn’t – need to have.”
– Megan Higgins, Senior Accountant and Manager, MPK Accountants
MPK Accountants migrated from MYOB Accountants Office to MYOB Practice because they saw the advantage of working in a cloud-based system. And they weren't wrong.
Now, staff can amend lodgement information for clients anywhere, anytime. Megan can easily track that lodgements have been submitted on time from one central system that’s updated automatically, in real-time.
“MYOB Practice has saved us approximately one week every quarter on BAS lodgements That’s a whole month per year! We now have more transparency, and I’ve eliminated all that time chasing staff.”
– Megan Higgins, Senior Accountant and Manager, MPK Accountants
Streamlined process reduces errors and saves time
With MYOB Practice, MPK Accountants can complete the BAS workflow in one platform, from preparation to lodgement.
This has significantly reduced BAS-related errors by populating client information directly from the ATO and clients’ ledgers rather than transferring the data manually.
“We didn’t even realise that MYOB Practice did this for us automatically until one of our junior accountants went to do it – and everything had already been pulled through,” Megan laughs.
“That’s another workflow improvement that saved us a whole day.”
– Megan Higgins, Senior Accountant and Manager, MPK Accountants
Megan explains that MPK Accountants is growing fast. Previously, that would likely mean needing to hire more staff. But with MYOB Practice, the firm can do more in less time with automated workflows.
“The only efficiency an accountant worries about is time,” she says. “So, anything that can save us time is going to improve productivity, which will also improve our profit margins.”
Training new staff made easy with MYOB Academy
Another thing that the firm loves about MYOB is that it’s constantly being updated with new features and functionality.
When that happens, they turn to MYOB Academy, an online resource centre that provides training and how-to demonstrations. It’s where Megan directs all new staff members to ‘learn the ropes’ quickly, especially for processes like BAS lodgements.
But it’s also a great way for existing staff to refresh their knowledge and find new ways to improve how they use the system.
“Our motto is ‘Let’s get the job done right from the start so we can move on to the next job.’ And, if I have my way, that job will also be done in MYOB Practice,” Megan laughs.
MPK Accountants has been a long-time MYOB supporter.
“MYOB is our firm’s platform of choice because it’s an all-around great software for businesses of all sizes.”
– Megan Higgins, Senior Accountant and Manager, MPK Accountants
“We ask all our clients to move to MYOB because it’s important to get the foundations right. that way, you’re less likely to have problems down the track,” says Megan.
Improvements since MYOB Practice – compliance
Improved efficiencies – no more spreadsheets; everybody is updated in real-time.
Cloud-based system – staff can update client information from anywhere, anytime.
Unnecessary manual tasks were eliminated – saving eight hours of work.
Automated system reduces the risk of BAS errors.
Access to comprehensive training – via MYOB’s Academy
Time to streamline your BAS lodgements and move to the cloud? MYOB can help – find out more about Practice.
