Unlocking Business Potential: MYOB’s Cloud Connectivity Revolution

In the contemporary business landscape, where efficiency and real-time decision making is key, MYOB has been a leading provider of business management solutions. They are primarily known for accounting and bookkeeping software in Australia. MYOB’s cloud technology helps various businesses to manage their day-to-day financial tasks such as efficiently managing cash flow and payroll for example.

What is ‘the cloud’?

‘The cloud’ is referring to a collection of remote servers that store and manage information and services. They are used in place of local computers or servers. Cloud technology is allowing people to work remotely where they can access their bookkeeping and accounting anywhere at anytime.

Types of Cloud Services

  1. Infrastructure as a Service (IaaS): An IaaS provider hosts your infrastructure in their own datacentre. MYOB Advanced utilises infrastructure securely hosted by AWS.

  2. Platform as a Service (PaaS): Provides a platform for customers to build and run your applications without dealing with the technical details of setting up servers and building and maintaining infrastructure

  3. Software as a Service (SaaS): A form of cloud service where software is provided through the internet and data can be accessed from any device with an internet connection. MYOB operates as a SaaS

What is Cloud Accounting?

According to MYOB “Cloud accounting, or online accounting, is using the internet to access, use and store accounting software and data, rather than physically installing it in a computer.”

What are the benefits of cloud accounting?

1.     Storing and managing data: Prevents the need to store and manage data locally

2.     Low-cost: All you need is a mobile device with internet connectivity

3.     Flexibility: Information can be updated and accessed anywhere

4.     Minimises error: Only one ledger is kept, which minimises errors

5.     Interact in real time: Can interact with tax agent in real time

6.     Up to date: Everything is kept-up-to-date, for example new tax rates

When small businesses use MYOB, they don’t have to worry about things like integration, set up and other challenges associated with systems that aren’t cloud-based.  

Security of Cloud computing

Often there is security concerns associated with cloud implementation and MYOB addresses this by spending a significant amount of time and resources making sure that their servers uphold a higher level of security and integrity than customers could maintain themselves. Various features like two-factors authentication are incorporated to ensure security of data.

Conclusion

MYOB’s cloud technology is segment leading with the ability to seamlessly manage financial tasks and make life easier for business owners. MYOB offers a streamlined platform to manage various tasks backed by cutting-edge technology and best-in-class security.

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