Software Spotlight – MYOB Exo Business

Business growth often comes with the realisation that your current systems have become increasingly disparate or complex.   Is your old system (or systems) able to give you visibility over your business as it stands today and into the future?

Here are a few questions to consider:

• Do you or your team miss reporting deadlines?
• Do you find yourself spending more and more time combing through worksheets and less time actually doing your work?
• Do you ever feel like you’re not 100% sure what’s going on across the business?
• Do you find yourself micro-managing staff?
• Is reporting a painful process for you or your team – is it time consuming, rarely 100% accurate, do you suffer from data-overload, or by the time it is done, is the data out of date?
• Does your system crash due to number of users?
• Do you have different contact information in different programs / systems?

If you can relate to any of these, it’s likely that data isn’t flowing around your company as freely as it could and this may be preventing your business from reaching its potential in today’s highly competitive market.

As your business grows, so too does your data. Reporting isn’t about making all the information available all the time. Instead, it should be a simple and intuitive experience that helps you and your team engage and find answers to their questions quickly and easily.

MYOB EXO Business is a fully integrated financial and business management system specifically for medium sized and larger businesses. It’s modular design supports Finance, Customer relationship management (CRM), Job and Project Costing, Accountant’s Assistant, Point of Sale, Fixed Assets, Serviceable Units, API, OnTheGo Mobile Application and Intercompany.  These are packaged to ensure the final solution for your company is a perfect fit.    EXO Business will enable you to manage your information in an efficient and organised manner, gain complete visibility across your organisation and assist you to make quick educated decisions essential to the success of your business.

Horizon Business Systems, West Australia’s MYOB EXO Business premium Platinum Partner, has the experience to implement and customise a solution to your individual business needs.   Horizon’s depth of product and management process knowledge will ensure the success of your system investment.

Ultimately, Horizon Business Systems can help give you and your team access to the information they need to do their jobs properly – and that’s good for the whole business!

Should you wish to discuss whether MYOB Exo Business can benefit your business, please contact the team at GeersSullivan, or should you wish to contact Horizon Business Systems directly please go to www.horizonbiz.com.au or Stephen Archer on (08) 9328 1678.

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Fringe Benefits Tax and Meal Entertainment

It’s Fringe Benefits Tax (FBT) season again so now is the time to consider the benefits you provided to your employees in the previous 12 months and whether you are required to lodge a FBT return.  Fringe benefits are benefits provided to employees and their associates (e.g. a spouse) as a result of employment.

Fringe benefits can include motor vehicles provided to employees, paying for employee parking, staff functions and expenses paid on behalf of employees (among others).

One of the most common fringe benefits is the provision of food and entertainment to employees (meal entertainment). If you host a work Christmas party, after work drinks, or pay for café and restaurant meals for staff you may be liable for FBT.

There are two methods available for valuing meal entertainment: actual and 50/50 split methods.

The actual method requires detailed records to be kept of the attendees of events including the total number of attendees and the mix of clients versus employees and their associates. While the record keeping requirements can be more onerous the actual method can be more beneficial where there is a higher proportion of clients attending events as there are a number of exemptions available.

The 50/50 split method values meal entertainment by splitting the cost down the middle. So you are only paying fringe benefits on half of the meal entertainment expenses for the year. The major benefit of this method is requirement for less detailed record keeping requirements.

We have a useful meal entertainment spreadsheet available to assist you with keeping a record of your meal entertainment expenses throughout the year. By keeping the detailed record we will be able to assess whether the actual or 50/50 split method will be more beneficial.

Please contact us if you would like a copy of the entertainment spreadsheet or to discuss any FBT questions you may have.

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