There are certain functions in Myob AccountRight that can be real time savers, enabling accurate transaction recording, speeding the entering of data and myriad other shortcuts. However, caution is also encouraged as trouble lerks if you become non attentive. Let me give you a real life example!
Over a coffee with a friend who is a business owner, he told me of his tale of caution, and how much it cost him. Now, seriously interested, I leaned in to hear his tales of woe, only to conclude that what happened to him could happen to many business owners.
Jack (not his real name) has many clients he automatically invoices either monthly or quarterly. The invoice amount for each client doesn’t alter and therefore this is an ideal way of generating invoices as it saves enormous time. However, by pure chance, he was perusing his Accounts Receivables Report and noticed that some of his client’s recent invoices weren’t appearing on the report. These invoices were supposed to be created automatically. He couldn’t understand why. He looked at his Recurring Transaction List, saw the names of those clients on that list and said, What the ……! Lacking a good understanding of Myob, he didn’t know how to fix the problem. Why these handful of clients and not all of them? But what made him really upset? Those clients hadn’t been invoiced for over 12 months. The cost? Thousands of dollars. Would he be able to recoup that money from his clients after so much time had elapsed? What would his clients think of his professionalism? Should he cut his losses?
He asked me what I thought was the problem. I wasn’t sure but I suspected I knew the answer. I asked him if I could have a look at his AccountRight program which he gladly agreed to. I saw the problem immediately. As simple as changing a setting in the recurring transaction setup window. Not clicking the correct button at the time of creating the automatically recurring invoice meant the invoices weren’t being automatically recorded. It’s easy to make this error and many businesses with small to mid size customer bases are guilty of doing the same thing and may be unaware of how money they are losing.
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