How will I manage the money?

Our bespoke app, MyOP™, reduces the day-to-day financial admin, meaning you’re free to focus on running your business…

Keeping excellent accounts for your business is vital to its success and your ability to grow it into a saleable asset in the future.

But running the financial side of a business can be a full-time job in itself. We know you don’t want to be spending your Sundays doing paperwork…and we don’t want you to have too either!

The MyHome Solution

MyHome have invested significant time and money into developing processes and technologies that take the stress out of the financial requirements of running a business.

At the heart of our Managing the Money System is MyOP™, our powerful bespoke app which is partnered with Xero – a global leading cloud accounting company.

Expert Assistance

With our years of experience and established relationships, we’ll guide you through getting your bank account up and running, discussing your financial requirements, as well as putting you in touch with independent advisors who can help with setting KPIs and building your business plan.

We also help you with the compliance of setting up your company, registering for GST and registering for PAYG.

Within the MyHome App we’ve included templates for your P&L, chart of accounts, invoices, regular reports, and plenty more.

And we’ll be on hand with advice to help you complete your day-to-day bookkeeping.

Centralised Payments

All customer payments are made by credit card. Head Office process incoming payments as required and deposit your money into your designated bank account.

This keeps your cash flow simple, minimises your paperwork and means you don’t have to spend time chasing customers for payment.

Seamless Integration

MyOP™ links your dedicated Xero account (which we set up for you) directly to your nominated bank account. All your bank transactions flow automatically into Xero allowing you to easily reconcile your transactions daily and always have an up-to-date picture of your cash flow.

It’s also linked directly to the Australian Taxation Office (ATO) allowing it to return your Goods and Services Tax (GST) automatically. Your Business Activity Statements (BAS) are also automated by MyOP™ making your end-of-year tax returns hassle-free.

Single Touch Point – Time Saving

MyOP™ handles your teams’ time logs and automatically generates payslips, which generates PAYE and takes care of superannuation. It also manages your teams’ holiday pay and sick pay, as well as handling the HR compliance around super TFN numbers, etc.

Staff have access and can see their payslips, their super, can apply for holiday days and lodge any HR questions. Not only is this a huge timesaver but it also ensures you remain compliant.

MyOP™ also allows you to store documents for quick access, as well as capture bills and receipts via email or mobile phone.

By simplifying payroll and automating tasks like invoicing and reporting not only does it eliminate room for error but saves you from hours and hours of paperwork.

Building a Saleable Asset

Building your business with the aim of selling it on in the future is something we actively encourage.

When the time comes, having all your business’ financial information at your fingertips, along with the in-depth automated reports generated by MyOP™, makes putting it up for sale as straightforward as possible.

And because we’re committed to your success, even when it comes to on-selling your management franchise, we’ll help you with the resale process by working with you to find a new MyHome Owner.

Conclusion

With the MyHome Managing the Money system taking a lot of the hard work out of not only getting your business ready to trade but also the day-to-day financial admin and keeping your business compliant, you’re free to focus on running your business.

Managing the Money is just one of our 6 Pillars of Success…

Click below to explore the other MyHome tried and tested systems and discover how having them at your fingertips will set you up for success.