About MYOB accounting software

Everything you need to know about small business accounting software from MYOB.Accounting software can make all the difference – our 2015 surveys found that 38% of small businesses had made mistakes when dealing with money before they signed up for accounting software. In Our latest ratings, MYOB’s small business customers around Australia rated the company’s software highly, with a four-star rating in every category.

The story behind the software

MYOB is short for ‘Mind Your Own Business’. This software development firm was created in 1987 by electronic engineer Craig Winkler and fellow brain Brad Shofer, as a very small business operating out of a home office. Their first product, available for Windows, was revolutionary – how could accounting be made so easy for non-accountants?

They were granted permission by Christopher Lee to create MYOB as the Australian version of an existing USA product and they were officially founded in 1991. By 1996, the Australian MYOB had so much market share that it was able to buy the worldwide rights to the MYOB brand for $10 million.

The brand is now trusted by over 1.2 million businesses in Australia and New Zealand. As Australia’s largest accounting solutions provider, MYOB invests more than $35 million every year into researching and developing new upgrades to its software, the company says.

The blog, The Pulse, has a bunch of helpful tips and guides for small business owners.

How MYOB could help your business

The main selling point of MYOB is that it is such a well-known and reliable brand. For small businesses with an outside accountant or bookkeeper, MYOB allows online collaboration so that you can both access your accounts and keep up-to-date on the state of the business. Even your other employees who need real-time business information can access it online.

There are several MYOB plans, all of which offer a free trial.

  1. BankLink: a simple bank feeds service
  2. Essentials Payroll for 1: $29/month
  3. Essentials Unlimited Payroll: $40/month
  4. AccountRight Plus: $77/month
  5. AccountRight Premier: $99/month
  6. Exo Business: software for larger, more complex businesses

MYOB also offers an amazing number of add-on software products, but you have to pay for most of them.

What will MYOB do for you?

  • Provide a network of over 40,000 accountants, bookkeepers, and consultants – so you can always find the right help when you need it.
  • Partner with PayPal to create a free, effective e-commerce website.
  • Stay up-to-date with ATO compliance obligations.
  • Allow you to work online. (The AccountRight plan also allows you to work offline and make local backups on your PC.)
  • Manage your payroll and superannuation contributions.
  • Manage items and track inventory.
  • Link one bank account and automatically reconcile transactions.
  • Use OnTheGo mobile app to invoice wherever, whenever.

MYOB also offers MYOB Kounta, an online point-of-sale register program available on mobile devices, and MYOB PayDirect, a payment receiver machine for credit cards and EFTPOS. Both of these programs sync with your accounting software in real time, so you don’t need to manually input every sale transaction.

What our survey respondents said about MYOB

Canstar Blue’s most recent survey of small business owners and decision makers gathered the following comments, among many others, from those who bought and used MYOB accounting software.

Easier than doing it on paper. Complicated to set up. Bit hard to get your head around at the start.
Provides all the tools a business would need – provides all the report formats needed. Overly complex, features I do not need and cannot turn off.
Good, clear system, suitable for small businesses with limited accounting experience. Lack of follow up assistance.
Up-to-date ATO data. Sometimes software mistakes appear while using it.
One stop solutions. Many times slow and unresponsive.
Takes a lot of time-consuming bookwork off my back. It costs a lot to maintain and stay current.

Accounting software brands we rated

Canstar Blue commissioned Colmar Brunton to survey 801 small business owners and decision makers (i.e. the main decision maker for a small business) across a range of categories to measure and track customer satisfaction with products and services related to their business. The outcomes reported are the results from customers within the survey group who own and have used accounting software – in this case, 454 people. The accounting software brands in this year’s ratings were:

  • Xero
  • Intuit QuickBooks
  • MYOB

You can view the full results of our accounting software survey here.