Review of MYOB accounting software
The name MYOB stands for ‘Mind Your Own Business’ – which is exactly what this accounting software company aims to help you do. But is it as good as it sounds? Find out with Canstar Blue’s review of MYOB accounting software, its product features and prices, to help you make an informed decision for your business.
MYOB (pronounced my-ob) is an Australian tax and accounting software company, providing a range of products for both small and big businesses as browser based, cloud based, or physical installation based software.
According to MYOB, about 2 in 3 Australian businesses use accounting software, and around 60% of those use MYOB. Further, about 60% of accountants use MYOB as their main tool for assisting clients. Should you be one of those Australians using MYOB? Read on to find out whether MYOB is right for you and your business.
MYOB accounting software
MYOB has a number of partnerships to maximise its software’s usability. It’s a Microsoft Gold Certified Partner, which means that MYOB operates smoothly with Microsoft programs. It’s also partnered with PayPal, a handy integration for e-commerce. Finally, MYOB is partnered with Westpac to provide a business startup toolkit called ‘Open for Business’.
What features does MYOB offer?
All MYOB small business accounting subscription software includes the following functions:
- Works online
- Calculate & track GST
- Manage quotes, invoices, and statements
- Accept payment from invoices (via PayDirect Online)
- Sell items, services, or both
- Track and pay expenses
- Manage customers and suppliers
- Bank feeds (syncs with your bank accounts and credit card)
- ATO SuperStream compliance
- Payroll with automatic leave calculation and real-life timesheets access for employees
- Inventory management
MYOB’s On The Go app for iOS (Apple) and Android is compatible with both Essentials and AccountRight accounts – making it easier to manage and perform accounting functions when you’re away from your desk. The app doesn’t include full access to everything in your plan, but does cover invoice tracking, contacts adding, in-app invoice creation, and payment processing.
Mac aficionados may also want to look into AccountEdge, a one-off purchase software product which runs exclusively on Macs. AccountEdge can be run as a Mac program as well as an iOS app – you sync between the two using your Dropbox account.
What plans does MYOB offer?
MYOB covers software solutions for businesses of all kinds of sizes, from one employee to over a hundred. In the small business department MYOB has two different accounting software solutions MYOB Essentials and MYOB AccountRight, each with multiple price points to choose from.
MYOB Essentials Payroll
Ideal for small businesses looking to keep on top of their payroll systems, MYOB Essentials Payroll includes features such as Single Touch Payroll (STP), automated tax obligations and super contributions as well as PAYG leave entitlement for up to four employees, ensuring that your finances are kept working smoothly. Employees can also access their payslips via MYOB YourPay, with reporting tools also available for tax time.
- Essentials Payroll ($10/month), which includes payroll for up to four employees.
Ideal for new or smaller businesses, MYOB Essentials aims to help you get your foot in the accounting door, with a number of plans to help make payroll, tax time and invoicing easier, with options to also manage your bills and expenses to keep you on top of your cash flow. MYOB Essentials plans include:
- Accounting Starter ($27/month), which allows you to create a maximum of five invoices per month, along with track and prepare BAS and GST statements.
- Accounting ($48/month), ideal for small businesses and sole traders as it allows payroll functions for just one employee, as well as allows you to send unlimited invoices, and manage bills and expenses.
- Accounting + Payroll ($60/month), for managing business and payroll, with no limit on the number of staff you can enter into payroll, as well as unlimited transactions between linked bank accounts.
More suited to larger businesses, MYOB Account Right includes a number of plans to choose from, helping you to manage bills and invoices, as well as ensure pay, super and leave are all kept up to date, with the most expensive option even helping you navigate the overseas exchange rate. MYOB Account Right plans include:
- Standard ($70/month), which calculates and tracks GST, manages bills, quotes and invoices, as well as manages inventory.
- Plus ($109/month), which allows businesses to pay employees, pay super and track leave, as well as create purchases and manage suppliers.
- Premier ($140/month), allows you to manage two company accounts, deal with overseas currencies as well as help with the day-to-day running of the business.
Should I use MYOB accounting software?
MYOB has the greatest number of different plans to choose from, compared to other accounting software companies available to Aussie business owners. It also offers some quite high-end options. Unlike some competitors, most MYOB software plans are well equipped for those who want to be able to work offline. If you’re frequently away from Wi-Fi access, this could make MYOB a better fit.
There’s probably a good reason why MYOB is the most widely used accounting software in Australia. That being said, every business is different and has different needs – don’t just go with the crowd, take the time to compare software options from different companies before investing your time in setting up a new accounting software plan.