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.
New and smaller businesses, easy online accounting with all of the essentials, accept timesheets via online or mobile, all online
- Starter ($25/month), with which you can create a maximum of five invoices per month. The next two tiers offer unlimited invoices.
- Payroll For One ($40/month), ideal for small businesses and sole traders as it allows payroll functions for just one employee
- Unlimited Payroll ($50/month), for managing business and payroll, with no limit on the number of staff you can enter into payroll
There are two different plans to choose from – Plus ($92/month) and Premier ($121/month). The primary difference between the two is that Premier allows you to work with multiple accounts. Both software options offer users the flexibility to work online or offline.
- Manage purchase orders
- Work offline and make local backups (on PC)
- Manage timesheets with job tracking
- Create and track jobs
- Track profit and loss on jobs
- Track inventory levels
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.