MYOB is an Australian software company that provides tax, accounting, booking, and other business services. It offers a wide range of cloud-based and desktop accounting products, such as Payroll Essentials and MYOB AccountRight, which are ideal for businesses of all sizes.
This software includes features such as invoicing, payroll management, inventory tracking, and tax compliance that make MYOB an extensive tool used for financial management.
MYOB is designed to simplify accounting processes, reduce errors, and provide real-time insights into financial performance that help businesses improve efficiency and decision-making.
This software also provides online help guides, video tutorials, and a community forum where users can ask about their queries and share advice.
| Types of Companies | |
| Small Businesses | MYOB accounting software is largely used by small businesses in Australia, which often have fewer than 50 employees. MYOB is designed as a user-friendly interface and features that allow small businesses to manage finances without requiring internal accounting expertise. This accounting software helps small businesses complete multiple tasks such as tracking expenses, generating invoices, and managing payroll with a single click. MYOB also manages inventory, generates reports, and tracks customer sales. |
| Medium-Sized Enterprises | Medium-sized enterprises with approximately 50 to 999 employees have also increasingly started using MYOB accounting software for managing their finances. These enterprises benefit from MYOB’s advanced features that accommodate larger transaction volumes and customer interactions. This software is used to track customer accounts, manage inventory, and generate reports, along with integrating other accounting systems such as Xero. |
| Large Corporations | Large corporations include more than 1,000 employees who also use MYOB accounting software to manage complex financial transactions and accounts with its advanced features. The software is used to track customer accounts and manage extensive payroll and reporting needs, which makes it suitable for large-scale operations. It also allows businesses to incorporate with other accounting systems, such as SAP. |
MYOB is a top provider of accounting management software that has a strong presence in specific industries and geographic regions. MYOB serves a diverse range of industries that particularly focuses on sectors, such as the accounting sector.
It manages finances for around 12% of MYOB users who use the software’s features for client management and financial reporting. Another significant sector is information technology and services, which make up 7% of MYOB’s user base and utilize the software for project management and financial oversight.
The ability to provide services to different industries shows MYOB’s adaptability and its commitment to providing customized solutions that fulfill the unique requirements of different industries.
MYOB’s user distribution reflects its dominance in Australia, with 53% of MYOB users based in this region. MYOB’s software is designed to meet the specific regulatory and operational needs of Australian businesses, which contributes to its popularity.
MYOB has 19% of its user base in the U.S. and 6% of its user base in New Zealand, which indicates MYOB’s expansion across various countries due to its capability of managing account companies’ finances and records.
There are multiple features of MYOB accounting software that help businesses in financial management:
MYOB accounting software provides an efficient invoicing feature, allowing businesses to create and send professional invoices by using customizable templates. The software customizes the invoices with the company’s branding, including logos and colors, and automates recurring invoices to save time.
MYOB also allows multiple payment options through which customers can make payments directly from the invoice with AMEX, MasterCard, BPAY, etc., which speeds up the cash flow.
This accounting software helps businesses to accept payments easily through various channels such as credit cards and bank transfers. With just a single click on the ‘Pay now’ button in the MYOB invoices, customers can pay in seconds using various payment options such as PayPal, Apple Pay, Google Pay, BPAY, and credit card.
This feature supports businesses in managing cash flow more effectively and reduces the administrative burden associated with tracking payments.
MYOB software eases tax management by automating Goods and Services Tax (GST) and other tax calculations. The software makes compliance with tax regulations easier for businesses by supporting the Business Activity Statements along with the generation of tax reports.
MYOB ensures that users must have access to the updated tax information and reporting capabilities.
Company owners can track expenses across multiple devices, including smartphones and tablets, with the help of MYOB accounting software. The mobile applications allow users to record receipts of payments and log expenses easily by ensuring that all financial data is updated in real-time.
This facilitates better expense management, aids in identifying cost-saving opportunities, and maintains accurate financial records from any location.
MYOB also allows users to connect their bank accounts for easy bank reconciliation. This feature imports bank transactions automatically, which allows businesses to match them with recorded expenses and income.
MYOB helps users maintain accurate financial records by easing the reconciliation process and identifying discrepancies in their accounts easily.
MYOB provides a payroll feature that automates employee payment processing, which includes the calculation of wages, taxes, and pensions. Companies seamlessly handle permissions for leaves and generate payslips and payment summaries easily.
The time spent on payroll tasks is reduced with the help of this automation, and it minimizes errors by making sure that employees are paid accurately and on time.
MYOB helps businesses track stock levels, manage orders, and forecast demand with the help of inventory management features. Users receive alerts when the stock is low and set reorder levels to maintain optimal inventory levels.
This functionality aids in preventing stock outs and overstock situations, which ultimately improve operational efficiency.
MYOB has the capability of reporting a company’s financial situation by allowing businesses to generate customized reports that provide insights into their financial performance. Users create profit and loss statements, balance sheets, and cash flow reports that enable better financial analysis and decision-making.
MYOB allows businesses to manage projects and monitor expenses associated with each job through its job-tracking functionality. It helps users allocate costs to specific jobs, track progress, and analyze profitability. This feature is useful for service-based businesses that keep a close eye on project budgets and timelines
MYOB accounting software incorporates customer relationship management that allows businesses to manage customer interactions and data effectively. Users are able to track customer communications, manage sales leads, and analyze customer behavior to improve sales strategies and service. This integration helps enhance customer relationships and drive business growth.
MYOB offers a variety of plans that are customized to different business types, needs, and sizes.
MYOB Business lite plan is designed for sole traders and small businesses and can be used by up to 2 employees. It allows users to create and send unlimited invoices and quotes, track income and expenses, and manage GST.
It also includes features for scanning and storing receipts that connect up to 2 bank accounts and basic finance reporting. This plan is web-based software that makes it accessible from any device and offers flexibility with no locked-in contracts.
MYOB Business Pro is a suitable plan for small to medium-sized businesses that require more advanced features. This plan supports unlimited bank accounts, advanced reporting, and automated payroll for an unlimited number of employees.
Users can also manage inventory and access more detailed information about their financial performance with the help of MYOB Business Pro. This plan is easily accessible due to web-based, and it is designed to grow with the business.
In MYOB software, this plan specifically focuses on payroll management that allows businesses to handle employee payments, tax calculations, and compliance with pension requirements.
This plan is ideal for a business that has accounting software but requires a dedicated payroll functionality. This plan simplifies payroll processes and ensures accurate reporting and compliance.
AccountRight Plus targets growing businesses, offering them extensive accounting features that include advanced inventory management, project tracking, and professional reporting capabilities.
It supports unlimited users and provides automated payroll processing. It is suitable for businesses that require more sophisticated financial management software that can be accessed from anywhere, either on a desktop or online.
MYOB AccountRight Premier is designed for larger businesses with more complex accounting needs. It includes all the advanced features of AccountRight Plus, with improved reporting capabilities, multi-currency support, and advanced inventory management across multiple locations.
Account Right Premier is ideal for businesses that require detailed financial oversight and robust accounting solutions.
MYOB CRM integrates customer relationship management with accounting functionalities that allow businesses to manage customer interactions, sales, and support alongside their financial data.
This plan is beneficial for businesses looking to simplify their sales processes and enhance customer engagement while keeping track of financial performance.
Setting up an MYOB account involves a few key steps. Here’s a general guide to get you started:
MYOB accounting services offer several benefits that can significantly help businesses, particularly small and medium-sized enterprises.
Here are the key advantages:
Outsourcing accounting services helps businesses to release the burden of complex accounting tasks with the help of MYOB software. Companies avoid the increased costs associated with maintaining an internal team, such as salaries, benefits, and training expenses. This allows accounting professionals of companies to allocate resources with the help of MYOB more effectively toward growth and strategic initiatives.
MYOB accounting software provides access to experienced accounting professionals who possess specialized knowledge in various accounting practices. These experts are aware of the complexities of MYOB software and are able to handle these financial tasks easily by ensuring accuracy and compliance with regulations.
MYOB’s automated feature lets accounting professionals minimize human errors during bookkeeping and accounting processes. This software benefits companies by providing accurate financial records and outsourcing them to professionals who have experience using MYOB software that leads to more reliable data for decision-making.
Outsourcing MYOB accounting services allows businesses to scale their accounting functions according to their needs. Whether a company is experiencing growth or facing workload fluctuations, outsourced services can be adjusted accordingly without the need for hiring or layoffs.
MYOB’s cloud-based solutions enable real-time access to financial data from anywhere, facilitating better collaboration and decision-making. This feature is particularly advantageous for businesses with remote teams or those requiring flexibility in their operations.
Business owners, managers, and accounting professionals can save valuable time from the complex accounting tasks and it can be used for core business activities and strategic planning by outsourcing accounting tasks. This shift allows for a more focused approach to growth and innovation.
There are various alternative options other than MYOB that can be used for the financial reporting processes.
QuickBooks is a popular cloud-based accounting software that offers features such as payroll management, multiple user accounts, and comprehensive reporting. It has an award winning customer service and it also allows importing data from other platforms. It integrates well with banks and other apps.
FreshBooks is a cloud-based accounting software which is designed for small businesses and freelancers. It has features such as invoicing, time tracking, and expense management that allows users to create professional invoices, automate billing, and track expenses with ease.
Billdu is a powerful cloud-based software that is a perfect alternative to MYOB software. It is a user-friendly invoicing and accounting software that serves small businesses. Bildu has simple invoice templates that make it easy to customize any invoice or recurring invoice for customers. Billdu is particularly beneficial for small businesses looking for straightforward invoicing solutions without the complexity of more extensive accounting systems.
SAASU is an online accounting software that provides a complete set of features for small to medium-sized businesses. SAASU is known for its flexibility and scalability, which makes it suitable for businesses who are looking for a customizable solution.
Reckon offers a variety of accounting solutions that are customized to different business sizes and needs. It is popular in Australia and is suitable for businesses that require robust payroll and compliance features.
MYOB stands out as a wide accounting software used by businesses of all sizes, particularly in Australia. This software simplifies financial management and enhances operational efficiency with its advanced features such as payroll management, invoicing, and inventory tracking easy for the companies invoicing, payroll management, and inventory tracking. Its cloud-based accessibility ensures real-time data management by allowing businesses to make informed decisions easily. Overall, MYOB reduces the complexity of accounting tasks and enables businesses to focus on growth and strategic initiatives.
