MYOB – Best Accounting Software

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 Using MYOB Accounting Software

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’s Industry and Geographic Footprint

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.

MYOB Plans

MYOB offers a variety of plans that are customized to different business types, needs, and sizes. 

• MYOB Business Lite

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

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.

• MYOB Business Payroll Only

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.

• MYOB AccountRight Plus

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 

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 

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.

How to Set Up MYOB Account

Setting up an MYOB account involves a few key steps. Here’s a general guide to get you started:

1. Sign Up for MYOB

• Visit the MYOB website and select a plan that suits business needs. They offer various plans depending on the size and requirements of business.
• Follow the sign-up process to create an account by providing details such as business name, contact information, and email address.

2. Install MYOB Software

• Download the MYOB software for a desktop version. If using MYOB’s cloud-based solutions, you might only need to log in through your web browser.
• Follow the installation instructions. For desktop versions, this will involve running the installer and following the prompts.

3. Set Up Your Business Profile

• Open the MYOB software or log in to the MYOB cloud application.
• Start creating a new company file by entering business name, address, and other relevant details
• Set Up Companies Financial Year
• Input your opening balances for bank accounts, accounts receivable, accounts payable, and other relevant accounts.

4. Customize Your Settings

• Customize the default chart of accounts to match business needs. This includes setting up accounts for income, expenses, assets, and liabilities.
• Enter GST or VAT settings according to your country’s tax regulations.
• If company have employees, configure the payroll settings, including pay schedules, tax rates, and employee details

5. Link Your Bank Accounts

• If using MYOB’s bank feed feature, link companies bank accounts to import transactions automatically.
• Perform a reconciliation to ensure that the transactions imported from companies bank accounts match your records in MYOB.

6. Enter Initial Data

• Add customers and suppliers into the system. 
• Set Up Inventory (if applicable)

7. Learn and Customize

• Familiarize yourself with MYOB’s features like invoicing, reporting, and expense tracking.
• Set up and customize financial reports to suit your business needs.

8. Backup Your Data

• Ensure taking regular backups

9. Seek Support if Needed

• Utilize MYOB’s help resources, including tutorials and support forums.
• Reach out to MYOB’s customer support if you encounter any issues or have specific questions.

Benefits of MYOB Accounting Software

MYOB accounting services offer several benefits that can significantly help businesses, particularly small and medium-sized enterprises.

Here are the key advantages:

1. Cost Efficiency

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.

2. Access to Expertise

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.

3. Enhanced Accuracy and Reduced Errors

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.

4. Flexibility and Scalability

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.

5. Cloud Accessibility

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.

6. Time Savings

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.

Alternatives of MYOB Accounting Software

There are various alternative options other than MYOB that can be used for the financial reporting processes. 

QuickBooks

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.

Why Use QuickBooks Instead of MYOB

• It has a user-friendly interface
• This software is incorporated with multiple applications 
• Offering tax management 
• Allows users to manage expenses, upload receipts, and track financial data on the go
• The software features an inbuilt Single Touch Payroll system

FreshBooks

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. 

Why Use FreshBooks Instead of MYOB

• Provides options for recurring billing and online payment acceptance through customizable invoices
• Users categorize expenses automatically with receipts’ photos
• Offers strong financial reporting tools to help users understand their financial health
• Easy accessibility through web and mobile platforms

Billdu

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.

Why Use Bildu Instead of MYOB

• Quick invoice creation and management
• Users can track expenses and manage receipts efficiently
• Offers a mobile application for managing finances on the go

SAASU

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.

Why Use SAASU Instead of MYOB

• Let customers create and send invoices easily, with options for online payments
• Automates bank transaction imports to streamline reconciliation
• Tracks inventory levels and manages stock efficiently
• Generates detailed financial reports to aid in decision-making

Reckon

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.

Why Use Reckon Instead of MYOB

• It manages invoices and payroll processes
• Helps businesses to track and categorize expenses efficiently
• Users remain compliant with tax regulations through automated updates
• Provides insightful financial reports for better business management

Conclusion

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.