Overview of MYOB Software
MYOB, short for "Mind Your Own Business," is a popular accounting software for small and medium-sized enterprises (SMEs) in Australia and New Zealand. It provides an efficient and reliable accounting solution for businesses looking for a simple-to-use software that helps manage accounts receivable and accounts payable, track inventory and prepare payroll. MYOB offers three products: MYOB Essentials Accounting, MYOB AccountRight, and MYOB Advanced.
In this blog post, we'll review MYOB software and compare its features, benefits and drawbacks, so you can decide if it's the right accounting software for your business.
MYOB Essentials Accounting
MYOB Essentials Accounting is a cloud-based accounting software designed to help small businesses manage their finances from anywhere, at any time. The software offers a range of features, including:
- Invoicing and billing
- Bank feeds integration
- Expense tracking
- Payroll processing
- Reporting
- Multi-currency support
The software is priced on a subscription basis, with a Basic plan starting at $27.50 per month and a Plus plan at $55 per month. MYOB Essentials Accounting offers a 30-day free trial, allowing users to test the software before committing to a subscription.
MYOB AccountRight
MYOB AccountRight is MYOB's desktop accounting software. It offers more advanced features than MYOB Essentials Accounting and is aimed at SMEs looking for a more comprehensive accounting solution.
The software offers the same features as MYOB Essentials Accounting, plus:
- Time billing
- Inventory management
- Purchasing
- Payroll management
- Job tracking
- Multi-currency support
- Advanced reporting
MYOB AccountRight is priced based on the edition and the number of users, with prices starting at $110 per month for one user on a Standard plan, and $1,849 for the AccountRight Premier plan that includes advanced inventory and customer management features. MYOB offers a 30-day free trial of the software.
MYOB Advanced
MYOB Advanced is MYOB's cloud ERP system that provides a comprehensive solution for larger enterprises. The software offers a range of integrated features, including:
- Financial management
- Purchasing and stock management
- Sales and customer management
- Payroll and HR management
- Project management
- Business intelligence and reporting
MYOB Advanced is priced based on the number of users and the choice of modules required. Pricing starts at $1,759 per month for a single user and a single module. MYOB offers a free demo for the software.
Comparison of MYOB software
Here's a table comparing the features of the three MYOB software products:
| Feature | MYOB Essentials | MYOB AccountRight | MYOB Advanced |
|---|---|---|---|
| Invoicing | ✓ | ✓ | ✓ |
| Bank feeds | ✓ | ✓ | ✓ |
| Expense tracking | ✓ | ✓ | ✓ |
| Payroll | ✓ | ✓ | ✓ |
| Job tracking | X | ✓ | ✓ |
| Inventory | X | ✓ | ✓ |
| Purchasing | X | ✓ | ✓ |
| Multi-currency | ✓ | ✓ | ✓ |
| Business intel. | X | ✓ | ✓ |
Pros and Cons of MYOB software
Here are some pros and cons for each MYOB software option:
MYOB Essentials Accounting
Pros:
- Affordable pricing with a Basic plan starting at $27.50 per month.
- An easy-to-use interface that helps small business owners with no accounting knowledge to manage their finances.
- Multi-currency support allows businesses to invoice customers in different currencies.
Cons:
- Limited features, making it more suitable for small businesses with basic accounting needs.
- Unable to track inventory or purchasing.
MYOB AccountRight
Pros:
- Comprehensive features that cater to SMEs with more complex accounting needs.
- Advanced inventory management allowing businesses to track stock levels and automate reordering.
- Payroll processing for easy management of employee payroll.
Cons:
- Higher pricing compared to other accounting software products on the market.
- Limited cloud-based features; MYOB AccountRight is primarily desktop-based.
MYOB Advanced
Pros:
- A comprehensive cloud-based accounting solution for larger enterprises.
- Offering all the features needed to manage financials, inventory, customers, and HR.
- Customizable options allowing businesses to tailor MYOB Advanced to their specific needs.
Cons:
- Higher pricing, which may deter small businesses and SMEs.
- Complex configuration and setup may require additional IT support.
Conclusion
MYOB provides a range of accounting software products for businesses of all sizes. MYOB Essentials Accounting is a great solution for small businesses or sole traders that require a basic accounting solution. MYOB AccountRight is a more comprehensive option that caters to SMEs looking for desktop-based software with advanced features. MYOB Advanced is a powerful cloud-based ERP solution that provides a comprehensive solution for large enterprises.
Ultimately, the choice between MYOB software products will depend on your business needs, size and budget. By comparing the features and benefits, you will be able to make an informed decision about whether MYOB is the right accounting software for your business.