Is MYOB Still the Best Accounting Software Choice For Small Businesses?

MYOB has been trusted by over one million Australian businesses to make bookkeeping simpler and more direct. Because of its simple interface, MYOB has become one of the most successful of accounting software in the last few years.   Recently, however, the competition has been much fiercer among online bookkeeping companies, and MYOB’s reign at the top is in jeopardy. MYOB still leads the way, but for how long will that be?

Let’s look at some aspects of MYOB that have kept it at the top of the list recently.

Inventory

One of the best features of MYOB accounting is how easy it is to manage and create your inventory lists. With MYOB, inventory lists can be easily built and edited. You have the flexibility to combine and remove items at will, and are able to write-off your inventory a simple journal entry. MYOB allows the user to manage multiple warehouse locations, and offers some of the best and most varied reporting capabilities available on the market today.

Inventory management is crucial to ensure customer satisfaction, and MYOB’s competitors understand this desire for perfection. Saasu and QuickBooks have a similar system to MYOB, with Saasu solely having the option to import inventory items from other programs. When it comes to functionality and simplicity, however, MYOB edges out Saasu. Xero, unfortunately, can’t stack up to the 3 other companies’ inventory management specs.

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Finances

Day-to-day finances can give some people a headache. MYOB tries to make your business’ financial picture a little clearer by giving its users a simple to read and edit picture of your money-in, money-out, tax liabilities, and any other financial concerns you may have. Bill management, payroll cycles and reports, and even exportation of bank files are some of the things that put MYOB above the rest of the online accounting field.

In today’s world, invoicing is also easy to accomplish with MYOB, as it offers various formats from which you can choose, depending on the client. Statements are easy to customize to fit the needs of your customer as well.

Once again, however, Saasu is pulling even with MYOB in its financial management capabilities. It too has a very simple one-screen entry system for bills and purchase orders, while offering a payroll function that is similarly easy to operate. Xero falls short of MYOB in that it cannot handle purchase orders, but has more flexibility when it comes to editing pay runs for your employees: a function that MYOB doesn’t have.

Xero and Quickbooks feature simple invoicing functions, as well as customizable statements. Saasu’s invoicing function is much more comprehensive than either of the other systems mentioned, but offers far less customising than MYOB. Both Xero and Quickbooks offer little to no customising.

xero quickbooks

Accessibility & Ease of Use

Online and offline access can make all the difference in today’s business world. MYOB offers a mobile application to help manage your inventory, payroll, accounting, and tracking. MYOB’s technical support is available 24/7 through various means of communication. MYOB’s data security uses best practices and ensures that no one can access your private information unless they have your express permission. The customising of the homepage makes it simple for you to see the information you need right away and exactly how you want to see it.

MYOB’s application is lacking when compared to Xero and Saasu’s applications. Xero allows its users to draft invoices with a few taps and send them via your cell phone, while Saasu boasts that you can manage your entire business from just one screen. Those companies’ technical help services are lacking in substance, however. Xero relies on email support and a knowledgeable forum to help its users through their technical issues. Saasu is similar to Xero in this regard, offering how-to videos and a vast forum and FAQ page.

The customisation of homepages is another area in which Saasu and Xero give MYOB a run for its money. Xero has a very sleek dashboard which allows its users to emphasize what they see as most important to their business needs. Saasu uses a series of widgets which can be mixed and matched to maximize the efficacy of your business overview.

MYOB for years has had a firm lead in accounting software for a while, but clearly they should be looking over their shoulder for their competitors. With accounting simplicity being paramount to new businesses looking to make a splash, it would appear that MYOB may have some healthy competition.