MYOB Business: Combining Essentials and AccountRight

When it comes to Australian accounting software, MYOB is a top player in the field. It’s has been in use in Australia for accounting and bookkeeping for the last 30 years, releasing a number of different editions and formats over that time. In recent years, MYOB have offered a low-cost platform, MYOB Essentials, and a premium option, MYOB AccountRight.

To celebrate their 30th birthday, MYOB has announced the retirement of both MYOB Essentials and MYOB AccountRight and the release of MYOB Business. For new customers, this means that MYOB AccountRight and MYOB Essentials will not be available to purchase. But what does that mean for existing MYOB users? Let’s take a look at how your small business will be affected by these changes and what you might need to consider moving forward.

MYOB Business Has Replaced MYOB Essentials and MYOB AccountRight

Over the last 30 years, the world of accounting and bookkeeping for small business in Australia has changed dramatically. We’ve seen the introduction of GST, technological advances, the introduction of the internet and cloud based accounting software, increased reporting, single touch payroll, BAS lodgements and Superannuation requirements to name just a few. These changes have reshaped businesses’ bookkeeping and accounting needs. It’s no surprise, then, that the programs that were around in the early 1990s are now outdated and irrelevant. As a result, MYOB have revamped their products many times over the past 30 years, but have recently resolved to bring their offerings back to one single product that meets the needs of all businesses.

Call us today on 1800 728 875 or drop us a line to see how our expert bookkeepers can set up the new MYOB Business to get the most out of this new software for your business.

What is MYOB Business?

MYOB Business is an online accounting software program that allows you to streamline your business recording and reporting needs. Rather than having multiple products available to choose from with different options and features in each, MYOB have consolidated into one. Now, you can scale up and down as your business needs change. With MYOB Business, you choose the features you need and the price you pay per month depends on what functions your business requires.

MYOB Business has the user-friendly look and feel of MYOB AccountRight, with the ability to drop back to the bare basics as found in MYOB Essentials. This makes for a product that is polished and easy to navigate. In addition, you won’t pay for a whole range of features that you don’t need or want.

There are five MYOB Business Management Plans available, with additional feature upgrades available to tailor the plan to suit the needs of your business:

  • MYOB Business Lite is designed to meet the most basic of business needs, ideal for the sole trader, and begins at $5/month.
  • MYOB Business Pro is the next evolution, from $8/month. It’s designed for growing businesses who have more than 2 employees and require additional reporting capabilities.
  • MYOB Business Payroll Only is your one-stop-shop for $10/month and has all the necessary bells and whistles in one location. It’s for the small business who is looking primarily to streamline their payroll recording and reporting.
  • MYOB Business AccountRight Plus is for those with larger businesses or who want a hybrid program with a desktop option for working offline. It starts from $68/month.
  • MYOB Business AccountRight Premier starts from $85/month and has the added abilities to service businesses with more complex and unique challenges such as multi-currency support.

Can I continue to use MYOB Essentials and MYOB AccountRight?

Yes. At this point, MYOB Essentials and MYOB AccountRight will still work as they currently do for existing customers. You can even upgrade and downgrade your current MYOB bookkeeping subscription as required. For existing MYOB Essentials and MYOB AccountRight customers, there is no real change to the service you should expect to see or the price that you pay for your MYOB bookkeeping software.

What does this mean for my business?

If you’re already using MYOB Essentials or MYOB AccountRight, there really is no change at this point. You still have the ability to add features as your business grows within the package that you are currently using. Any new businesses that you start, however, would need to be set up in the MYOB Business platform, which would then be a slight adjustment to how you’re doing things currently. It’s important to note however, that if you are using MYOB Essentials and your business grows to such a point that the small business bookkeeping software no longer meets the requirement of your business, you will need to transition across to MYOB Business.

Perhaps the most optimistic benefit of the new MYOB Business Suite is the capacity for the platform to grow with your business from start-up, through small to medium business, right through to a large multi-national company, with all of the financial history of your business in one location, as opposed to previously needing to upgrade from MYOB Essentials to MYOB AccountRight, and needing to learn a whole new program, as your business reaches a critical point.

Here at Darcy Bookkeeping & Business Services, our team of experienced bookkeepers are highly trained in MYOB Business and are available to assist you in setting up your business files and training you in how to use the new MYOB Business software.

What are the next steps?

For current MYOB customers, it really is business as usual. There is nothing that you need to do differently with your accounting software. If you want to set up a new accounting software for your business though, and have been considering or have previously used MYOB AccountRight or MYOB Essentials, they are now no longer available for purchase. You’ll need to look at MYOB Business as your MYOB option for accounting software.

If you need help with your MYOB bookkeeping, please contact our team of MYOB Bookkeepers and we’ll happily walk you through the changes.

For more detailed information on what features and services are available, check out the MYOB Plans and Pricing Guide.

Summary
MYOB Business: Combining Essentials and AccountRight
Article Name
MYOB Business: Combining Essentials and AccountRight
Description
MYOB Business has replaced MYOB Essentials and MYOB AccountRight. Instead of choosing between a pro version and a basic version, you purchase one product and upgrade and customise it as needed.
Author
Darcy Bookkeeping & Business Services