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MYOB is one of Australia’s favourite cloud-based accounting software products. It offers seamless cashflow management and helps you keep on top of your ATO compliance requirements. As MYOB bookkeepers, we have a wealth of experience with MYOB and have a good sense of how it can help your small business. But does it have the functionality your business needs? Check out our MYOB Business review of its key features so you can make that call.
First, let’s address the elephant in the room. What happened to the MYOB Essentials and MYOB AccountRight products we all know and love? In 2021, MYOB announced that they would be combining the two beloved products into one: MYOB Business. It's a much more customisable software package that you can upgrade or downgrade according to your business needs. It includes:
By having everything under the package umbrella, MYOB now allows customers to more easily transition to smaller or bigger packages depending on whether their business is growing or downsizing. We go into the changes in more detail in our blog about the product update.
Now, let’s dive into the main features so you can decide if it’s right for you.
MYOB advertise that they have a range of support options available, including:
If you want to stay up-to-date with the most current updates and features, check out the MYOB Business Release Notes. These help you to keep abreast of any changes, updates or additions to the software.
While MYOB does provide a variety of support options, in our experience, it can be difficult at times to access them in a timely manner. Our team of MYOB-certified bookkeepers are very confident in using MYOB Business. We offer support for our clients when it comes to troubleshooting issues they’re having and making the most of their MYOB products. Give us a call on 1300 728 875 or drop us a line to get started with our MYOB bookkeeping services.
One of the benefits of cloud-based accounting software is the ability to create and send invoices and quotes directly from your business software. MYOB Business allows for the creation and sending of unlimited invoices and quotes. Some other bookkeeping software programs, however, tier the amount of invoices or quotes that you can send from the file each month. With MYOB, invoicing is nicely laid out with a drop-down menu. You can select the customer or you can create customers on the fly with all details including name, address etc.
Since MYOB has updated their background navigation with a clean modern interface, it is easy to follow how much cash flow you have, your outstanding invoices and your tax liabilities in real time. This gives you a clear picture of what needs your attention. You can get a more accurate view of your cash flow and manage your tax obligations easily by storing your bills and supplier invoices securely in your accounts.
MYOB Business has a range of payroll-related capabilities, including:
It even allows your employees to do their own onboarding with online forms for tax file numbers, bank account details and superannuation funds etc, saving you time and money.
One of the factors to consider when selecting your MYOB package is how many employees you have and which MYOB Payroll functions you need access to. As your business grows, so too may your payroll requirements. This may be a simple matter of adding on additional employees for a small fee or upgrading to the next subscription plan. MYOB also offers an Advanced Payroll Software package for larger businesses with a broader scope of payroll requirements.
MYOB has four different subscription plans, all with trial periods of either 7 days or 30 days. There is also a payroll-only option, which does not have a trial period. MYOB Business also offers a 90-day money-back guarantee with no lock-in contracts. This means that you can cancel anytime on all subscription plans.
MYOB's pricing ranges from $12/month for MYOB Business Payroll Only to $177/month for MYOB Business AccountRight Premier. In between, there is MYOB Business Lite at $31/month; MYOB Business Pro at $58/month and MYOB Business AccountRight Plus at $141/month. MYOB also runs promotional introductory specials periodically.
For more detail around MYOB plans and pricing, along with current promotional deals, click here.
Having clear, concise and up-to-date reports allows you to track important business metrics like
Whilst many small business owners see reporting simply as a matter of compliance, you will get a lot of value out of having MYOB generate the right reports for your business. In MYOB, you can customise these to give the most relevant snapshot of the financial health of your business.
MYOB Business offers a range of automated reports that give you real-time insights into the financial status of your business. Beyond this, there are many options for customisation of reports with the ability to create reports that tell you exactly what you want to know about your budgets and cashflow. Because everything is all in the one place, the software also eliminates the need for double entry of data. This reduces the amount of time spent on data entry and bookkeeping. It also reducing the risk of human error.
MYOB also allows for integration with third-party software for rostering, point-of-sale and inventory management etc. Again, this reduces costs and increasing efficiency. Importing invoices and receipts is also simple and efficient with the option of saving photographs of receipts and invoices directly from your inbox. This makes it easy to ensure all of your receipts are handy come tax time.
MYOB Business has a range of features that can be added to your software package as your business grows and your business needs change. Some features, such as payroll for additional employees and inventory management, can be added for an additional fee each month. However, some other features may require a change of subscription plan.
If and when your business grows to the point of an upgrade being required, you can simply upgrade online. The additional features will then become available to you within your existing file.
When all is said is done, MYOB Business is a good product. We definitely prefer it over MYOB Essentials as it offers more functionality and has the capacity to grow with your business. We do find MYOB support lacking, however. Having said this, when you are working with a good bookkeeper, this is not a deal breaker. There are additional products such as MYOB CRM that can help you to maximise the software for the benefit of your business. However, these are completely optional and MYOB is more than adequate as a standalone product for most Australian small businesses.
Our expert team of MYOB-certified bookkeepers are able to help you with all of your MYOB needs. We have a large number of clients using this software and are highly trained in setting up and managing clients files using the entire suite of MYOB products. Give us a call on 1300 728 875 or drop us a line to see how MYOB might suit your small business needs.
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