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Managing finances efficiently is essential for businesses of all sizes and using the right accounting software can make all the difference. One of the first and most established accounting software providers in Australia, MYOB, has been a trusted name in business bookkeeping for decades. But is it the right choice for you?
You’ve probably wondered; what does it cost and what are the benefits? How does it compare to other accounting software? In this guide, we’ll answer all those questions to give you a clear understanding of whether MYOB suits your financial management needs.
MYOB stands for Mind Your Own Business and is an Australian accounting software company that began in the early 1980s. They provide business management solutions for small to medium-sized enterprises (SMEs). MYOB has grown to become a trusted choice for businesses needing reliable accounting, payroll, and tax compliance. It’s a go-to choice for those who want a straightforward, scalable, and cloud accounting solution.
MYOB features professional invoice creation, automated payment tracking, and online payment acceptance to improve cash flow.
It also offers automated invoice reminders, ensuring clients are notified about due or overdue invoices without the need for manual follow-ups.
MYOB simplifies processing payroll for employees, including automating superannuation and tax calculations.
This includes Single Touch Payroll (STP) regulations, making it easier for businesses to report employee payroll information to the Australian Taxation Office (ATO) accurately and efficiently.
MYOB software ensures GST compliance, allowing businesses to track and report GST with minimal hassle.
It also helps simplify Business Activity Statement (BAS) reporting, making it easy to submit accurate reports to the ATO.
MYOB’s cloud-based functionality ensures users can access their financial data from anywhere, anytime.
The software also allows businesses to sync with bank feeds, ensuring financial records remain up-to-date automatically.
MYOB offers automatic software updates, meaning users always have access to the latest features and security enhancements without manual installations.
MYOB connects with third-party applications such as Shopify, PayPal, and Microsoft Office so you can automate data entry and reduce manual work.
The software provides customisation options, allowing you to tailor the system to your unique business needs.
Custom reporting tools can track key performance indicators (KPIs) and financial performance, ensuring you can stay on top of your financial goals.
MYOB benefits include reducing manual accounting work by automating financial processes, such as payroll, invoicing, and tax reporting. Businesses using MYOB business software can stay compliant with ATO regulations, ensuring accurate tax reporting and lodgement.
MYOB is designed for non-accountants, making it accessible and user-friendly for MYOB small business owners with minimal financial expertise. There are different plans available that grow with your business, ensuring that you always have the right tools for your financial needs.
MYOB cloud accounting solutions provide secure data storage, allowing businesses to access information without worrying about data loss.
The pricing information provided reflects MYOB's plans as of the time of this article. Please note that software pricing can change over time, so it's advisable to check MYOB's official website or contact their sales team for the most current information.
When comparing MYOB vs Xero or QuickBooks, MYOB remains highly competitive, but it really depends on your business needs. For example, let’s say you require basic bookkeeping and payroll for three employees.
MYOB Business Pro costs $31/month, where Xero's Comprehensive Plan would be $90/month but include payroll for up to five employees, so it may be suitable if your team is growing. QuickBooks Essentials offers a Simple Start package for $29/month, plus $6 per payroll employee.
In this scenario, MYOB comes out on top. However, each platform has different strengths, so it’s important to consider factors like tax compliance, inventory management, and integration options before making a decision.
MYOB accounting software is used for accounting, bookkeeping, payroll, invoicing, and tax compliance.
MYOB has a user-friendly interface, but some features may take time to master, especially if you’re new to accounting software. There are easier alternatives, such as Xero, but MYOB offers support resources to help beginners get started.
No. While both are accounting software, MYOB and Xero differ as MYOB focuses on Australian tax compliance and payroll, while Xero is more global.
MYOB pricing ranges from $11/month for a sole trader with minimal needs to $140+ for advanced options.
The best cloud accounting software depends on your business size, industry, and specific needs. MYOB is a great choice for Australian businesses that require payroll management, tax compliance, and integration with the ATO. However, if you need simpler invoicing and bookkeeping, software like Xero or QuickBooks may be more suitable. Consider your budget, required features, and ease of use before choosing the right platform.
Still not sure which accounting software is right for you? Visit Darcy Bookkeeping and Business Services for professional MYOB bookkeeping services or for expert advice on accounting software or call us on 1300 728 875.
