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MYOB Accounting Software: A Full Review | How it Works

Small businesses have a constant challenge of arranging their books. This weakness in their structure is responsible for the significant number of small businesses that have crashed in the last 10 years.

According to the U.S. Bureau of Labor Statistics (BLS), this isn’t necessarily true. Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.

So, due to this problem, companies like MYOB have introduced accounting software to help these businesses keep up with tax payments, overhead costs, and every other expense.

Read this article carefully to learn more about MYOB Accounting Software and its workings.

Table of contents

What is MYOB Accounting Software?

MYOB (Mind your own business) is Australian multinational cooperation that provides tax, accounting, and other business services software to small and medium businesses.

This offers essential payroll, MYOB essentials, and MYOB account right ideas for different businesses.

Let’s gives you little history about MYOB (Mind Your Own Business)

A team of developers established MYOB in 1991 at Telaware, Inc. this same team develops accounting software.

Along the line, Best Software, Inc. bought Teleware. Still, Data-Tech Software, the Australia republisher of the MYOB products and in 1997, agreed with Best Software to buy the company.

So they changed the company’s name from MYOB Inc. to MYOB Limited and put it on the Australian Stock Exchange (ASX) list.

Though the company was founded in the US, it ceased operations outside Australia and New Zealand in 2008.

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How Does MYOB Accounting Software Works?

MYOB is online accounting software designed locally for local businesses; working with the ATO (Authorization to Operate), you will be up-to-date.

But it works offline with this option for account keeping and invoicing in areas without internet coverage.

With this software, you can track when clients receive and open your invoices; you can manage your bills and expense also pay tax.

Furthermore, you will have less stress in updating your tax. It automatically updates your tax tables, calculates your GST, PAYG and runs reports for your BAS.

This software works on all devices and browsers, so you can also send invoices instantly from anywhere via your phone or tablet.

Generally it functions as an accounting information system.

Do You Need MYOB Accounting Software For Your Business?

Well, the thing is that you don’t. Not all businesses will benefit from using accounting software. However, you can’t successfully manage your business without some accounting system.

It’s entirely up to you if you choose manual over computerized accounting. You will probably use computerized systems if your accounting needs become more complex.

Features Of MYOB Accounting Software

Here are the features of MYOB accounting software.

  • Cloud-based option – never lose your financial records in a natural disaster or hardware breakdown. 
  • Work off-line options – for account keeping and invoicing in areas without internet coverage.
  • Australian support team available 7 days a week
  • Create a budget to help your business thrive.
  • Store receipts and bills via the MYOB Capture app – reducing the paper load in your business
  • Packages for everything from a small sole trader business to a company with more than 
  • Manage multiple currencies – perfect for businesses buying and selling in different countries.
  • Inventory control systems – to keep track of stock on hand, plus what needs to be ordered or moved.
  • Track jobs, duration, and invoices generated.
  • Invoicing flexibility – send invoices instantly from anywhere via your phone or tablet.
  • Set up a credit card or BPAY payment option for fast payment of invoices.
  • Track and manage bills. 
  • Customize your financial reports to collate the specific information critical to your business.
  • Manage Single Touch Payroll requirements and work out tax, leave, and superannuation.
  • GST, PAYG, and BAS report at your fingertips. 
  • Lodge STP directly with the ATO.
  •  Automatic bank reconciliation – connect to over 150 financial institutions.

Please note: packages vary. Not all features apply to all packages.

What Is The Advantages and Disadvantages of MYOB Accounting Software?

MYOB accounting software is likely to benefit many businesses. But, this software sometimes comes with its share of problems because all thing is done accurately (100%). So it is important not to overlook the possible disadvantages.

Here are the advantages and disadvantages of MYOB

AdvantagesDisadvantages
It has a simple data entry which is typically fast, straightforward and only required once.The package cost, although small in relation to your other costs, is higher than a paper-based system.
It is fast processing between a sale and invoicing, are minimal. Manual accounts are generally easier to set up and more flexible than computerised accounting.
Automation of report and analysis like profit and loss, debtors and creditors, customer accounts, inventory counts, sales, etc.You will buy yearly maintenance and support for your package.
Reduction of errors like incorrect or incomplete recording of transactions, transposition of figure, etc.It is for special needs – an accounts package will typically suit most types of business.
integration with other systems, such as online banking and e-filing

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How Can I Get MYOB Accounting Software?

You can download the latest MYOB accounting software on your phone, tablet, and PC. So here is how to download your MYOB AccountRight version software.

  • Go to Google Chrome to download the installation file.
  • Right-click the Download button and choose to save the installer file to your desktop or phone.
  • Then close all programs, including AccountRight.
  • Double-click the downloaded installer file to start the installation.
  • Repeat these steps to install the update on all computers that access your company file.
  • After installing, you can start AccountRight using the new AccountRight icon on your desktop. Note that this icon looks slightly different from previous releases’ icons.
  • Open your company file. If prompted to upgrade the file, click Upgrade.

Note: you will receive a message to uninstall or Modify AccountRight. This means you have already installed the latest version. Then click close to close the message and proceed to step 5.

What Is The Cost Of MYOB Account Software?

The cost of MYOB account software is divided into two categories.

For MYOB Essentials

Straightforward online accounting from $27/month. It runs in your PC, Mac, tablet, or mobile browser.

For AccountRight Plus

Power to manage a business your way. $109/month. It runs on your Windows PC and tablet.

MYOB Accounting Software Review

In this section, we will look at what people say about MYOB accounting software. The ratings from the good side and the bad side.

“I prepare monthly financial statements for a Client who uses MYOB. They bring me a backup, and I prepare to adjust entries and reconciliations.” TrustRadius.com

“MYOB is being used for accounts, invoices, and the like. The program is very slow to load and has many designs and implementation flaws. It is cumbersome and difficult to use.” TrustRadius.com

“For a small firm with limited reporting requirements it is okay, but for any jobs with Work Breakdown Structure requirements, it comes up short and becomes a limiter for the company. I get very frustrated with the after-sales support system. It is not customer-focused and leaves you wondering why you pay for it.” Capterra.com.

“Great accounting, and always updating with new features. Our accountant could log in and do our end-of-years immediately.” Capterra.com.

“The benefits are countless. I am really happy and exceptionally relaxed with using this software. By far, it’s the most reliable and efficient software that I have encountered.” Capterra.com.

Conclusion

This article will help you know how MYOB accounting software works and how it will significantly help your small business.

Reference

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