Small Business Accounting Software MYOB software, the accounting solution for all your business management needs. Easy and flexible to use, 100% online with no software to download or install. Accept invoice payments online via Visa and Mastercard credit/debit cards. MYOB solutions are used by over 1 million businesses including yours. Now, 50% of companies on the ASX file their accounts with MYOB.
MYOB Accounting Software stands for “Making Your Own Business”. Since 1983 MYOB has been producting accounting software for small business users. Today the MYOB product line consists of a variety of online solutions from basic accounts payable, accounting & payroll to advanced CRM & ecommerce. MYOB offers cloud or on premise solutions available to users at all levels (accountant, business manager or entrepreneur).
MYOB Essentials
MYOB Essentials is another great candidate for small businesses. Like QuickBooks, it offers cash flow tracking, financial statements, tax management, etc., and allows you to import data from other platforms. It also allows you to manage your business from your mobile, manage invoices and customer payments entirely online, and pay and manage staff on any device. It can also integrate with several third-party apps, including Salesforce, Squirrel Street, eBay, and Magento, to name a few.
MYOB is incredibly easy to set up. Their own website boasts that it takes just a few minutes. However, suppose you’re not computer savvy or are moving from another platform, as with any accounting software. In that case, it will take longer, and you may need assistance from professionals such as Grow Advisory Group.
Software Pricing
MYOB Essentials is available with three pricing options to meet your requirements: Accounting Starter for $27/month, Accounting for $48/month and Accounting+Payroll for $30/month.
If you’d like to use MYOB accounting software, contact the team at Grow Advisory Group. We can set you up from scratch or migrate you from another platform such as QuickBooks or Xero.
MYOB
MYOB stands for Mind Your Own Business. This cloud accounting system offers a few different tiers of software, from simple tools for very small businesses through to MYOB Advanced for companies that are looking for a comprehensive end-to-end solution.
MYOB Advanced features CRM, service, inventory, payroll, manufacturing, distribution and more all in one platform. It’s a scalable and powerful solution.
MYOB Advanced integrates sales and order management, opportunities and pipelines, CRM, time and expenses management and project accounting all in one place.
It is aimed at companies that are larger, have multiple departments, and that need access to a lot of data and the ability to generate their own complex in-depth reports.
The more basic version of MYOB, titled MYOB Essentials, is a more slimmed down version aimed at sole traders and those who run smaller businesses.
One nice feature that it offers is the ability to link documents to transactions. This means if you have a paper bill that you want to attach to a transaction it’s easy to do so.
Is MYOB Good Accounting Software?
MYOB is an accounting solution that was designed with ease of use in mind. This is clear in the interface, the feature set, and the mobile app.
If you are a small business that is struggling to track your transactions and you want to grow without fear of your accountant getting angry with you at the end of the year, MYOB is a good starting point.
It offers tools that you don’t need to be a finance professional to use, and it is supported on Windows, Mac and Mobil. It has good bank integration, makes invoicing easy, and teaches you good bookkeeping practices as you work.
It lacks the range of features that more serious accounting platforms have, but the affordable price and ease of use mean that it is well worth a look.
When a business is in the early stages, the average person doesn’t have the time or resources to sit down and focus on logging and tracking everything, and they may have no need to do so.
MYOB keeps track of the things that are required for GST, tax, expenses, inventory and payroll. The most important charts are there for you to generate if you need them.
If you find that you are looking for more customisable charting options then maybe it’s time to upgrade to a more serious, data-heavy accounting program.
That doesn’t mean that MYOB fails to do its job for those who do not need it for more sophisticated charting functions or to be able to handle a large number of transactions.
What Is The Difference Between MYOB And Quickbooks?
When most people think of accounting software, they think of either Sage or Quickbooks.
If you had some bookkeeping training it is highly likely that it started with something like pen and paper bank reconciliation, and then moved you on to the offline version of Quickbooks.
That’s what people learned in the days before cloud accounting, and it makes sense that they’re going to want to stick with something that feels like what they know.
MYOB is cloud-based, yes, but it’s also designed to be very easy to use.
MYOB essentials is a rather stripped-down application and while it has all the important features for invoices, payments, balance sheet management, etc, it is rather stripped down compared to the full version of Quickbooks.
However, if you upgrade, you’ll find that it does most of what you need.
How Much Does MYOB Cost Per Month?
MYOB Essentials is priced at $29 per month. MYOB Advanced costs $99 per user, per month. This means for a bigger company that has lots of users that want to send invoices, handle payments, or work with customers, it could work out to be rather expensive.
What is MYOB Advanced?
Before deep-diving into the MYOB Advanced pricing structure, let’s take a bird’s-eye view on what MYOB Advanced really is.
Introduced in Australia in 2015, MYOB Advanced is MYOB’s Enterprise Resource Planning (ERP) offering for small and medium-sized organisations. The MYOB Advanced platform is based on the award-winning Acumatica software and rebranded for commercialisation in Australia.
Since its launch in Australia in 2015, MYOB Advanced has literally gone gangbusters. Why?
Because it provides real value, especially for:
- Growing businesses with more than 10 staff or $2M in annual turnover that have outgrown their current accounting systems and are looking for more functional, integrated software. Most organisations that adopt MYOB Advanced start with basic accounting packages such as AccountRight, Xero, or Quickbooks.
- Organisations wanting to “right-size” their current ERP software. Most “heavyweight” ERP solutions such as SAP or Netsuite are expensive and complex. MYOB Advanced is often chosen as an alternative to heavyweight ERP software because it is easier to use and more cost-effective.
- Growing businesses in need of consolidated inter-company accounting and advanced reporting/forecasting. Some of our most successful customers found MYOB Advanced to be a perfect fit for their advanced accounting and reporting requirements.
MYOB Advanced Pricing explained: What do I get and for how much?
Now that we have a better understanding of what MYOB Advanced is, let’s explore the pricing structure of the software.
As a cloud-based Enterprise Resource Planning system, MYOB Advanced is priced on a per-user, per-month basis. You monthly fee will depend on the number of users and edition/licence type you choose (more detail on editions is provided below).
Let’s consider the following example:
- Your organisation has 25 employees;
- You subscribe for five users to access the Standard edition of MYOB Advanced (because only five roles/departments will need to log-in to MYOB Advanced for Administration, Finance, Manufacturing etc.,);
- Each MYOB Advanced Standard user license costs $104 per month;
- Your 5 users will cost you $520 per month, or $6,240 per year in total.
You might be wondering: “What about software and IT maintenance?” As a cloud ERP solution, MYOB Advanced is hosted in secure datacentres which are monitored and maintained for you. This means that there is no need to set up your own hosting environment and maintain it. Your monthly subscription covers cloud hosting, data security, and back-ups. You also get access to product enhancements, patches and updated versions developed by the innovative team at MYOB.
This investment provides access to MYOB Advanced in the cloud. Other investment considerations include annual maintenance / support and implementation costs. Factors which influence implementation pricing include – functional requirements, internal access to resource, data conversion requirements, development and integration expectations and internal “muscle” to implement MYOB Advanced. Implementations of MYOB Advanced typically start at $20,000 and take 2-3 months in elapsed implementation time.
Understanding MYOB Advanced Pricing: It depends on which Edition you choose.
MYOB Advanced is available in three editions: Standard, Plus and Enterprise. Standard provides access to essential functionality, and subsequent licence types make more sophisticated features available.
The cost of MYOB Advanced per user, per month depends on which edition you choose.
The beautiful thing about MYOB Advanced is that you can change editions, or add or remove users as needed, and you only pay for what you use.
You can also limit access to certain information or control what certain users can do within the system depending on their role and responsibilities within your organisation.
Conclusion
MYOB Business Management Software helps you to run your business more effectively and profit from it. Deals with all the financial aspects of your business. Myob is small business accounting software that enables you to run your business smoothly, organized and professionally.