MYOB stands for “Mind Your Own Business,” which is precisely what this accounting software tries to assist you with. MYOB is an Australian tax and accounting software that offers various products for small and large enterprises in the form of browser-based, cloud-based, and installation software.
According to MYOB, around two-thirds of Australian firms use accounting software, with about 60% of those being MYOB accounting software. Furthermore, approximately 60% of accountants use MYOB as their primary client-assistance tool.
Features Of MYOB
The following features are available in all MYOB software:
- Never lose your financial records due to a natural disaster or hardware failure with the cloud-based solution.
- Offline methods for account management and invoicing in regions where the internet isn’t available.
- An Australian support team at your service, seven days a week.
- MYOB helps make a budget for your company to grow.
- Using the MYOB Capture app, you can store receipts and bills, allowing you to cut down on the amount of paper usage in your office.
- There are packages for every type of business, from a modest sole trader to a major corporation.
- Allows you to manage numerous currencies. It is ideal for companies that buy and sell in multiple countries.
- Inventory management systems to keep track of current goods and what needs to be ordered or relocated.
- Keep track of jobs, their durations, and the invoices that you create.
- Flexible invoicing allows you to send invoices from anywhere using your tablet or phone.
- You can set up credit card or BPAY options for quick invoice payment.
- Customise your financial reports to include only the data that is relevant to your company.
- Manage Single Touch Payroll needs, as well as tax, leave, and superannuation calculations.
- You can get GST, PAYG, and BAS reports very quickly.
- You can file STP directly with the ATO.
Available MYOB Plans
MYOB provides software solutions for businesses of various types and sizes, from one to over 100 employees. The software offers two separate software systems for small businesses, MYOB Essentials and MYOB AccountRight, both with numerous price points to choose from.
MYOB Essentials Payroll
MYOB Essentials Payroll is for small businesses that want to stay on top of their payroll processes. It contains features like Single Touch Payroll (STP), automated tax responsibilities and super contributions. Employees can also access their payslips through MYOB YourPay, which also includes reporting capabilities for tax season.
MYOB Essentials is to help new or small businesses get their foot in the accounting door. With a variety of plans to make payroll, tax time, and invoicing easier, MYOB Essentials also provides alternatives to manage your bills and expenses to keep you on top of your cash flow.
MYOB AccountRight is more suited to larger businesses. It includes several plans to choose from, all of which will assist you in managing bills and invoices and ensuring that pay, super, and leave are all up to date, with the more efficient plan even assisting you in navigating the foreign exchange rate.
There’s probably a reason why MYOB accounting software is Australia’s most popular accounting software. Compared to other accounting software offered to Australian business owners, MYOB has the most plans. MYOB has numerous tools to help you keep track of your income and expenses and keep your business running smoothly, with plans available for owner-operated enterprises and more prominent companies.