Most Australian businesses would agree that finding the right accounting software is crucial yet challenging.
Well, MYOB offers localized products that can streamline workflows for Aussie organizations of all sizes and industries...
In this review, we'll explore MYOB's offerings tailored to Australian businesses, key benefits including bank integration and scalability, considerations when selecting a product, and recommendations for successful implementation.
Introduction to MYOB and Its Offerings for Australian Businesses
Overview of MYOB Company and Software
MYOB is an Australian-based accounting software provider that has been catering to small and medium-sized enterprises (SMEs) in Australia for over 30 years. Founded in 1991, MYOB aims to provide easy-to-use yet powerful financial solutions to help Aussie businesses with tasks like invoicing, payroll, inventory management, job costing, and more.
With a focus on local support and a deep understanding of the Australian tax and compliance landscape, MYOB strives to deliver software tailored specifically for the needs of Australian SMEs. From sole traders to mid-sized companies with up to 500 employees, MYOB serves over 1.2 million businesses across the country.
Core MYOB Platforms for SMEs
MYOB offers three core accounting platforms for SMEs in Australia:
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Essentials - The basic entry-level product focused on cash accounting and tracking income and expenses. Best suited for freelancers, sole traders, and service-based businesses. Key features include invoicing, quotes, bank reconciliation, and BAS reporting.
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AccountRight - The popular cloud accounting solution for small businesses looking for accrual accounting, inventory and bill management, payroll, and customized reporting. Ideal for retail, manufacturing, wholesale, and other inventory-intensive sectors.
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Advanced - The top-tier platform designed for more complex business needs. Includes foreign currency support, industry-specific features like assembly builds and batch manufacturing, and advanced analytics. Built for mid-sized enterprises and fast-growing small businesses.
Key Benefits of Using MYOB Accounting Systems
MYOB delivers key advantages for Australian small businesses and accounting teams. Their software is designed specifically to meet the needs of Aussie users.
User-Friendly and Localized for Aussies
MYOB provides intuitive interfaces tailored for Australian business processes and compliance needs:
- Easy to navigate dashboards for daily accounting tasks like accounts payable/receivable
- Seamless BAS/GST tax reporting and lodgements
- Pre-built templates for common Australian financial statements
This saves time by removing the learning curve of generic accounting platforms. Everything is streamlined for Australian users' workflows.
Seamless Integration with Local Banks
A major benefit is automatic bank feeds that pull transaction data from all major Australian banks into your MYOB system. This includes:
- ANZ
- Commonwealth
- NAB
- Westpac
- Bankwest
Automatic bank imports save accounting teams hours of manual data entry. It also reduces human error by syncing balances and transfers automatically.
Scales as Your Business Grows
An advantage of MYOB is the tiered product range that upgrades as your business expands. For example, you could start with MYOB Essentials for basic bookkeeping needs. Then later upgrade to MYOB Advanced with more sophisticated reporting and forecasting tools.
The scalability ensures you don't outgrow your accounting software. MYOB can support everything from micro-businesses to enterprise corporations in Australia.
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Considerations When Choosing a MYOB Product
Important factors for Australian SMEs to weigh when deciding which MYOB platform best suits their accounting needs.
Number of Employees
The number of employees on your team is an important consideration when selecting a MYOB product.
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MYOB Essentials is ideal for businesses with 1-5 employees, providing core accounting features to manage payroll, invoicing, reporting, and more.
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For larger teams of 10-20 employees, MYOB AccountRight provides more extensive HR management tools like leave tracking, timesheets, and advanced reporting.
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MYOB Advanced has the most robust HR capabilities for 20+ employee businesses, including recruitment, training, compliance, and analytics.
So assess your current and projected headcount to ensure you choose a MYOB platform that can scale with the size of your workforce. The larger your team grows over time, the more you may need to upgrade to a higher-tier MYOB accounting and HR solution.
Industry Workflows
MYOB tailors specific product editions to streamline financial workflows for certain industries:
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Retail: MYOB RetailManager integrates with POS systems and has inventory features like stock control and matrix items.
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Manufacturing: MYOB M-Powered provides production job costing, material requirements planning, and quality control capabilities.
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Professional Services: MYOB AccountRight has project costing and billing rates to simplify managing client projects.
Consider the specialized features you need to run your operations efficiently. For example, retailers will benefit more from the POS and inventory management capabilities in RetailManager. Select the MYOB product designed for your industry's workflows and reporting requirements.
Budget and Cost
There is a range of MYOB platforms at different price points:
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MYOB Essentials starts at $15 per month, best for basic accounting needs on a budget.
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MYOB AccountRight starts at $35 per month for more advanced reporting and multi-currency.
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MYOB Advanced starts at $115 per month with the most flexibility to customize workflows.
Think about your budget constraints as well as the scale of accounting functionality your business needs. For example, a professional services firm may value the project costing in AccountRight over Advanced's broader feature set. Weigh the capabilities against the cost to determine the best value MYOB product for your organization.
Implementation and Ongoing Use Recommendations
Leverage Local MYOB Partners
Local MYOB partners can provide valuable assistance in setting up and configuring MYOB to meet your business's specific accounting needs and requirements. Their expertise and familiarity with Australian regulations and best practices helps ensure you get the most out of the software. Consider having a certified MYOB advisor conduct an initial consultation to determine the right edition and features for your operations. They can assist with data migration, advanced reporting buildout, user permissions configuration, and other key implementation steps. Ongoing, they can provide staff training, customize new report templates, and advise on feature updates to boost productivity. Leveraging their specialized knowledge upfront reduces headaches down the road.
Train Employees Thoroughly
Conducting comprehensive MYOB training sessions for your staff enables smoother day-to-day software use. Employees well-versed in core features like managing invoices, inventory, payroll, and reporting will increase organization-wide adoption and cut down on mistakes resulting from knowledge gaps. Training also makes it easier for staff to learn and adapt to new features when updates occur. Consider developing user guides and video tutorials covering essential workflows to supplement formal group training sessions. Appoint MYOB power users across departments to provide ongoing informal support and serve as peer experts. Thorough training empowers employees to fully utilize MYOB for greater efficiency gains over time.
Stay Updated on New Features
Regularly reviewing MYOB's release notes and feature updates allows you to take timely advantage of helpful new capabilities as they become available. Updates often introduce practical enhancements that streamline workflows, add flexibility to existing processes, fix previous issues, or improve integration with third-party apps. However, the productivity benefits of these new features can only be realized by proactively learning about them and rolling them out across your organization. Consider subscribing to MYOB's newsletter or visiting their blog regularly. Maintain open communication across teams about newly released capabilities relevant to their work. Staying updated ensures you continuously make the most of MYOB amid constant software enhancements.
Conclusion and Final Thoughts
In summary, MYOB offers locally-optimized accounting systems for Australian SMEs. The software scales to business growth and improves productivity. Proper implementation and training are key to maximizing the value.
Key Takeaways
MYOB provides the following key benefits for Australian small and medium-sized businesses:
- Specialized accounting software tailored to Australian tax laws, payroll, invoicing, and other financial requirements
- Scalable solutions that grow alongside businesses, from basic to advanced capabilities
- Productivity improvements through automation of tasks like bank reconciliations
- Multiple deployment options including desktop, cloud, and mobile access
- Local customer support from MYOB's Australian-based service and support teams
To fully leverage MYOB's accounting platforms, proper training and change management is critical during implementation. Investing in user adoption best practices ensures staff understand how to use the software's wide range of features to maximize ROI.
Overall, MYOB delivers robust and localized accounting tools for Aussie SMEs. With the right planning and training, businesses can optimize MYOB to reduce administrative burdens and unlock data-driven insights.
