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MYOB Essentials Review
MYOB is an Australian company founded three decades ago. Its mission is to provide an incredible accounting software solution to small businesses, so owners and managers can truly focus on what is important for the success of the company, not on tedious accounting, tax, and bookkeeping tasks.
Nowadays, MYOB software is much more than a simple accounting software as they also turned towards business and finance, helping larger corporations with a wide range of products, such as MYOB Essentials, MYOB Essentials Payroll, and more.
Onto our MYOB Essentials review!
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What does MYOB mean? The name stands for “Mind Your Own Business”, a reference to the company’s mission to help you focus more on your business and less on other tasks. They provide ample tax and accounting products, ideal for all types of firms in all industries.
What Is MYOB Essentials?
MYOB Essentials is a cloud-based accounting software that helps businesses handle a wide range of tasks, including invoicing, reporting, GST, BAS, PAYG, payroll, expenses, and more. It is designed to save precious time, boost productivity, and ensure full compliance.
MYOB accounting comes with plenty of features. It has a user-friendly mobile app, so you can manage the business on-the go, while the Single Touch Payroll service allows you to access all the JobKeeper payments. Some other features include:
- Multiple software integrations
- Cash flow tracking
- Detailed reporting
- Invoice and customer management
How Much Does MYOB Essentials Cost?
The more advanced software solutions come with different costs, but simpler products, such as Essentials, have standard pricing plans. MYOB Essentials Payroll comes with automated tax obligations, Single Touch Payroll, PAYG leave entitlement, and more. It is $10 per month for up to 4 employees.
Another option for small businesses is MYOB Essentials, which includes different versions. The Accounting Starter is $27 per month. The software allows for up to five invoices each month, track system, GST, and BAS statements.
The next plan is Accounting and it is $48 per month, suitable for payroll for one employee with unlimited invoices, and bills and expenses management.
Finally, the unlimited plan is Accounting and Payroll and comes at $60 per month. MYOB software offers a 50% discount for the first 3 months on all of its plans.
MYOB pricing plans:
- Accounting Starter: $27 per month
- Accounting: $48 per month
- Accounting and Payroll: $60 per month
How to Cancel MYOB Essentials Subscription
MYOB Essentials comes with a 30-day free trial. It isn’t necessary to add your credit card information to try the software for this limited time. If you want to cancel your subscription, you can do so online.
Log in to your account, click on “my products” and choose your MYOB accounting product to expand the options. Then, select “request cancellation”. Complete the form and then submit your request to cancel your subscription.
The MYOB team will contact you via phone within 5 business days, or you can get in touch with their customer service team: 1300 555 111 for Australia, and 0800 606 962 for New Zealand. Alternatively, MYOB Online chat is available on the website.
Before canceling your subscription, you should retain the data you have by generating reports. This depends on what type of data you wish to keep – if you are not sure, check with your accountant. The minimum information you’ll need is at least a general ledger detailed report, but also your balance sheet. All of the reports can be accessed via the “reports” menu from your account.
MYOB For Accountants
Essentially, there are different types of software for accountants. Accountants office is designed for sole practitioners and it has multiple features that simplify your workflow:
- Tax and client accounting
- Practice management
- Corporate compliance
- Document manager
- Supports ATO forms and activity statements
Another solution is MYOB BankLink designed to eliminate data entry as the system can memorize transactions. This also reduces errors, enhances collaboration with clients, and simplifies year-end taxes.
MYOB Advanced is an ERP solution designed for larger businesses, unlike MYOB Essential which is a fully-featured software suitable for smaller firms. It provides different tools, including inventory management, financial management, streamlining sales, and purchases. It also comes with payroll management, customer management, and useful mobile solutions.
MYOB Student Edition
MYOB Student Edition is suitable for schools and higher education students. It offers the opportunity to experience how businesses function in the real world. It mostly provides the same features as the versions for businesses, such as Single Touch Payroll, invoice management, and more.
The price for the educational version is a one-time fee of $15. After you make the payment, you have 30 days to download the software. It is important to note that this version is only for educational purposes.
MYOB Workpapers allows you to review a client’s balance and accounts which are calculated and substantiated by linking documents to the account. In case there is a balance for an account that is different from the client’s balance, you can simply add an adjustment journal.
Once the accounts are reviewed and approved, the workpapers, adjustments journals, and all documents are transferred directly to the client’s ledger.
A great feature is that the software automatically rolls data entered into a workpaper to a later period. The file can be printed as a PDF if you want to review it, then you can mark the workpaper as complete.
Is MYOB an ERP System?
ERP refers to Enterprise Resource Planning or, in simple terms, to a business management system. MYOB Advanced is one of the best cloud-based ERP systems for businesses. It allows you to streamline sales, payroll, inventory management, accounting, and many other tasks.
There are numerous built-in templates, invoices, and it offers the possibility to handle custom billing processes. MYOB Exo is another example, but it is an on-premise system as opposed to the cloud-based MYOB Advanced version.
Summary: MYOB Essentials Review
It is not easy to manage a business, but a complex financial and accounting software can automate many of the time-consuming tasks. MYOB software helps you to eliminate errors and streamline most of your business processes, depending on what version you choose. There is a wide array of options; while MYOB Essentials is the most suitable for small businesses, MYOB Advanced is great for large or quickly expanding companies.
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