MYOB business software to get your business on track

Keeping accurate financial records is crucial for business success. It helps with tax compliance, keeps staff paid on time and ensures comprehensive financial records. Enter MYOB business software. You've probably heard of it, but what is it exactly? What sort of functionality does it deliver? And how much does it cost?

MYOB business software overview

In a nutshell, MYOB is a company that designs software-based financial management systems for small to medium businesses. Among the many off-the-shelf accounting solutions, it's one of the market leaders. 

And better still, according to Andrew Whiting, computer software specialist at Officeworks, "MYOB business software is an Australian product made for Australians by Australians."

Andrew advises business owners to familiarise themselves with the MYOB business software product range to establish which, if any, package suits their needs. Not all will.  

MYOB retail basics

A product like JustInvoices, for example, is ideal for someone out on the road who needs to produce invoices but doesn't need to control stock. "It produces quotes and statements, does all your invoicing and calculates your GST," he says.

"This product is perfect, say, for a window cleaner who needs to produce a tax invoice for somebody after finishing a job."

Basics for business

Offering more features and greater flexibility, Andrew says small business owners can benefit from MYOB's BusinessBasics.

"This package helps track customers, calculate GST and BAS and perform all your invoicing," he says. "It also saves time by simplifying data entry and automatically reconciling your accounts." 

Next up the line is Accounting and AccountingPlus, which offer the same features as BusinessBasics but add inventory management and payroll.

Choosing the right product

Choosing the right MYOB product for your business depends on what you want to use it for, says Andrew.

"A single user who just wants to track BAS would go for BusinessBasics," he says. "If you want a more fully featured accounting package which enables to you track customers and suppliers, you'd go for Accounting.

"And if you want to perform all those functions and produce advanced business reports, monitor how staff are spending their time and manage your banking, you'd go for AccountingPlus."

Multiple users

If you're in an office with only one person using the software, Andrew suggests AccountingPlus will do the job. However, if you have two or three users accessing it across a network, you'll need MYOB Premier.

Beyond bookkeeping

MYOB also develops products for retail operations, including RetailBasics, which processes sales, lay-bys and refunds and is compatible with most point-of-sale hardware.

Andrew says RetailReady is another product designed for shopfronts. "Anyone taking cash or card payments is likely to find it useful," he says.

You, your business and MYOB

Whatever your business, whatever your industry, MYOB business software can help improve your bookkeeping. Get in touch with your office technology supplier to discuss how MYOB can help streamline your bookkeeping, tax compliance and staff payments.