About MYOB – Mind Your Own Business Accounting Software

If you’re looking for accounting software for small and medium-sized businesses, you have several options to choose from.

MYOB has a large market share in the Australian, New Zealand and UK markets and has now successfully moved into the US market as well. MYOB has various products available to cater to your business size and requirements. Part of the product family includes:

o Business Basics

or Accounting

o Accounting Plus with Payroll

or premium

or Payroll

o Account Edge (Mac users only)

to name a few.

MYOB Business Basics software is designed for businesses that want to record and print sales invoices, maintain a card file of the people they sell to and buy from, and perform regular bank reconciliations from their bank statements.

MYOB accounting software is a step up from Business Basics and has added features such as purchase/payables registration with relevant aging reports, inventory registration as stock or as a purchase to sell, being able to connect to Microsoft Office such as Word o Excel, where you can send letters or notices to your creditors or work in Excel using the spreadsheet option to change figures, add formats, etc. There are over 100 reports available in MYOB Accounting unlike Business Basics where there are 70 reports.

Going from MYOB Accounting is MYOB Accounting Plus. This software package includes the additional features of payroll and time billing. Payroll is obviously for companies that have employees and want to comply with wage and salary legislation and Time Billing is for companies that charge for their time. This could include professions like lawyers, consultants, accountants, but can also include service industries like plumbers, electricians, etc. The reports available with this program are more than 140.

MYOB Premier is the next step. This program has all of the above with additional features such as the ability to use multiple currencies. This is especially useful if you have foreign currency accounts and are involved in the export/import market. MYOB converts foreign currency to your local currency for accounting purposes. MYOB Premier also allows you to have multiple users. This allows you to have more than one person at a time accessing and using the common data file simultaneously. Report availability is 165+.

Payroll can be purchased on its own if you choose to use another form of accounting software but still need to support employees on salary and/or salaries.

Mac-only Account Edge is the equivalent of MYOB Premier and includes all features except Payroll.

To choose the product that best suits your business, you need to list the features you need and then download the appropriate product from your MYOB site and use the trial period to make sure it suits your needs. Learn more about MYOB releases here.