TrustRadius: an HG Insights company

MYOB

Score7.5 out of 10

79 Reviews and Ratings

Get a Demo

What is MYOB?

MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and QuickBooks.

Categories & Use Cases

Key Features

Learn about the best (and worst!) features MYOB has to offer, as determined by TrustRadius' reviewers.
Based on 79 ratings of MYOB's features
View all features

Top Performing Features

  • Pay calculation

    Pay calculation provides for computation of employee pay with state and federal deductions.

    Category average: 8.5

  • Benefit plan administration

    Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

    Category average: 8.4

  • Direct deposit files

    Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

    Category average: 8.3

Areas for Improvement

  • Time tracking

    The software can track billable and non-billable employee time by project.

    Category average: 7.9

  • Electronic tax filing

    The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

    Category average: 8.5

  • Enterprise Accounting

    Create accounting for disconnected ERP and non-accounting source systems

    Category average: 8.1

Reviews

What users are saying about MYOB.
View all reviews

10/10 for me

Incentivized
Rikki Mae CorpuzView profile
Accountant in Finance and Accounting at Integration Kings (11-50 employees employees)

Use Cases and Deployment Scope

Our company business is offering an accounting service, like importing invoices, processing payroll, financial reports, bank reconciliations, ages payables and aged receivables. We are using MYOB app and website to track the client expenses and process payroll. I prefer using the website when it comes to invoices and for the app, for generating reports.

Pros

  • Payroll processing
  • Invoices
  • Financial Reports

Cons

  • MYOB app just hangs up when opening it
  • Log history

Return on Investment

  • Saved time in manually checking of reports
  • Easy to track the financial
  • Easy to set up

Usability

Alternatives Considered

Xero and QuickBooks Online

Other Software Used

Xero, QuickBooks Online

MYOB - an essential accounts package for any serious business

Incentivized
Simon Bowen
Managing Director in Corporate at Visible Recovery Pty Ltd (11-50 employees employees)

Use Cases and Deployment Scope

MYOB controls all of the costs and accounts in my business and I'm able to get a snapshot of how we are doing at any time. It is a useful tool for paying wages and issuing payslips and keeping tabs on sick pay, holiday pay, and personal leave accrual as well. All of my superannuation is also recorded directly to the ATO.

Pros

  • Wages
  • Accounts
  • Bill payment

Cons

  • Wages sometimes need to be corrected as the time sheets do not pull through correctly.

Return on Investment

  • Allows me to operate my business and know what is happening.
  • Allows me to process wages.
  • Allows me to pay correct superannuation.

Alternatives Considered

Xero

Other Software Used

Microsoft 365 Business Premium

Usability

MYOB makes my life easier

Incentivized
Julia Billyard J.P.View profile
Owner / Games Master at Elude Escape Rooms (1-10 employees employees)

Pros

  • Bank Feeds
  • Payroll
  • Invoicing

Cons

  • Better customization of reports

Return on Investment

  • It means I don't need to pay an accountant each quarter to do my BAS

Alternatives Considered

Xero and QuickBooks Online

Other Software Used

Deputy, Trello

Usability

MYOB - Good if you don't need support

Paul ThompsonView profile
Finance Manager in Finance and Accounting at VoIPforce Pty Ltd (201-500 employees employees)

Use Cases and Deployment Scope

Used for basic accounting. Good product as long as you do not need help or support. Over 4 hours on the phone and they still have no idea how to fix their own MYOB upgrade issue. From my experience, backups take too long to be functional. Cannot automate Bank FX feeds, or, Amex corporate cards. In my opinion, if you encounter any problem, give up and use another product as they cannot or will not help. You will spend hours on the phone and they just hang up when they don't know what to do.

Pros

  • cheap

Cons

  • Help/support
  • backup times - no automated backup
  • bank feeds

Return on Investment

  • its cheap

Alternatives Considered

Xero

Other Software Used

Xero

Usability

Easy to Use With Some Good Time Saving Systems.

Incentivized
Sandra KaramiteliosView profile
Director in Corporate at Recruitment Central (Qld) Pty Ltd (1-10 employees employees)

Use Cases and Deployment Scope

Accounting processes - reporting for the business - managing our BAS/IAS reporting, managing to invoice and receipting, accounts payable, and bank recs.

Pros

  • Job codes for deeper reporting
  • Recurring transactions that are customizable
  • Auto record on recurring transactions
  • BAS/IAS reports

Cons

  • Payroll - it's a good system but not for me with casual staff, we have turnover with casuals and I find it admin intensive.
  • Sometimes it crashes for no reason
  • The online to offline can be clunky and confusing

Return on Investment

  • No negative impacts
  • I have it set up and it's easy to use
  • Recommend getting someone to help you set up if you aren't an accounting person

Alternatives Considered

QuickBooks Online

Other Software Used

QuickBooks Online, VidCruiter, Canva

Usability

Related Products

Products similar to MYOB that may also meet your needs.
All comparisons
QuickBooks Online
CompareLearn more
Xero
CompareLearn more