#1 most frequent
Australia
22.7%4,204 installations of 18,527
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
Product Demos
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: 8.5
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
Who Buys & Uses MYOB
#2 most frequent
United States of America
21.4%3,958 installations of 18,527
#3 most frequent
Germany
9.8%1,808 installations of 18,527
10/10 for me
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
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
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
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.
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
