MYOB accounting platform review

Tech solutions for small business come and go every day.  In this ever-changing landscape some names have remained constant. MYOB is one such brand that, over several decades has been synonymous with solving the accounting needs of small businesses. It's been the dominant provider of Australian small business accounting software for decades.

It's been updating it offerings over the years, with refreshes to its Essentials range for a while. Now the latest in the MYOB Business range delivers a simpler, more streamlined set of solutions and is well worth a look.

MYOB review: Pricing

• Simpler options
• Forward/backward compatible subscriptions
• 60% off for the first 4 months

MYOB has moved to simplify its range by offering four levels that incorporate what used to be separate Essentials and AccountRight product categories. This gives ultimate flexibility to suit changing business needs, with a straightforward upgrade/downgrade path available.  

Once the 60% initial discount period ends (currently a 4-month offer), the price points move from the relatively cost effective AU$30 per month for Lite all the way up to AU$170 per month for Premier. If you need payroll functionality this is priced at AU$1.50 per employee per month in the first two levels (Lite and Pro), after which it is inclusive in the monthly subscription for unlimited employees.  

The simpler pricing model doesn’t lock you down to transaction limits like some competitor products, however the Lite version will only allow two bank accounts to be connected (unlimited in the rest of the range). 

MYOB review: Features

• Payroll available across the range
• OCR reduces data entry
• Reporting a little on the simple side

The need for comprehensive payroll features has driven many small businesses toward updating their accounting systems in recent years. Fairwork regulations and the ATO’s long and winding digital roadmap mean it is impossible to employ staff in Australia without technology. MYOB has answered the call by offering a full-featured payroll solution across the range. It is clean, easy to follow and fully integrated with the rest of the accounting system. 

The “In Tray” is another time-saving feature that streamlines data entry and provides a fully digital solution to storing your records. No longer do you need folders or filing cabinets to keep track of the endless paper chase – digital storage linked to the transaction in your records is the ultimate solution. And optical character recognition (OCR) means that some of the data entry can be completed for you as you go.

MYOB has always had strong visual cues in its products and the Dashboard element aims to take this concept further. The graphics are attractive, however the simplicity of the tool (limited drill-down and basic information) is not going to elevate the average business owner to a financial wizard. The reporting tools get better as you move up the levels, but are basic in design and limited in customisation.

MYOB review: Performance

• Reliably accessed, Australian resident data
• Strong security
• Basic phone app

With the backing of such a large service provider, you can rest easy knowing that MYOB will deliver consistently and reliably. With data hosting based on Microsoft Azure infrastructure in Australia, and a large support team, there is confidence that your important business information is going to be safe and accessible always.

There is an app interface for invoicing and quoting on the go, which may be handy, although doesn’t always make for ease of entry for detailed forms, given the limitations of mobile phone screens. Your best experience will be via a browser on your PC or Mac.

MYOB review: Support

• Impressive online tutorials
• Comprehensive support channels
• Context aware help

The major advantage of working with software that has a large user base and backing by a local vendor is that you get useful support. MYOB has taken the further step of offering an “academy” that allows the user to develop skills interactively with tutorials that are detailed and fantastic for visual learners. 

The Help system is also really robust, with context aware information offered that's relevant to the specific screen or function you are currently focusing on.

MYOB review: Ease of use

• Bank feeds take leaps in saving time
• Payroll is a tricky space
• Clean and clear

Accounting software should do the heavy lifting when it comes to theory and process behind financial record keeping. An example of this is bank data feeds where data entry and complicated reconciliation processes are streamlined. Daily automated upload of transactions that can be categorised with data rules is now expected for all cloud accounting solutions and MYOB tackles this well. There are also smart options to speed through categorising transactions manually.

Payroll is a slightly different matter, with a few more variables and potential for error if you don’t know what you are doing. And with Single Touch Payroll reporting – a requirement each time you pay your staff – it is vital that you get this function right.  This is not the area to just wing it; you should seek support if running payroll is not coming easily for you.

The rest of the system is easy to follow – the design is consistent and aims to guide you through the tasks that need to be done.

Final verdict

MYOB has a long history in delivering accounting systems and the latest Business range is an evolution that confidently takes the product range forward.  Small businesses need a tool that can streamline processes and save them time while delivering business intelligence with ease – the MYOB Business range offers a solution that answers this need. While there are some features that are underwhelming, the stability of the core functions and the ease with which you can move within the range is compelling. Pricing is competitive with other similar options at the lower end. With longevity in the space, MYOB Business is well worth a look. 

[First reviewed in 2020]