About MYOB – Mind Your Own Business accounting software

If you are looking for accounting software for small to 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 entered the US market as well. MYOB offers various products to fit the size and needs of your business. Part of the product family includes:

o Business fundamentals

o Accounting

o Accounting Plus with Payroll

o Prime Minister

o Payroll

o Account Edge (for 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 record of who they sell to and buy from, and conduct regular bank reconciliations based on their bank statements.

MYOB accounting software is an evolution of Business Basics and has additional features such as recording purchases/accounts payable with the relevant aging reports, recording inventory as inventory or as purchase to sell, the ability to use Microsoft Office such as Word or to link Excel where you can send letters or notifications to your creditors or work in Excel with the spreadsheet option to change numbers, add formats, etc. More than 100 reports are available in MYOB Accounting as opposed to Business Basics where there are 70 reports.

The rise of MYOB Accounting is MYOB Accounting Plus. This software package contains the additional functions of payroll and time accounting. Payroll is obviously for companies that have employees and want to comply with payroll and wage laws, and time is for companies that bill for their time. This could include professions such as lawyers, consultants, accountants, but also service industries such as plumbers, electricians, etc. The reports available with this program are more than 140.

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MYOB Premier is the next step up. This program has all of the above features with additional features like the ability to use multiple currencies. This is particularly useful if you have foreign currency accounts and are active in the export/import market. MYOB converts foreign currencies into your local currency for accounting purposes. MYOB Premier also allows you to have multiple users. In this way, you can access the common data file at any time by several people and use it at the same time. Report availability is 165+.

Payroll can be purchased separately if you have opted for a different form of accounting software but still need to keep employees on a salary and/or wage basis.

Account Edge for Mac only is the equivalent of MYOB Premier and includes the same features except for payroll.

In order to choose which product best suits your business, you need to list what features you need and then download the appropriate product from your MYOB website and use the trial period to make sure it meets your needs. Learn more about MYOB versions here.

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