Okay, lets take a look at the pros and cons of the MYOB Accounting Software as it is the most prominent software in use within Australia and New Zealand to maintain businesses bookkeeping and accounting records.
MYOB is a heavily feature loaded software package. MYOB is capable of handling most small to medium enterprises accounting requirements depending on what your expectations are and how much information you wish to extract from your accounting software. In my experience business owners and managers acquire MYOB with the view of it being a measure to help maintain compliance with the tax offices requirements when it is capable of providing so much more useful information which can help an owner/manager gain the edge over industry rivals.
With the new generation of cloud accounting software gaining momentum the PC based file that MYOB has traditionally used is becoming antiquated. However if your business does not require taxation updates from year to year because you are not an employer once you have purchased the MYOB software you do not need to pay anything further to maintain your accounting software as there are no subscription fees.
The set up of the MYOB software to make ready for use is simple and does provide the ability to import a chart of accounts from Quickbooks and also existing MYOB data files to hasten the process.
Once the MYOB data file is ready for use the main interface is simple to use with basic headings and map lines for each individual heading to provide guidance of basic bookkeeping processes. Data entry is simple and requires minimal bookkeeping or accounting knowledge. The rule of thumb is the more information you input into MYOB the greater the options for locating, drilling down and reporting information once the data entry process is complete. The data entry part of the process if done comprehensively consistently can save you significant amounts of time when you require information fast through MYOB’s powerful reporting capabilities.
The main features of MYOB that require special mention over and above the general capabilities of most software programs are:
- Inventory Management
- Time Billing
- Job Tracking
- Multi Currency Usage
- Strict Security Controls Over Users
MYOB also enables you to execute standard accounts processes such as.
- Maintain debtors/Creditors Ledger
- GST tracking
- Bank Reconciliation
I have left the best until last. In my opinion the best feature that MYOB supplies is the vast reporting capabilities. Aside from the many different reporting options that MYOB provides is the ability to drill down and customise the report based on your selected parameters from a given list. The amount of time that this can save you in bookkeeping and accounting dollars is significant especially if you have information hungry management wanting different reports frequently. Lastly the ability to export any given report into a Microsoft Excel format provides further firepower to customise and formulate your reports to suit your purpose
In conclusion MYOB accounting software is not going to fall off its perch anytime soon. However with the flexibility that cloud based accounting solutions provide MYOB in its standard form I believe will start to lose market share to competitors like Xero, Saasu, reckon online etc. People are now wanting the flexibility to be able to access their accounts anywhere in the world at anytime without the risk of your computer crashing and losing all your accounting information. This may yet be the best feature of cloud based accounting solutions is the fact that your data is backed up automatically in real time so regardless of what happens to your hardware you know your data is secure, no more manual back ups.
MYOB does provide a cloud based solution called Live Accounts which I have heard positive and negative reviews. Maybe the most prominent indicator of Live Accounts popularity in the small to medium business market is out of the many clients my business services weekly, monthly and annually we have not yet found anyone using it. I am sure that MYOB realises the direction the market is headed and will reveal a revamped version of their online platform sometime in the near future to compete with the main players in this market segment.