About MYOB – Mind Your Own Business Accounting Software
If you are looking for an accounting software for small and medium 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 moved into the US market as well MYOB has several products available to cater to the size and requirements of your business. Part of the product family includes:
o Business basics
o Accounting
o Accounting Plus with Payroll
First
o Payroll
o Account Edge (Mac users only)
to name a few.
MYOB Business Basics software has been designed for companies that want to record and print sales invoices, keep a card file of the people they buy and sell from, and perform regular bank reconciliations from their bank statements.
MYOB accounting software is a step up from Business Basics and has added features such as purchase / creditor registration with relevant aging reports, inventory registration as stock or as a purchase to sell, being able to connect to Microsoft Office as Word or Excel, where you can send letters or notifications to your creditors or work in Excel using the spreadsheet option to change figures, add formats, etc. There are more than 100 reports available in MYOB Accounting unlike Business Basics where there are 70 reports.
Going from MYOB Accounting is MYOB Accounting Plus. This software package includes the additional functions of payroll and time billing. Payroll is obviously for companies that have employees and want to comply with wage and salary legislation and Time Billing is for companies that charge for their time. This could include professions like lawyers, consultants, accountants, but can also include service industries like plumbers, electricians, etc. The reports available with this program are more than 140.
MYOB Premier is the next step. This program has all of the above with additional features such as the ability to use multiple currencies. This is especially useful if you have foreign currency accounts and are involved in the export / import market. MYOB converts foreign currency to your local currency for accounting purposes. MYOB Premier also allows you to have multiple users. This allows you to have more than one person at any given time who can access and use the common data file simultaneously. Report availability is 165+.
Payroll can be purchased on its own if you choose to use another form of accounting software but still need to keep employees on salary and / or wages.
Account Edge for Mac only is the equivalent of MYOB Premier and includes all features except Payroll.
To choose the product that best suits your business, you need to list the features you need and then download the appropriate product from your MYOB site and use the trial period to make sure it meets your needs. Learn more aboutMYOB versionshere.