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MYOB description
MYOB offers a suite of business management software for small to large businesses, with a particular focus on supporting the needs of accounting and bookkeeping practices. Their products include tools for accounting, payroll, tax preparation, practice management, and client relationship management. MYOB aims to streamline workflows, improve efficiency, and enhance client service for accounting professionals. They offer cloud-based and desktop software options, along with resources like training and industry news.
Who is MYOB best for
MYOB offers accounting, payroll, and practice management software ideal for small and medium-sized accounting firms. Users praise its comprehensive reporting and ease of use for basic accounting tasks. However, some find the subscription costs high and the interface outdated compared to competitors. MYOB helps streamline workflows, improve efficiency, and enhance client service.
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Best fit for small to medium-sized businesses.
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Ideal for accounting and bookkeeping practices.
MYOB features
| Supported MYOB offers Accounts Payable functionality, especially in its ERP solutions like MYOB Advanced. |
| Supported MYOB offers accounts receivable features, including invoicing, payments, and integrations for automation. |
| Supported MYOB supports client management including tracking interactions and maintaining client information. |
| Supported MYOB supports document management, including uploading, storing, and managing client documents. |
| Supported MYOB generates standard financial reports, including balance sheets, P&L, and cash flow statements. |
| Supported MYOB supports core accounting functions, including recording, classifying, and summarizing transactions. |
| Supported MYOB calculates and processes payroll, handles pay structures, deductions, and taxes. |
MYOB reviews
We've summarised 32 MYOB reviews (MYOB G2 reviews) and summarised the main points below.
- Easy to learn and use, especially for basic accounting tasks.
- Comprehensive reporting features are highly valued.
- Good for managing finances and generating reports for various business sizes.
- Effective for tracking expenses, purchase orders, and invoicing.
- Bank feeds simplify bank reconciliations and transaction tracking.
- High subscription costs are a common complaint.
- Limited integration options with other software, especially Employment Hero.
- User interface is outdated and less user-friendly than competitors like Xero.
- Occasional bugs and software glitches disrupt workflows.
- Payroll functionality is considered weak compared to other accounting software.
MYOB pricing
The commentary is based on 3 reviews from MYOB G2 reviews.
MYOB offers robust accounting features suitable for businesses of all sizes. However, some users find the subscription pricing increasingly expensive compared to competitors like Xero and QuickBooks, particularly for smaller businesses with simpler accounting needs.
See the MYOB pricing page.
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MYOB has a free trial.
Solo by MYOB
Basic plan for tracking income and expenses, sending invoices, and generating reports. Suitable for freelancers and sole traders.
Lite
Offers standard features like income and expense tracking, invoicing, GST and BAS lodging, bank feeds, and reporting. Ideal for small businesses needing basic accounting functionalities.
Pro
Includes advanced features like inventory management, order management, and multi-currency support. Suitable for growing businesses with inventory management needs.
AccountRight Plus
Comprehensive plan with payroll, advanced inventory management, time billing, and priority support. Ideal for larger businesses requiring comprehensive features.
MYOB alternatives
XeroBetter fit for small to medium businesses and various industries. More user-friendly and integrates with more apps. Offers stronger bank reconciliation and reporting.Read more
Zoho BooksBetter for growing businesses needing broader industry applications. A strong MYOB competitor due to its faster growth and generally positive pricing sentiment. Integrates with Zoho suite, unlike MYOB's more limited integrations. Note, Zoho Books users mention unreliable bank feeds and poor customer support.Read more
Xero for G SuiteBetter for businesses using G Suite. More user-friendly for core features. Good MYOB alternative for small to medium businesses needing G Suite integration.Read more
Zoho LearnBetter for employee training and onboarding. More user-friendly and has more momentum. Geared towards small to medium businesses.Read more
Xero Practice ManagerXero Practice Manager is growing faster and has higher ratings. Better for workflow management and time tracking within accounting firms. Seamless Xero integration.Read more
Zoho DeskBetter for broader industry applications and larger companies. Zoho Desk is a MYOB alternative designed for customer service management, offering features like omnichannel communication and real-time dashboards. It has more momentum than MYOB. It integrates with other Zoho products.Read more
MYOB FAQ
What is MYOB and what does MYOB do?
MYOB is a business management software suite catering to small and large businesses, specializing in accounting and bookkeeping practices. It offers tools for accounting, payroll, and client management, aiming to streamline workflows and boost efficiency. MYOB provides cloud-based and desktop options.
How does MYOB integrate with other tools?
MYOB integrates with other software, but users report limited options compared to competitors. While it connects with bank feeds for reconciliation and transaction tracking, integrations with popular tools, especially Employment Hero, are lacking. This limitation can hinder workflow efficiency for businesses relying on diverse software.
What the main competitors of MYOB?
Key competitors of MYOB include Xero, known for its user-friendly interface and automation, and Zoho Books, which offers a comprehensive suite of accounting tools at a competitive price point. Xero Practice Manager is another alternative specifically designed for accounting firms.
Is MYOB legit?
Yes, MYOB is a legitimate and established provider of business management software, particularly popular in Australia and New Zealand. MYOB offers accounting, payroll, and other tools suitable for small to large businesses. While some users find it pricey and the interface dated, others praise its comprehensive reporting and ease of use for basic accounting.
How much does MYOB cost?
MYOB pricing starts at $11/month for the Solo plan. The Lite plan is $31/month, the Pro plan is $58/month, and the AccountRight Plus plan is $141/month. A free trial is available. Is MYOB worth it? It depends on your business needs and budget.
Is MYOB customer service good?
MYOB customer service receives negative feedback. Users report difficulties getting in touch with support. While MYOB was considered good in the past, users feel it hasn't kept up, especially regarding pricing and support responsiveness.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.