Software Guide: MYOB Business

Intro

MYOB Business is an umbrella brand that includes a browser-based accounting program and a hybrid desktop application with online file syncing and extended features. MYOB launched the MYOB Business brand in 2021 to replace MYOB’s first browser-based application, MYOB Essentials. 

MYOB migrated clients on MYOB Essentials to MYOB Business’ branding and pricing models in the second half of 2022, while retaining Essentials’ client-facing interface. 

MYOB Business comes in four plans; the cheapest two are for the browser-based software using the MYOB Essentials interface. The two most expensive plans use MYOB’s AccountRight desktop software, which syncs to MYOB Business’ online database. MYOB intends to add more powerful features to the browser-based MYOB Business interface, which will also be available to AccountRight users. 

MYOB has continued to sell its desktop accounting software while slowly developing a cloud replacement. Its desktop accounting software contains more powerful features such as advanced inventory. However, the online software has a more modern, easier to use interface and simpler reporting. 

Highlights 

MYOB Business - Online

• Browser-based interface – can be used on any PC or Mac, now software to download
• Highly accurate bank feeds for Australian and New Zealand financial institutions due to Banklink acquisition (2013)
• Fairly easy to use interface
• Creates reports, invoices and quotes quickly

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MYOB Business AccountRight (desktop)

• Inventory module has more features than the typical module in most online accounting software for small business 
• Detailed reporting options

Limitations

MYOB Business - Online

• Can’t send remittance emails to suppliers
• Integrations with fewer apps (eg. CRM, marketing) than competitors
• Mixed reviews on phone support
• Basic inventory

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MYOB Business AccountRight (desktop)

• Only available on desktop PCs running the Windows operating system
• User must download and install software to view and edit data 
• User is responsible for securing desktop software and data file from hacking and ransomware attacks
• Integrations with fewer apps (eg. CRM, marketing) than competitors
• Dated interface, difficult for non-accountants to use
• Corruption issues with data file fixed at user’s expense
• Local data file is read-only once your subscription expires 
• Slow restore from backups
• No automated feeds for foreign exchange or AMEX cards
• Mixed reviews on phone support

List of Modules

MYOB Business - Online

Accounting

• Payroll
• Invoicing
• Tax and GST
• Budgets and Reporting
• Job Tracking
• Bills and Expenses
• Inventory (basic)
• Take Payments
• Cashflow Management
• Multi-currency
• Timesheets and Rosters

Acquisitions

MYOB has made multiple acquisitions in enterprise and ERP software. Here is a full list of its acquisitions.