MYOB has launched an online cashbook program as part of its small business accounting range, MYOB Essentials.
MYOB Essentials Cashbook costs $16 per client cashbook per month (including GST), although MYOB is giving free subscriptions until the end of June. The program was announced during MYOB’s roadshow and has completed a pilot with 200 accounting partners.
Essentials Cashbook is a browser-based program based on MYOB Essentials Accounting, formerly known as LiveAccounts, an accounting program for small businesses that competes with Xero.
Essentials Cashbook is available only to accountants and bookkeepers to use with clients who have basic accounting needs and either run cash-based businesses or aren’t prepared to pay for an accounting program themselves.
“Essentials Cashbook is an ideal solution for accounting practices and bookkeeping businesses with start-ups or cash clients who currently use manual ledgers, or desktop cashbook solutions but are ready to move online,” said Adam Ferguson, MYOB’s general manager, accounting division.
Several features were added during the pilot phase such as the ability to give colleagues within the same accounting firm access to a Cashbook program without setting up a new login. A notes function tracks a threaded conversation between accountants and clients about specific transactions.
Cash flow reporting has been extended to include detailed source transactions to make auditing and analysis easier. Other reports include a profit and loss report and a trial balance report and a balance sheet will be added in the near future, MYOB says.
MYOB has added the ability to import raw data during account setup.
Several accounting software companies have released simplified versions of their accounting programs including Xero (Xero Cashbook, $19/month inc GST; non-GST cashbook $12/month) and Reckon (ReckonOne Core + Bank Data modules, starting at $8/month).
MYOB is integrating Essentials Cashbook with its accountants practice tool, Client Accounting, as part of its common ledger philosophy.