About MYOB – Mind Your Own Business Accounting Software
If you are looking for accounting software for small to medium sized businesses, you have several options to choose from.
MYOB has a large market share in the Australian, New Zealand and United Kingdom markets and now has successfully moved into the U.S.A market also. MYOB has several products available to cater for the size and requirements of your business. Part of the product family includes:
o Business Basics
o Accounting Plus with Payroll
o Account Edge (for Mac users only)
to name a few.
MYOB Business Basics software has been designed for businesses that want to record and print sales invoices, keep a card file of the people they sell to and purchase from, and do regular bank reconciliations from their bank statements.
MYOB Accounting software is a step up from Business Basics and has the added features such as recording purchases /creditors with the relevant aging reports, recording inventory as stock or as a purchase to on sell, being able to link to Microsoft Office such as Word or Excel, where you are able to send out letters or notifications to your creditors or work in excel using the spreadsheet option to change figures, add formats, etc. There are 100+ reports available in MYOB Accounting as opposed to Business Basics where there are 70 reports.
Stepping up from MYOB Accounting is MYOB Accounting Plus. This software package includes the added features of Payroll and Time Billing. Payroll obviously is for businesses that have employees and want to be compliant with salary and wages legislation and Time Billing is for businesses that charge for their time. This could include professions such as lawyers, consultants, accountants but can also include service industries such as plumbers, electricians etc. The reports available with this program are 140+.
MYOB Premier is the next step up. This program has all of the above with added features such as the ability to use multiple currencies. This is especially helpful if you have foreign currency accounts and are involved in the export / import market. MYOB converts foreign currency into 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 being able to access the common data file and use it simultaneously. Reports availability is 165+.
Payroll can be purchased on its own if you chose to use another form of accounting software but still need to maintain employees on salary and / or wages.
Account Edge for Mac only is the equivalent of MYOB Premier and includes all of the same features except Payroll.
To chose what product best suits your business, you need to list down what features you need and then download the appropriate product from your MYOB site and use the trial period to ensure it suits your needs. Learn more about MYOB Versions here.