The software processes this information to generate reports, track cash flow, and prepare tax submissions. Automatic bank feeds and integrations keep data current, reducing errors and saving time. This ensures businesses maintain accurate records and stay compliant with tax laws. MYOB Business is an online accounting software designed primarily for small to medium-sized businesses. It includes features like payroll management, GST handling, invoice generation, and expense tracking.
Sheetify Bookkeeping
It’s easy to get updates, so your software can constantly get better. In contrast, desktop accounting software is installed as a program on a desktop or laptop computer. The MYOB Capture app lets you scan and upload your receipts directly to your software, where we’ll auto-extract the information, saving you data entry time. Plus, you can attach receipts directly to the transaction, keeping you organised and ready for tax time. When you have a question or run into an issue, you need to know that help is available.
Retail: Xero
Simply connect MYOB with your Shopify Store to automatically sync sales, track inventory, and stay on top of orders. And with detailed reporting tools, you can dive deeper into profit and loss and identify your most lucrative work to make smarter future decisions. Designed with growing businesses in mind, MYOB handles everything from your tax to rosters, timesheets, and more in one place.
Save time on admin
Keep money coming in steadily with tools to manage income, remove the guesswork from budgeting, and get paid accounting for startups faster. I’ve been helping small and local businesses with digital activties over the last 7 years. There’s no minimum subscription period or lock-in contracts, so I recommend trying the platform for a month or two to see how it handles your day-to-day accounting needs. And unlike some newer platforms that prioritize simplicity over depth, MYOB strikes a balance between ease of use and advanced functionality. Xero is generally more upfront with its costs, while MYOB’s pricing can vary depending on which features you need. I’m sure you’ve heard of Xero, one of MYOB’s biggest business accounting competitors.
Best for Desktop accounting software
Automating the import of transactions saves you from tedious manual data entry and helps you keep your records up to date. Wave is known to be a free, cloud-based accounting software for small businesses that punches above its weight. It covers invoicing, accounting, and receipt scanning at no cost. The platform also includes an optional payroll module for a fee. Wave is perfect for startups and freelancers who want solid accounting tools without breaking the bank. MYOB offers a wide range of accounting, payroll, and business management tools under one platform.
What Kind of Support MYOB Offers?
- Xero shines for intuitive use and scalability, while MYOB is great for businesses with more complex needs.
- MYOB is better for AU/NZ compliance and payroll, while Xero and QuickBooks offer more modern UI and integrations.
- You can grant access to your accountant, bookkeeper, and other team members, allowing them to work on your books simultaneously from anywhere.
- MYOB provides intelligent reconciliation functionality with a bank feed that automatically imports transaction data and a matching engine to define custom transaction mapping.
- Mobile support is crucial for real-time financial management and workflow continuity, so you get the benefits of accounting software no matter where you’re working.
From sending professional invoices to automating compliance with Inland Revenue, MYOB has a solution that grows with you. MYOB Business is a full-service online accounting system for SMBs in Australia and New Zealand. It can handle accounts receivable/payable, payroll, time sheets, and all other accounting needs. It also has tools to consolidate multiple locations into one dashboard, track foreign currencies, and manage stocks.
Can I let other people access my software?
- No matter the size of your business, MYOB has a range of features, benefits and solutions to help make your business simpler and more efficient.
- Explore reviews and features like order entry and cash management.
- Using MYOB, you can track your expenses easily; you can manage your bills and automatically compare your bank transactions to your purchases.
- MYOB helps you to calculate your GST automatically and lodge your BAS directly from the software itself.
- Accounting software is usually hosted online, or sometimes it’s a desktop program you can download to your computer.
Effective financial management is the foundation of any successful small business. Modern accounting software provides the tools you need to create and maintain a clear, accurate financial picture from day one. Here are some basic features you should keep an eye out for when looking for accounting software. Every other accountant or company looking for finance software tools knows its name. Its Business Cloud product is designed for small businesses looking for strong financial tools with compliance capabilities. With features like automated bank feeds and VAT submission, it’s especially popular in the UK and EU.
Managing your people: payroll and team management
Software like QuickBooks and FreeAgent also supports electronic tax filing directly with government portals (e.g., HMRC, IRS). FreshBooks and ZipBooks are known for their intuitive dashboards and simplified workflows. They’re ideal for business owners with no prior accounting experience. Payroll is available in all plans, up to 2 employees in Pro, and unlimited payroll in AccountRight Plus and Premier. The platform is regularly updated to stay ahead of changing tax laws, compliance regulations, and security threats.
Manage everything in one place
- With a clear view of what’s in stock and what’s running low, MYOB automatically alerts you when it’s time to reorder.
- While most businesses begin with high expectations, the sad truth is that most startups fail within the second year.
- Plus, you can enhance your workflow with our companion apps, such as MYOB Invoice and MYOB Capture, which allow you to create invoices and snap receipts directly from your mobile device.
- Its tiered free pricing model is particularly appealing to sole traders.
- Good accounting software provides robust reporting tools that generate real-time financial statements, including the profit and loss (P&L) statement, balance sheet, and cash flow statement.
- Navigating through financial data can require training, as certain functions aren’t as straightforward as expected.
These integrations reduce https://www.theclintoncourier.net/2025/12/19/main-advantages-of-accounting-services-for-startups/ manual entry, create connected workflows, and support seamless cashflow management — crucial for SMEs navigating seasonal demands. Unlike global-first tools, MYOB Business aligns tightly with local tax systems, industry norms, and small business needs — offering a more tailored Australian experience. You can share your account with your advisor, accountant, bookkeeper or business partner at any time for no extra cost.
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