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MYOB

  • Business Management Software
  • https://www.myob.com/au
  • MYOB (short for Mind Your Own Business) is a business management software designed to assist small and medium-sized businesses (SMBs) with their accounting, payroll, and tax compliance needs.

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About This App

MYOB (short for Mind Your Own Business) is a business management software designed to assist small and medium-sized businesses (SMBs) with their accounting, payroll, and tax compliance needs. It was founded in 1991 in Australia by Craig Winkler and Christopher Lee. Over the years, MYOB has grown to become one of the leading business software providers in Australia and New Zealand, offering solutions tailored to local business requirements. Its tools cater to various industries, providing support for financial management, inventory tracking, and client invoicing.

Features

  • Accounting and Bookkeeping
    Tracks income and expenses in real-time. Also generates profit and loss reports, balance sheets, and cash flow statements.
  • Payroll Management
    Automates payroll calculations and compliance with local tax laws. MYOB also includes leave management and employee payment scheduling.
  • Invoicing
    Allows businesses to create, send, and track invoices. Also automates reminders for overdue payments.
  • Tax Compliance
    Supports GST, BAS, and PAYG reporting for Australian and New Zealand businesses and prepares tax reports for submission.
  • Inventory Management
    Monitors stock levels and tracks inventory across multiple locations. Also supports cost analysis and reordering alerts.
  • Bank Reconciliation
    Syncs with major banks to simplify reconciliation of transactions and identifies and matches transactions automatically.
  • Cloud and Desktop Options
    Offers both cloud-based and offline software solutions to cater to different business needs.
  • Integrations
    Connects with other tools like Salesforce, Shopify, and payment platforms for seamless workflows.
MYOB
MYOB2

Pros

  • Localized Tax Compliance
    Tailored features for businesses in Australia and New Zealand.
  • Scalable Solutions
    Options for both small businesses and larger enterprises.
  • User-Friendly Interface
    Intuitive design, especially for beginners.
  • Hybrid Deployment Options
    Flexibility to choose between cloud and desktop software.
  • Strong Customer Support
    Access to online resources, tutorials, and dedicated support teams.

Cons

  • Price
    Higher subscription costs compared to some competitors.
  • Limited Customization
    Some users find the reports and templates less customizable.
  • Steep Learning Curve
    Advanced features can be complex for new users.
  • Less Global Focus
    Features are heavily centered on Australia and New Zealand, limiting appeal for international businesses.

Who is MYOB Best For?

  • Small and Medium-Sized Businesses (SMBs)
    MYOB is ideal for businesses looking for an all-in-one solution to manage accounting, payroll, and tax compliance.
  • Australian and New Zealand Businesses
    Its localized tax compliance and reporting make it particularly suited for businesses operating in these regions.
  • Service-Based Companies
    MYOB’s invoicing and payroll features are well-suited for service industries.
  • Retail Businesses
    Inventory management and POS integrations are helpful for retail operations.

Who Might MYOB Not Be Suitable For?

  • Large Enterprises
    Businesses requiring extensive customization or advanced features may find MYOB limiting.
  • Global Companies
    MYOB’s focus on Australian and New Zealand tax laws makes it less useful for international operations.
  • Budget-Conscious Startups
    New businesses with limited budgets might find MYOB’s pricing less competitive compared to alternatives like Xero or QuickBooks.
  • Tech-Savvy Users
    Companies looking for highly customizable or modern, feature-rich software might prefer competitors with broader capabilities.
Cost (from)
free practice subscription? ✗
trial? ✓
partner program: ✓
Support Channels
Mobile Platforms
Accounting Platforms

Xero, Intuit Quickbooks

Integrations

Jira, Hubspot, Zapier, SalesForce etc.

Geographies Served

Australia, New Zealand

INDUSTRIES

Small and medium businesses

CATEGORY

Business Management Software

Disclaimer

The information provided about various software products on this website is sourced from third-party websites and publicly available resources. We strive to ensure that all data is accurate and up-to-date; however, we cannot guarantee its accuracy, completeness, or timeliness. Software companies frequently update their products and services, and such changes may not always be reflected immediately in our listings. Please verify all information with the software provider before making purchasing decisions. For deeper explanations, please read StackPlan’s Software Review Methodology.

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