Choosing The Right MYOB Accounting Software For Your Business
MYOB Accounting Software
MYOB offers a range of packages which cater to the varying needs of different businesses. Some are designed specifically for small businesses, whilst others are designed to meet the more demanding requirements of larger organisations.
Most small to medium sized businesses will find a package from either the MYOB Essentials or AccountRight families more than meets their needs.
What's the difference between MYOB Essentials and MYOB AccountRight?
The main difference between these two families of software is that MYOB Essentials is accessed using a web browser (like Xero). MYOB AccountRight on the other hand, requires a program to be installed on your PC or on your network. However with AccountRight your company file can live on your PC, in the Cloud (or both). This means you can work offline. In addition, AccountRight is feature rich compared to Essentials. It comes with 130+ reports compared to around 30 in Essentials.
Below we give a brief overview of different MYOB packages so you can identify which is most appropriate for your needs. And if you're still not sure which is right for you, click here for help.
MYOB Essentials Connected Ledger
This is the baby MYOB's family of Essentials software and offers great value at $18+GST per month. It includes a general ledger, budgeting, cashbook, GST reporting & bank feeds. What it doesn’t include is a debtor’s or creditors ledger.
Conclusion:
MYOB Essentials Connected Ledger is perfect for a ‘cash’ based organisation - a trust, non for profit or a sole trader who can prepare their invoices from an invoice book or on MS Word. It's the best value for money and great for organisations who work closely with their accountant or bookkeeper.
MYOB Essentials Accounting
Essentials Accounting is a step-up from Essentials Connected Ledger. It includes a general ledger, budgeting, cashbook, GST reporting (invoice & cash basis) & bank feeds. It also includes accounts receivable (debtors) & accounts payable (creditors) so does full accrual accounting.
Conclusion:
Essentials Accounting is great for a small organisation such as a trading trust, not for profit organisation, sole trader, partnership or company. It allows for full accrual accounting.
MYOB AccountRight Basic
AccountRight Basic is the baby member of the AccountRight family. It does cash accounting but includes an accounts receivable (debtors) module. ​
Conclusion:
AccountRight Basic is best suited for a small organisation such as a trading trust, not for profit organisation, sole trader, partnership or company. It suits a business which is likely to grow or needs to connect to an add-on package.
MYOB AccountRight Standard
AccountRight Standard is the most popular member of the AccountRight family. It allows for cash & accrual accounting.
Conclusion:
AccountRight Standard is best suited to an organisation such as a trading trust, not for profit organisation, sole trader, partnership or company. It suits a business which may not need a payroll just now but is likely to grow.
MYOB AccountRight Plus
AccountRight Plus has everything Standard has with a payroll bundled in (either MYOB Payroll or Essentials Payroll). It also includes a time billing module which allows a business to track & charge time by either employees or sub-contractors.
Conclusion:
AccountRight Plus is best suited for an organisation that needs full accrual accounting and needs to time bill. It’s also good value if they want to bundle in payroll. It suits a business which is likely to grow or needs to connect to an add-on package.
MYOB AccountRight Premier
AccountRight Premier has everything Plus has above with a payroll bundled in (either MYOB Payroll or Essentials Payroll). It includes multi-currency and multi-stock location suiting businesses who import and export and have multiple warehouses.
Conclusion:
AccountRight Premier is best suited for an organisation that needs to track buy/sell in multiple currencies. It’s also good value if they want to bundle in a payroll. It suits a business which is likely to expand overseas or one which needs to connect to an add-on package.
MYOB EXO and MYOB Advanced
Once an organisation using AccountRight has a multitude of additional spreadsheets or add-ons supplementing the business, or the transaction volume means their physical file is huge, it's time to consider an ERP solution. We recommend EXO (network based) or Advanced (cloud based)
Conclusion:
MYOB EXO or Advanced are designed for medium sized to large businesses OR smaller businesses with complex needs. We recommend you call us for a referral to an EXO/Advanced business partner for an initial meeting.
Need Help Choosing?
Still not sure which of the above accounting software packages is best for you? Contact us and we'll make choosing the right software easy. We have over 20 years hands-on experience with accounting software and our consultants are experts with all the MYOB packages.