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MYOB Software Assessment

The MYOB Accounting Software is one of the most prominent software in use within Australia and New Zealand to maintain businesses bookkeeping and accounting records. MYOB is a heavily feature loaded software package which is proficient in handling most small to medium enterprises accounting requirements depending on what client expectations are and how much information is required to be extracted from the accounting software. Most business owners and managers acquire MYOB with the view of it being a measure to help maintain compliance with the tax offices requirements when it is capable of providing so much more useful information which can help an owner/manager gain the edge over market rivals.

With the new generation of cloud accounting software gaining momentum the PC based file that MYOB has traditionally used is becoming outdated. Still if a business does not require taxation updates from year to year, once purchased the MYOB software doesn’t require any further payment for maintenance or subscription.

The set up of MYOB software is very easy and also provides the ability to import a chart of accounts from Quickbooks and existing MYOB data files to step up the process. The main interface is simple to use with basic headings and map lines for each individual heading to provide guidance of basic bookkeeping processes. Data entry requires minimal bookkeeping or accounting knowledge. The MYOB software programs includes inventory management, time billing, job tracking, multi currency usage and strict security controls over users. MYOB also enables you to execute standard accounts processes like invoicing, maintaining debtors/creditors ledger, payroll, GST tracking and bank reconciliation

The best feature of MYOB is its vast reporting facility. apart from the many different reporting options that MYOB provides, the ability of extracting out and personalize the report is more outstanding. This time saved is like dollars saved. Also the ability to export reports into a Microsoft Excel format makes it more easy to customize.

Connect accounting (Australian Accounting Outsourcing)  is a prominent accounting firm in Australia and an experienced MYOB user. Connect deals with accounting outsourcing work for Australian businesses. Connect is quite familiar with the pros and cons of the MYOB software and has the capacity and capability to fetch the maximum and best results through it. Connect Accounting can help you setup your MYOB software or can indeed handle all your accounts for you with the best industry standards, smart technology and a smarter workforce.

Australian accounting outsourcing

MYOB versus Xero

MYOB vs Xero

MYOB vs Xero


With the arrival of cloud-based accounting systems, MYOB’s long supremacy has been challenged but choosing a suitable provider for your business comes down to more than price.

Every provider looks better than the other and it’s difficult to choose one. The leading competitors in the Australian market are MYOB, Xero, Quickbooks, Reckon and Saasu.

Selecting an accounting system is imperative yet a perplexing decision for new ventures, especially as the players aim to attract start-ups with free demos that can be converted into paid ones in future.

The outstanding performance of Xero shares depicts the significant change that cloud-based accounting and bookkeeping is bringing to our accounting practices. Xero is leading the way when it comes to ease of usability on smart-phones and tablets. But most providers usually recommend a range of systems to the clients based on their needs, as the Xero product on its own would not be sufficient. It may need some add-ons, like those included in MYOB.

A more hybrid model is provided by MYOB. Some businesses may sync it and choose to use it offline as per their requirement which is not possible with a cloud based solutions.