MYOB
MYOB (Abbreviation of 'Mind Your Own Business') is an Aussie online accounting software that helps to manage your finance, save time, and stay ATO compliant. The software is designed for small business and enterprise from New Zealand and Australia. It provides add-ons in various categories, including advanced reporting, billing and invoices, e-commerce, human resources, and more.
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MYOB Review and Overview
What is MYOB?
MYOB is a financial service provided by an Australian Multinational Corporation. It was founded in 1991 and is now grown to provide services to over 1 million businesses.
It comes with a software solution for accountants and businesses. Their essential services include accounting, CRM, website builder, domain name hosting, and financial training services.
Intro to MYOB features
MYOB offers wide-ranging business solutions, as seen above. There is a range of categories that MYOB covers to aid all types of financial issues.
The first steps begin with the Accounting Software. The features of this accounting service are entirely exhaustive. It offers payroll tools, invoicing, taxes & GST, reports & budgets, and bills & expense management.
It also offers inventory management, cash flow management, bank reconciliation, and online accounting. Overall, the accounting solution is truly a one-stop solution for most of the financial stuff. It can also link with up to 300+ services.
The payment solutions include invoicing by MYOB, Kounta, and MYOB PayBy. Kounta is a POS system devised by MYOB for everyday businesses. PayBy is an online payment system by MYOB, with both gateway & merchant services, and an in-depth fraud protection.
For bigger businesses, MYOB offers comprehensive ERP software. The ERP software also comes in three packages, each serving its designated needs.
MYOB Advanced is full proof and personalized business management platform, whereas MYOB Exo is an ERP & HRM solution. For more details, MYOB Greentree is used. Together, these three ERP control finance, sales, and operations related job.
In all of the above services, MYOB uses an encrypted channel to offer full-proof secure channels. It has received full compliance from Risk Management Standards, PCI DSS, and is in sync with the Australian and New Zealand’s privacy laws.
With time, there are lots of acquisitions and mergers done by MYOB. Currently, MYOB is acquired by Kohlberg Kravis Roberts, an American global investment firm.
Conclusion
MYOB works best as a stable solution to mid-level business needs. It can be a bit handful for new users, and so it requires hands-on accounting experience. Other than that, MYOB works suitably for most businesses.
Top MYOB Features
- Automated payment notifications
- Custom invoice templates
- Expense tracking and reminders
- Mobile app for on-the-go access
- In-person payments with Tap to Pay
- Connect multiple bank accounts
- No lock-in contracts
- Cancel anytime without fees
- Sales process simplification
- Online payment capabilities
- Easy bookkeeping management
- Track cash flow effectively
- Multi-device compatibility
- Exceptional ease of use
- Comprehensive financial management
- Seamless integration with eCommerce
- Reporting and analytics tools
- Client management for accountants
- Practice operations management
- Support for freelancers and sole traders
- Streamlined daily admin tasks.
