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MYOB

MYOB

Overview

What is MYOB?

MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and…

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Recent Reviews

TrustRadius Insights

MYOB is a versatile accounting software that offers various use cases to help businesses manage their finances efficiently. Users rely on …
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MYOB Sucks

1 out of 10
March 17, 2022
I have 2 companies in NZ using MYOB, unfortunately. If you call them, at least one hour wait, then often they put you on hold and …
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good

10 out of 10
November 04, 2021
Incentivized
being used for payroll. So far it is the best from the customer support and developer team for API Support. It was hard to use …
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Popular Features

View all 44 features
  • Accounts payable (15)
    5.9
    59%
  • Accounts receivable (15)
    5.9
    59%
  • Bank reconciliation (15)
    5.8
    58%
  • Cash management (14)
    5.3
    53%

Reviewer Pros & Cons

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Pricing

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N/A
Unavailable

What is MYOB?

MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and QuickBooks.

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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12 people also want pricing

Alternatives Pricing

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Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…

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Oracle Fusion Cloud Enterprise Performance Management (EPM) is a solution that helps users model and plan across finance, HR, supply chain, and sales, streamline the financial close process. Oracle Cloud Enterprise Performance Management (EPM) Platform is a framework of the technical and functional…

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Product Demos

Velixo Reports for MYOB Advanced - Live Results and Smart Drilldown Demo

YouTube

MYOB Demo

YouTube

myob integration demo Screen Stream

YouTube

MYOB Advanced Construction Webinar and Demo

YouTube

PLATTERED| Vegan & Eggless Ready Mixes|MYOB|Live demo & Review

YouTube

MYOB Advanced Construction Edition Demo

YouTube
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Features

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

7
Avg 7.2

Customization

This addresses a company’s ability to configure the software to fit its specific use case and workflow.

6.1
Avg 6.8

Security

This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.

7
Avg 7.9

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

5.9
Avg 7.4

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

4.9
Avg 7.2

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

3.7
Avg 6.7

Order Management

The ability to process orders, and track them from quote to cash.

6.2
Avg 7.1
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Product Details

What is MYOB?

MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and QuickBooks.

AccountRight Live is offered on three pricing tiers. The lowest tiered Standard package, available at $43 per month, calculates GST, automates bills, quotes, invoices, and expenses, creates purchases and manages suppliers, tracks jobs, and also manages inventory. The Plus plan manages payroll for $70 per month. And the Premier package manages multiple company accounts for $99 per month.

MYOB Competitors

MYOB Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo

Frequently Asked Questions

MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and QuickBooks.

QuickBooks Online and Xero are common alternatives for MYOB.

Reviewers rate Pay calculation highest, with a score of 7.2.

The most common users of MYOB are from Small Businesses (1-50 employees).
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Comparisons

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Reviews and Ratings

(76)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

MYOB is a versatile accounting software that offers various use cases to help businesses manage their finances efficiently. Users rely on MYOB to monitor daily cash flow, track running expenses, and generate monthly reports for easy BAS processing, invoicing, and staff payroll. It is widely used by businesses of all sizes, with Essentials catering to small businesses and Account Right serving as the primary choice for larger enterprises.

One of the standout features of MYOB is its bank feeds functionality, which has been praised by users for saving them valuable time. This feature allows users to import sales and staff data from rostering and point-of-sale software, streamlining data entry and facilitating accurate reporting. Additionally, MYOB's payroll capabilities are highly appreciated by users, enabling them to issue payslips and keep track of sick pay, holiday pay, and personal leave accrual. The integration with other software systems, such as rostering and point of sale, further enhances the user experience and simplifies data management.

Furthermore, MYOB supports basic accounting tasks like payables, receivables, payroll, and general ledger management. Its proforma reports are widely used for financial analysis and trend analysis, empowering businesses to make informed decisions based on real-time snapshots of their performance. While some users have encountered difficulties with customer support and experienced issues with backups taking too long or automating bank feeds and Amex corporate cards, MYOB remains a popular choice for managing various accounting processes such as reporting, invoicing, accounts payable, bank reconciliations, and payroll.

Despite criticisms regarding the outdated interface and design resembling software from 1998, as well as occasional compatibility issues with Windows updates causing disruptions for users, MYOB continues to be considered a reliable accounting and tax software solution. Many users in New Zealand particularly trust MYOB for their accounting needs. However, some users have opted to switch to other accounting systems like Xero due to dissatisfaction with MYOB's support and functionality. Overall, MYOB has proven effective in handling a range of accounting needs, including purchases, invoices, sales, POs, payroll, and inventory management, making it a valuable tool for businesses across various industries.

Based on user reviews, here are the most common recommendations for MYOB:

  1. Users suggest comparing MYOB with other software options to find the best fit for their organization. This allows for a thorough evaluation of features, pricing, and suitability.

  2. MYOB may not be recommended for small businesses, although specific reasons are not provided. Small business owners should consider alternative software options tailored to their needs.

  3. While some users have experienced slow performance, MYOB still fulfills necessary accounting needs. Despite the speed-related issues, MYOB offers adequate functionality.

When considering accounting software options, it is crucial to take these recommendations into account alongside factors like budget, scalability, and specific business requirements.

Attribute Ratings

Reviews

(1-18 of 18)
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Score 1 out of 10
Vetted Review
Verified User
Accounting, stock management
  • stock checking
  • accessibility to company file
After years of using the Premier software, MYOB changed to ABSS and we were suddenly forced to verify the company file every few months, otherwise it turns into a 'Read-only' file. This became increasing difficult, when the online verification was no longer an option and could only be done by international phone call. As time progressed the company file verification became increasingly more often. In the last year, the telephone verification process tells me that our serial number does not exist. This means more time wasted trying to track down a representative that could verify our serial number and allow us to verify the file. After numerous phone calls our company file would be activated and the serial number would now work through the telephone verification. So this means they are deliberately deactivating the serial number and reactivating it when it suits them.
Now we have been informed that they will no longer be able to verify the company file in the near future and to get access to our data, I will have to purchase a one-time only upgrade. This is criminal. They are holding our company data hostage if we do not pay them additional money.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
MYOB controls all of the costs and accounts in my business and I'm able to get a snapshot of how we are doing at any time. It is a useful tool for paying wages and issuing payslips and keeping tabs on sick pay, holiday pay, and personal leave accrual as well. All of my superannuation is also recorded directly to the ATO.
  • Wages
  • Accounts
  • Bill payment
  • Wages sometimes need to be corrected as the time sheets do not pull through correctly.
MYOB is suitable for any business. I have two different businesses and both use MYOB effectively. I use MYOB to pay wages every fortnight for both businesses. This enables me to track exactly what is happening with everyone's different sick leave and holiday entitlements easily. I'm also able to keep track of expenditure and balance and reconcile the accounts against bank statements.
Score 1 out of 10
Vetted Review
Verified User
MYOB accounting software basically works but looks and functions like 1998. Unfortunately, their Antipiracy licensing system is absolutely TERRIBLE and verging on the nearly criminal, scam! You must CONFIRM each and every data file and when it doesn't work you have to PAY THEM to fix their own file protection issues. If you don't pay them, they hold your data hostage as your company accounting information file becomes READ ONLY. Permanently. Unless you pay them. This is a total extortion SCAM. I cannot believe a company can operate this way. With a lot of better products available... I don't imagine MYOB is going to survive much longer.
  • Nothing
  • Licensing
  • Interface
  • Reporting
  • Basically EVERYTHING
You should find another alternative. NOW! MYOB is dying dinosaur company and application which should be avoided at all costs.
Score 3 out of 10
Vetted Review
Verified User
Used for basic accounting. Good product as long as you do not need help or support. Over 4 hours on the phone and they still have no idea how to fix their own MYOB upgrade issue. From my experience, backups take too long to be functional. Cannot automate Bank FX feeds, or, Amex corporate cards. In my opinion, if you encounter any problem, give up and use another product as they cannot or will not help. You will spend hours on the phone and they just hang up when they don't know what to do.
  • cheap
  • Help/support
  • backup times - no automated backup
  • bank feeds
Simple basic accounting with no complications is good. Bad: Support, backups, foreign currency
March 17, 2022

MYOB Sucks

Score 1 out of 10
Vetted Review
Verified User
I have 2 companies in NZ using MYOB, unfortunately. If you call them, at least one hour wait, then often they put you on hold and magically you get dropped out and have to start again. Infuriating, to say the least. We have experienced major system malfunctions for several months with bank feeds which cost me a total of around 12 hours of my time mostly on hold. By the fifth call, they finally admitted there was an MYOB software problem. If you want to ruin your day, just call MYOB and get mucked around. The latest issue is a ghost account they have been charging us for months. After 2 hours and 6 minutes, The operator said it was not his dept so I was transferred to someone who was going to finally cancel the ghost account and arrange a refund for money taken from us and bingo, wouldn't you know it dropped out, went straight to a message saying we are closed. A few choice words slipped out. We have no case # and no other way to try and get things to sort other than call again and go through the first hour of "On hold" propaganda recordings. So now I wait and wait and wait. I think this is the last straw, we are going to change to Xero for our NZ and Australian companies. If you are going to offer a call center, then staff it properly instead of consistently disappointing customers. My final advice if you were thinking about going with MYOB is: Slap yourself in the back of the head, wake up, and don't bother with this absolute cluster of a company.
  • Mucks customers around
  • Makes it difficult to solve problems
  • Passes the buck
  • Call center
  • Waiting times
  • Decision making
Sandra Karamitelios | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Accounting processes - reporting for the business - managing our BAS/IAS reporting, managing to invoice and receipting, accounts payable, and bank recs.
  • Job codes for deeper reporting
  • Recurring transactions that are customizable
  • Auto record on recurring transactions
  • BAS/IAS reports
  • Payroll - it's a good system but not for me with casual staff, we have turnover with casuals and I find it admin intensive.
  • Sometimes it crashes for no reason
  • The online to offline can be clunky and confusing
Easy to use, the recurring transactions make it easy to keep an eye on missed bills and future plans. I really like the auto-record system where the recurring invoices are recorded, great for memberships, etc. It's easy to use and the reporting is great. I use job codes to further break down profit and loss on specific items. I just don't like the online-offline system so I use offline and backup.
November 09, 2021

MYOB makes my life easier

Julia Billyard J.P. | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
I use MYOB to monitor our daily cash flow, running expenses and monthly reporting makes life easy to run our BAS, Generate Invoices, and process staff payroll. I run two businesses and use Essentials for a small business I run and Account Right for our main business. Banks feeds are the best time-saving invention ever!!
  • Bank Feeds
  • Payroll
  • Invoicing
  • Better customization of reports
MYOB has different packages available, I use 2 different ones for different companies, so depending on your needs MYOB has a program to suit what you need. I personally love bank feeds and payroll functionality.
Adric Spiteri | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
For all our accounting.
  • [In my experience] MYOB Screwed up all my Quotes and cost me hours of lost time and money
  • Credit card fees
[In my experience ]MYOB [tries] to charge me credit card fees every time I invoice. I have to UNCHECK the option for each invoice created otherwise I get a rude shock when the MYOB invoice comes around. When I chose to change my accounting software they told me that I can not transfer my contact details over and everything needs to be done manually. Another obvious way of trying to keep customers using their poorly designed and expensive accounting software. I deeply regret ever signing up to MYOB and would never recommend anyone to use them. [I feel that they have] poor service and poor interface. [In my opinion] this was a horrible experience and [I feel that this product] a huge waste of time and money
Score 10 out of 10
Vetted Review
Verified User
I use MYOB to manage our company financials including payroll. It integrates into our rostering and point of sale software to import sales and staff data to save entering it manually. It allows us to lodge our BAS and super electronically. It has a lot of time saving and streamlining features.
  • Links into our point of sale and rostering software
  • allows you to do the BAS electronically
  • updates automatically
  • links to the bank
  • the online version needs work so it operates the same as the PC version
well suited to all types of businesses
November 04, 2021

good

Score 10 out of 10
Vetted Review
Verified User
Incentivized
being used for payroll. So far it is the best from the customer support and developer team for API Support. It was hard to use spreadsheets only so using MYOB Account Right which enables us also to pull data from API is very efficient to track business finances.
  • Features
  • Customer SUpport
  • Chat Support
suitable for SME and enterprise solutions. less appropriate for sole trader
Score 1 out of 10
Vetted Review
Verified User
Incentivized
We use MYOB for Payroll, AR, AP, Super, BAS across the whole business.
  • Superannuation payment fairly easy
  • BAS fairly easy
  • [In my opinion,] horrible interface to import data
  • [In my opinion,] user interface stuck in 1995
  • Needs improvement to usability
  • Contestant price increases
  • [In my opinion,] new in-app advertising is annoying
  • Countless different windows to do simple tasks like onboard an employee
  • [In my experience,] too slow
I would suggest they look elsewhere unless they really needed MYOB.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
This is the best accounting and Tax software available in New Zealand. it is easy to use and integrates well with other accounting services. We use MYOB payroll for our company but we have other managed services clients who use MYOB AO/AE , Accounts plus, Practice manager, Accounts Right, PDF manager, ACE payroll, etc.
  • Auto leave calculations
  • Auto PAYE calculations
  • Range of options available for different tasks
  • It will be good to have an option to type text on payroll screen
  • It will be good to have a view of holiday hours outside of payroll table
  • It will be good to have an option to edit a completed payroll instead of deleting and redoing it again.
I would recommended to all of my managed services clients as MYOB products are easy to deploy and manage. And also all of my customers use MYOB products from ACE Payroll, Payroll essentials, Account Right, AE/AO accounts plus, tax manager, etc. Some of my customers switched to other apps like Xero, they were using ACE payroll before but now the upgrade options is the essentials only which is a bit expensive for a small companies.
Score 1 out of 10
Vetted Review
Verified User
MYOB is our accounting and payroll system.
  • Simple interface
  • Is a payroll intermediary
  • Competitive pricing
  • Buggy system
  • Poor customer service
  • Unable to cancel subscription without calling their cancellation team, which is hardly ever available
Similarly priced with other products with similar functionality; however, the system is buggy, customer service and communications are poor, and business processes are often inconvenient and unintuitive (e.g., users can self-service their subscriptions as long as they are upgrading but if you want to downgrade or cancel, you have to call them, which is a long and painful process--I assume intentionally so). Also, their documentation states you can cancel your subscription under the My Products menu, which doesn't exist (according to their own support).
Score 1 out of 10
Vetted Review
Verified User
We have used MYOB for over 25 years on a Mac platform. It was used for service routes (reoccurring monthly billings), construction projects & job costing, A/P and A/R, payroll, inventory management and financials (balance sheet/P&L).
They decided to forego any future investment in keeping up to date with Apple's IOS platform, and they are NO LONGER COMPATIBLE with Apple's most recent operating system. They left users flapping in the wind. Now we have to convert all of our data, customer cards & data over to another accounting system - one that will continue to support Apple operating system for decades into the future - Quickbooks. MYOB officially SUCKS. The way that they left users is deplorable.
  • Their entire system functioned well with minimal to zero faults or hang-ups.
  • The inventory, payroll, A/P, A/R and sales tax features were easy to use and generated reports clear and concise.
  • Provide Apple iOS software update.
  • Communication with users.
It is NOT suitable for Apple iOS.
Stephen Lalla | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
We used it for our payables, receivables, payroll, general ledger and ran all of our proforma reports on it. I liked being able to easily email vendors and clients information as well as use it for contact management although it was a very simplified contact management system. For us, having a history to look back on over the years was especially helpful as it allowed our team to closely analyze trends and take appropriate corrective action if and where necessary.
  • Expense tracking
  • Payables Tracking
  • Receivables Tracking
  • Aging
  • At the time there wasn't a cloud based option and it had to be hosted locally.
  • Some of the templates were harder to alter than they should have been.
  • I found the updates to be rather expensive as at times there didn't seem to be much enhancements.
  • Support was tricky and not always as responsive as I would have preferred.
For a smaller business who isn't interested in having more than one user I think MYOB can serve them well. But if they want multiple users or are using virtual assistants there are better cloud based apps that are much more affordable and have far greater enhancements as well as integrations.
Score 1 out of 10
Vetted Review
Verified User
MYOB is being used for accounts, invoices and the like. The program is very slow to load and has many design and implementation flaws. It is cumbersome and difficult to use.

Be very careful when choosing MYOB Account Right. When Microsoft updates Windows - MYOB's Account Right will no longer work - won't open. ALL the fixes provided by MYOB fail to work as well - I have tried everything they suggest - all I get is error messages.

As a result my business is shutdown because of MYOB being unable to process orders and produce invoices etc. I am now getting the run around with tech support transferring me and making me wait and wait for someone.

It is an appalling situation.

  • Invoices
  • Purchase Orders
  • Is far too slow for business use, takes far too long to open and process inputs.
MYOB may be okay for a very small or hobby business, otherwise it is not at all professional.
Kati Hesley | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
Incentivized
I prepare monthly financial statements for a Client who uses MYOB. They bring me a backup and I prepare adjusting entries and reconciliations.
  • Its clean
  • allows you to undo a reconciliation
  • easy to use
  • Allows the client to manipulate dates when that can screw up their books
  • constantly freezes which causes the file to be corrupt
  • force balances the balance sheet
I'm told its good for MAC users
August 30, 2014

MYOB Accounting System

Score 6 out of 10
Vetted Review
Verified User
Incentivized
MYOB was used by our company for purchases, invoices, sales, POs, etc., for all of our accounting needs.
  • MYOB is very easy to navigate and find the correct information.
  • The Help section was very straight forward and very easy to learn.
  • MYOB was a great accounting tool for our business as it provided the accountant, sales, etc all of the information they need all in one place.
  • The version of MYOB we used was off of a database. It was very hard for our company to make changes as only one person could be logged in at one time to do this.
  • It was not very interactive.
I would not recommend an accounting software that could only be used and edited by one person at a time.
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