TrustRadius
MYOB was great initially but there are other more affordable options
https://www.trustradius.com/accountingMYOBUnspecified7.127101
Stephen Lalla profile photo
May 02, 2016

MYOB was great initially but there are other more affordable options

Score 7 out of 101
Vetted Review
Verified User
Review Source

Overall Satisfaction with MYOB

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.
  • It was great when we first started using it but there was a time when MYOB stopped supporting payroll tax tables for Apple computers and so we made the switch.
  • While we were using it staying on top of all of the pesky accounting details was a breeze.
  • We were very detail oriented to begin with and had a thorough understanding of basic accounting principles but anyone without even basic knowledge can quickly set up MYOB and get running fairly quickly and provide detailed reports to their CPA or CFO consultant for a deeper analysis of their business.
Not even close. Though I will say MYOB had a budget module where Zoho Books doesn't which is one thing severely lacking in Zoho Books. On the other hand, Zoho Books allows for payment processing integration without trying to get a cut from the process whereas MYOB allowed for payment processing but you had to go through their service only and it wasn't cheap.
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.

MYOB Feature Ratings

Accounts payable
8
Accounts receivable
9
Cash management
8
Bank reconciliation
10
Expense management
10
Time tracking
Not Rated
Fixed asset management
7
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
8
Order entry
8
Credit card processing
Not Rated
Cost of goods sold
9
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
4
Standard reports
9
Custom reports
8
API for custom integration
Not Rated
Plug-ins
Not Rated
Role-based user permissions
8
Single sign-on capability
9