Business

About MYOB – Mind Your Own Business Accounting Software

If you are looking for an accounting software for small and medium businesses, you have several options to choose from.

MYOB has a large market share in the Australian, New Zealand and UK markets and has now successfully moved to the US market as well MYOB has various products available to meet the size and requirements of your business. Part of the product family includes:

o Business basics

o Accounting

o Accounting Plus with payroll

o First

o Payroll

o Account Edge (Mac users only)

to name a few.

MYOB Business Basics software has been designed for companies that want to record and print sales invoices, maintain a file of cards of the people they buy and sell to, and make regular bank reconciliations from their bank statements.

MYOB accounting software is a step up from Business Basics and has additional features like recording purchases / creditors with the relevant aging reports, recording inventory as stock or as a purchase on sale, being able to link to Microsoft Office like Word or Excel , where you can send letters or notifications to your creditors or work in Excel using the spreadsheet option to change figures, add formats, etc. There are more than 100 reports available in MYOB Accounting instead of Business Basics where there are 70 reports.

One step ahead of MYOB Accounting is MYOB Accounting Plus. This software package includes the additional Payroll and Time Billing functions. Payroll, obviously, is for companies that have employees and want to comply with wage and salary legislation, and time billing is for companies that charge for their time. This could include professions like lawyers, consultants, accountants, but can also include service industries like plumbers, electricians, etc. The reports available with this program are 140+.

MYOB Premier is the next step. This program has all of the above with additional features such as the ability to use multiple currencies. This is especially useful if you have foreign currency accounts and participate in the export / import market. MYOB converts the foreign currency to your local currency for accounting purposes. MYOB Premier also allows you to have multiple users. This allows you to have more than one person at any one time who can access and use the common data file simultaneously. Report availability is 165+.

Payroll can be purchased on its own if you choose to use another form of accounting software but still need to keep employees on salary and / or wages.

Account Edge for Mac is only the equivalent of MYOB Premier and includes all the same features except Payroll.

To choose which product best suits your business, you need to list the features you need and then download the appropriate product from your MYOB site and use the trial period to make sure it suits your needs. Learn more aboutMYOB versionshere.

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