What is MYOB? Is It Still a Good Accounting Software?

MYOB Key Features

As an all-in-one accounting software, MYOB claims it can help you with all your small business needs.

So, what exactly does MYOB bring to the table? Let’s take a closer look at its key features now.

Invoicing

Do you want to quickly create, send, and track invoices and quotes from your desktop or mobile device? Well, thanks to MYOB’s built-in invoice creation tool, you can!

MYOB’s integrated invoicing feature is designed to make getting paid faster and managing billing effortless.

How does it work? It’s simple, really.

Design your very own invoice or quote template with your unique logo and brand colors and start delivering professional and accurate invoices to your clients effortlessly!

You can even leverage smart automation features like:

• GST and line-item calculations.
• Recurring invoice capabilities.
• Payment reminders, and more.

These intuitive automatic tools help save time and reduce finance-related admin.

Invoices can be sent instantly via text or email, and customers can pay through a wide range of methods, including credit cards, PayPal, Apple Pay, Google Pay, and more.

To stay on top of cash flow, MYOB even enables you to connect your bank account!

And to top it all off, you can track expenses linked to specific jobs for more detailed reporting.

For sole traders on the move, the ‘Solo by MYOB’ plan offers Tap to Pay functionality, allowing you to accept in-person payments directly from your mobile device.

This head-to-toe invoicing feature basically helps you send professional invoices, get paid quicker, and stay in control of your business finances with minimal effort!

Read more: Xero Invoicing Review.

Payroll and Timesheets

Thanks to MYOB’s payroll and timesheet management tools, you can wave goodbye to the stress of payday and say hello to a smart and streamlined payroll solution!

Designed with growing businesses in mind, MYOB handles everything from your tax to rosters, timesheets, and more in one place.

It completely automates complex payroll calculations such as tax, superannuation, and leave for you, and flags potential errors before they become problems.

MYOB also supports Single Touch Payroll (STP) reporting directly to the ATO, ensuring you’re always compliant without needing end-of-year group certificates.

Better yet, new employees can securely onboard themselves by submitting their details online. All you need to do is input their name and email!

And if you have multiple employees, you’ll be pleased to know that MYOB’s built-in timesheet feature has you covered.

This feature essentially simplifies staff management and makes payroll easier and faster for you and your employees.

With built-in time tracking and rostering tools, businesses gain clear visibility into who’s working, when, and where.

Employees can clock in and out from their mobile devices using the MYOB Team app, giving managers real-time updates on attendance, late starts, or breaks.

And creating and publishing rosters is just as easy, with intuitive scheduling tools that let you customize shifts with start times, end times, and break periods.

These tools also sync directly to your MYOB Business software for seamless payroll integration!

MYOB’s payroll and timesheet tools essentially simplify compliance, reduce manual work, and keep you on top of your employees at all times.

Read more: Xero Payroll Review.

Expense Management

Say goodbye to stacks of receipts! With the MYOB Capture app, real-time expense management is an absolute breeze.

All you need to do is take a photo of each receipt.

The data will then automatically upload and link to the right transaction within your MYOB account!

This streamlined process ensures you’re always ready for tax time, with every bill, receipt, and transaction securely stored and easy to find.

MYOB also automatically connects with more than 130 banks and card issuers, making reconciliation faster, safer, and more accurate than ever before.

And if that wasn’t enough, simply assign expenses to specific jobs or customers with a single click, making it easy to pass costs through on invoices.

This integrated expense management approach reduces admin and minimizes expense errors, giving you more time to focus on running your business!

Read more: Top 5 Bookkeeping Spreadsheets For Small Business.

Inventory Management

If you’re looking to have complete control over your stock but don’t want to invest in a third-party inventory management system…..the good news is that you don’t have to!

MYOB essentially helps you track your inventory in real-time, streamlining your entire ordering and re-stocking processes.

With a clear view of what’s in stock and what’s running low, MYOB automatically alerts you when it’s time to reorder.

You can even pre-fill purchase orders for quick review and approval to save yourself time!

This helps prevent stockouts of high-demand items and avoids you overordering products that aren’t selling.

Beyond day-to-day stock control, MYOB gives you insightful reports that highlight your most and least profitable items.

This makes it easier to identify what’s selling and adjust your strategy accordingly.

But that’s not all!

Sales orders can be logged immediately, giving you a clear view of what’s been promised to customers and what’s on the way from suppliers, all in one connected system!

From the simple inventory needs of sole operators to more advanced multi-site inventory management, MYOB keeps everything accurate and in sync from order to delivery.

Read more: Best Inventory Management Software For Small Business.

Job Tracking

Are you looking to gain a sharper view of your project-specific profitability?

Whether managing a project, product line, service, or even a specific location, MYOB’s job tracking tool lets you customize and track each job from start to finish.

With this built-in tool, you can:

• Estimate time and costs.
• Generate quotes.
• Record hours.
• Allocate payroll.
• Log expenses.
• Send final invoices.

That’s right, this feature ensures no detail gets missed along the way!

This end-to-end visibility helps you monitor job performance in real time and instantly spot which jobs are boosting your bottom line.

And with detailed reporting tools, you can dive deeper into profit and loss and identify your most lucrative work to make smarter future decisions.

You can even set budget alerts to avoid overspending and keep projects financially on track!

Once a job is set up, all related transactions, income, expenses, and staff costs are easily tracked and reported from one place.

Get this: Job tracking is included in all MYOB business plans (excluding ‘Payroll Only’), allowing even the smallest of teams visibility into their project progress and financials!

Read more: How Much Does a Bookkeeper Cost For Small Business?