MYOB Mind Your Own Business in Australia 2022

MYOB i.e. Mind Your Own Business, is the name of the company as well as
accounting software, which is owned by a MNC in Australia. This software caters
to the accounting, taxation and other business needs of the companies, primarily
in Australia. The focus of the software is on small and medium sized businesses.
Based on the review of various accounting software and given the volume and
nature of transactions for your business, I have summarised below the reason I
find MYOB as the best suited software for the accounting requirements of the
entity, I have summarised them into following four categories:
1. Ease of installation:
MYOB provides both online and offline software, online software exist
primarily to serve the clients with smaller businesses, who have a small
set of transactions to be processed in each period. No installation is
required to use the online version of the software.
Whereas, for the medium sized or large businesses, wherein, the number
of transactions to be processed are high, offline software is preferable and
installation of offline software is not a difficult task, it can be installed like
any other software, using the executable (.exe) file downloaded from the
web.
Thus, given the ease of use, it is advisable to use MYOB software as you
can install is it by yourself and don’t need a technical help.
2. Flexibility in setting up of chart of accounts and subsequent
modification:
MYOB software provides a list of commonly used chart of accounts, which
can be customized as per the requirement of the entity. This list of chart
of accounts, is not an exhaustive list and further accounts can be added
into this list by the entity, based on its requirement.
Subsequent modifications in the chart of accounts, be it, renaming of an
existing account, adding a new account, modifying the characteristics,
categorisation of the account, it is easy in MYOB and can be done at a
click of a button.
Thus, given the flexibility to change and ease of setting up of chart of
accounts, it advisable to opt for MYOB
3. Frequency of updates from sub systems:
MYOB is a real time ERP software which provides real time updates of the
entries pertaining to sales, cash receipts, etc.
As soon as the receipt for cash is issued to the customer or sales invoice is
issued to the customer, it is updated in the accounting system.
As the accounting system is directly linked to the sales portal, the amount
of revenue gets booked as soon as it is billed.