MYOB Accounting Software Recommendation Report for Business Needs

This report evaluates MYOB, an Australian-based accounting software designed for small and medium-sized businesses. It highlights MYOB's key features, including ease of installation through both online and offline versions, catering to diverse business sizes. The report emphasizes the software's flexibility in setting up and modifying chart of accounts, allowing for customization to meet specific business requirements. Furthermore, it underscores MYOB's real-time ERP capabilities, ensuring immediate updates for sales and cash transactions, and its built-in control procedures to maintain accurate data input. The report also praises the software's ability to generate ready-to-publish financial statements. Based on these features, the report recommends MYOB as a suitable accounting solution for the business, referencing its ease of use and comprehensive functionality.

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.

4. Control procedures to ensure accuracy of input and processing:
MYOB system has certain in-built controls, which restricts inaccurate input to an extent,
such as, in selection of ledger account, while posting a payment entry, selecting a bank or
cash account is a must, system wouldn’t allow the entry without a bank and/or cash account
being selected.
Similarly, for a credit sales entry, it is must to select a sub-ledger from the trade receivables
and system wont allow the entry for credit sales, without a customer ledger being selected
in the entry.
5. Easy of making financial statements:
MYOB software provides the financial statements in the ready to publish form, with all the
required break ups and balances in the financial statements, viz. both statement of profit
and loss and statement of financial position.
The details given in the financial statements depend on the inputs that have been given to
the system, more precise the input, more accurate is the output in the form of financial
statements.
Based on the above-mentioned features of MYOB, it is advisable to opt for MYOB as the accounting
software for the home cleaning business of yours.
Reference:
About MYOB (No date). MYOB. Available at https://www.myob.com/au/about
Ease of use. MYOB. Available at https://community.myob.com/t5/MYOB-Essentials-Payroll/Ease-of-
Use/td-p/604911