If you read our explanation as to why cloud accounting software is so useful, you might be wondering what MYOB's product is like. Here is a basic intro.
We recently posted this introduction to online accounting software, so we decided to follow it up with some observations about MYOB's product.
MYOB is practically a synonym for accounting software. Their cloud-based subscription service is called MYOB LiveAccounts.
LiveAccounts provides a snapshot of your bank balances although we like that it provided a running estimate of how much money we'd need to set aside for our GST payment as the reporting period progressed. Outstanding invoices, major expenses and other important data was readily available as well.
Entering transactions was easy as the forms are well laid out. You can easily upload a logo that's included on all invoices and payslips.
Although LiveAccounts does a good job, in our view it is a limited solution [Ed. note: MYOB has since contacted us to point out that this is intended as a product for small businesses wanting a simple solution. MYOB also offers the more advanced AccountRight range]. There's no inventory management, however there's direct connection to banks so that statements and transactions can be automatically imported - although we haven't tested this as it's not available until you have a paid subscription. You can also manually import information if you export data from web banking. There is also MYOB's AccountRight range, which offers more advanced features like inventory and time billing management for businesses that require them. [Note: this paragraph has been corrected. It previously incorrectly stated that there was no direct connection to banks so that statements can be automatically imported. The paragraph has also been updated with information about MYOB's AccountRight range].
There are lots of reports so you can analyse your business's performance although, unlike most of the other options in this market, you can't export results to Excel for further analysis. The reports for BAS preparation are nicely laid out, making that monthly or quarterly chore easy.
MYOB offers a free 30 day trial of LiveAccounts. There's just one subscription level of $25 per month if yu decide that it fits the bill for your business.
Anthony Caruana is a small business operator with experience in enterprise IT management as well as a journalist. He works with businesses on realising their business needs through the smart application of technology.