fbpx

Blog

Choosing The Right MYOB Product For Your Business

Choosing Right MYOB Product For Business

MYOB offers a variety of products that cater to the needs of different companies and organisations. Some products are designed to meet the needs of small and medium enterprises (SMEs), while others are designed to meet the needs of larger businesses, organisations and corporations.

Most SMEs are likely to find a MYOB product that meets their needs from either the MYOB Essential or AccountRight software families.

Differences Between MYOB Essentials and MYOB AccountRight Software Products?

Both groups of software products are from the same company (MYOB). However, MYOB Essentials products are web-based meaning you don’t have to install actual software or an application on your computer to use them. 

MYOB AccountRight products on the other hand require you to install a specific software product on your computer or server. However, with Accountright, your files can be stored locally on your computer, or in the cloud (or both). MYOB AccountRight products have more features than MYOB Essentials products, and the former allows you to work offline.

MYOB Accounting Software Products

Currently, these are the main accounting software products offered by MYOB:

  • MYOB Essentials Connected Ledger
  • MYOB Essentials Accounting
  • MYOB AccountRight Basic
  • MYOB AccountRight Standard
  • MYOB AccountRight Plus
  • MYOB AccountRight Premier
  • MYOB EXO and MYOB Advanced

Choosing Right MYOB Product For Business

Let’s take a brief look at each product.

1). MYOB Essentials Connected Ledger

MYOB Essentials Connected Ledger is the cheapest MYOB product you can get for your business. This product offers basic accounting features and functionalities like bank feeds, GST reporting, cashbook, budgeting, and a general ledger.

2). MYOB Essentials Accounting

MYOB Essentials Accounting takes up from where the MYOB Essentials Connected Ledger leaves things and goes a step further to offer additional features like accounts payable (creditors) and accounts receivable (debtors) and a variety of accrual accounting tools.

3). MYOB AccountRight Basic

Now onto the MYOB AccountRight family, we start off with MYOB AccountRight Basic which offers the most fundamental accounting tools needed by typical brick and mortar businesses. This product does cash accounting and also offers an accounts receivable (debtors) feature. AccountRight Basic offers include all the features that are available in MYOB Essentials Accounting products, plus more.

4). MYOB AccountRight Standard

The standard version of the MYOB AccountRight Software is the most popular among businesses. This is because it offers what many small and medium-sized enterprises are looking for which is efficient and cost-effective accounting. MYOB AccountRight Standard includes numerous cash and accrual accounting features that can be useful to your business.

Choosing Right MYOB Product For Business

5). MYOB AccountRight Plus

MYOB AccountRight Plus is very similar to MYOB AccountRight Standard. The main difference between the two is that MYOB AccountRight Plus comes with a dedicated payroll application (either Essentials Payroll or MYOB Payroll). It also comes with a time billing application that allows a company to track and charge time used by subcontractors and employees. This makes job costing easier and much more convenient.

6). MYOB AccountRight Premier

MYOB AccountRight Premier takes things up from where MYOB AccountRight Plus left and goes a step further to include a multi-stock location and multi-currency features which are crucial for businesses in the export and import industry with multiple storage locations.

7). MYOB EXO and MYOB Advanced

Finally, there are the big boys of this product range, MYOB EXO and MYOB Advanced. These are highly specialised, sophisticated, full-service accounting software that can handle any type of accounting task thrown at them. They offer all features available in MYOB Essentials and MYOB AccountRight software bundles. MYOB EXO is network-based while MYOB advanced is cloud-based which makes them ideal for businesses and companies on the global frontier.

Need Help?

At Stratus Group, our MYOB consultants do not just provide you with the software, we also provide expert knowledge and support. We will make sure that your MYOB Advanced software is implemented properly and will work with you directly at all times during the whole process to ensure that you get exactly what you need. We also provide after-implementation support and assistance.

Take your business to the next level. With the business world facing so many uncertainties, simplify and protect your processes. Upgrade your system to MYOB Advanced now and get ahead of the competition.

Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.

CONNECT WITH OUR EXPERTS

Get in touch