Benefits of MYOB accounting software for businesses

Apr 05, 2024

Based in Australia and New Zealand, MYOB cloud accounting software has solutions to help you automate your accounting processes no matter the size and industry of your business.

Depending on the plan you choose to suit your business needs, you will gain access to different features of MYOB accounting software such as invoice management, payroll management, and even multi-currency accounting.

You can benefit from using accounting software for your business to save time and money, as well as gain better accuracy and visibility of your data.

What are the pricing plans for using MYOB accounting software?

Depending on your business needs, MYOB offers different plans at different price points. Here are the plans that your business could use with MYOB accounting software.

MYOB Business Lite

Perfect for sole traders or small businesses, this plan provides you with basic reporting and analysis. You can connect up to 2 bank accounts, and for a cost, add additional payroll management for a maximum of 2 employees.

Service-based businesses with no need for inventory tracking could suit this plan well. However, features like multi-currency accounting and bill-by-time are locked with this plan. 

MYOB Business Pro

This plan is for growing businesses, offering payroll management for an unlimited number of employees, albeit with an additional cost. Employees added to the software can also use the automated timesheets and rosters features.

The MYOB Business Pro plan also has a budgeting feature to help with your growing business, although there is still limited inventory tracking and no multi-currency accounting or bill-by-time features.

MYOB Business AccountRight Plus

Offering features for more established businesses in need of inventory tracking, this plan would be perfect for you if you have a lot of inventory within your business.

It has all the features the lower tier plans offer, with the addition of a bill-by-time feature if you wish to create invoices based on the time spent on projects for your clients. Multi-currency accounting is still locked with the plan.

MYOB Business AccountRight Premier

This plan has all the features that MYOB has to offer unlocked, including the multi-currency accounting feature.

The inventory management feature with this plan also allows for tracking and management in multiple locations, which makes it perfect for bigger businesses operating in many locations.

Access the more complex features of MYOB accounting software with this plan.

Suggested read: Xero vs MYOB - Review and Comparison

Benefits of MYOB accounting software

There are many features of MYOB accounting software that will benefit your business through its ease of use.

1. Helps customize invoices

When creating an invoice on the software, MYOB allows you to also create payment summaries to send to your customers for better clarity on the terms of the payment. Send quotes directly from the software to your customers.

You can then track when an invoice has been opened. Customers can make direct payments to their MYOB account using AMEX, Mastercard, or BPAY. View when a payment has been made through your MYOB accounting software. 

2. Automatic reconciliation process

Using MYOB accounting software makes it easier than ever to perform reconciliation with your bank accounts. With automatic reconciliation, you can have an up-to-date view of your finances at all times. 

3. Real-time expense reports and budgets

With MYOB accounting software, you can generate real-time expense reports and customize them. Add, remove or reorder columns as you see fit for your own personalized reports.

You can also view reports or budgets in different bands such as years, quarters months, or even weeks.

4. Track expenses on multiple devices

Access your expenses and track them using the software across multiple devices.

Local Australian suppliers such as OfficeWorks, Caltex, and Bunnings have partnerships with MYOB accounting software, making it easy to match bills from those suppliers with what is written down on your bank transaction records. 

5. Suppliers and vendors are in the same software

Keep a contact list of both your suppliers and customers for easy sorting on your MYOB accounting software.

The software offers multiple filters and categories for you to look through your contact list with ease. Build better relationships with both vendors and customers alike using your list, all in one place.

6. Easy calculation of tax payable (GST + BAS)

Calculate your GST tax, fill out BAS and generate tax reports through MYOB accounting software. You can pay your taxes directly to the Australian Taxation Office through the platform for ease of tax compliance.

7. Better compliance

With tax calculations made easier, compliance is also effortless to attain and maintain. Calculate your taxes, fill out your BAS, and be on top of your payroll to ensure that your business is in compliance with all the laws and regulations of related authorities.

8. Inbuilt payroll processing software

A feature on the MYOB platform to simplify your accounting and streamline your business processes is payroll management.

Fill out your employee payroll calculations based on timesheets and rosters on the software, send money to your employees, and prepare reports and declarations for the Australian Taxation Office on one platform. 

9. Audit trail

The automation and digitization provided by MYOB accounting software make it easy for you to keep track of every transaction on the platform.

Every transaction’s details are available with just a few clicks and can be matched with each other to avoid any errors. This way, you can be audit-ready at any time.

10. Keeps inventory in check

One of the benefits of MYOB accounting software is that if your business carries inventory, you can use the software to track your inventory. View purchase trends, inventory turnover, and the profitability of your stock all on MYOB accounting software.

11. Tracks expenses on specific projects

You can set budgets for specific projects your business has using the many features of MYOB accounting software.

Create a budget, track how it has been spent on the project, and view the Return on Investment on your project for better reviewing and forecasting future projects. 

12. Allows multi-currency accounting

MYOB accounting software allows multi-currency accounting, with live exchange rates refreshing every 5 minutes on the software. Data for international transactions include both local and international currencies to avoid any discrepancies.

13. 350+ integrations

If your business uses other software, MYOB accounting software offers integration with over 350 software and applications to help you streamline your business processes.

If you are looking to get an accounting software for your business, check out our article on the best small business accounting software and explore a variety of top-notch options available in the market.

Seamlessly integrate your MYOB accounting software with Volopay

Volopay offers a centralized system where every expense in your business can happen and be tracked in a single platform along with the many benefits of accounting automation.

Not only can you pay your vendors through Volopay, you can also perform credit control to manage your finances. Reconciliation with your MYOB accounting software is made easy through Volopay’s direct integration.

The two-way sync feature allows you to be on top of your records on both your MYOB and Volopay accounts without having to manually check everything one by one.

Related read: How can MYOB accounting software help your business grow?


Do transactions from Volopay get auto-classified on MYOB?

Yes, accounting triggers on Volopay’s platform will auto-classify your transactions into categories without you having to worry about doing it manually on MYOB.

What does the reconciliation process look like with Volopay?

You can enable auto reconciliation through Volopay, which makes any sort of reconciliation with Volopay happen in real-time automatically.

Does MYOB automate the bookkeeping process?

Yes. With the help of auto reconciliation and rules such as auto triggers, MYOB will help you automate your bookkeeping processes starting from data entry.

Does MYOB help with matching invoices?

Yes. If a payment appears on one of your bank accounts, you can match the transaction with its original invoice on the platform. Doing so will automatically mark the invoice as paid and reconcile the invoice with the bank transaction.

Enjoy the benefits of accounting automation and seamless integration