MYOB Essentials

MYOB Essentials

Online accounting & payroll for every business

4/5 (73 reviews)

MYOB Essentials Overview

MYOB Essentials is an online accounting software that has a range of solutions designed to help businesses across Australia and New Zealand of any size – whether they’re a start-up or a large business. MYOB helps business owners take care of GST, invoices, reporting, expenses, and payroll, as well as save time, increase productivity, and stay up to date with their compliance obligations.

MYOB Essentials works anywhere online, and is a fast and easy way to manage cash flow and ATO compliance requirements. Users can instantly track and create GST, PAYG and BAS reports, and lodge Single Touch Payroll (STP) and taxable payment and reports with the ATO. It’s quick and easy to set up, and transactions are automatically reconciled if linked with a bank account. Essentials is automatically updated every time there’s a tax change to keep businesses in step with the ATO.

With MYOB Essentials, users can compare and improve their business' performance by creating clear, targeted budgets, and track profit and loss in real time. The platform provides a secure location to store every expense, past and present, as well as all of the important information to complete payroll with just a couple of clicks. Employees can even access payslips and timesheets online, or via mobile device. Users can work together with their bookkeeper or accountant online, and invite them into files and collaborate.

MYOB also offers a range of products for larger businesses, including MYOB Advanced cloud ERP software, and MYOB EXO.

Pricing

Starting from
A$13,50/month
Pricing options
Free Trial
Subscription
Value for money

Devices

Business size

S
M
L

Markets

Australia

Supported Languages

English

MYOB Essentials Reviews

Overall rating
4/5
73% positive reviews
29
Excellent
24
Very good
14
Average
1
Poor
5
Terrible
Gavin P.

MYOB in the Clouds

Used Daily for 6-12 months
Reviewed on 2016/11/23
Review Source: Capterra

Windows based product with very easy to use menus. It has all the bells and whistles of modern accounting software. I particularly liked the Payroll and Budgeting. Its a product that I believe needs to be tested by accountants. I think some aspects would be tricky for bookkeepers whereas other aspects accountants pull their hair out and the lack of reporting options and some silly rules that make it harder to use. I don't get the impression that they listen to your feedback. Sadly the organisation has some arrogance. I noted this particularly when being trained in the product. The organisation would benefit greatly from listening to feedback and improving its report options. For example. No comparative Balance Sheet. No reports which can be produced relating to staff hours. The journal report is woeful, sadly you have to use journal more than you would want. No Fixed Asset Register. On the other hand I love the budget reports, very easy to manipulate. The graphs which come with the budget are useless. The ease to enter pay roll data is awesome. I love the bank feeds and many more aspects of this package. I think if they combine the best aspects of Account right and Essentials to target medium sized entities, MYOB would be hard to beat.

Pros

Payroll and Budgeting and very easy to use. Nice features with Invoice design also.

Cons

The Journals report is awful, no Fixed Asset register. No reports on Payroll hours worked.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

6.0/10
Lee P.

The software is good for a small entity but once you grow and need more detail it becomes a handbrake on information.

Used Daily for 2+ years
Reviewed on 2017/05/22
Review Source: SoftwareAdvice

For a small firm with limited reporting requirements it is okay but for any jobs with Work Breakdown Structure requirements it comes up short and becomes a limiter for the company. I get very frustrated with the after sales support system. It is not customer focused and leaves you wondering why you pay for it.

Pros

Good basic internal controls so novice bookkeepers can run day to day.
Easy to install and set up.
Reasonably cheap for what you get.
Handles GST well.

Cons

Not the best for Job costings.
Payroll system ordinary serious reporting drawbacks as far as information flow to the General Ledger.
Tends to freeze in reporting production which can lock out users.
Support service is very poor, you get the feeling the staff could care less in resolving issues.
Interactive screen supports not used you have to send a file and wait for a response.
Wait time on the phone for support is very bad.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

6.0/10
Karen H.

Sold a dummy!

Used Daily for 1-5 months
Reviewed on 2018/08/17
Review Source: Capterra

I have been a business user of MYOB for other companies using bigger MYOB packages for over a decade and find it fairly good although it has serious bugs which are reported by the truckload by all the accountants I know and they are NEVER fixed even after a decade. Like how the excel file download makes all the numbers text and the "manual calculation" field is auto set meaning you have to reformat each and every download twice (format numbers and turn on auto calc) to use the spreadsheet to add up.

Designed and run by non accountants

Pros

Nothing. completely useless. Doesn't comply with ATO requirements unless you have no employees and what business has no employees? Misleading advertising and advice.

Cons

I am a small business with single employee. Noting that one touch payroll was becoming mandatory next year I decided to put my accounts on a basic package to comply. I rang up and they sold me MYOB essentials telling me it would fully comply. After upteem dozen attempts to create a single employee which failed I ring up and they tell me well actually this entry level despite having all the menu structures and appearing online to do payroll does not do payroll at ALL and I need to pay almost double.

I found the set up very very nonintuitive in its coaching. You start one entry set up the field, then it takes you away to a whole different menu you need to complete and then doesn't take you back to where you were. There are heaps of bugs and going online you see everyone else having the same problem.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

1.0/10
Rani R.

Great software. Does everything we need it to do and more.

Used Daily for 2+ years
Reviewed on 2018/03/13
Review Source: Capterra

Great accounting, and always updating with new features. Our accountant could just log in and do our end of years immediately.

Pros

-Highly customisable for invoicing and parts inventories.
-Has great reports. We found if you knew what you wanted to keep an eye on in the business, then you could design a report for it. Not all accounting programs or workshop software can do that so easily.
-once it was set up for our workshop, it worked amazingly. Very intuitive

Cons

-We were new to this software, and it took a long time to set it up, (6 mnths), specifically for how we needed it to work. (automotive workshop), You almost needed to be a trained accountant i felt.
-Support used to take at least 1 day if not 2 to get back to you.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Daz

Okay but . . . . .

Reviewed on 2013/08/07
Review Source

We have been using MYOB accounting plus for over 10 years and recently upgraded to the new Accountright 2013.
The new version is very similar to the old and this makes it relatively easy to adjust to. There was a bit of dancing converting 10 years of accounting data to the new format and eventually we got that done and away we went.
The first thing that struck us was how slow it seems in comparison to the previous software. (MYOB Accounting plus v14). Data entry is not fluid and constant delays in processing. We contacted MYOB support regarding this and "they are working on the problem" so it appears it is a common problem.
It is updated with the latest reports and payroll taxes and supposedly compliant with the ATO.
There is a greater range of reports available but still the customisation options are limited. What you see is what yo get, give or take a field or two.
The "cloud" idea is novel, but due to the speed restrictions it is of little real benefit.
Payroll is the biggest change complying with the new regulations, and taxes, but unfortunately MYOB doesn't allow upgrading of the tax tables without paying for an endless subscription which equates to approximately $800 per year.
Overall if you like the early MYOB and can handle the speed reduction then its an okay upgrade. If it wasn't for the reliance on MYOB data for the previous 10+ years and the swift talking sales rep that convinced management to upgrade, I would personally be looking at alternatives.

Pros

Compatible with earlier versions.
Interface is very similar to previous versions.

Cons

Expensive for what it is!
Slow!!!!! For small or casual use it MAY be okay, but for any real data volume, its just too slow. (Even on the latest PC)
Relies heavily on the internet (could be cause of part of the speed problem)
Limited customisation

User Recommendation
7.4/10
Based on 73 reviews
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MYOB Essentials Pricing

Starting from
A$13,50/month
Pricing options
Free Trial
Subscription
Value for money

Accounting Starter: $13.50 / month
Accounting: $22.50 / month
Accounting + Payroll: $27.50 / month

50% off for 3 months.
A 30-day free trial is available.

Value for Money
3.5/5
Based on 73 reviews
Compare value for money rating with alternatives

MYOB Essentials Features

  • API
  • Accounting Integration
  • Accounting Management
  • Activity Dashboard
  • Billing & Invoicing
  • Compliance Management
  • Customizable Reporting
  • Electronic Payments
  • Invoice Management
  • Invoice Processing
  • Multi-Currency
  • Real Time Data
  • Third Party Integration

  • Automatic Notifications
  • Data Import/Export
  • Expense Tracking
  • Financial Analysis
  • Receiving
  • Reporting & Statistics
  • Workflow Management
Features
3.7/5
Based on 73 reviews
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Additional information for MYOB Essentials

Key features of MYOB Essentials

  • API
  • Accept payment from invoices (PayDirect Online)
  • Accept timesheets via online or mobile
  • Accounting integration
  • Accounting management
  • Accounting, GST and BAS
  • Activity dashboard
  • Application integration
  • Audit trail
  • Automatic leave calculation
  • Automatic updates
  • Bank feeds
  • Bank reconciliation
  • Banking & credit card transaction import
  • Billing & invoicing
  • Bookkeeping
  • Budgeting
  • Cash flow statement
  • Cash management
  • Collaboration tools
  • Compensation calculation
  • Compliance management
  • Contact management
  • Coordinate payroll
  • Create and track jobs
  • Customizable reporting
  • Expense claims
  • General ledger
  • Goal setting
  • Income statements
  • Inventory management
  • Inventory tracking
  • Invoice management
  • Invoice processing
  • Leave tracking
  • Live reporting
  • LiveChat support
  • MYOB BankFeeds
  • Manage customers and suppliers
  • Manage customers and suppliers
  • Manage inventory items list
  • Mobile friendly
  • Mobile integration
  • Mobile transaction synchronization
  • Multi-currency
  • Multi-user access
  • Multiple accounts
  • Multiple user accounts
  • No lock in contracts
  • Offline access
  • Online support
  • Pay employees & track leave
  • Payment tracking
  • Payroll management
  • Profit / loss statement
  • Profitability analysis
  • Project time tracking
  • Project tracking
  • Purchase order management
  • Quote management
  • Real time cash flow management
  • Real time data
  • Real-time timesheets access for employees
  • Records management
  • Recurring billing
  • Sales tax management
  • Secure login
  • Sick leave tracking
  • Smartphone app
  • Tax updates
  • Time & expense tracking
  • Time billing
  • Timesheets
  • Track and pay expenses
  • Track inventory levels
  • Track profit and loss on jobs

Benefits

• Automatically import your banking and credit card transactions securely and directly, always under your control.

• Pay invoices and take card payments via the MYOB Invoices app via any smartphone or tablet. Accept credit card or BPAY payments from clients directly from an emailed invoice.

• MYOB Essentials is updated automatically every time there’s a tax change, enabling you to always stay compliant, even for changes like SuperStream.

• Easily invite bookkeepers or accountants into your files, and collaborate from anywhere.

• Compare and improve your business' performance by creating clear, targeted budgets. Track profit and loss in real time to improve for the future.

MYOB Essentials FAQs

Below are some frequently asked questions for MYOB Essentials.

Q. What type of pricing plans does MYOB Essentials offer?

MYOB Essentials offers the following pricing plans:

Starting from: A$13,50/month

Pricing model: Subscription

Free Trial: Available

Accounting Starter: $13.50 / month
Accounting: $22.50 / month
Accounting + Payroll: $27.50 / month

50% off for 3 months.
A 30-day free trial is available.

Q. What are the main features of MYOB Essentials?

MYOB Essentials offers the following features:

  • API
  • Accept payment from invoices (PayDirect Online)
  • Accept timesheets via online or mobile
  • Accounting integration
  • Accounting management
  • Accounting, GST and BAS
  • Activity dashboard
  • Application integration
  • Audit trail
  • Automatic leave calculation
  • Automatic updates
  • Bank feeds
  • Bank reconciliation
  • Banking & credit card transaction import
  • Billing & invoicing
  • Bookkeeping
  • Budgeting
  • Cash flow statement
  • Cash management
  • Collaboration tools
  • Compensation calculation
  • Compliance management
  • Contact management
  • Coordinate payroll
  • Create and track jobs
  • Customizable reporting
  • Expense claims
  • General ledger
  • Goal setting
  • Income statements
  • Inventory management
  • Inventory tracking
  • Invoice management
  • Invoice processing
  • Leave tracking
  • Live reporting
  • LiveChat support
  • MYOB BankFeeds
  • Manage customers and suppliers
  • Manage customers and suppliers
  • Manage inventory items list
  • Mobile friendly
  • Mobile integration
  • Mobile transaction synchronization
  • Multi-currency
  • Multi-user access
  • Multiple accounts
  • Multiple user accounts
  • No lock in contracts
  • Offline access
  • Online support
  • Pay employees & track leave
  • Payment tracking
  • Payroll management
  • Profit / loss statement
  • Profitability analysis
  • Project time tracking
  • Project tracking
  • Purchase order management
  • Quote management
  • Real time cash flow management
  • Real time data
  • Real-time timesheets access for employees
  • Records management
  • Recurring billing
  • Sales tax management
  • Secure login
  • Sick leave tracking
  • Smartphone app
  • Tax updates
  • Time & expense tracking
  • Time billing
  • Timesheets
  • Track and pay expenses
  • Track inventory levels
  • Track profit and loss on jobs

Q. Who are the typical users of MYOB Essentials?

MYOB Essentials has the following typical customers:

Freelancers, Large Enterprises, Mid Size Business, Non Profit, Small Business

Q. What languages does MYOB Essentials support?

MYOB Essentials supports the following languages:

English

Q. What type of pricing plans does MYOB Essentials offer?

MYOB Essentials has the following pricing plans:

Subscription

Q. Does MYOB Essentials support mobile devices?

MYOB Essentials supports the following devices:

Android, iPhone, iPad

Q. What other apps does MYOB Essentials integrate with?

MYOB Essentials integrates with the following applications:

Debtor Daddy, Deputy, Ento, Idronic, Onsight, Pepperi, ServiceM8, Timely, Verizon Connect Work, WorkflowMax

Q. What level of support does MYOB Essentials offer?

MYOB Essentials offers the following support options:

FAQs, Forum, Knowledge Base, Online Support, Phone Support, Video Tutorials