Managing your business finances shouldn’t feel like climbing Mount Everest.
Yet, as a fellow entrepreneur, I know how accounting can quickly consume your energy and shift focus away from actually growing your business.
I’m Harshal Katre, co-founder of ProfitBooks, and I’ve spent the last decade deep in the accounting software world. After helping thousands of small businesses streamline their finances, I’ve learned firsthand what works—and what doesn’t.
The Australian accounting and ERP software landscape has undergone a significant transformation in recent years.
While MYOB remains a popular choice, many businesses (including several of my own clients) are migrating to alternatives offering more modern interfaces, better pricing, and improved user experiences.
In this completely revised guide, I’ll walk you through the most compelling MYOB alternatives available to Australian businesses, based on my hands-on experience and extensive research.
You’ll discover which options best suit different business needs, where each platform shines (or falls short), and why some accounting firms are now exclusively working with clients using specific platforms.
Let’s dive in and find the perfect accounting solution for your business needs.
Why Every Australian Business Needs Reliable Accounting Software
I still remember running my first business with spreadsheets and paper receipts.
What a nightmare!
Accounting software completely transformed my operations, and I’ve seen it do the same for countless others.
Here’s why it’s essential:
- Cost-Efficiency: Instead of hiring multiple accountants, the right software handles most financial tasks reliably. One of my clients reduced their bookkeeping costs by 65% after switching to a cloud-based solution.
- Growth Enablement: When you’re not drowning in financial admin, you can focus on expansion. I’ve watched small businesses transform once they automated their accounting processes.
- Deep Business Insights: Modern accounting software provides detailed reports on payroll, inventory control, and cash flow that previously required expensive financial analysts.
- Multi-Currency Management: For businesses operating internationally (or planning to), having software that effortlessly handles multiple currencies is invaluable. I learned this lesson the hard way when expanding ProfitBooks into international markets.
- Tax Compliance: Australian tax requirements can be complex, but quality accounting software ensures you stay compliant with GST calculations, BAS lodgment, and Single Touch Payroll compliance.
- Enhanced Security: Your financial data deserves fortress-level protection. Reputable software provides robust security measures that protect sensitive information from breaches.
Understanding Australian Accounting Requirements
Having helped numerous Australian businesses navigate their financial obligations, I can tell you that compliance isn’t optional—it’s essential.
The Australian accounting landscape operates under Generally Accepted Accounting Principles (GAAP), with the Australian Accounting Standards Board (AASB) aligning local standards with global ones.
This promotes transparency and consistency in financial reporting.
International Financial Reporting Standards (IFRS) further harmonize your business with global standards, a critical consideration if you’re looking to attract international investment or expand overseas.
Australia’s regulatory framework, including the Corporations Act and Australian Taxation Office (ATO) requirements, means businesses need accounting software that can meet these specific requirements. This one is important.
ATO Login Portal For Tax Lodging
I’ve seen businesses face significant penalties for non-compliance—an expensive lesson I don’t want you to learn firsthand.
Why Are Australian Businesses Seeking MYOB Alternatives?
MYOB has been a fixture in Australian accounting for decades, but after analyzing user feedback and market trends, I’ve identified several key limitations driving businesses to seek alternatives:
Pricing Concerns
MYOB’s pricing structure has been a consistent pain point. Their current plans range from $34/month for Essentials to $85/month for AccountRight Premium. While they occasionally offer discounts, these costs can be prohibitive for small businesses. I’ve seen many startups hesitate to invest in MYOB due to this pricing barrier alone.
Complex User Experience
Despite years in the market, MYOB continues to challenge users with its learning curve. Unlike more intuitive alternatives, MYOB requires substantial training to navigate efficiently. One business owner told me she spent nearly two weeks learning the basics—time she could have invested in growing her business.
Limited Free Trial Options
Remarkably, MYOB doesn’t offer a comprehensive free plan or extended trial period. This forces potential customers to commit financially before they can properly evaluate the software. In contrast, many alternatives (including ProfitBooks) offer generous free options so businesses can test-drive before purchasing.
Customer Service Challenges
MYOB’s customer support relies heavily on email communication, often resulting in delayed response times. In today’s fast-paced business environment, waiting 24+ hours for a resolution to urgent financial issues simply isn’t viable. I’ve heard numerous stories of users struggling with unresolved technical issues spanning multiple support interactions.
Feature Limitations
MYOB’s payroll functionality presents significant limitations. Their lower-tier plans restrict the number of employees you can manage, with additional fees applying for each extra team member. This creates an unpredictable cost structure as your business grows.
Their reporting capabilities also trail behind competitors, with users frequently citing frustrations with single-report generation (you can only run one report at a time) and limited customization options. For data-driven decision-making, these constraints can be severely limiting
Top MYOB Alternatives for Australian Businesses
After testing numerous accounting platforms and gathering feedback from hundreds of business owners, I’ve identified the most viable MYOB alternatives for Australian businesses.
Let’s examine each option’s strengths, limitations, and ideal use cases.
- Xero: The Market Leader
Xero dashboard
Xero has emerged as the gold standard and most popular MYOB alternative in Australia. Its cloud-first approach has revolutionized how businesses manage their finances.
Key Strengths:
- Intuitive Interface: Xero consistently receives praise for its user-friendly design
- Superior Reporting: Unlike MYOB, Xero allows multiple reports to be run simultaneously with extensive customization
- Unlimited Bank Connections: Even on basic plans, Xero offers unlimited bank feeds
- Strong Accountant Network: Many accounting professionals now exclusively use Xero and prefer clients on this platform
Limitations:
- Premium Pricing: Plans range from $29 to $89/month, making it one of the more expensive options
- Limited Invoicing on Basic Plan: The Starter plan restricts the number of invoices
- No Direct Phone Support: Unlike MYOB, Xero doesn’t offer phone support
Ideal For:
Medium-sized businesses that prioritize robust reporting and seamless accountant collaboration.
Current Pricing:
- Early: $29/month
- Growing: $62/month
- Established: $89/month
- QuickBooks: The Feature-Rich Option
QuickBooks Accounting Software
QuickBooks offers comprehensive features and solid reporting capabilities, though it receives mixed reviews from Australian accounting professionals.
Key Strengths:
- Cloud Accessibility: Work from anywhere with full-featured mobile apps
- Comprehensive Reports: Generates reliable, detailed financial insights
- Strong Bank Integrations: It connects smoothly with most Australian financial institutions
- Phone Support: Available for urgent assistance
Limitations:
- Steep Learning Curve: Many users find QuickBooks comprehensive but difficult to navigate
- Occasional Bugs: Some users report software glitches
- Limited Training Resources: Compared to alternatives like Xero, training materials are less robust
Ideal For:
Larger businesses with complex accounting needs who value detailed reporting.
Current Pricing:
- Simple Start: $12.50/month
- Essentials: $20/month
- Plus: $27.50/month
- ProfitBooks: The User-Friendly, Cost-Effective Solution
As the co-founder, I designed ProfitBooks specifically to address the frustrations I experienced with other accounting platforms. Our solution focuses on simplicity without sacrificing functionality.
Key Strengths:
- Intuitive Design: Created for business owners with limited accounting knowledge
- Free Forever Plan: Our Startup plan is completely free, making it ideal for new businesses
- Advanced Inventory Management: Superior multi-warehouse tracking with 5+ warehouse locations (compared to MYOB’s single location)
- Unlimited Users: No extra charges for additional team members
- Full Mobile Functionality: Complete feature parity between web and mobile apps
- Custom Report Builder: Create tailored financial reports with our drag-and-drop interface
Limitations:
- Payroll as Add-on: Requires a separate subscription for comprehensive payroll
- Fewer Local Bank Integrations: We are still expanding our Australian banking connections
- Best for Companies Under 50 Employees: Optimal performance for small to medium businesses
Ideal For:
Small businesses, startups, and inventory-heavy operations seeking cost-effective solutions.
Current Pricing:
- Startup: Free forever
- SMB: $20/month (no limits on invoices or users)
- Reckon One: The Budget-Friendly Contender
Reckon One Dashboard
Reckon positions itself as a cost-effective alternative with comparable features to MYOB, offering plans at approximately 35% lower cost.
Key Strengths:
- Modular Pricing: Pay only for features you need
- Unlimited Users: All plans include multiple user access
- Free Migration Service: When switching from MYOB to premium plans
- Phone Support: Unlimited free phone support during business hours
Limitations:
- Steeper Learning Curve: Less intuitive than cloud-native competitors
- Limited Customization: Fewer options for tailoring the interface
- Basic Mobile Apps: Less functionality compared to desktop version
Ideal For:
Budget-conscious businesses that need solid core accounting features.
Current Pricing:
- Core: $22/month
- Plus: Varies based on modules selected
- Zoho Books: The Integrated Business Suite Option
While better known globally, Zoho’s Australian-specific version offers unique advantages, particularly for businesses using other Zoho products.
Key Strengths:
- Free Tier: Available for businesses under $50K annual revenue
- Automated BAS Lodgment: Streamlines tax compliance
- Project Profitability Tracking: Ideal for service-based businesses
- Deep Integration: Seamless connection with Zoho’s CRM, inventory, and project tools
Limitations:
- Less Australian Market Share: Smaller local support community
- Learning Curve: The Interface can be overwhelming initially
Ideal For:
Businesses already using other Zoho products or requiring strong project accounting.
Current Pricing:
- Free: $0 (revenue under $50K)
- Standard: $20/month
- Professional: $40/month
How to Choose the Perfect Accounting Software for Your Business
After helping hundreds of businesses select the right accounting solution, I’ve developed a framework to simplify this decision:
- Deployment Preferences
Consider whether cloud-based or desktop software better suits your needs. Cloud solutions offer anywhere access and automatic backups but require reliable internet. Desktop options provide faster local processing but limit remote access.
- Security Standards
Never compromise on data security. Verify that the software uses HTTPS for secure data transfer and partners with reputable cloud hosting services like Amazon or Rackspace. At ProfitBooks, we implement enterprise-grade encryption and regular security audits—something I recommend confirming with any provider.
- Core Feature Requirements
List your non-negotiable features. Do you need invoicing, expense tracking, inventory management, bank reconciliation, or payroll? Prioritize software that excels in your critical areas. For instance, I’ve seen retail businesses struggle with platforms that have weak inventory capabilities.
- Growth Consideration
Select software that can scale with your business. I’ve watched too many companies outgrow their accounting solution within a year, facing painful migrations during critical growth phases.
- Data Portability
Ensure you can easily export your data if you later switch platforms. Some providers make this unnecessarily difficult—a red flag I always warn businesses about.
- Hidden Costs
Watch for additional fees beyond the monthly subscription, such as transaction charges, integration costs, or support fees. I’ve seen businesses shocked by their “affordable” software becoming expensive once these extras accumulated.
- Support Quality
Evaluate available support channels, response times, knowledge quality, and resource availability. During financial crises, waiting days for support isn’t an option.
Why ProfitBooks Stands Out for Australian Small Businesses
When I co-founded ProfitBooks, I was determined to address the pain points I’d experienced with other accounting platforms.
After ten years of refining our solution based on actual user feedback, here’s why I believe it offers exceptional value:
Free Starting Point with No Compromises
Unlike other providers offering limited “free trials,” our Startup plan is genuinely free forever. It includes all essential features without artificial limitations, making it perfect for new businesses watching every dollar.
Designed for Non-Accountants
I built ProfitBooks after seeing business owners struggle with unnecessarily complex software. Our intuitive interface eliminates accounting jargon and uses straightforward navigation that doesn’t require finance expertise.
Superior Inventory Management
Our multi-warehouse inventory system supports businesses with complex stock requirements across multiple locations—a significant advantage over MYOB’s single-location limitation.
Australia-Specific Tax Compliance
We’ve tailored our GST calculation and reporting tools specifically for Australian requirements, ensuring you remain compliant with minimal effort.
Customer-Centric Support
Our support team personally helped me solve complex accounting challenges when I ran my previous business, so I know the value of responsive assistance. We offer chat and email support with actual accounting experts, not script-reading representatives.
Transparent Pricing
We offer just two simple plans—free and $20/month—with no hidden costs or surprise fees. This predictability has been particularly appreciated by our growing businesses managing tight budgets.
FAQs About MYOB Alternatives
Is Xero worth the higher cost compared to MYOB?
In my experience, Xero’s superior usability and reporting capabilities often justify its cost through time savings. Many accountants report that “the extra $$ for Xero subscription is worth it” due to automation, intuitive interface, and modern features. However, smaller businesses with straightforward needs may find more cost-effective options like ProfitBooks equally capable at a lower price point.
Which accounting software do most Australian accountants prefer?
Xero has emerged as the clear preference among Australian accounting professionals. Some firms now exclusively use Xero and may even turn away clients using other platforms. This preference developed because Xero strategically focused on building relationships with financial advisors during its growth phase.
How easy is it to migrate from MYOB to an alternative platform?
Migration complexity varies significantly between platforms. Reckon offers a free migration service for users signing up for Plus or Premium plans, while ProfitBooks provides guided assistance for data transfer. Based on client experiences, most migrations require 1-2 days of planning and implementation, with historical data being the most challenging aspect. I always recommend keeping your MYOB subscription active for at least one month after migration to ensure all data transfers correctly.
How do MYOB alternatives handle Australian tax requirements?
All major alternatives designed for the Australian market support GST calculations, BAS lodgment, and Single Touch Payroll compliance. Xero is particularly noted for its “very good integrations for automatic reporting into the Australian Tax Officer’s systems”. ProfitBooks has recently enhanced our GST calculation tools and reporting features specifically for Australian requirements.
Can small businesses with limited accounting knowledge use these alternatives?
User-friendliness varies significantly across platforms. From my experience helping businesses transition, Xero and ProfitBooks are consistently cited as being more intuitive for non-accountants. ProfitBooks was specifically “designed for business owners with little to no accounting expertise,” focusing on plain language and visual workflows. MYOB is often perceived as having a steeper learning curve, with users describing it as having a “complex interface for beginners.”
What are the main limitations of MYOB compared to its alternatives?
Common limitations include a more complex interface, restricted reporting capabilities (only one report can be run at a time), slower development of new features, and being “late to cloud adoption.” Many users describe MYOB as “staying in the dinosaur era” while competitors innovated. Mobile functionality gaps and pricing transparency issues are also frequently cited concerns.
Are there migration tools to help transfer data from MYOB?
Yes, several tools can assist with MYOB data migration. ProfitBooks offers a guided migration service where our team helps transfer your chart of accounts, contacts, and recent transactions. Reckon advertises a free migration service for higher-tier plans. Most importantly, I advise creating a detailed migration plan focusing on customer data, supplier information, chart of accounts, and recent transactions, which are typically the most critical elements to transfer.
How important is cloud accessibility when choosing accounting software?
Based on my conversations with hundreds of business owners, cloud accessibility has shifted from a preference to a necessity. The ability to access financial data from anywhere and share it securely with accountants has become essential. The market has definitively moved toward cloud-based solutions since 2015, with on-premise software increasingly viewed as outdated and restrictive.
Conclusion: Making Your Final Decision
After a decade of helping Australian businesses optimize their financial operations, I’ve learned that the “perfect” accounting software depends entirely on your specific needs, growth trajectory, and budget constraints.
Xero offers robust functionality and strong accountant integration but comes at a premium price. QuickBooks provides comprehensive features but may overwhelm users with its complexity.
Reckon delivers good value with Australian-specific features, while ProfitBooks offers the most cost-effective solution with a user-friendly design.
For most small to medium Australian businesses, I’ve found that ProfitBooks provides the ideal balance of functionality, ease of use, and affordability.
Our free Startup plan allows you to test the platform thoroughly without financial commitment. This is something I believe every software provider should offer.
Whatever option you choose, remember that accounting software should simplify your financial management, not complicate it. The right solution lets you focus on growing your business rather than drowning in financial admin.
Ready to streamline your accounting processes? Try ProfitBooks free today and experience the difference our user-friendly approach can make for your business.
Have questions about transitioning from MYOB or choosing the right accounting solution? Share your thoughts in the comments below, and I’ll personally respond to help guide your decision.
