Handling accounts can turn out to be a very tedious task for any business owner. Taxes, transactions, payrolls, reports, and whatnot! It can consume you entirely and might place the business part a bit under the shadow. Hiring an accountant also has its downsides considering the cost and sensitivity of financial data.
What is the solution then? An accounting software.
Accounting software manages all of your needs in one place over a remote or cloud environment. They are easy to operate, always available, and generally procurable. This is why having software that is specifically designed to meet your demands is crucial.
MYOB has been known to be a wonderful software used by various businesses in Australia. Certain features of it though leave the customers disappointed. We’ll study all these factors effectively, explore MYOB alternatives in Australia, and try to understand what factors go into choosing software.
I have brought you this article which covers all the alternatives to MYOB specifically and features of accounting software generally.
Why Is Accounting Software A Necessity?
- Accounting software can completely transform your company and relieve some of your workload while enabling it to realize its full potential. Here are a few significant benefits:
- Cost-saving Measure: Employing many accountants may not always be necessary for firms. These responsibilities can be successfully handled by accounting software, earning your trust.
- Business Expansion: For smaller and medium-sized firms with few resources, accounting can be rather intimidating. You free up additional resources to support the expansion of your organization by using software to perform these duties.
- Analysis: Accounting software provides in-depth studies and reports on your company, including topics like payroll, inventory control, and unpaid invoices.
- Interstate Transaction Management: Accounting software becomes essential if your company now transacts business internationally or intends to do so in the future. It helps in the maintenance of records.
- Tax assistance: Paying taxes is always a bit of a challenge. However, they must be treated carefully because they are essential for the legal running of your company. Accounting software can ensure that your tax-related chores are completed correctly.
- Improved Security: By using accounting software, you also put money into strong data security procedures. It guarantees that your financial data is protected from prying eyes and any breaches, providing you peace of mind and preserving the integrity of your company.
In essence, adopting accounting software can result in more productive operations, open the door for company growth, and offer priceless assistance in managing your money, and taxes, and protecting your sensitive data.
What Are The Accounting Requirements In Australia?
let’s talk about accounting regulations and standards in Australia. They play a crucial role in ensuring businesses provide transparent and accurate financial reporting. These standards, known as Generally Accepted Accounting Principles (GAAP), are the bedrock of uniformity and openness in financial reporting.
The Australian Accounting Standards Board (AASB) is the authority responsible for these standards. They work diligently to align Australian accounting standards with global ones, promoting consistency and transparency in financial reporting.
Now, why is it so important to stay in line with these accounting standards? Well, compliance isn’t just about avoiding legal trouble; it’s also about maintaining the trust and confidence of investors. This, in turn, boosts a company’s reputation and image.
In the international arena, the International Financial Reporting Standards (IFRS) are used to harmonize financial reporting with global standards. It’s a move aimed at fostering transparency and attracting investment.
But, let’s not forget, that Australia has its own set of accounting laws too, such as those outlined in the Corporations Act and overseen by the Australian Taxation Office (ATO). To ensure compliance, companies often implement measures like internal controls and regular audits. All of this contributes to a healthy corporate environment.
So, in a nutshell, keeping up with accounting standards in Australia isn’t just a legal necessity; it’s a vital part of maintaining trust, transparency, and a thriving business environment.
Why do we need Myob Alternatives?
Now that it has been established that we need accounting software to run a successful business, let us look at the problems in MYOB, which led to finding its alternatives. Once we understand the reasons we’ll also understand which MYOB alternative would suit what business.
Myob offers four plans all of which are paid. The ‘Lite’ plan at $15/month, the ‘Pro’ plan at $27.50/month, the ‘AccountRight Plus plan at $68/month, and the ‘AccountRight Premier plan is valued at $85/month.
Well, these figures do tend to be on the higher side when you compare them to what you would spend for its alternatives. A good thing is that they frequently provide discounts and even a free trial. Nevertheless, many small and medium-sized enterprises can hesitate before investing because of such costs and would prefer MYOB alternatives.
Complex To Use
Myob does not provide enough training for its software especially compared to its alternatives in Xero. Hence, Myob is on the difficult side to navigate through and get to the required with minimal operations.
No Free Or Trial Plan
Myob does not provide in free plan. Even the paid programs do not offer a trial period forcing clients to pay for the software to have a hands-on experience. This is a significant disadvantage to Myob keeping in mind the alternatives like ProfitBooks which offers an entirely free plan.
Depleting Customer Service
Myob answers to queries and complaints only through mails which gets you a response in a day. That is a bit delayed compared to the standard practice in the industry. Many other software, for the sake of efficiency and gratitude to the clients, answer queries and complaints over phone calls, effectively providing immediate responses.
Limited Facilities Provided
MYOB faces some limitations in its services. The most significant one is in the area of payroll. The two cheapest plans plan provides payroll support for limited employees. Beyond that, MYOB charges a fee for each additional employee, which can be equivalent to increasing the salary of each employee by $1.50.
The starter plan, often preferred by small businesses and startups, has limitations when it comes to the number of invoices and bills you can manage. Additionally, there have been recent reports of software bugs cropping up, which can be a concern.
What Are The Alternatives To MYOB?
Let’s look at the choices that we have got for replacing Myob. We’ll look at their features and pricing, giving a general idea of what it will be like to use them.
In the Australian bookkeeping community, QuickBooks is an acknowledged name that has been around for a while. It has the feature of being cloud-based, allowing you to work with it from almost anywhere. Numerous features are available, including managing payroll, and numerous user accounts (although this varies depending on the plan). Since they don’t offer much training, some people may find QuickBooks to be a little too comprehensive and a bit difficult to navigate.
On the plus side, adopting QuickBooks has a few genuine benefits. It generates some reliable, comprehensive reports and gets along well with banks and other apps.
Additionally, you have phone support for assistance needed. However, I’ve known a few user reports of bugs, which can be somewhat alarming. Overall, though, it appears that QuickBooks meets the needs of the majority of users and can be a good MYOB alternative.
QuickBooks offers three plans, ‘Simple Start’, ‘Essentials’, and the ‘Plus’ plan valued at $12.50/month, $20/month, and $27.50/month respectively. These are cheaper than Xero but still on the higher spectrum. The services vary significantly with a change in plan, making QuickBooks suitable for large businesses.
ProfitBooks creates a pretty welcoming environment for businesses to thrive. What’s good about them is they’ve made it super user-friendly, so you don’t even need to hire an accountant. I mean, even if you’re clueless about accounting, you can handle it with ease.
They’re not big on direct integrations with other platforms, but they have a workaround using Excel to move data around if you ever need it.
One more thing that sets ProfitBooks apart is its simplicity. They don’t overwhelm you with super complicated reports. Instead, they keep it focused on what matters. It helps you concentrate on the essentials, which later leads to a more solid and non-negotiable analysis of crucial points, resulting in steady but significant growth.
They’re one of the very few accounting software providers worldwide that offer a lifetime FREE plan. It’s not some stripped-down version either; it’s quite valuable, especially for startups and small businesses. I’ve found it to be quite handy myself. It is probably the best Myob alternative in Australia.
They offer two plans; the full-time free plan labeled the ‘Startup’ plan and another plan called the ‘SMB’ plan worth $15/month. This is quite cheap compared to the counterparts with little to no compromise on services offered.
Xero has very good functionalities and it is confirmed by every decent source that I researched. It has a huge set of reports and analyses. Xero mingles well with other APIs and software. Large and medium-sized businesses could look forward to Xero as their accounting software.
Xero proves to be an upgrade on MYOB as an alternative but is still very pricey. Other MYOB alternatives mentioned in the article are not very expensive and offer enough services. Xero also seems to be an accountant’s software provided its complexity. This may lead to the necessity of an accountant.
Despite these Xero is recommended as a MYOB alternative if you think your business needs a very robust and complexly functional software.
Xero currently offers four plans in Australia. The starter plan at $29/month, the standard plan at $59/month, the premium 5 plan at $76/month, and the Ultimate 10 plan at $110/month.
Rounded knows how to put AI to good use in their software. They’ve made it super smart, so it not only looks good but also tailors itself to each user for a personalized experience. It’s like they’ve laid out the red carpet for easy navigation.
One cool thing about Rounded is their multicurrency support. If your business deals with folks across borders, it’s got your back. Plus, they’ve got a pretty solid mobile app.
But what sets Rounded apart is their in-app chat and communication support. It’s like having a built-in chatroom for your business transactions and reports. This not only keeps things running smoothly but also adds a layer of accountability and transparency for future reference. That’s pretty helpful.
Now, here’s the flip side. Rounded isn’t exactly a tax whiz, and they don’t offer GST services in one of their two plans. Also, if you want to keep tabs on your bank account through the software, you might be out of luck with that plan because it can’t be connected. So, it’s not perfect, but it’s got some cool features to consider it a good enough alternative to MYOB.
Two plans. $19.95/ month for the ‘Starter’ plan and $24.95/month for the ‘PRO’ plan. The plans differ in GST valuation, Bank account connection, and unlimited availability of templates.
How To Choose The Best Suitable Software For Your Accounting Needs?
Choosing the right accounting software for your company is a big decision. First things first, you’ve got to pick between desktop-based or cloud-based software. Cloud-based software is quite popular because it can sync your data, back it up automatically, and you can access it from anywhere with an internet connection. But if you’re in a place with shaky internet or need to do stuff in person super quickly, the offline option might be better.
Now, let’s talk security. Your data’s safety is a big deal. Make sure the software uses something called HTTPS for secure data transfer. And if they’re partnering with reliable cloud hosting companies like Amazon or Rackspace, that’s a good sign.
Next, figure out what you need the software to do. Do you need it for things like making invoices, tracking expenses, managing your inventory, or reconciling your bank statements? That’s important to know.
Think about the future, too. You want software that can grow with your business.
Also, make sure you can easily take your data with you if you ever decide to switch software. Watch out for any hidden fees, like extra charges for transactions or integration. And be clear on what the free trial version lets you do.
Don’t forget about support! It’s super important. Check if they have different ways to get help, respond quickly, have good knowledge, offer resources, and update the software.
Do not hesitate to change the software you are using if you find that it is not enough for your business. Look for alternatives like we did with this article accessing MYOB alternatives in Australia.
In the end, when you’re picking your accounting software, just remember these things and match them up with what your company needs and wants. One option to consider is ProfitBooks. It’s great for small and medium-sized businesses, with user-friendly features, room to grow, a reasonable price, awesome support, and clear expenses.
So, there you have it, a thorough examination of MYOB alternatives in Australia and what elements to take into account when selecting the best accounting program for your company. It is evident that with the help of these software options, managing finances doesn’t have to be a difficult task.
Keep in mind that the right software can change the game by enabling you to cut costs, grow your company, and gain insightful information through thorough analysis. Additionally, it offers improved security for your financial data and guarantees that you are on top of taxes.
You can choose the option that best fits your business needs and budget by comparing the alternatives, including QuickBooks, ProfitBooks, Xero, and Rounded.
Flexibility and adaptability are essential in the constantly changing world of accounting. Don’t be afraid to experiment with new options, and if your current software isn’t cutting it, look for replacements that will enable your company to grow. Happy financial health and prosperous business endeavors!