MYOB Essentials Pricing, Features, Reviews & Comparison of Alternatives

MYOB Essentials

Online accounting & payroll for every business

3.92/5 (74 reviews)

MYOB Essentials overview

MYOB Essentials is an online accounting software that has a range of features designed to help businesses across Australia – whether they’re a start-up or a large business. Easily and quickly take care of GST, PAYG and BAS reports, invoices, reporting, expenses, and payroll (including Single Touch Payroll). Designed to save time, increase productivity, and stay up to date with compliance obligations.

MYOB Essentials is online making it easy to work from anywhere. Being online means business owners can invite accountants, bookkeepers, or their business partners to work together on their business books, including managing cash flow and ATO compliance requirements.

Track and reconcile expenses automatically by simply linking a bank account. Compare and improve business performance by creating clear, targeted budgets, and track profit and loss in real time. Pay employees easily and with confidence and give employees access to payslips and timesheets online.

Essentials is automatically updated every time there’s a tax change to keep businesses in step with the ATO.
www.myob.com

Pricing

Starting from
A$5/month
Pricing options
Value for money
View Pricing Plans

Devices

Business size

S
M
L

Markets

Australia

Supported languages

English
MYOB Essentials screenshot: Easy online accounting software built for small businessWelcome to MYOB EssentialsMYOB Essentials screenshot: Create dozens of useful reportsMYOB Essentials screenshot: Payroll that grows with you
Easily meet your Single Touch Payroll (STP) obligations
Automatically calculate tax and superannuationMYOB Essentials screenshot: Automatically track and manage bills and expenses. Use the MYOB Capture app to take photos of receipts and send them straight to your software. Plus, you can upload bills (drag and drop) or email them straight to your softwareMYOB Essentials screenshot: Create reports for year-to-date (YTD), payment summaries, turnover, bad debt, liabilities, deductions, accruals and more. Drill down with custom date ranges, tweak and customise against your budgetsMYOB Essentials screenshot: Online invoicing and quotes made easy on any device.MYOB Essentials screenshot: Collaborate on goods and services tax return in the cloud

MYOB Essentials reviews

Value for money
Features
Ease of use
Customer support
  3.4
  3.7
  3.8
  3.4
Gavin Power

MYOB in the Clouds

Used daily for 6-12 months
Reviewed 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
Features
Customer support

Likelihood to recommend: 6/10

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Lee Pattinson

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 2017-05-22
Review Source: Software Advice

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
Features
Customer support

Likelihood to recommend: 6/10

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Karen Hudson

Sold a dummy!

Used daily for less than 6 months
Reviewed 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
Features
Customer support

Likelihood to recommend: 1/10

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Rani Rakete

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

Used daily for 2+ years
Reviewed 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
Features
Customer support

Likelihood to recommend: 8/10

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Daz

Okay but . . . . .

Reviewed 2013-08-07
Review Source: GetApp

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

Rating breakdown

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MYOB Essentials pricing

Starting from
A$5/month
Pricing options
Free trial
Subscription
View Pricing Plans

Essentials Payroll: $5.00 / month
Accounting Starter: $13.50 / month
Accounting: $24.00 / month
Accounting + Payroll: $30.00 / month

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

MYOB Essentials features

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

Automatic Notifications (136 other apps)
Data Import/Export (144 other apps)
Financial Analysis (106 other apps)
Reporting & Statistics (188 other apps)
Workflow Management (118 other apps)

Security and privacy

Encryption

Encryption of sensitive data at rest
HTTPS for all pages

Access control

Multi-factor authentication options
This will ask you to sign in with LinkedIn

Additional information for MYOB Essentials

Key features of MYOB Essentials

  • API
  • Accept payment from invoices (PayDirect Online)
  • Accept timesheets via online or mobile
  • Access Control
  • Accounting integration
  • Accounting management
  • Accounting, GST and BAS
  • Activity dashboard
  • Ad Hoc Reporting
  • Application integration
  • Assignment Management
  • Audit trail
  • Auto-Matching
  • Automated Scheduling
  • Automatic Backup
  • Automatic leave calculation
  • Automatic updates
  • BAS
  • Balance Sheet
  • Bank feeds
  • Bank reconciliation
  • Banking & credit card transaction import
  • Batch Payments
  • Billing & invoicing
  • Bookkeeping
  • Budgeting
  • Business Analysis
  • Cash flow statement
  • Cash management
  • Charting
  • Collaboration tools
  • Compensation calculation
  • Compliance management
  • Contact History
  • Contact management
  • Coordinate payroll
  • Create and track jobs
  • Credit Card Processing
  • Customer History
  • Customizable Branding
  • Customizable reporting
  • Expense claims
  • General ledger
  • Goal setting
  • Income statements
  • Inventory management
  • Inventory tracking
  • Invoice Templates
  • Invoice management
  • Invoice processing
  • Job management
  • Leave tracking
  • Live reporting
  • LiveChat support
  • MYOB BankFeeds
  • 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
  • Single Touch Payroll
  • Smartphone app
  • Superstream
  • Tax updates
  • Time & expense tracking
  • Time billing
  • Timesheets
  • Track and pay expenses
  • Track inventory levels
  • Track profit and loss on jobs
View All Features

Benefits

• Expense tracking - automatically import your banking and credit card transactions securely and directly, always under your control.

• Give your customers more ways to pay with online invoices through AMEX, Visa, Mastercard or BPAY payments

• Updated automatically every time there’s a tax change, like Single Touch Payroll - making you compliant without lifting a finger

• Easily invite bookkeepers, accountants, or business partners into your account to collaborate from anywhere.

• Compare and improve business performance by creating clear, targeted budgets, and track profit and loss in real time