What is MYOB? Everything You Need to Know

Colin Lua

11 mins read

Published:

29 April 2025

Updated:

29 December 2025

Ready to get started?

Looking for easy-to-use accounting software for your Aussie business? MYOB Business is worth checking out. It’s got the tools needed for businesses here in Australia.

This guide will walk you through what MYOB Business is, what it does, and how it can make managing your money simpler.

MYOB overview

MYOB Business is online accounting software made for Aussie small businesses. It’s designed to make finance tasks, like invoicing and payroll, simpler. The features in MYOB help you manage your accounts and stay on top of compliance stuff.

What does MYOB stand for?

Ever wonder what MYOB stands for? It’s “Mind Your Own Business”. Pretty fitting, actually! The software gives you the tools you need to really mind your business—helping you manage finances, track sales, and get all that important admin sorted.

What is MYOB used for?

Think MYOB Business is just for basic bookkeeping? It actually does a lot more. It’s built to help manage many parts of your business’s money and how you run things day-to-day. The different tools within MYOB work together smoothly to make your job easier and give you a clear picture of your business finances.

So, what can MYOB Business actually do? Here’s a look at the main tools inside:

Accounting: This is your bread and butter. Manage money coming in and going out, link your bank accounts so transactions pop up automatically, and easily match up your records.
Invoicing and Quotes: Create professional-looking invoices and quotes without the fuss, and easily see who owes you what.
Payroll: Super important for Aussie businesses! Handle wages, sort out super payments, and manage tax for your team, keeping everything compliant.
Inventory Management: Selling products? This tool helps you keep track of stock levels, manage suppliers, and work out the cost of goods you sell.
Bank Feeds: Hook up your bank account, and your transactions flow straight into MYOB. It saves heaps of time and helps keep your bookkeeping accurate.
Reporting: Get easy-to-read reports showing how your business is doing financially and helps you make sure you’re meeting requirements.
Contacts Management: Keep all your customer and supplier info organised and easy to find in one place.

Depending on the specific MYOB Business plan, other features like MYOB project management and job costing may also be available.

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What are the different MYOB products and plans under the “Business” umbrella?

MYOB has different plans designed for businesses of all shapes and sizes. Here’s a quick rundown of the main MYOB Business options:

MYOB Business Lite: Great if you’re just starting out or run a smaller business. It gives you the essentials to handle sales, track expenses, and manage GST, keeping your basic bookkeeping under control.
MYOB Business Pro: For businesses that are growing and need a bit more. Pro has everything in Lite, plus tools to manage your stock (inventory) and extra features to help your day-to-day work run smoother.
MYOB Business AccountRight: This is a more heavy-duty option. It’s a good fit if you need detailed stock tracking, want to calculate costs for specific jobs, or have more complex business management needs. You can use it online or install it on your computer.

Good to know: MYOB Business isn’t the only option MYOB has. Just so you know the difference:

MYOB Essentials: Think of this as a simpler online tool. It’s usually a good fit for sole traders or very small businesses with fairly basic accounting needs.
MYOB Enterprise: This one’s designed for much larger businesses that have more complicated needs. It goes beyond everyday accounting and helps manage many different parts of a bigger company’s operations.

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Is MYOB Business cloud-based?

Yes, MYOB Business is cloud-based. This simply means the software and your business data are stored securely online, rather than just on your office computer.

Here’s why that’s handy:

Access anywhere: You can log in to your MYOB account wherever you’ve got internet – whether you’re on a computer, tablet, or phone.
Always up-to-date: Forget manual updates. MYOB handles them automatically, so you’re always using the latest version with the newest features.
Teamwork made easy: Need your accountant or staff to jump in? Cloud access means multiple people can work with the same info at the same time (you control who sees what, of course).

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Why choose MYOB Business?

Bottom line? MYOB Business offers some real advantages for Aussie business owners. It helps take the pain out of compliance and makes managing your money side of things run a lot smoother.

8 advantages of using MYOB Business

MYOB Business offers more than just accounting tools; it gives your business real advantages. Here’s how it helps things run smoother and makes managing your business easier:

1. Made for Aussie rules

MYOB gets Australian compliance. It helps you handle GST, prepare your BAS, and manage payroll correctly, including PAYG tax and super payments. That’s a big help compared to some international software that might need fiddly workarounds.

2. Local help when you need it

Need a hand? MYOB Australia has support teams based right here. You’ll talk to people who understand Aussie business, local tax rules, and the challenges you might be facing.

3. Connects to Aussie banks

MYOB links smoothly with Australian banks. This makes getting your bank transactions automatically imported and matching them up way easier, with fewer chances for slip-ups.

4. Grows with you

As your business expands, MYOB can grow too. You can switch to a different plan when you need more features, so your software keeps up with you.

5. Save time on admin

MYOB automates tasks like sending invoices, matching bank transactions, and doing payroll. This cuts down your admin time, freeing you up to focus on running your business.

6. See how you’re tracking

Get reports that clearly show how your business is performing financially. This helps you understand trends, manage cash flow, figure out what’s making money, and make smarter decisions.

7. Easy to get started

MYOB aims to be straightforward, even if you’re not an accountant. The layout is generally clear, and help is available if you need it.

8. Track your stock

For businesses selling physical products, MYOB helps you keep track of your stock levels easily, manage suppliers, and cut down on errors.

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3 disadvantages of using MYOB Business

1. The costs

Because it’s subscription-based, you’ll have ongoing payments. Keep in mind the price can increase if your business grows, you need more advanced features, or add more people using it. Sometimes extras, like unlimited payroll, might cost more on top of your base plan.

2. Limitations in functionality

When it comes to how MYOB works day-to-day, keep in mind that reports might not be super flexible if you like heavy customisation, and they often export only as PDFs, making it tricky to play with the data afterwards.

Linking MYOB to other software you use might also be limited compared to some alternatives, potentially meaning more manual steps for you.

And while the basics are usually user-friendly, getting the hang of the more advanced features can take a bit of time; plus, some older versions need installing on your desktop, which can add extra setup or admin tasks.

3. Specific business needs

There are also a few specific limits to be aware of. If you deal with overseas customers (needing multi-currency) or manage stock in several warehouses, standard MYOB might struggle without some workarounds.

Some users also find they still need to do a fair bit of manual data entry, and it’s worth knowing that cancelling your account might not always be a super smooth process.

Finally, just double-check it covers the languages you need if that’s relevant for your business.

How does MYOB work?

So, how does MYOB Business actually help day-to-day? Here’s a quick look at how you’d typically use it:

Get Set Up: First up, you’ll enter your business details and choose your settings within MYOB.
Link Your Bank: Connect your business bank accounts so MYOB can automatically bring in your transaction details.
Invoice Customers: Easily create and send invoices, keep track of your sales, and manage the payments coming in.
Track Expenses: Record your spending and sort expenses into categories to help you watch your cash flow.
Do Payroll: MYOB automates the sums for paying your team, sorting out tax and super, and generating payslips.
Manage Stock (If needed): If you sell products, MYOB helps you track inventory levels, handle suppliers, and see what stock is moving.
Check Reports: Pull up various reports that give you a clear view of how your business is doing financially, check sales figures, and look at other key numbers.

How to use MYOB (Business)?

While a full tutorial is beyond the scope of this guide, here are some short examples of common tasks in MYOB:

Creating an invoice

Typically, you would navigate to the “Sales” section, select “Create Invoice,” enter customer details, add the products or services, and then save or send the invoice.

Reconciling a bank transaction

This usually involves going to the “Banking” section, matching transactions imported from your bank feed with the corresponding entries in MYOB, and confirming the reconciliation.

Processing a pay run

In the “Payroll” section, you would typically select employees, enter their hours or salary details, and then process the pay run, which calculates wages, taxes, and superannuation.

These examples illustrate the general workflow within MYOB, which is designed to guide users through common business tasks.

MYOB accounting prices

Wondering how much MYOB software costs? The price really depends on the specific plan you choose and if MYOB has any special deals running at the time.

For the most current and accurate costs, your best bet is always to check the official MYOB Australia website directly. Prices can change, so heading to their site is the way to get the latest info on what you’ll pay.

MYOB Business and key business features

MYOB Business distinguishes itself by providing robust features that streamline core business functions, offering significant value compared to simpler accounting solutions.

MYOB accounting

MYOB’s accounting tools offer more than just the basics. They make managing your business finances much simpler. Here’s how they help:

Automated Bank Feeds: Connect your bank, and transactions flow in automatically, making it quicker to match everything up (reconciliation).
Income & Expense Tracking: Easily manage money coming in and going out so you can see how profitable your business is.
Clear Financial Reports: Get reports that give you a clear picture of your business’s financial health, helping you make smarter decisions.
Aussie Compliance Sorted: Handles GST calculations and BAS reporting to help you stay compliant with Australian tax rules.

These tools give you a clear overview of your finances and make those essential accounting tasks less of a chore.

MYOB inventory management

If your business sells physical products, MYOB’s inventory management tools can be a real lifesaver. Here’s what they help you do:

Live Stock Tracking: Keep an eye on your stock levels in real-time, so you know exactly what you’ve got and can avoid running short.
Know Your Costs: Helps you accurately figure out the value of your inventory and calculate the cost of the goods you sell.
Stock Reports: Get reports to see how your stock is moving, helping you manage it smarter.

Using these tools helps businesses that sell goods run more efficiently, make fewer mistakes, and keep better control of their inventory.

MYOB payroll

Paying your team in Australia involves a fair bit, but MYOB payroll helps simplify things and keeps you playing by the rules. Here’s how it helps you stay compliant:

Calculates PAYG withholding tax correctly.

Manages superannuation contributions.

Generates Single Touch Payroll (STP) reports, making reporting to the ATO straightforward.

In short, MYOB payroll makes pay runs smoother, helps reduce errors, and keeps your business compliant with the latest rules and regulations.

(Optional) MYOB project management and job tracking

Do you manage projects or bill clients for your time? Some MYOB Business plans include handy tools for this:

Project Management: These features help you organise tasks for a project, keep track of its costs, and manage deadlines.
Job Tracking: You can track the time and expenses spent on specific jobs or clients. This makes invoicing much simpler and helps you figure out which jobs are actually profitable.

Basically, these tools give you a clearer picture of your projects, help you manage resources better, and make the billing process smoother.

Who is MYOB for?

MYOB offers tools to help all sorts of Aussie businesses manage their finances and day-to-day tasks effectively. Here’s a look at who typically uses it:

For Small Businesses

MYOB Business is really built for small-to-medium Aussie businesses. With different plans available, it can grow with you, whether you’re a startup or more established. It provides the tools you need to manage your money, check how you’re tracking, and stay compliant.

For Sole Traders

If you’re running the show solo, MYOB has simpler options like MYOB Essentials that might be a better fit. These tools help with straightforward bookkeeping, tracking your income and expenses, and managing your tax obligations.

For Accountants

Accountants and bookkeepers often use MYOB to help manage their clients’ accounts more easily. It speeds up tasks like preparing financial statements, lodging BAS reports, and getting tax returns sorted, helping them work faster and more accurately.

Is MYOB an ERP system?

Wondering if MYOB Business is a full-on ERP system? Generally, no. ERPs (Enterprise Resource Planning systems) are usually massive setups designed for really large companies. They often try to handle everything – manufacturing, complex supply chains, detailed customer tracking (CRM), the lot – on top of the usual finance stuff.

MYOB Business is more focused on what most small to medium Aussie businesses need day-to-day: getting the accounts right, handling payroll, and managing inventory. While some of the higher-level MYOB plans, like AccountRight, include advanced features (like detailed stock control or job costing) that might feel a bit like ERP territory, it’s not quite the same thing.

So, while it's not strictly an ERP, MYOB Business gives you a strong set of tools to manage the key parts of running your business.

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Conclusion

What is MYOB business? It’s a suite of tools that empowers Australian businesses with comprehensive features, streamlining accounting, payroll, and inventory management. Its focus on local compliance, scalability, and user-friendly design makes it a leading choice for accounting and business management in Australia.

FAQs about MYOB

Is MYOB easy to use?

MYOB strives to be user-friendly. It’s designed to be clear and helpful, avoiding jargon. While accounting software can seem daunting, MYOB offers support resources to help businesses get started and make the most of its features.

Which MYOB is right for me?

The right MYOB product depends on the size and needs of the business. MYOB Essentials is suitable for sole traders and micro-businesses, while MYOB Business caters to small and medium-sized businesses. MYOB Enterprise is designed for larger enterprises.

Does MYOB have an app?

Some MYOB products have mobile apps that allow users to manage tasks on the go, such as creating invoices, reconciling transactions, and viewing customer information.

Speak with our Sydney-based team

Whether you’re a sole trader or a company, we’re here to help with ABN and company registration, compliance, and more. Let us take care of the admin so you can focus on growing your business. Talk with us today for friendly guidance from our team and a no obligation quote.

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