This Review MYOB Accounting Software Malaysia aims to explain in detailed what the MYOB accounting software can do for your business. MYOB Accounting software is one of the top accounting software in Malaysia, used by many small and medium sized businesses. It is one of the Customs-approved accounting software for GST Malaysia.
MYOB is an acronym for Mind Your Own Business.
MYOB is also the name of an Australian company which was established in 1991. The Company, MYOB Pty Ltd, provides business management software for the small and medium sized businesses. These software serves different business needs such as accounting, payroll, point-of-sales and CRM functions.
Most of the software products produced by the Company have the company name ‘MYOB’ attached to it. For example, MYOB BusinessBasics, MYOB Accounting and MYOB Premier are names of accounting software written for different levels of user requirement. MYOB Payroll is a payroll solution. And MYOB RetailManager and MYOB RetailBasics are the names of the point-of-sales software for the retail industry.
Recently, the company did a rebranding exercise of their accounting software range. The accounting software is now called MYOB AccountRight, with the suffix ‘Basics’, ‘Standard’ and ‘Premier’ to differentiate the different market segments that it caters to.
MYOB accounting software is available for both the Microsoft Windows and Apple Mac OS X operating systems.
MYOB software products are available in Australia, New Zealand and across many Asian countries such as Malaysia, Singapore, Hong Kong and Indonesia. In the United States of America, the version of accounting software that is more popular is the Mac version and is sold as ‘MYOB AccountEdge’
In order to run a profitable business, a business owner will require a business management software that is powerful, cost effective and easy to use. You want something that will look after your cash flow, receivables and payables as well as being able to generate financial reports on a timely basis.
MYOB Accounting software has the following features:
Data is processed in real-time mode in MYOB Accounting system. There is no posting required. Once you entered your data, and click the ‘Record’ button, the transaction is processed and you can get your up-to-date reports immediately. There is no need to do ‘month-end closing’ also because the financial accounts is updated as soon as you complete the data entry.
MYOB Accounting software is an integrated system between Sales, Purchasing, Stock Control, Accounts and Banking functions.
This means you can get updated stock balance, cash balance, debtors and creditors balance and your profit figures as soon as you have completed raising the invoice or made a purchase.
MYOB is designed for business minded people, with or without accounting knowledge. MYOB Automatically converts familiar invoices, cheques, bills, etc., into full double-entry journals employed by accountants and auditors.
You can issue and print quotations and later convert them into Sales Order and Sales Invoices with great ease. The documents can be printed or emailed to the recipients.
The jobs functions in MYOB accounting software lets you assign income and expenses on an invoice, purchase order, cheque, or deposit to a Job Code. Use the Job Code to represent, for example, profit centers, product groups or locations.
The Category functions allows you to keep track of income and expenses by branch, sales territory and by region. You can generate a branch Profit & Loss and Balance Sheet within one database.
In MYOB Accounting software (other than the entry level version) you can set-up a master password and unlimited numbers of sub-passwords that can control access screen by screen. The Administrator has absolutely authority to set the users accessibility to different screens and tasks. The Administrator can also activate the audit function to trace and report any changes to the database.
You can establish a budget for each general ledger account for current year and for the following year. MYOB’s reports allow you to compare actual vs. budget with dollar and percentage variances.
MYOB forms can be easily customized to match most commonly used forms, such as Quotation, Invoice, Delivery order, Purchase order, Payment Voucher, Cheques, Official Receipts, Customer Statement and Address labels.
You can also print and email all the above documents easily with a click of a button. You can insert your logo for branding purposes.
Easily backup and restore your MYOB database within the software. The software will zip the backup file which you can save in a pendrive, or a external hard, or save to the cloud storage devices like Google drive and Dropbox
Transferring information from MYOB software to an accountant is simple. All you need to do is find out what information is required and how the accountant wants it. MYOB software can then print, fax, email or save to disk that information. Once the accountant has reviewed (and possible adjusted) the business information, it can be easily imported back into MYOB software and the books are updated instantly
On screen, MYOB software is intuitive, easy to use and avoids the use of accounting jargon wherever possible. Yet ‘behind the screens’, MYOB’s sophisticated double-entry system tracks and registers all of the transactions just the way an accountant would. MYOB software is flexible for you to work with an accountant as accounts can be structured the way that an accountant needs them. Reports can be produced for an accountant to determine business performance.
All MYOB reports can be exported to Microsoft Excel and other formats such as .txt or .csv formats.
MYOB accounting software is sold based on number of concurrent users (from 1, 3 5 etc) and also based on available features in the default software package.
Features applicable to MYOB Business Basics, MYOB Accounting and MYOB Premier
Modules : General Ledger, Banking, Sales Invoicing, Debtor Aging
Additional Modules available in MYOB Accounting and MYOB Premier Modules : Accounts Payable and Purchasing, Inventory, Job Management, GST Malaysia compliance
Additional Modules available in MYOB Premier only
Modules : Time Billing, Multi Currency, Multi user access
Business Tools available for all versions of MYOB Account software
Save Recurring Transactions, Find Transaction, To Do List, Customize and save reports, Business Dashboard
They say the proof is in the pudding. Try before you buy.
If you want to experience firsthand MYOB software, you can request for MYOB GST Software free download
Install a copy of the MYOB software trial version on to your PC and explore the sample data file. You can even set up MYOB software for your business and use it to manage your business straight away. The only restriction is if you create a data file for your company, your data file will become read-only after 30 days – more than enough to set up and trying out the features.
When you decide to purchase MYOB software, you can continue to use the same data file that you created with the MYOB trial version.
The MYOB price range (before implementation services) is between RM 300 to RM 4500, depending on the number of users and the features requested
For more information visit the MYOB Malaysia website.
MYOB in Malaysia is sold through various channels – professional partner and resellers, and also in the computer stores.