MYOB Essentials Review

Introduction

Brand MYOB
Price From $27 per month
Website https://www.myob.com/au/
Support Phone: 1300 555 123
https://www.myob.com/au/contact-us

MYOB Essentials is a cloud offering from MYOB who have a long history in the Accounting Software space. MYOB Essentials was created for the basic needs of small businesses and covers many key features including accounts receivable, accounts payable, bank accounts and reporting. MYOB Essentials is available on a number of plans so you can choose the subscription that best suits your business. If you think MYOB Essentials is the correct fit for your business you can buy a subscription immediately and get a limited time discount or alternatively if you are want to test it out with no commitment MYOB offers a 30-day free trial.

 

Getting Started

After signing up for MYOB Essentials you will be directed to the dashboard. You can start using MYOB immediately without adding any additional information, for the system to operate properly you should enter all the relevant details of your business.

Tips on Where to Start

MYOB Getting Started Help
MYOB Essentials offers some tips to help you get started.

MYOB has tips that sit to the right-hand side of the screen, this includes a guide to point you in the right direction to getting set up. Clicking the light bulb will hide the tips so they don’t get in the way.

Find Help for Each Page

MYOB Help Links
A quick link to help is available for any page you are on.

On any page, you can click the help icon and click a link to help for the specific page you are on. The help menu also includes links for getting started, videos, their blog and support.

MYOB also gives you an indication of how complete your profile is. Completing each step, which includes updating personal and business information, GST settings, opening balances for accounts and invoice and quote settings will increase the percentage completed on your profile.

Guiding for Getting Set Up

Setting Up Help Articles
Help articles can guide you through setting up your subscription.

 

Getting Started Conclusion

MYOB gives tips on how to get started, links to help for each page through the help menu and offers a guide on setting up. The setup guide includes steps for basic setup, additional setup which might include invoice and bill settings, bank feeds and adding a logo. The guide also shows adding additional users and points you in the right direction to begin using the software for managing your business.

Bank Accounts

Bank Accounts and feeds in accounting software can bring a big efficiency increase when keeping your figures up to date. MYOB allows you to apply for bank feeds from your bank, this process can take up to 3 weeks. MYOB offers connections to a range of banks including quicker setup times for Commonwealth, Westpac and ANZ banks.

Set Up Bank Feeds

MYOB Bank Feeds Set Up
MYOB Essentials allows you to set up bank feeds.

To set up a bank feed first select the type and then your financial institution. Depending on your selection you can choose between two methods to complete the setup. For some banks, you can apply online through your bank or print out a form and mail it to MYOB. If the bank you have selected does not allow sign up online you will still have the option to print and post your application. Depending on the option you choose the process may take from a few days to a few weeks.

Bank Account Statement Lines

Bank Account Transactions
In MYOB Essentials you can see a list of all your bank account transactions.

When your bank account is set up if you have enabled bank feeds they will show in the bank transactions area. If you chose not to set up a bank feed you will be able to import your statement using the import statements feature located in the top right of the bank transactions area.

Bank Accounts Conclusion

MYOB allows you to connect to your financial institution to import bank statements, alternatively, you can manually import them if you decide not to connect to your bank. Once the feed has brought in your transactions or you have manually imported them they will be available in the bank account transactions area ready to be reconciled.

Reconciling Transactions

To reconcile transactions in MYOB visit the bank transactions screen, there will be all the transaction that have been supplied by a bank feed if you set on up or from statements you have imported. Reconciling each line in the bank transactions area will ensure all the payments made to and from your bank accounts are accounted for in the system. If you do not reconcile all the statement lines of your bank accounts it is likely reporting would be inaccurate.

Quick Allocation to Chart Account

Transaction Account Allocation
Reconciling can be as simple as selecting a chart account.

The simplest way to reconcile a statement line is to simply select an account from your chart of accounts that the transaction relates to. The account you choose will determine where in reporting the transaction is shown depending on the settings of the account.

Match to Existing Transactions

Match Account Transactions
Find and match to existing transactions in MYOB Essentials.

If you already have a transaction in MYOB that relates to the transaction from your bank account you can expand the line to find and select the related transaction. You can select multiple transactions and save your selection once the total of the selected transaction equals the total of the statement line.

Reconciling Conclusion

To reconcile bank account transactions in MYOB you can simply select the related account from the chart of accounts, alternatively, you could select from existing transactions you have created in MYOB. Other options include reconciling it as a transfer between two of your accounts, creating a rule which MYOB will remember next time or leave a note for another user or your financial advisor to review.

Invoices & Income

The sales area allows you to keep track of invoices created for customers, including payments you have received from them and the current status of the invoice. From the sales area, you can view existing invoices and create new ones.

Invoice List

Invoices List
A list of the invoices you have entered into MYOB Essentials.

From the main invoices page, you can see key information about the invoices you have created, including the number, customer, date issued, due date, total and total due, current status and if the customer has viewed the invoice. You can filter the invoice using the search box, in the top right are buttons to create a new invoice or credit.

Create a New Invoice

Create a New Invoice
After entering all required details you can approve your invoice.

Clicking on the create invoice button will open a page to enter details about the invoice. To complete the invoice you will need to enter a contact and details about each item you are invoicing. This includes a description, the chart account to allocate it to, number of units, price and the tax to be applied. You can also enter a note to the customer. When you have completed the invoice you can enter a payment, email it to the customer or simply save it.

Record a Payment from Customer

Enter Payment
Apply payments to Invoices once your customer has paid.

When you are paid by a customer for an invoice you have issued you can mark it against an invoice through the Take Payment feature. This allows you to select enter the customer it is from, the bank account it was paid to, the date it was paid and a reference. A single payment can be marked against multiple invoices.

Invoices & Income Conclusion

MYOB offers simple features to allow you to create, view and take payments on invoices. Once completed you can email the invoice to the contact for them to view and pay. MYOB will keep your invoices up to date by allowing you to add payments or match invoices against transaction in your bank account. When invoices become overdue it will be indicated as overdue in the list view, this makes it easy to keep your invoices under control.

Bills & Expenses

In the Purchases area you can keep track of the bills you need to pay. You can also enter a Due Date so MYOB can keep track of when your bills become overdue.

Create a New Bill

Create a New Bill
Keep your bills in MYOB Essentials to remain up to date on when payments are due.

To create a new bill in MYOB enter the supplier it relates to, the reference number, a date and a due date. Enter each line of the bill to match the total on the invoice from your supplier. For each line you will also need to enter the account from the chart of accounts that it relates to, this will allow MYOB to show it correctly in reports. Once you have finished entering all the details you can save the bill and enter payments.

Bills & Expenses Conclusion

MYOB offers a simple way to enter and track your bills, entering payments against them either manually or by reconciling your bank account transactions will keep you up to date with the current status of your bills and any outstanding payments that need to be made.

Reporting

MYOB offers a range of reports to analyse your business from different angles. Keeping your bank accounts up to date and reconciled along with entering all invoices and bills into the system will ensure you have accurate reporting.

Reports Dashboard

MYOB Essentials Reports Dashboard
Access a wide range of reports from the reports dashboard.

MYOB offers reports including a balance report, trial balance, profit and loss, GST reports, Journals reports, reports on Accounts, Contacts and more. These reports are designed to give to you insight into your business, this helps you to see problem areas in your business and remain profitable.

Profit & Loss Example

Profit and Loss Example
An example of a Profit and Loss in MYOB Essentials

Above is an example of the MYOB Profit and Loss report, it shows you for a selected period the transactions that have been recorded against income and expense accounts. The report is designed to give you a good understanding of the operating income received and the expenses it incurs.

Reporting Conclusion

MYOB Essentials offers a number of reports so you can track the performance and profitability of your business. Keeping your account up to date with sales, bills and reconciling transactions will ensure you can always get an accurate overview of how your business is travelling.

Settings

Clicking on your business name in the top right will show you a menu of settings. MYOB offers a range of settings so you can customise the system to suit your business. The settings menu also shows your product serial number which might be needed for support.

Settings Menu

Settings Menu
Access settings from the top left area in MYOB Essentials

The settings menu includes options to invite your advisor, enter business details, users, your business logo, GST, Invoice and Quote settings. Through the settings menu you can also import and export data, manage your bank feeds, subscription and payment details. Here you will also find your chart of accounts list and a link to the area for entering manual journals into the system.

Business Settings

Business Details Settings
Edit your business details to customise MYOB Essentials to suit your business.

Some general information you can enter about your business includes your business and trading names, ABN/ACN and basic contact details.

Settings Conclusion

Through the settings menu, you can enter specific details about your business, this allows you to customise the system to suit your business. MYOB’s settings are limited making MYOB a better solution for smaller businesses with simple needs.

Permissions

MYOB has two permissions levels that can be assigned to users, Standard and Administrator. Once you have created a user you can apply the level of access the user should have.

User Permissions

User Role Options
Choose from Standard or Administrator roles for your users.

The two access levels MYOB provides are Standard and Administrator. Standard users can add sales and purchases, do pay runs and have general access to day to day tasks. The administrator role gives the user all the access of the Standard roll and they can also create and delete users and change users access levels. When you register for a MYOB Essentials subscription you will automatically be assigned as an administrator. There must always be at least one administrator in the user list.

Permissions Conclusion

MYOB gives you the choice between two user access levels, there are a couple of key differences between the access levels. The actual differences between what users are able to do when assigned either of the roles are small. This does not offer a great deal of control over user access which makes MYOB better suited to businesses with limited or trusted users.

Support

MYOB offers support 7 days a week during main business hours. You can get support in a number of ways including live chat, phone and community forums. This help is in addition to the help section MYOB provide for most areas of the system.

Phone and Chat Support

MYOB Support Options
You can get in contact with MYOB support a number of ways.

To contact MYOB support you can call 1300 555 123, alternatively, you can visit there support page and get in contact with them through live chat. If you need additional help beyond what support can do, MYOB can get you in contact with an accountant or bookkeeper to help you out.

Support Conclusion

MYOB offers great support so you can get help when you need it. This includes the possibility to call them or chat online. Other options include searching the help files or asking questions in the community forums.

Pricing

MYOB Essentials is available on a number of plans ranging from $27.00 per month up to $55.00 per month. MYOB also offer other products you can migrate to if you outgrow their essentials product.

MYOB Pricing

MYOB Essentials Plans
Subscribe to the MYOB Essentials plan that suits your business.

Starting at $27.00 per month you can get a MYOB Essentials subscription that will allow you to keep on top of GST and BAS and include up to 25 transactions per month through bank feeds. On the Starter package, you can create up to 5 invoices per month. On the $45.00 per month plan, you will be able to import all your transaction through bank feeds and create unlimited invoices. The highest plan offers unlimited payroll if you need it.

Pricing Conclusion

MYOB offers a few different plans so you can choose the one that suits your needs. All of MYOB’s plans are great for people who are new to accounting. The package you choose will determine the number of bank transactions you can receive in a feed and the number of invoices you can create.

MYOB Essentials Review Conclusion

MYOB Essentials offers a clean and simple system which is great for anyone new to accounting. The system has the ability to connect with financial institutions to import bank feeds, reconcile transaction, create and manage invoices and bills and generate a number of reports for insight into your businesses performance.  MYOB offers great support 7 days a week with the ability to call or chat live with a support person. The permissions available in MYOB Essentials are best suited to a small business. MYOB Essentials is a good pick for small or start-up businesses.