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MYOB Essentials Review

MYOB Essentials
Our score: 9.1 User satisfaction: 100%

What is MYOB Essentials?

MYOB Essentials is an online accounting software designed to help small and growing businesses with core accounting and payroll processes. The software comes with features for invoicing, expense management, billing, and financial reporting, so businesses get the tools they need to efficiently manage their finances. MYOB Essentials is available only to users in Australia and New Zealand.

The MYOB Essentials platform enables online invoicing and receipt collection, reducing the need to deal with mountains of paperwork. Aside from creating professional-looking invoices and quotes, the software also lets you set automated invoice reminders and track whether customers have opened your invoices. You’ll also be able to accept payments directly from your invoices using AMEX, Visa, Mastercard and BPAY.

In addition to organizing your invoicing activities, the platform also lets you track bills and expenses. Data from receipts and bills can be scanned and uploaded directly into the software, preventing the errors that result from manual data entry. The same convenience and automation can be found in MYOB Essential’s payroll features, which automatically calculate tax and superannuation. These calculations are also automatically updated according to changes to tax laws.

To help you keep an eye on your financials, MYOB Essentials lets you generate a selection of reports, including YTD reports, payment summaries, accruals, and liabilities. The software also lets you create reports based on GST, PAYG, and BAS.

Moreover, the platform is available at a variety of pricing plans. These pricing plans work great for startups and small businesses who need a simple yet efficient accounting platform that won’t break the bank.

Overview of MYOB Essentials Benefits

Convenient tax reporting and payroll processing

One of the best features of MYOB Essentials is that it’s a Single Touch Payroll-enabled software. With this feature, the software automatically reports employees’ payroll and tax information to ATO each time you pay employees through MYOB Essentials. The software also automatically calculates taxes and superannuation, saving you time and effort at the end of pay cycles. Changes to tax laws are also automatically applied to calculations.

Automated, error-free data entry

With MYOB Essentials, business owners and accounting teams can also avoid the hassle of dealing with paper receipts and bills. The software lets you use a mobile app to scan receipts and bills and automatically fills out forms with the scanned information. This automation ensures data accuracy and reduces the errors that can be caused by manual data entry.

Hassle-free bill tracking

The platform works with companies and local suppliers to make it easier for you to track and approve bills and expenses. Bills automatically appear in the software, so all you have to do is review and approve these. The bills contain detailed supplier information, including total bill amount and individual line items so you’ll see all the information you need.

Organized, on-time invoicing

MYOB Essentials come with plenty of features to streamline your business’ invoicing activities. You can quickly create professional-looking invoices and quotes and send these even via mobile devices. The platform also lets you set automated invoice reminders and see whether customers have seen and opened your invoices. Once your customers have paid their invoices, the software automatically updates as well. Moreover, your customers will be able to pay you via AMEX, Visa, MasterCard, and BPAY. All these features help reduce the effects of late or unpaid invoices on your cashflow.

Data-driven business insights

With MYOB Essentials, you can easily get data-driven insights on your business’ financial health. View payment summaries and reports on YTD cashflow, bad debt, liabilities, and deductions and customize these according to date range for comparing against your budget. You can also track taxes (GST and PAYG) and create reports on the data.

Overview of MYOB Essentials Features

Payroll
  • Single Touch Payroll-enabled
  • Automatic tax and superannuation calculation
  • Mobile timesheet and payslip management
Bills and expenses
  • Automated bills and expenses tracking
  • Scanning for bills and receipts
  • Link suppliers to send bills to your account
  • Automatic import for banking and credit card transactions
Invoicing
  • Send professional-looking invoices and quotes
  • Automatic payment updates
  • Automated invoice reminders
  • Track if invoices have been seen, open & paid
  • Automatic GST calculation
  • Credit card and BPAY payment options
Business insights
  • Create dozens of reports
  • Drill down with custom date ranges
  • Assess performance and cashflow over time
  • Set limits and goals on spending

MYOB Essentials Position In Our Categories

Because companies have specific business-related needs, it is only rational that they abstain from settling on a one-size-fits-all, ideal software system. Nonetheless, it is hard to try to pinpoint such application even among branded software products. The rational step to do is to make a list of the different critical aspects which need examination such as major features, packages, technical skill levels of staff, organizational size, etc. Thereafter, you must do your product research fully. Browse over some MYOB Essentials evaluations and check out the other software programs in your list more closely. Such comprehensive product research guarantees you stay away from ill-fitting applications and choose the system which delivers all the aspects your company requires.

Position of MYOB Essentials in our main categories:

TOP 20

MYOB Essentials is one of the top 20 Accounting Software products

TOP 20

MYOB Essentials is one of the 20 Online Accounting Software products

MYOB Essentials is also listed in the following subcategories:

Companies have diverse wants and requirements and no software application can be ideal in such a scenario. It is futile to try to find a perfect off-the-shelf software app that fulfills all your business wants. The smart thing to do would be to adapt the application for your special requirements, employee skill levels, finances, and other elements. For these reasons, do not hasten and subscribe to well-publicized popular applications. Though these may be widely used, they may not be the best fit for your particular requirements. Do your groundwork, check out each short-listed platform in detail, read a few MYOB Essentials Accounting Software reviews, call the vendor for clarifications, and finally choose the product that offers what you need.

How Much Does MYOB Essentials Cost?

MYOB Essentials Pricing Plans:

Free Trial

Essentials Payroll

$10/month

Accounting Starter

$27/month

Accounting

$48/month

Accounting + Payroll

$60/month

MYOB Essentials is available at four different pricing plans:

Essentials Payroll – $10 per month

  • Discounted price: $5/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay up to 4 employees

Accounting Starter – $27 per month

  • Discounted price: $13.50/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay 1 employee
  • Link your bank account (25 transactions per month)
  • Track & prepare BAS, GST
  • Send quotes & up to 5 invoices per month
  • Manage expenses & up to 5 bills per month
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

Accounting – $48 per month

  • Discounted price: $24/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay 1 employee
  • Link your bank account (unlimited transactions)
  • Track & prepare BAS, GST
  • Send unlimited quotes & invoices
  • Manage expenses & unlimited bills
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

Accounting + Payroll – $60 per month

  • Discounted price: $30/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay unlimited employees
  • Link your bank account* (unlimited transactions)
  • Track & prepare BAS, GST
  • Send unlimited quotes & invoices
  • Manage expenses & unlimited bills
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

User Satisfaction

Positive Social Media Mentions 11
Negative Social Media Mentions 0

We realize that when you make a decision to buy Accounting Software it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and MYOB Essentials reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with MYOB Essentials. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.

Video

Technical details

Devices Supported

  • Windows
  • Linux
  • Android
  • iPhone/iPad
  • Mac
  • Web-based

Deployment

  • Cloud Hosted

Language Support

  • English

Pricing Model

  • Monthly payment

Customer Types

  • Small Business
  • Medium Business
  • Freelancers

What Support Does This Vendor Offer?

  • email
  • phone
  • live support
  • training
  • tickets

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What are MYOB Essentials pricing details?

MYOB Essentials Pricing Plans:

Free Trial

Essentials Payroll

$10/month

Accounting Starter

$27/month

Accounting

$48/month

Accounting + Payroll

$60/month

MYOB Essentials is available at four different pricing plans:

Essentials Payroll – $10 per month

  • Discounted price: $5/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay up to 4 employees

Accounting Starter – $27 per month

  • Discounted price: $13.50/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay 1 employee
  • Link your bank account (25 transactions per month)
  • Track & prepare BAS, GST
  • Send quotes & up to 5 invoices per month
  • Manage expenses & up to 5 bills per month
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

Accounting – $48 per month

  • Discounted price: $24/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay 1 employee
  • Link your bank account (unlimited transactions)
  • Track & prepare BAS, GST
  • Send unlimited quotes & invoices
  • Manage expenses & unlimited bills
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

Accounting + Payroll – $60 per month

  • Discounted price: $30/month for 3 months (50% off)
  • Single Touch Payroll
  • Pay unlimited employees
  • Link your bank account* (unlimited transactions)
  • Track & prepare BAS, GST
  • Send unlimited quotes & invoices
  • Manage expenses & unlimited bills
  • Mobile apps for quotes, invoicing and receipt capture
  • Card & BPAY payments

What integrations are available for MYOB Essentials?

MYOB Essentials can be used with a wide variety of add-ons, including:

  • Squirrel Street
  • Magento
  • eBay
  • Salesforce
  • Eventbrite
  • ePages
  • Square
  • Kounta
  • Timely
  • MinuteDock
  • Spotlight Reporting
  • Calxa Premier
  • Abtrac

The platform also offers an API for developers.

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Reviewed By Louie Andre
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