Is MYOB bookkeeping suitable for large businesses?

July 31, 2023

Short answer: yes!

When it comes to bookkeeping for larger businesses, there can be a natural inclination to think that this requires robust software and detailed manual processes by experts. However, the MYOB software product range provides users with the tools necessary to manage the complex accounts of large corporations successfully. 

Through its powerful range of accounting solutions, businesses are able to accurately track income and expenditure, monitor cash flow and forecast future performance in an efficient and organised way through MYOB’s easy-to-use interface. This blog post seeks to discuss whether MYOB is suitable for large business operations or if another solution should be looked at instead.

Don’t misjudge MYOB as only being suitable for personal finances and small businesses. There’s nothing stopping you from using MYOB bookkeeping for your business or company, no matter how large it is. 

And today, our MYOB bookkeepers in Melbourne will be explaining just how it can help your business as it grows and expands!

The bigger your business gets, the more important it becomes that you’re able to keep up with all the various financial transactions that occur on a daily basis. 

Without it, you won’t be able to make critical business decisions.

And MYOB offers the perfect way to do this!

myob bookkeeping

MYOB Essentials vs. MYOB AccountRight

The new kid on the block: our MYOB partners in Melbourne explain MYOB Essentials

The challenge of finding the right accounting software for a business can be overwhelming, with each having its own unique needs.

MYOB is an Australian-based company that produces two popular programs:  MYOB Essentials and MYOB AccountRight.

Both these products offer reliable services to help with invoicing, payroll and reporting – but which one should you choose? To help you make an informed decision we’ve compared the two solutions taking into consideration functionality and pricing so you can choose which is right for your business.

You’re probably familiar with MYOB’s flagship product. What you might not be as familiar with is MYOB Essentials.

Tailored for the needs of SMEs, MYOB Essentials offers all the bookkeeping essentials in a flexible, versatile package.

MYOB Essentials doesn’t just offer a versatile and effective way of keeping up with their business bookkeeping – it also does it at a better price, too.

Instead of the huge upfront cost that comes with a more sophisticated system, MYOB Essentials charges an affordable monthly fee that scales depending on how big your business is.

MYOB AccountRight

Of course, there are certain features that MYOB Essentials doesn’t offer that your business might start needing as it grows bigger.

It’s for cases like this that MYOB AccountRight exists.

AccountRight combines the features of MYOB with the power of the cloud, giving larger businesses the power of MYOB’s flagship product, now accessible from anywhere with an internet connection.

With a range of more advanced features, MYOB AccountRight is the next step up for businesses and companies that have outgrown MYOB Essentials.

And just like MYOB Essentials, AccountRight is offered in a range of different packages, allowing you to choose a cloud bookkeeping solution that’s just the right size for your business.

Which package is right for you?

Answer: it depends!

It all depends on what your needs are, as well as how large your business is. Each one offers different features – you may need all of them, you may not.

As a growing company, you’ve decided that MYOB Essentials doesn’t have the features you need. That’s why we’re going to focus on AccountRight packages today.

If you’re interested in MYOB Essentials packages, click here to learn about those.

Otherwise, get comfy as our MYOB bookkeepers in Melbourne run you through the various  AccountRight packages available for your growing business.

Who’s it for?For businesses that need to manage inventoryFor companies who need more powerful payroll solutionsFor businesses that manage multiple company accounts
What’s included?
  • GST
  • Bills, quotes, invoices & expenses
  • Supplier management
  • In-built job and inventory tracking
  • Everything in Standard
  • The ability to bill by time
  • STP, Super, leave and advanced payroll features 
  • Everything in Plus
  • The ability to manage multiple company accounts
  • Multi-currency

How MYOB helps large businesses

Simplify business management

  • Expense tracking
  • Quote management
  • Invoicing
  • GST tracking
  • Payroll
  • Profit and loss reporting
  • Purchase orders

That’s a lot of work to keep up with – especially if you’re still doing parts of your bookkeeping by hand.

As your company grows, this becomes less and less feasible!

MYOB (whether Essentials or AccountRight) allow you to automate much of this process, with things like invoices, pay runs and more being automatically generated.

And that in turn leads to…

More time for your staff to focus on other things

Who wants to spend their workday performing data entry? Especially when there are so many other important tasks to take care of at your business!

Bookkeeping can be a huge time sink when done the old fashioned way.

Trust us, we know that from experience.

That’s why our cloud bookkeepers in Melbourne were so quick to make the transition to the cloud!

We’ve seen for ourselves how much time cloud bookkeeping can save. And you can enjoy those time savings as well when you make the jump.

myob bookkeeping melbourne

Get updates wherever you are

In the old days, getting an update on crucial information like cash flow and revenue involved:

  • Lengthy phone calls
  • Making an appointment with your bookkeeper
  • Popping into your office

With cloud bookkeeping however, none of these are a problem.

See all your financial information from anywhere with an internet connection, and in real-time too!

Both MYOB Essentials and AccuntRight take your bookkeeping online, giving you access to real-time updates from anywhere.

(And with many of us working from home at the moment, this feature has proved its worth!)

Call Maximum Business Solutions for proven MYOB bookkeeping in Melbourne!

Whether you are a start-up business or a large business in need of a simpler way of doing your bookkeeping, Maximum Business Solutions can make the process effortless!

Our expert MYOB bookkeepers in Melbourne provide cutting-edge cloud bookkeeping systems, no matter your industry or size.

Our cloud bookkeepers will:

When setting you up with MYOB, our cloud bookkeepers in Melbourne will devise a solution that works for you.

In addition to helping you choose the right package for your company, we’ll also recommend extra add-ons and plugins to help you get the most out of your cloud bookkeeping.

If you want, our team of MYOB bookkeepers can conduct training in your office or via Skype (given recent circumstances, the latter is more important than ever!)

Maximum Business Solutions is an MYOB partner in Melbourne – our team has met rigorous criteria, certifications and standards, and completes yearly recertification.

Take away the pain of complicated bookkeeping by implementing a more effective cloud bookkeeping system at your large business or company!

Contact us on  (03) 9589 0128, or click here to get in touch online.