Review: MYOB Accounting Plus v16

A worthwhile update to a long-established package

The well-respected and popular small business accounting package MYOB (short for Mind Your Own Business) is available for both Windows PCs and Apple Macs.

Some knowledge of accounting practices and terminology is assumed, but the software is easy to learn and use.

The latest v16 release includes several useful information-sharing and productivity features.

Most notable among the new features is the ability to synchronise MYOB contacts with those held in Microsoft Outlook or Apple Address Book. The much-needed enhancement means the same customer information will always be available, no matter which interface you use.

The ability to produce Electronic Remittance Advices and email them to suppliers when payments are made is another useful new option, as is the ability to create corresponding purchase orders when a sales invoice or quote is produced.

You can now undo bank reconciliations and associated transactions applied during that period, making it easier to fix errors. You even have the option of undoing multiple reconciliations if the error has gone uncorrected for some time.

Import and export of payroll data has been enhanced and a new payroll verification facility added to preview payments before they’re recorded. You can now predate and search for recurring transactions, print credit application forms from a customisable template and automatically adjust invoices that cause negative stock levels.

These changes apply to the basic MYOB Accounting package (£249) and the Accounting Plus package we looked at. This is an implementation that adds multi-currency, professional time billing and advanced stock control facilities on top of the sales and purchase ledgers, Vat and payroll tools in the base application. Support for multiple users is also available in the Plus version, which is recommended for big companies.

Whichever version you use, a colourful interface makes MYOB easy to use. How ever, the package is clearly aimed at professional bookkeepers, so novices may find the jargon and some of the procedures a little baffling, especially when first installing the software. Having said that, sample profiles for various businesses are provided, along with some good documentation and setup wizards to help explain what’s required.

You can also import existing customer, supplier, stock and other lists, integrate the software with Word and Excel and customise the forms used by MYOB. For an extra £99 excluding Vat, you can add an ODBC driver to enable MYOB data to be used by other applications.

Popular with small businesses looking to manage their own accounts, MYOB can also be used by accountancy practices. A cut-down Business Basics implementation (£79 ex Vat) and an extensive list of professional advisors, fluent in the MYOB software and accounting practices, can be found on the MYOB website.

It’s also worth noting that the Vat accounting tools can be used no matter what scheme is involved and that the payroll option has been accredited by HM Revenue and Customs, which means you can use it for electronic filing of PAYE and other returns to qualify for tax incentives. But unlike some of its rivals, MYOB offers less add-on third party products and services.

That aside, MYOB is a comprehensive accounting and business management solution that is competitively priced and equipped to appeal to the small business.