Start The New Financial Year With a New Financial System
MYOB is very popular in Australia and New Zealand. It was the first popular windows based accounts package for SME businesses. First and most popular isn’t necessarily best. And it certainly isn’t in MYOB’s case. Don’t get us wrong, MYOB is a very solid and reputable system. But we believe it is very difficult to use, especially if you are not an accountant. You are not alone if you think it is hard to use. Good news, there are many new software offerings today that are very easy to use and that have a lot more user friendly functionality.
The Problems with MYOB
Not wanting to dwell on the shortcomings of MYOB for too long but the main issues we find with it are:
- MYOB Users need to understand debits and credits to ensure some entries are correct
- Limited flexibility in the user menus – hard to find your way around
- Reporting is limited and inflexible compared to the new offerings
- Month By Month and Year by Year reporting is old hat
When we compare MYOB to other systems we can’t see why anyone would want to use MYOB.
Advantages of the New Software Offerings
Most of the new software offerings are much more user friendly, removing the need for the user to know or understand double entry accounting (debits and credits). Let’s face it , most people don’t know and don’t want to know the boring accounting stuff! The new systems use everyday terminology and easy to follow user screens to take the guess work out of your accounts.
Online v CD
The new systems are web based offerings not CD based software that you have to load onto a specific machine. The new software can be accessed from any machine anywhere, anytime where you have internet access. This is great especially if you are a trade or mobile business and you want to be able to produce quotes or invvoices whilst out on client site.
With MYOB you normally have to buy one license for one machine. If you want to use MYOB on another computer you have to buy another license. Not so with the new offerings. Most of the new offerings are licensed by number of users not number of machines.
The new software offerings are pay as you go, not an annual based subsciption that ties you in. You are not locked in with the new solutions whereas with MYOB you have to pay an annual subscription every year. Fees for the new software offerings are normally less than MYOB over the course of a year.
By using the new software you also remove the need to have a server at your business for your business software (if you currently have one). You then also remove the need to have a dedicated IT back up and support function for MYOB.
One of the biggest drawbacks of MYOB is the inflexible reporting. For example it is very difficult to get a multiperiod P&L report by week, or by division. Some of the new solutions enable you to report pretty much whatever you want. For example you can report by whatever period, Day, Week or even random date periods. Further, you can easily report by division, something that is not easily achieveable in MYOB.
Another great thing about this software is you can email people invoices or quotes whilst you are out on site or at a client’s office. You might never need to be in your office again!
Automatic Back ups
All of the new solutions we have reviewed have regular backups along with 99.99% availability and uptime.
Breathe New Life into your Business Financial Management
Let’s face it most business owners don’t like to look at financial reports, with these new systems you get a dashboard when you log in that gives you live up to date, useful information about your business. This makes it much easier to make the right decisions in your business.
Avegna assists businesses such as yours to implement and use these new software packages to improve your business. For a free no obligation discussion about how we can assist your business please contact us now.
CEO of Avegna