A lot of businesses used paper-based accounting systems before 2000. However, the GST’s introduction caused many small businesses to switch to accounting software, and the $100 voucher the Commonwealth Government offered helped cover the costs of picking the most popular accounting software packages like MYOB.
If businesses didn’t make the switch, keeping track of your expenses and business’s finances using the paper system was still practical, but adding the quarterly BAS increased the reporting load. There was also overhead to consider when you made the switch to an accounting system from paper with your small businesses. However, you can offset the initial cost of moving to a computer-based setup because it allows you to pull out the numbers you needed much faster. So, when it comes time to report them, all you have to do is click a button instead of manually transcribing them onto the correct form.
The Australian government was very interested in small businesses making the switch to computerized invoicing and accounting software because they believed that small business owners could then track their expenses closer to improve their performance.
If you’re someone who wants to switch to or upgrade from your current software to something other than MYOB, this is for you. Below, we’re going to outline several MYOB alternatives you can use for your small business or organize your finances and keep your business healthy.
What Is MYOB?
MYOB is an Australian-based company that offers a host of accounting software for businesses of all sizes. Along with QuickBooks and Xero, MYOB was part of the Small Business Digital Adaptation Program that offered small businesses a $1,200 rebate to switch to digitized accounting solutions to help offset the cost of this transition.
MYOB offers five pricing tiers with two packages, including Essentials and AccountRight. It can help you manage and track cash flow, set up invoices, offer Single Touch Payroll, track jobs, track project budgets, manage suppliers and customers, bill by time, manage inventory, set multiple locations, accept multiple currencies, and much more.
You can lodge BAS, set up account sharing, take BPAY card payments, calculate and track GST, and much more all in one comprehensive software suite. However, it also has a steep learning curve to it, and it can get expensive for small business owners.
Benefits of MYOB
- Integrates with mobile apps
- Allows you to lodge BAS from the software
- Calculates and tracks GST
- Print budgets and reports
- Five software suits available
10 Best MYOB Alternatives for Small Business Owners in Australia
Maybe you’ve tried MYOB and it just doesn’t fit as well as you’d like for your business needs, or you want to try something else for your small business. Whatever the reason, knowing the best MYOB alternatives available on the current market for Aussie small business owners is key to making an informed decision. You can dive in below.
Billdu’s centralized dashboard, combined with the powerful cloud-based software, makes it the perfect MYOB alternative. There are templates that make it easy to customize any invoice or recurring invoice before you send them out to your customers, and you can create estimates for project bids to send electronically to your prospects to beat your competition to the draw.
You can take online payments to get paid faster for each product or service you sell, create delivery notes and exports, or track all of your expenses to keep your small business financially healthy. Your clients can pay using credit cards, debit cards, or PayPal. Billdu also lets you attach a “Pay Now” button to any invoices you send out to encourage quick and convenient payments.
The newly redesigned dashboard offers an inbox and communication hub that makes it easy to connect with your clients or prospects. When a client opens your invoices, you’ll get a notification sent straight to this hub so you know when to follow up with them. You can set up appointments or an eCommerce store using this software too.
Why Use Billdu Instead of MYOB
- Customizable templates available
- Auto-saves your customer and business information
- Easy to monitor your finances at a glance
- Newly upgraded features and sleek design
Why Use MYOB Instead of Billdu
- More pricing tiers available
- Offers one-touch payroll
- Has a basic stock list
- Allows you to take BPAY payments