MYOB is one of the most trusted accounting apps in Australia, designed to help small businesses succeed. Its range of solutions is designed to help businesses across a number of industries and it comes under various pricing tiers. But how much does MYOB cost exactly? To be able to answer this, let's look at the different packages and features in detail.
MYOB Pricing Details
The online accounting tool that has everything a business needs to take care of payroll and all other day-to-day activities. Essentials is a fast and easy way to manage and integrate cash flow and ATO compliance requirements. Additionally, GST, BAS, invoices, bills, reports and PAYG are all taken care of as well.
MYOB Essentials is suitable to be used by accountants as well as novice users and it's quick and easy to set up. It can be linked to your bank account, effectively reconciling all transactions for you – saving you time on data entry and paperwork.
The cost of MYOB Essentials starts at $35 per month, which offers payroll for 1 employee, perfect for sole traders, or $45 per month, which provides unlimited payroll. Both options gives you access to unlimited transactions, bank feeds, unlimited customer invoicing, supplier bills and unlimited users. Read more about MYOB Pricing here.
The intuitive and powerful software even allows integration with your bookkeeper or accountant online, which makes it much easier to meet you monthly and quarterly compliance obligations. The best feature of MYOB Essentials is that it is automatically updated every time there’s a tax change to keep businesses in step with the ATO.
MYOB AccountRight combines the basic features of Essentials with additional benefits for larger businesses. But what is the MYOB accounting software price for the AccountRight suite? It comes in three different subscription-based plans starting as low as $55 a month for the AccountRight Standard; the AccountRight Plus costs $85 a month and the AccountRight Premier is $110 a month.
Businesses that opt for AccountRight benefit from the ability to manage purchase orders, and track inventory levels, as well as manage timesheets. Jobs can also be created and tracked and also allows you to manage your job costing. The Premier version of AccountRight gives you the ability to manage multiple accounts, ideal for people running mulitple businesses.
MYOB Add Ons
MYOB offers a number of products that are specifically designed to integrate with existing software and enhance user experience. Whether it’s with processing card payments on smartphones with the help of PayDirect, or the Kounta POS system which integrates with MYOB directly, these systems can add immense value to the client experience and streamline processing of your financial transactions.
The cost of MYOB is subscription-based for both of the above products and increases depending on the version with Standard, Plus and Premium versions available. Discover more of MYOB add ons here.
What Is MYOB's Subscription Pricing?
MYOB pricing is subscription-based, which means businesses pay as they go with payments deducted monthly via direct debit. When you subscribe, with a non-refundable monthly or annual payment for your MYOB. Cover membership is automatically deducted. Payment will continue to be deducted on a monthly or annual basis unless MYOB is notified that the client wish to cancel their subscription. You can read more about MYOB's pricing by clicking here.
What Are The Benefits Of Subscription Pricing Over A One-Off Annual Payment?
Clients can receive greater peace of mind with subscription pricing, as payments are automatically made, which means bills are never forgotten or late and you don’t need to worry about misplaced or undelivered mail. You can also spread the cost with monthly instalments making it an affordable option for smaller businesses.
The MYOB accounting software community provides continuous support, which is valuable as it ensures businesses always have a point-of-contact for their queries and issues with the app.
As you take away the hassle associated with paying bills, logging in to online payments or calling to make a payment, this adds up to considerable time optimization. Companies stay on top of their bills and track all expenses easier.
Another benefit is staying up to date with the latest regulations as MYOB receives compliance updates (if included) and notifications of any updates or changes to software, pricing or payment dates.
Are There Fees For Using Direct Debit In The MYOB Live Pricing?
Clients who opt for direct debit from a savings or cheque account will find that there are no associated fees charged.
However, if you direct debit from a credit, charge or debit card there will be a 1% (including GST) payment processing fee on the total amount of each individual transaction. This fee appears on the next invoice after the payment has been processed.
Is There A Minimum Contract Period?
Based on the official Terms and Conditions for the MYOB accounting software, the minimum term for any membership plan is 12 months or 1 year. If the membership is cancelled and then restarted, another minimum term of 12 months begins anew without expanding on the accumulated months from the cancelled membership.
Is There A Cancellation Fee If I Leave?
Businesses that wish to cancel their membership or subscription must notify the MYOB Support Centre by phoning the customer service team to opt out of future payments. Clients who wish to cancel an annual one-off payment or annual subscription will receive no refund for the unexpired portion of their subscription. For the cancellation of a subscription inside the 12 month period, clients will be required to pay the balance of the 12 month period in full.
There is a notice period for cancellations, which depends on which product you use: For MYOB AccountRight it is 14 days and for the MYOB Essentials it is 20 days.
Both versions of MYOB have their merit in meeting the needs of larger and small businesses. Rivals such as Xero and Intuit QuickBooks often turn to third-party apps in payroll and inventory to compete with the richness of features of AccountRight. The ecosystem approach allows for industry-specific or task-specific apps which is great, but the downside is extra expense and complexity. MYOB addresses all of these with a single suite.