MYOB (software)

From Wikipedia, the free encyclopedia

MYOB Limited
Type	Public (ASX: MYO)
Founded	Australia (1991)
Headquarters	Burwood East, Victoria, Australia
Key people	Craig Winkler, CEO Simon McKeon, Chairman Board of Directors: [1]
Industry	Computer software
Products	Accounting & Business Software & Services
Revenue	$182.3 million AUD (2006)
Employees	1100 (2005)
Website	www.myob.com.au

MYOB, Mind Your Own Business, is the name of an Australian multinational corporation with operations in eight countries. The company provides software and services to small and medium businesses, and is particularly well-known in Australia and New Zealand.

The MYOB name was first used on a small business accounting software product originally developed by Teleware, Inc. in the United States in the late 1980s. An Australian republisher, Data-Tech Software then purchased the intellectual property rights to the software in 1996, changed the company name to MYOB Ltd and took it public on 9 July 1999, (ASX: MYO). The company also absorbed NZA Gold, a popular accounting program developed in New Zealand.

MYOB's product and services range from entry level accounting software through to multi user enterprise software (MYOB Exonet and MYOB OnDemand). Other products include retail point of sale software, asset management, payroll, payment services, practice and tax software and E-commerce solutions. Software products are provided for both Microsoft Windows and Apple Mac OS X operating systems.

MYOB has over 500,000 client businesses including over 10,000 accounting practices in Australia, New Zealand, Hong Kong, China, Malaysia, Singapore, United Kingdom, Ireland and United States.

1 USA versions
2 Opinions about MYOB accounting software
3 Structure of MYOB
4 See Also
5 External links

[edit] USA versions

The software is still sold as MYOB in the United States under a distribution agreement with Acclivity LLC, in two versions, FirstEdge and AccountEdge. FirstEdge is intended to be used as an entry-level accounting system. It is the cheaper of the two and offers a limited feature set. AccountEdge has two styles, depending on whether the application is to be used on a network (AccountEdge Network Edition) or on a single computer. The network version can be run on a client-server network or in a peer-to-peer configuration.

[edit] Opinions about MYOB accounting software

This section does not cite its references or sources.
Please help improve this article by introducing appropriate citations. (help, get involved!) This article has been tagged since October 2006.

Because MYOB is marketed as easy to use, it may lead users to believe that no accounting knowledge is necessary to effectively use it. Some accountants find that it is necessary to redo any "accounting work" done in the MYOB because users of MYOB do not understand the double entry accounting concept. For example both expenses and assets are debit in nature but to an untrained user it would be quite simple to enter a capital purchase as an expense.

A further problem is that Australia's tax system is complex. Although MYOB Limited asserts that it works closely with the ATO to ensure that their software is tax compliant, small businesses may falsely assume that MYOB is capable of one hundred percent compliance with the intricacies of the Australian tax system, even though the operator does not have the depth of knowledge required to use an accounting package or the time and expertise to understand the complex tax system in which they operate. Indeed, while many businesses have knowledge in their field of expertise they may lack the detailed knowledge of the tax system and accounting practices that professional accountants have. A computerised accounting package is incapable of training a user about the many thousands of pages of legislation that might be relevant to a specific business.

[edit] Structure of MYOB

MYOB is a DBMS. Data input is stored in form of database. The database is separate from the DBMS and easy to backup and restore in way of father and son method. For external audit purpose, you may define 13 months or 12 months a year. Also you can define preview of the real time finacial statements statue after data input without posting. Yes, administrator has the absolute authority to define the setting to control users' human errors. MYOB has audit function to trace and report who has done and what has changed the database before.

[edit] See Also

Comparison of accounting software

[edit] External links

This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of the article are not sufficient for an accurate encyclopedia article. Please include more appropriate citations from reliable sources.
This article has been tagged since December 2006.