MYOB (Software Company)

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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 Software and Services
Products Accounting & Business Software & Services
Revenue ▲A$206 million AUD (2007)
Employees 1254(31 December 2007)
Website www.myob.com.au

MYOB, Mind Your Own Business, is the name of an Australian multinational corporation with operations in seven countries. The company provides accounting, payroll and retail software and web hosting 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). In late 1999, MYOB purchased CA-Systems Ltd based in Christchurch, New Zealand, a leading provider of software solutions for accounting practices. The company's flagship product was Accountants Office, a suite of products and services that assisted accountants in the management of their practices and the servicing of their clients in the form of client accounting and tax preparation. CA-Systems also sold a simple small business cashbook, as well as a comprehensive payroll software package used by many small to medium businesses around New Zealand. At the time of the acquisition CA-Systems had only recently expanded into Australia.

In early 2003 MYOB also absorbed NZA Gold, a popular accounting program developed in New Zealand. In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004, further expanding MYOB's footprint in Australia, New Zealand and UK & Ireland, and expanding its range of products and services for accounting practices. In 2005 MYOB Limited expanded into mainland China via a joint venture with a local software provider [1]. In early 2008 MYOB sold its UK Accountants Division and Business Division. [2] In May 2008 MYOB launched a new package of online services, including web hosting, email hosting and domain registration.[3]

MYOB's product and services for businesses range from entry level accounting software through to multi user enterprise software (MYOB Exonet[4] and MYOB PayrollEnterprise). 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 Inc. Mac OS X operating systems.

For accounting practices, MYOB offers firm-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems. MYOB also offers outsourced compliance processing services for accounting practices in Australia and New Zealand under the service brand of MYOB Accountants Resourcing.

MYOB has over 700,000 client businesses including over 10,000 accounting practices in Australia, New Zealand, Hong Kong, China, Malaysia, Singapore, United Kingdom, Ireland and United States.

Contents

[edit] USA versions

The software is still sold as MYOB in the United States under a distribution agreement with Acclivity LLC, in two versions for Mac OS X, 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] Data Structure of MYOB Small Business Accounting

The MYOB small business accounting range has at its core 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 financial statements statue after data input without posting. The administrator has the absolute authority to define the setting to control users' human errors. The MYOB small business accounting software has audit function to trace and report who has done and what has changed the database before.

[edit] Data File Activation

MYOB incorporated data file level copy protection into its product around 2004 (AccountEdge 4). This was also incorporated into any upgrades for this version. Customers were not notified of this change. The Data File Activation goes beyond Application Activation and imposes limits on the number of data files that can be worked on by a legitimate copy of MYOB small business accounting software. The out-of-box limit is five data files.[5]

To limit the size of the file, MYOB Business Management Software initially was set-up so the user only had access to two years of data. The intention being, that once you received the financial statements back from your accountant, you would enter General Journal Entries for the end of the financial year. You would then roll the financial year, purging all transactional data. New features allow you to actually maintain old data, however the user should monitor the data file size if they are considering doing this. The initial software package comes with 5 data files. These are not intended to be used, for individual years, but rather for individual companies. It is possible to access more data files by contacting their customer service department.

[edit] Acquisitions and Mergers

[edit] See also

[edit] References

  1. ^ MYOB Limited Enters mainland China via joint venture.
  2. ^ MYOB sells UK & Ireland Accountants Division operations.
  3. ^ The host with the most.
  4. ^ MYOB Exonet website.
  5. ^ What Is The Purpose of Activating my Company File in MYOB?

[edit] External links

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This article has been tagged since December 2007.