Frustrations With MYOB
Over 1 million businesses in Australia and New Zealand use some form of MYOB software, easily making it one of the most popular accounting systems for businesses of all sizes. Just because a system is popular, or widely adopted, however, doesn’t mean that it’s easy to use. Businesses that use MYOB frequently encounter challenges that affect their ability to keep up with their finances and record keeping requirements.
Since so many businesses have been using MYOB for years, and even decades, there is a temptation to continue to try to work within this system. After all, recent MYOB upgrades over the past few years have attempted to offer better reporting options, and can now be cloud based. The biggest feature that MYOB has going for it is that the upgrades are usually compatible with previous versions and the upgrades to the interface are so similar to those used in the past that there is a short learning curve to master the newer addition. All of these features come in handy if you have several years of existing sales data and other financial documents that you wish to import into a new system.
Despite these benefits, MYOB is also well known for its slow operation and processing times, and frequent time-outs when users are not actually working in the cloud. The system moves so slowly that it makes it impossible to handle moderate to high volumes of data processing and users are unable to get a clear view that provides a comprehensive picture of what’s going on across all of their business units.
Even with the newer reports that MYOB offers, customisation is extremely limited. An example of this is the inability to create a new customer in the invoice field, as you can only create new customers from the card file. Users also have difficulty adding new product lines, sales channels and locations and there also isn’t an easy way to access the data so that customer demographics are collected and filtered into meaningful data that can be used for sales campaigns and other strategic planning. These issues not only lead to the need to frequently back up and re-enter data, they can also lead to the loss of sales due to customer frustration.
Users of MYOB also have to continue to pay frequent subscription fees to be able to continue to upgrade their tax tables. These upgrades not only add to the cost to maintain the system, but the system is actually “down” during the upgrade process, and time is still practically equal to money in the business world. In addition to the cost and downtimes for upgrades, users have the additional worry and hassle of having to frequently backup the information for fear of “losing it” when the servers go down or time out, and there are security concerns surrounding malware potentially corrupting the data as well.
Switching from one accounting system to another is not a decision that should be made lightly or haphazardly. As you do your research into what accounting system might be best for your business, it’s important to keep in mind that there are costs associated with operating an accounting system that go far beyond the actual price tag of your software and its upgrades. If you’ve found that your MYOB based system spends a lot of time “down” or spinning its wheels as it attempts to make calculations correctly and it’s affecting your ability to make accurate sales projections and plans as well as your ability to provide accurate and exceptional service to your clients, it may well be worth your time, and save you money in the long run, to consider a change.