MYOB: AccountRight Live, Live Accounts, and what you actually need to know

In this, the first post in our series of technology articles to help small business, we’re going to take a quick look at some products from MYOB; AccountRight Live and LiveAccounts.

As basically everybody involved in the administration of a small to medium business knows, MYOB has provided a few options for keeping your books up to date and related activities such as processing payroll, timesheets, invoicing, quoting, etc. There are a few competitors out there, Quicken being the big one, but today we’re staying within the real of our direct experience.

Confusingly, MYOB is presently offering two ‘online’ products; AccountRight Live and LiveAccounts. Also confusingly, AccountRight Live actually has three variants for different prices, each offering slightly more than the last.

At Simpler Technology, we hate paperwork. It’s true, filing is one of those things we hate. Chasing the books is also painful. We’re an IT company, not a book-keeper, we want to be out there working with the latest in technology and not buried in books. As you can tell from this, our primary criteria for the book keeping is simple 

Secondly, we need payroll functionality. Again, don’t want to work out tax tables, overtime, leave entitlements, or salary sacrifices. This is fairly straightforward.

Thirdly, anywhere access is highly desirable. This means I want to be able to pull out a laptop, tablet, or maybe even a phone and be able to raise invoices.

Depending on your priorities, the two similar products from MYOB are completely different. For us, the full AccountRight Live is far too complicated for our needs. Last month we decided to be more accountable and accurate with things like stock, individual item profits, time billing, time sheets, and ‘per-job’ profit and loss, so we upgraded to AccountRight Live. Within the month, I personally have decided that was a really bad idea and it is way more complicated than I want to spend the time maintaining. AccountRight Live also doesn’t do a truly anywhere access, it does store your data in their cloud services so you can access it from any computer with the software on it that is connected to the internet, but that wasn’t quite what we wanted.

We’ve gone back to LiveAccounts. For around $30 per month we have access to a website (truly anywhere access) that does invoices, expenses, and modest payroll with the necessary reports to get you through BAS time. It also takes in bank feeds automatically, we simply told it what bank and account numbers, filled in the appropriate forms, and each night the bank sends a transaction history to MYOB. No more reconciling the bank accounts, because it’s all done automatically. Transactions that match unique invoice amounts and dates will simply auto-match and the invoice (or expense) is marked as paid.

At the end of the day, the choice is yours if you want the desktop application and its extra functionality (be warned the edition with good payroll features is $65/month), or the much lighter and cheaper web version. Either way, we have the technology to help you leverage the best out of it.

Enter the technology; the Leader W170 11.6″ touch screen tablet with the optional 4G module. Now when I’m at a client meeting, not only can I demonstrate software, look up documentation, or show a video but I can also sell products or services and issue them an invoice on the spot. This is especially handy with residential sales that like receipts straight away. Fortunately this wonderful little device is available in our shop, check it out.