For many years, the traditional MYOB accounting software was installed on your desktop and if you had more than one user, then the MYOB database was typically installed on your server so that everyone could access it. The question today is whether this is still the best option.
MYOB has been around since the 1990's and over that time it's had many different naming conventions. Long-time users might know it as MYOB Accounting Plus or MYOB Premier (if you were running the multi-user version). Later, MYOB introduced the word AccountRight and today most long-term users would be running a version of AccountRight on their desktop or server, and referred to commonly as AccountRight Classic.
Today a version of AccountRight is available that is stored in the MYOB cloud and we recommends that all organisations running MYOB AccountRight should migrate to this version - here’s 3 important reasons why:
New functionality – like all software companies, MYOB needs to make resourcing decisions about what projects they work on, and it’s clear that their development priority going forward is on the AccountRight cloud version. One good example of this is the recent introduction by the Australian Government of Single Touch Payroll (STP). Single Touch Payroll is an electronic method for reporting your employees' payroll information to the ATO at the same time you pay your employees. At the recent Incite event for MYOB Partners, it was announced that STP compliance will not be provided for AccountRight Classic.
Increased security – the MYOB cloud version is built on a more secure platform to provide increased security including smart two-factor authentication, automatic backups by MYOB, and a more streamlined way to email invoices, statements and other documents that minimises the potential for emails to be tagged as spam. We are a very strong supporter of these security initiatives – here’s a short video that gives an overview of two-factor authentication with MYOB.
Access the MYOB cloud version anywhere, any time – because the data is stored in the cloud, it is now a lot easier for your colleagues and your accountant to access your company data securely – without the need for complicated VPN access nor multiple copies of the database. We moved to the cloud version of MYOB and we have made use of this capability extensively – including access to the live files by both our external bookkeepers and our accountants. Here’s a short video on MYOB cloud accounting explained.
Migrating to AccountRight
The process to get online is not difficult - it typically takes a total of about 4 hours, including preparation, backups, transfer, software installation and testing. Here’s another short video from MYOB on getting online.
If you're paying annual support fees directly to MYOB, then these support fees can be converted to an ongoing monthly cloud subscription for about the same price. This assumes there’s just one company/entity – the per company pricing if there’s more than one company is higher for MYOB cloud (though not a lot more).
Some customers decide to perform the upgrade process themselves, and it’s not too hard to do so. Having said that, we’ve done it over a dozen times now, so we are familiar with the process.
If you'd like us to perform your Accountright migration to the cloud, please contact us.