MYOB (software)
Encyclopedia
MYOB, Mind Your Own Business, is the name of an Australia
n multinational corporation
. 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.
MYOB products are used by over 1,000,000 business owners and over 10,000 accounting practices in Australia
and New Zealand
.
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 system
s.
For accounting practices, MYOB offers firm-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems.
in the late 1980s.
In 1996 the Australian republisher, Data-Tech Software (owned by Brad Shofer and Craig Winkler) then purchased the intellectual property rights to the software and provided equity to Christopher Lee. In 1999 the company changed its name to MYOB Limited and listed on the Australian Stock Exchange (ASX) on 9 July 1999.
In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004, further expanding MYOB's footprint with accounting practices in Australia and New Zealand, and expanding its range of products and services for accounting practices.
In May 2008 MYOB launched a new package of online services, including web hosting, email hosting and domain registration.
In June 2008, founding CEO Craig Winkler stepped down and was replaced as CEO by Tim Reed. Mr Reed joined MYOB in 2004, and was the company's former Managing Director for Australia.
During 2008 MYOB exited its operations in USA, UK, Ireland and Asia, so as to refocus on its most successful businesses in Australia and New Zealand.
In January 2009, a private equity consortium led by Archer Capital successfully completed a takeover bid for MYOB, returning MYOB to private ownership.
On 21 August 2011, Archer Capital sold MYOB to Bain Capital for an undisclosed amount. The acquisition gives Bain Capital a majority stake in MYOB alongside management who will continue to be shareholders in the company.
DBMS. Data input is stored in form of database
. Backup and restore functionality is provided within each MYOB Accounting product. For external audit purpose, you may define 13 months or 12 months a year. Also you can define preview of the real time financial statement
s state 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.
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.
Acquisitions by Solution 6 before merger with MYOB, and are now part of the MYOB brand
Acquisitions by Data-Tech Software Pty Ltd before changing name to MYOB
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n multinational corporation
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
. 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.
MYOB products are used by over 1,000,000 business owners and over 10,000 accounting practices in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
.
Products and Services
MYOB offers a wide choice of product and services for businesses ranging from entry level accounting software such as MYOB LiveAccounts and MYOB AccountRight through to multi user enterprise software (MYOB EXO Business and MYOB PayrollEnterprise). Other products include MYOB RetailManager retailRetail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
point of sale
Point of sale
Point of sale or checkout is the location where a transaction occurs...
software, asset management, payroll
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
, payment services, practice and tax software and E-commerce solutions. Software products are provided for both Microsoft Windows
Microsoft Windows
Microsoft Windows is a series of operating systems produced by Microsoft.Microsoft introduced an operating environment named Windows on November 20, 1985 as an add-on to MS-DOS in response to the growing interest in graphical user interfaces . Microsoft Windows came to dominate the world's personal...
and Apple Mac OS X
Mac OS X
Mac OS X is a series of Unix-based operating systems and graphical user interfaces developed, marketed, and sold by Apple Inc. Since 2002, has been included with all new Macintosh computer systems...
operating system
Operating system
An operating system is a set of programs that manage computer hardware resources and provide common services for application software. The operating system is the most important type of system software in a computer system...
s.
For accounting practices, MYOB offers firm-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems.
History
The MYOB name was first used on a small business accounting software product originally developed by Christopher Lee and the team at Teleware, Inc. in the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in the late 1980s.
In 1996 the Australian republisher, Data-Tech Software (owned by Brad Shofer and Craig Winkler) then purchased the intellectual property rights to the software and provided equity to Christopher Lee. In 1999 the company changed its name to MYOB Limited and listed on the Australian Stock Exchange (ASX) on 9 July 1999.
In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004, further expanding MYOB's footprint with accounting practices in Australia and New Zealand, and expanding its range of products and services for accounting practices.
In May 2008 MYOB launched a new package of online services, including web hosting, email hosting and domain registration.
In June 2008, founding CEO Craig Winkler stepped down and was replaced as CEO by Tim Reed. Mr Reed joined MYOB in 2004, and was the company's former Managing Director for Australia.
During 2008 MYOB exited its operations in USA, UK, Ireland and Asia, so as to refocus on its most successful businesses in Australia and New Zealand.
In January 2009, a private equity consortium led by Archer Capital successfully completed a takeover bid for MYOB, returning MYOB to private ownership.
On 21 August 2011, Archer Capital sold MYOB to Bain Capital for an undisclosed amount. The acquisition gives Bain Capital a majority stake in MYOB alongside management who will continue to be shareholders in the company.
USA versions
On 6 December 2008 - Acclivity announced it acquired MYOB US Inc. and its Mac (and PC) development team from MYOB Limited of Australia. Acclivity will now drive global development of MYOB's Mac OS business management products - FirstEdge, AccountEdge and AccountEdge Network Edition.Data Structure of MYOB Small Business Accounting
The MYOB small business accounting range (AccountRight up to v19 on Windows and AccountEdge on Mac) has at its core a C-treeC-tree
c-treeACE is a cross-platform database engine developed by FairCom Corporation. Software developers typically embed the c-treeACE engine within the applications that they create and then deploy the application and engine together as an integrated solution....
DBMS. Data input is stored in form of database
Database
A database is an organized collection of data for one or more purposes, usually in digital form. The data are typically organized to model relevant aspects of reality , in a way that supports processes requiring this information...
. Backup and restore functionality is provided within each MYOB Accounting product. For external audit purpose, you may define 13 months or 12 months a year. Also you can define preview of the real time financial statement
Financial statement
A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...
s state 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.
Data File Activation
MYOB incorporated data file level copy protection into its small business accounting products around 2004 (AccountEdge 4). This was also incorporated into any upgrades for this version. 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.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.
Acquisitions and Mergers
- Bought by Bain Capital in sept 2011
- Smartyhost on 20 August 2008
- ilisys on 28 February 2008
- Exonet on 5 January 2007
- Comacc Limited on 1 August 2006
- Macquarie Outsource Pty Ltd and Macquarie Outsource Sdn Bhd on 30 March 2006
- Conto Ltd and JumpStart Computer Accounting and Trainers Ltd on 31 January 2006
- Solution 6 Holdings on 29 March 2004
- NZA Gold Limited on 5 March 2003
- Rorquals Business Solutions Limited on 23 November 2000
- SeaSoft Computer Services Sdn Bhd on 9 October 2000
- Professional Tools (NZ) Ltd on 30 November 1999
- Blue Tongue Technology Pty Ltd on 11 October 1999
- CA Systems on 27 September 1999
Acquisitions by Solution 6 before merger with MYOB, and are now part of the MYOB brand
- Xlon Pty Ltd and parent company Ceedata Holdings on 8 December 2000
- VIZTOPIA Software Limited and parent company MICL Holdings Limited on 19 September 2000
Acquisitions by Data-Tech Software Pty Ltd before changing name to MYOB
- Teletax Systems Pty Ltd on 8 October 1997
- Bestware in 1996