MYOB (Mind Your Own Business) is an outsourcing firm based in Australia that provides tax, accounting and other services to small and medium businesses. It was founded by, in the late 1980s, by Christopher Lee and a team of developers at Teleware Inc. Teleware was purchased by Best Software, Inc. in 1993. In 1997, Data-Tech Software entered into an agreement with Best Software to buy the company (renamed MYOB, Inc.) and bought the intellectual property rights to the software. In 1999, Data-Tech changed their name to MYOB Limited and listed on the Australian Stock Exchange (ASX) on 9 July 1999. Originally founded in the US, MYO ceased operations outside of Australia in 2008. In January 2009, a private equity consortium led by Archer Capital 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.
MYOB’s services include subscription based and browser based accounting products. On 24 October 2012, MYOB released the cloud enabled version of its flagship product, AccountRight Live. Among its other services, MYOB has a 24 hour customer support service, live chat and email; inclusive of an extensive online database.
It has separates sections on its website to cater to small business, business with a large turnover ($3M and above), accountants and partners. It implicates no hidden costs and has no limit on number of transactions, invoices and usage. MYOB has an expert panel of developer partners that make the experience of online outsourcing easy and user friendly.
With an access to 40,000+ accountants, bookkeepers and consultants, MYOB becomes a ready to use and the most viable option for bookkeeping services in Australia.
MYOB also has a mobile application that helps you work on the go. A 100% online accounting service, PayDirect lets you invoice and take payments on your smartphone with integration into AccountRight, and the Windows Mobile Companion App gives you mobile insights from Account Right.
Small Business owners with a large target ahead of them shall not employ their time into endless spreadsheets and accounts. Imagine the time that would be saved were the companies given a chance to hand over the task of maintaining all this paper work and allowed to focus on their development. MYOB and its online services, along with a huge network of professionals are therefore just the right bet.
Also, MYOB provides its users a free trial for 30 days for each of its products. Thus at MYOB; ‘Clients drive our world’. From start ups to well established business, MYOB caters to all. With long working hours and a ready to help professional network, MYOB is ever ready to serve its clients.
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