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 States in the late 1980s. An Australian republisher, Data-Tech Software (owned by Brad Shofer and Craig Winkler) then purchased the intellectual property rights to the software in 1996, and provided equity to Christopher Lee. In 1999 they changed the company name to MYOB Ltd and took it public on 9 July 1999.
In subsequent corporate development, MYOB Limited merged with Solution 6 Holdings in 2004, further expanding MYOB's footprint in Australia, New Zealand and UK & Ireland, and expanding its range of products and services for accounting practices.
In early 2008 MYOB sold its UK Accountants Division and Business Division. In May 2008 MYOB launched a new package of online services, including web hosting, email hosting and domain registration. In January 2009, a private equity consortium lead by Archer Capital successfully completed a takeover bid for MYOB, returning MYOB to private ownership.
MYOB's product and services for businesses range from entry level accounting software through to multi user enterprise software (MYOB Exo Business and MYOB PayrollEnterprise). Other products include retail 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 systems.
For accounting practices, MYOB offers firm-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems. MYOB also offers outsourced compliance processing services for accounting practices in Australia and New Zealand under the service brand of MYOB Accountants Resourcing.
The software is still sold as MYOB in the United States under a distribution agreement with Acclivity LLC, in two versions for Mac OS X, FirstEdge and AccountEdge. FirstEdge is intended to be used as an entry-level accounting system. It is the cheaper of the two and offers a limited feature set. AccountEdge has two styles, depending on whether the application is to be used on a network (AccountEdge Network ion) or on a single computer. The network version can be run on a client-server network or in a peer-to-peer configuration.
The MYOB small business accounting range has at its core a C-tree 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 statements 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.
MYOB incorporated data file level copy protection into its product around 2004 (AccountEdge 4). This was also incorporated into any upgrades for this version. Customers were not notified of this change. 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.
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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 December 8, 2000
- VIZTOPIA Software Limited and parent company MICL Holdings Limited on September 19, 2000
Acquisitions by Data-Tech Software Pty Ltd before changing name to MYOB