The best MYOB alternative for growing businesses

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Why businesses are switching from MYOB

MYOB ("Mind Your Own Business") has been a trusted accounting software solution for many small and medium-sized businesses, particularly in Australia and New Zealand, where it is headquartered in Cremorne, Victoria, Australia. However, as organizations grow, they often encounter limitations with MYOB, including:

  • Limited scalability: Designed primarily for smaller businesses, MYOB struggles to handle the complexities of multi-entity management, intercompany transactions, and larger data volumes.

  • Basic reporting: Users frequently find MYOB's reporting capabilities insufficient for advanced budgeting, forecasting, and multi-dimensional reporting needs.

  • Restricted integrations: While MYOB integrates with some third-party tools, its ecosystem doesn't match the flexibility and breadth of platforms like Microsoft Power Platform.

  • Clunky user experience: MYOB's interface can feel outdated, leading to inefficiencies in navigation and task execution.

If your business is outgrowing MYOB, Gravity Software offers a robust, scalable alternative that addresses these challenges and more.

  • Why are clients moving off MYOB?

    • Why are clients moving off MYOB?

    Despite its popularity among small businesses, many organizations are transitioning away from MYOB due to the following reasons:
    scalability

    Scalability issues

    • Limited Multi-Entity Support: MYOB struggles to handle complex multi-entity structures, which growing businesses often require.

    • Data and User Limitations: MYOB's architecture isn't designed to handle the data volumes or number of users needed by larger organizations.

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    Inadequate reporting and analytics

    • Basic Reporting: MYOB offers only foundational reporting capabilities, which aren't sufficient for businesses requiring detailed budget-to-actuals, multi-dimensional reporting, or advanced analytics.

    • No Native BI Tools: There is no built-in integration with robust tools like Power BI, making advanced reporting cumbersome.

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    Fragmented integrations

    • While MYOB integrates with some third-party tools, its ecosystem doesn't match the flexibility and breadth of solutions like those built on the Microsoft Power Platform.

    • Businesses seeking seamless integration across tools (e.g., CRM, payroll, and expense management) often find MYOB's options limited.

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    User experience challenges

    • Outdated Interface: Users often cite a dated interface and cumbersome navigation as productivity hurdles.

    • Steep Learning Curve: Unlike modern platforms, MYOB's usability can feel less intuitive, especially for new users.

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    Global and regional limitations

    • MYOB's functionality is heavily tailored to Australian and New Zealand markets, which can be a limitation for businesses with international operations.
    cost

    Bank reconciliation

    • While MYOB is affordable for small businesses, as companies scale, the cost often outweighs the benefits due to its limitations compared to similarly priced or slightly higher-tier solutions like Gravity Software.
  • What makes Gravity Software the ideal MYOB alternative?

    • What makes Gravity Software the ideal MYOB alternative?

    If MYOB isn't the right accounting solution for your business, there are plenty of alternatives on the market. Here are a few.

    MYOB vs. Gravity Software
    MYOB vs. Entry-Level Accounting Solutions
    MYOB vs. NetSuite

    Gravity Software is a mid-market accounting and ERP solution built on the Microsoft Power Platform. It bridges the gap between entry-level software like MYOB and expensive enterprise solutions like NetSuite or Sage Intacct. Here's why it's the perfect choice for growing businesses:

    1. Scalable multi-entity management

    • Seamlessly manage multiple entities within a single database.

    • Simplify intercompany transactions with automated processes.

    • Centralized chart of accounts for streamlined financial management.

    2. Advanced feporting and analytics

    • Built-in Power BI integration for customizable dashboards and visual analytics.

    • Multi-dimensional reporting for enhanced insights into departments, projects, and locations.

    • Automated report generation and delivery.

    3. Robust financial features

    • Budget-to-actual reporting to track performance against plans.

    • Allocations and multi-level approvals for better control and transparency.

    • Integrated accounts payable automation to replace standalone tools.

    4. Microsoft ecosystem integration

    • Native integration with Microsoft Teams, Outlook, and Excel.

    • Benefit from the security and scalability of Microsoft Azure.

    • Access AI-powered tools like Copilot for increased productivity.

    5. Ease of use and cost-effectiveness

    • Intuitive interface for faster onboarding and user adoption.

    • Cost-effective pricing with options tailored to your business size and needs.

    • Simplified implementation process, typically completed in 45-60 days.

     

    Features That Set Gravity Apart from MYOB
    • Feature
    • MYOB
    • Gravity Software
    Multi-Entity Management
    Limited
    Comprehensive
    Intercompany Transactions
    Manual
    Automated
    Power BI Integration
    None
    Full Integration
    Budget-to-Actual Reporting
    Basic
    Advanced
    Customizable Dashboards
    Limited
    Extensive
    AI-Powered Features
    None
    Available (e.g., Copilot)
    Implementation Time
    Varies
    45 – 60 Days
    Pricing Transparency
    Moderate
    Clear and Comprehensive

    Use cases: Who benefits from Gravity Software?

    Growing businesses

    Organizations expanding their operations, whether through new locations, entities, or products, benefit from Gravity's scalability and multi-entity management capabilities.

    Multi-entity organizations

    Companies managing multiple entities or subsidiaries find Gravity’s centralized database and intercompany automation invaluable.

    Data-driven decision makers

    Businesses that prioritize analytics and reporting leverage Gravity’s Power BI integration and multi-dimensional reporting.

    QuickBooks and MYOB users ready to upgrade

    Companies outgrowing entry-level software appreciate Gravity’s ability to handle advanced financial needs without the complexity or cost of enterprise systems.

    There are several accounting solutions in today's marketplace that could be considered entry-level, as they're often geared toward small businesses or single-entity companies. They share similar core financial management functionalities, such as invoicing, expense tracking, revenue management and some degree of reporting capabilities. Some even offer more advanced functions such as project management and operational features like inventory management. Their pricing structure is typically a service-tier model, and they are generally cloud accounting software solutions. But each solution has qualities that set it apart from the others.

    QuickBooks Online vs. MYOB

    QuickBooks Online is known for its ease of use and strong ecosystem of integrations. However, it’s limited in handling multi-entity needs and lacks the advanced reporting capabilities required by growing businesses. MYOB offers slightly better multi-currency support but still falls short in scalability compared to mid-market solutions.

    Key Advantages of Gravity Software:

    • Comprehensive multi-entity management.

    • Advanced intercompany transaction automation.

    • Superior reporting features powered by Microsoft Power BI.

    Xero vs. MYOB

    Xero’s modern interface and cloud-first approach make it a popular choice for small businesses. However, its reporting tools and scalability are limited, similar to MYOB. Both platforms struggle with intercompany transactions and complex consolidations.

    Key Advantages of Gravity Software:

    • Native integrations with Microsoft tools like Teams and Outlook.

    • Advanced budgeting and allocation capabilities.

    • Automated financial consolidations.

    Zoho Books vs. MYOB

    Zoho Books offers a cost-effective solution for startups, but its limited features for multi-entity and complex reporting make it less suitable for scaling businesses. MYOB’s integration options are slightly better, but both platforms lack the depth needed for mid-sized organizations.

    Key Advantages of Gravity Software:

    • Scalability to grow with your business.

    • Intercompany automation to streamline operations.

    • Enhanced dimensional reporting for deeper insights.

    FreshBooks vs MYOB

    FreshBooks is tailored for freelancers and small service businesses, excelling in invoicing and time tracking. However, it’s not designed for businesses requiring robust accounting capabilities, making MYOB a better option for slightly larger organizations. That said, both fall short for mid-sized businesses with complex needs.

    Key Advantages of Gravity Software:

    • Comprehensive financial features, including AP automation.

    • Support for multi-entity environments.

    • Real-time data insights with customizable dashboards.

    For businesses evaluating the transition from MYOB to an enterprise-grade solution like NetSuite, it’s important to weigh the pros and cons. Here’s how the two compare:

    For businesses evaluating the transition from MYOB to an enterprise-grade solution like NetSuite, it’s important to understand the differences in functionality, scalability, and cost. MYOB is designed for small to medium-sized businesses, offering affordability and simplicity but lacking advanced features for multi-entity management, custom reporting, and integrations. NetSuite, on the other hand, is a robust ERP solution with extensive capabilities for larger organizations. However, its complexity, long implementation times, and high costs make it less accessible for businesses that are not yet ready for enterprise-level software.

    Key considerations:

    • Cost: NetSuite is significantly more expensive, making it less accessible for small to medium-sized businesses. MYOB offers affordability but lacks the features necessary for larger organizations.

    • Implementation Time: MYOB is quicker to implement, while NetSuite requires months for a full rollout.

    • Complexity: NetSuite’s robust features come with a steep learning curve, whereas MYOB is simpler but lacks depth.

    Why Gravity Software is a better alternative:

    • Mid-Market Focus: Gravity Software bridges the gap between entry-level solutions like MYOB and high-cost enterprise options like NetSuite.

    • Scalable Features: Offers multi-entity management, intercompany transactions, and advanced reporting at a fraction of NetSuite’s cost.

    • Ease of Implementation: Quicker and more straightforward to implement compared to NetSuite.

  • Customer testimonials and case studies

    • Customer testimonials and case studies

    Here is a sampling of clients whose businesses were transformed when they switched to Gravity Software:

    Brandon Capital

    Brandon Capital, a private equity firm, transitioned from Xero to Gravity Software to manage their multi-entity accounting needs. This switch significantly reduced data entry time and streamlined their investment management processes, allowing accountants to focus on value-added tasks rather than manual data entry.

    Proteus Power

    Proteus Power required accurate and transparent financials for investor analysis. By switching to Gravity Software, they ensured 100% accuracy and clarity in their books, facilitating better financial management and investor relations.

    These case studies demonstrate how Gravity Software effectively addresses the limitations of MYOB, providing scalable solutions for growing businesses.

    British Insitutue of Innkeeping (BII)

    The BII, a UK-based hospitality organization, faced challenges with consolidated accounting using MYOB. By adopting Gravity Software, they improved financial reporting efficiency and gained the flexibility to manage multiple entities seamlessly.

    Dr. Tavel Family Eye Care

    Dr. Tavel Family Eye Care struggled with an outdated accounting system that extended their month-end close process beyond 30 days. After implementing Gravity Software, they reduced the close time to 10-15 days and enhanced overall financial analysis capabilities.

  • Hear from businesses like yours

    • Hear from businesses like yours

    My team were spending too much time on data entry and Excel queries, which took away their time from more value-added tasks."

    Amy Perkin

    CFO, Brandon Capital
    We are going to have several parties, including several large investors and banks, thoroughly analysing our financials, so it is very important that the books are 100% accurate and easy to follow."

    Sofia Lambros

    Head of Accounting, Proteus Power
    You can slice and dice your accounting slightly differently, whereas there was not quite as much flexibility that we saw in Xero."

    Shila Singh

    Head of Finance, British Institute of Innkeeping
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    How to switch to Gravity Software

    Schedule a demo
    Experience Gravity Software’s features firsthand. Find demonstrations for your business’s specific needs.

    Assess your needs
    Work with Gravity’s experts to evaluate your current software limitations and future goals.

    Plan the transition
    Receive a customized implementation plan, including data migration, training, and go-live support.

    Go Live with confidence
    Leverage Gravity’s support team to ensure a smooth transition.

     

    Ready to make the switch? Contact us today!

    Discover how Gravity Software can revolutionize your financial and operational management. Schedule a demo or speak with one of our experts to get started.

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    FAQs

    about switching to Gravity Software from MYOB or other alternatives
    faq-icon

    Why should I switch from MYOB to Gravity Software?

    Gravity Software offers scalability, advanced reporting, and seamless integrations, making it the ideal solution for growing businesses. Unlike MYOB, it handles multi-entity management and intercompany transactions efficiently.

    How long does it take to implement Gravity Software?

    The implementation process typically takes 45-60 days, depending on your business's complexity and needs. Our team ensures a smooth transition with minimal disruption.

    Does Gravity Software integrate with Microsoft tools?

    Yes, Gravity Software integrates natively with Microsoft Teams, Outlook, Excel, and other tools within the Microsoft ecosystem, offering a seamless experience.

    Can Gravity Software handle multi-currency transactions?

    Absolutely. Gravity Software supports multi-currency transactions, making it suitable for businesses with international operations.

    How much does Gravity Software cost compared to MYOB?

    While MYOB is more affordable for small businesses, Gravity Software provides better value for growing companies with advanced needs, offering scalable pricing tailored to your requirements.

     

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