MoneyWorks Accounting Software. The MoneyWorks family of accounting software provides a range of feature rich but easy-to-use solutions for small-to-medium organisations.
Please note: This page uses Cascading Style Sheets - it will display properly in any reasonably modern, standards-compliant browser. If you are seeing this message, it is probably because you are using a very very old browser, such as IE 4 or Netscape 4. You can greatly enhance your experience of the Internet by downloading yourself a nice, new browser. For example:
IE, or Mozilla
The MoneyWorks
Difference
MoneyWorks®
Better accounting
software since 1992
Tick for tick, the feature set of MYOB Premier (AccountEdge on Mac) almost matches that of MoneyWorks. But you need to do more than just a tick-box feature comparison. Check out some other things to be aware of below, and then why not try our free conversion utility from MYOB or AccountEdge:
Nobody likes to wait. Time is money. MYOB's underlying technology just does not scale to handle large amounts of data or many users on a network. With MYOB your time goes down the drain.
Don't just take our word for it...
“After using MYOB Premier for around five years...our system was choked up and we were crawling,” said Bulleen Art & Garden accountant Peter Howey
“The frustrating part for our staff was that they would be delayed around 20 seconds every time they wanted the system to process something. It was not very free-flowing and it got to the stage where staff would only use the system one at a time, which is obviously not very productive.”
—source: MYOB website
“Speed on a network, we are not a huge company but a 26 line invoice took 18mins to process.....”
—email from MYOB user
“... for example with our current networked MYOB [Premier] - saving an invoice of 10 lines on a computer not hosting the main datafile can take 20-30 seconds and longer if the main machine is being used. ( and as you said, nothing happens if the datafile is locked up for a save or print invoice ). Viewing a basic report - 2 minutes; Saving a payment that is applied to one invoice - 45 seconds, to more than one invoice - 2 minutes!!”
—email from another MYOB user
The MYOB suggested solution for network issues it to install Windows Terminal Server, requiring additional hardware and software expenses.
For comparison, on a large datafile (600+MB, 137,000 invoices), the above operations in MoneyWorks are almost instantaneous on the local network. Even over the Internet (with a high-latency 140ms connection over a distance of 1600km), MoneyWorks was still 2-4 times faster than the reported results from MYOB Premier running on a high-speed LAN.
Here's that data in a graph:
Note: shorter bars are better. Yes, there are bars for MoneyWorks. Look closely.
Comparison is based on Australasian version of MYOB Premier
While MYOB still offer a Mac product, it is definitely the poor relation: MYOB recently announced that discontinuation of the Mac multi-user version in Australasia (their solution is to get a Windows server using Terminal Services).
Although the ticket price of (some) MYOB products is a bit less than that of the equivalent MoneyWorks, you need to look further.
MYOB has an annual upgrade cycle: the currently advertised upgrade prices are almost 70% of the list price. For example, the (NZ, ex GST) list price of MYOB Accounting Plus is $621.53; the current annual upgrade price is $405. That means to keep current for the next 5 years is going to cost you more than $2,000 in upgrades.
Contrast that with MoneyWorks Gold—if you had purchased MoneyWorks 3 five years ago, the total upgrade price to the present (MoneyWorks 5) would be $495—less than a quarter of the MYOB price.
With MYOB, additional (annual) unlock fees are payable if you run more than five companies. With MoneyWorks you can host as many companies as you like on the one computer.
Want to develop your own reports? You’ll need to purchase a third party report writer and ODBC driver (these appear to start at around $450). MoneyWorks Gold has a built in report-writer.
By this, we mean it is extremely difficult to get useful information out in electronic format. Sure MYOB has an Export command, but what you can export is limited. Try something basic, like exporting your current customer balances, or the current inventory levels. These limitations make it relatively difficult to migrate out of MYOB.
There are a lot of MYOB consultants who make their living by helping MYOB users—makes the concept of “Mind Your Own Business” something of a misnomer. Some people think this is a good thing: there is a lot of third party support available. We beg to differ: the existence of this huge network indicates that most users can’t mind their own business with MYOB.
Translation: MYOB users are not customers. They are cash cows.
MYOB Limited isn't a technology company...but a marketing company. And, to its credit, a very good marketing company as well. But the fact that products are heavily marketed doesn’t make them beneficial—otherwise we would all live on junk food.
Technology-wise, MYOB Limited has grown by acquisition. The current MYOB boxed product was developed in the US by MYOB Inc, and the worldwide rights to this were later purchased by MYOB Limited (the Australian company). Subsequently MYOB Limited purchased NZ based CA-Systems (rebranded MYOB Accountants Office), NZ Based Exonet, NZ based NZA Gold (discontinued), and “merged” with Solution 6. Technology and innovation are not its core strengths.
So who would you rather buy your core technology from: a technology company, or a marketing company?
previous page: Compatible