MYOB or QuickBooks -- Which One Actually Fits Your Business?
Both MYOB and QuickBooks are cloud accounting platforms used by Australian businesses, but they occupy quite different positions in the local market. MYOB has been a fixture of Australian accounting for over 30 years, while QuickBooks (owned by Intuit) is a global giant that has a much smaller presence in Australia.
The honest picture: QuickBooks is cheaper and easier to use, making it appealing for sole traders and micro businesses on a budget. MYOB offers deeper Australian-specific features -- particularly around payroll, tax compliance, and inventory -- that matter more as your business grows. However, if you are choosing between these two in Australia, it is also worth considering Xero, which dominates the local market.
Important Context: QuickBooks in Australia
Before diving into features and pricing, it is worth understanding the Australian market reality
Xero and MYOB together hold the vast majority of the Australian small business accounting market. QuickBooks, while enormously popular in the United States and other markets, has a considerably smaller footprint here. Intuit has previously entered and exited the Australian market, which created uncertainty among local businesses and accountants.
This matters for a few practical reasons:
- Accountant familiarity: Most Australian accountants and BAS agents are trained on Xero or MYOB. Finding a QuickBooks-proficient accountant can be harder, especially outside major cities.
- Local integrations: Australian-specific add-ons (industry tools, payroll services, POS systems) tend to prioritise Xero and MYOB compatibility first.
- Community and support: The local user community and peer support networks for QuickBooks are smaller than for MYOB or Xero.
None of this means QuickBooks is a bad product -- it is a capable platform at a good price. But these market realities are worth factoring into your decision.
Cost Comparison
QuickBooks is the clear winner on price, with savings of $360-$1,080 per year
Entry Level
Mid Tier
Top Tier
Detailed Feature Comparison
| Feature | MYOB | QuickBooks | Winner | Explanation |
|---|---|---|---|---|
| Monthly Cost | $45-$150/month | $15-$60/month | QuickBooks | QuickBooks is significantly cheaper across all plan tiers |
| Bank Feeds | 100+ Australian banks & institutions | 80+ Australian banks supported | MYOB | Broader Australian bank coverage and more reliable local feeds |
| User Interface | Functional but dated, desktop-influenced design | Clean, modern cloud-native interface | QuickBooks | QuickBooks offers a more intuitive, modern user experience |
| Payroll | Comprehensive payroll with award interpretation & STP Phase 2 | Basic STP-compliant payroll for simpler needs | MYOB | Far more capable payroll for Australian award conditions |
| Inventory Management | Advanced inventory with bill of materials | Solid inventory tracking with reorder points | MYOB | Better for businesses with complex inventory requirements |
| Reporting | 160+ standard reports with deep customisation | 80+ reports with clear visual dashboards | MYOB | More extensive and customisable reporting suite |
| GST & BAS | Comprehensive GST tracking, BAS preparation & lodgement | GST calculation and BAS report generation | MYOB | Deeper Australian tax compliance built into the platform |
| Multi-currency | Available on higher-tier plans | Multi-currency on Plus and Advanced plans | Tie | Both offer multi-currency but require upgraded plans |
| Mobile App | Functional mobile app with invoicing & expenses | Well-designed mobile app with receipt capture | QuickBooks | Smoother mobile experience with better receipt scanning |
| Integrations | 200+ Australian-focused integrations | 750+ global integrations (fewer AU-specific) | Tie | QuickBooks has more total apps, but MYOB has stronger Australian-specific options |
| Learning Curve | Steep - 4-6 weeks for full proficiency | Moderate - 2-3 weeks to get comfortable | QuickBooks | Easier to pick up, especially for non-accountants |
| Australian Support | Phone & chat support, large AU partner network | Phone & chat support, smaller AU presence | MYOB | Larger local support network and more accountants trained on MYOB |
MYOB Pros & Cons
MYOB Advantages
- Deep Australian tax compliance (GST, BAS, STP Phase 2)
- Comprehensive payroll with award interpretation
- Advanced inventory management with bill of materials
- Extensive reporting suite (160+ reports)
- Large network of MYOB-certified accountants in Australia
- Strong job costing and project tracking
- Well-established Australian business (30+ years)
- Better for complex business structures
- Comprehensive budgeting and forecasting tools
- Robust multi-entity support on higher plans
MYOB Limitations
- Significantly higher monthly costs than QuickBooks
- Steeper learning curve, especially for new users
- Interface feels dated compared to modern cloud platforms
- Slower to adopt new cloud-native features
- Support response times can be inconsistent
- Setup process can be complex without professional help
QuickBooks Pros & Cons
QuickBooks Advantages
- Most affordable accounting software option in Australia
- Clean, intuitive interface that is easy to learn
- Strong receipt capture and expense tracking
- Good visual dashboards and reporting
- Backed by Intuit (large global company)
- Solid mobile app experience
- Simple setup process for basic needs
- Familiar to businesses migrating from overseas
QuickBooks Limitations
- Much smaller footprint in Australia compared to Xero and MYOB
- Fewer Australian accountants and bookkeepers trained on QuickBooks
- Less comprehensive payroll for complex Australian award conditions
- Fewer Australia-specific integrations and add-ons
- Limited local partner and support network
- Intuit has previously entered and exited the Australian market
- Basic inventory compared to MYOB for complex needs
- Less mature Australian bank feed connections
Which is Best for Your Business Size?
Micro Business (1-3 people)
Key needs: Basic invoicing, expense tracking, simple GST reporting
Small Business (4-15 employees)
Key needs: Payroll, bank reconciliation, BAS preparation, basic inventory
Medium Business (15-50 employees)
Key needs: Advanced payroll, detailed reporting, job costing, budgeting
Large Business (50+ employees)
Key needs: Multi-entity, advanced compliance, complex reporting, API integrations
Sole Trader / Freelancer
Key needs: Invoicing, mileage tracking, receipt capture, basic reporting
Businesses with Overseas HQ
Key needs: Multi-currency, global reporting consistency, cross-border transactions
Industry-Specific Recommendations
Construction & Trades
Better job costing, progress billing, and contractor management
Retail
MYOB for large inventory; QuickBooks for small retail with basic stock
Professional Services
Both handle time-based billing adequately; choose based on budget
Manufacturing
Superior bill of materials, inventory, and production tracking
Hospitality
Lower cost with adequate POS integration for cafes and restaurants
E-commerce
Good Shopify/WooCommerce integrations at a lower price point
Migration Considerations
From MYOB to QuickBooks
Key Considerations:
- Export chart of accounts, contacts, and open invoices from MYOB
- Verify GST codes and tax settings map correctly
- Reconnect bank feeds with Australian banks
- Re-create payroll setup (awards, leave, super funds)
- Staff training on the new interface
From QuickBooks to MYOB
Key Considerations:
- Map QuickBooks categories to MYOB chart of accounts
- Migrate historical transaction data
- Set up MYOB payroll with award interpretation
- Configure advanced inventory if applicable
- Extended training period due to MYOB complexity
Need Help Choosing or Switching Platforms?
We help Australian businesses evaluate, select, and migrate between accounting platforms. Whether you are weighing up MYOB, QuickBooks, Xero, or something else entirely, we can give you straight advice based on your actual business needs -- not vendor commissions.