MYOB is an accounting software that was initially created by Christopher Lee in 1980. It is eminent to note here that this product is the advent of Australian multinational firm that provides a marketing platform to the SMEs. As per the company report of MYOB released in 2015, the MYOB accounting system has been nominated by the small business organizations as the most exceptional and simple to use accounting framework.
This accounting package is simple to use and saves time as well as it maintains all the financial budgetary record and timely updates the business financial operations. The advancement of MYOB is empowered by the capacity of the parent company to merge with numerous organizations with the intent to enhance the execution of the item. Increased use of MYOB by several Australian business organizations in recent times because of its cloud base saving feature. The researcher further highlighted that the MYOB accounting system is being utilized by more 26,000 medium-sized enterprises which constitute 60% of all the organizations in Australia. Extensive use combined with the importance of MYOB accounting software in Australia clearly reflects that SMEs are the leaders in Australia who employ this software to establish a stable business environment.
One of the key attributes that enables MYOB to attain a competitive advantage over its competitors in the market is its interface ability which works both offline as well as online; thereby allowing organizations to get acquainted with a large number of customers. Reports show that several small business firms fail to use MYOB accounting software due to security issues such as hacking. In the past years, nearly 46% of MYOB applications have been affected by the hacking.