Small business and MYOB accounting software

Why Small Businesses Are Switching to Accounting Software (and How Westpac Customers Get It Free)

Running a small business means wearing multiple hats – you're the CEO, marketing manager, sales director, and often the bookkeeper too. But here's the thing: while you're brilliant at what you do, spending hours on manual bookkeeping isn't the best use of your time. As business needs evolve in 2025, features like real-time reporting, on-the-go expense tracking, automated invoice payment reminders, and cloud accessibility have become more than just nice-to-haves. The question isn't whether you need accounting software – it's which one will help your business thrive.

The hidden cost of doing your books manually

Every hour you spend entering transactions into spreadsheets is an hour you're not growing your business. So, having the right accounting software for your business could make it easier to manage your company’s cash flow, reconcile payments, and file your taxes. It'll free up your time (and reduce your stress levels), so instead of balancing the books, you can invest in activities that help your company flourish.
 

Think about it this way: if you're billing out at $100 per hour but spending 10 hours a month on basic bookkeeping, that's $1,000 of potential revenue you're missing out on each month.
 

But it's not just about time, either. Manual bookkeeping often leads to errors, missed tax deductions, and cash flow blind spots that can seriously impact your business's financial health.

What accounting software actually does for your business

Modern accounting software isn't just about replacing spreadsheets. It’s a part of digitising your business as a whole and becoming ready for the next digital age. According to MYOB’s Bi-Annual Business Monitor Insights report for June 2025, SMEs that have digitised more of their organisational processes enjoyed benefits such as improvements in profitability (24% of survey respondents) and faster payment times (27%). These are benefits you could enjoy from utilising quality accounting software tools.
 

Today, you can reduce repetitive data entry (say goodbye to spreadsheets) by automatically tracking your income and expenses, and make your business more efficient in turn. Plus, you can manage your client and vendor information in one place because you have one overall account management tool you can access from desktop or mobile devices.
 

Here's just some of the plusses that good accounting software could deliver for small businesses:

1. Achieve compliance confidence
   No more surprises at tax time. Your software will handle things like GST calculations, generating BAS statements, and could help keep everything ATO-ready.
2. Maximise your cash flow potential
   Know exactly where your money is at any moment. See which invoices are overdue, when bills are due, and project your future cash position.
3. Get paid faster
   Create professional branded invoices, set up online payment options and digital payments (think Apple Pay and BPay), and utilise automatic payment reminders for late payers.
4. Put admin on autopilot
   Connect your Westpac bank account directly to your accounting software and watch transactions flow directly into your books, eliminating the need for most manual data entry work.
5. Work anywhere with mobile access
   Send invoices and upload expenses on the go, and check your cash flow from anywhere using your smartphone or tablet.

Meet MYOB: the all-in-one platform for all your business needs

For over 30 years, MYOB has been backing Australian small businesses, helping them get their finances sorted. MYOB is not just an accounting software provider – it’s a helpful partner, providing simple yet powerful solutions that fuel growth for ambitious small businesses. The MYOB approach is straightforward: maximise your cash flow potential, put your admin on autopilot, and give you confidence so you can focus on what you do best. As a Westpac business customer, you have access to a special offer. Sign up and enjoy a base subscription of MYOB Business Lite, Pro, or Payroll Only completely free for the first year, and then get 20% off your base subscription in years two and three*.

Choosing between MYOB solutions

Not all businesses are the same, which is why MYOB offers different solutions depending on your team’s size and other needs.

MYOB Business Lite: perfect for sole operators and small teams

If you're running a growth business with 0-2 employees, MYOB Business Lite gives you what you need without unnecessary complexity. You'll get core accounting features, invoicing, expense tracking, and basic reporting.
 

The Business Lite solution is designed for consultants, tradies, freelancers, and small service businesses who need reliable accounting without the bells and whistles.

MYOB Business Pro: built for growing teams

For growth businesses with 3-20 employees, MYOB Business Pro offers advanced features that scale with your team. You'll get everything in Lite, along with extras like advanced reporting, multi-user access, job tracking, and more sophisticated inventory management.
 

This product is designed for retail businesses, professional services firms, and businesses with multiple team members handling finances.

MYOB Payroll Only: when you just need payroll sorted

Some businesses already have their accounting handled, but need a reliable payroll solution.

The Westpac advantage: seamless banking integration

Here's where it gets interesting for Westpac business customers. When your business banking and accounting software work together seamlessly, magic happens. Thanks to the Westpac-MYOB partnership, integration between your Westpac bank accounts and MYOB account could make your life even easier.

Setting up your Westpac bank feed

You can connect your Westpac Business account to your MYOB account to automatically send all your business transactions directly to your accounting software.

This is called a “bank feed,” and it could save you time and energy while also reducing the risk of manual entry errors. The bank feed automatically imports your transactions, categorises them intelligently, and keeps your books up to date in real-time.

Getting your Westpac bank feed connected to MYOB is easy and can be set up in minutes – simply sign into Online Banking to arrange the connection. Visit Westpac's bank feeds page for step-by-step instructions and further information.

Benefits that matter to your bottom line, no matter your industry

1. Simplify and automate your admin
   MYOB’s all-in-one solutions can automatically chase outstanding invoices, enable on-the-go expense receipt capture, calculate your GST, generate BAS information, and generally help you to keep everything organised for tax time.
2. Real-time reporting to make informed decisions
   See your profit and loss in real-time, track your best-performing products or services, and identify trends before they become problems. With MYOB, you can make decisions based on actual data, not just gut feelings.

Making the switch: what to expect

Moving to new accounting software might seem daunting, but MYOB makes it simple.

The setup process is designed for business owners, not accountants. You can import your existing data, connect your Westpac account, and be up and running within hours, not weeks. MYOB’s support team is also on hand to help every step of the way, and there are plenty of online resources to get you comfortable with the system.

Your special Westpac offer: get started for free

As a Westpac business customer, you have access to a special offer. Get a base subscription of MYOB Business Lite, Pro, or Payroll Only completely free in your first year. But it gets better - in years two and three, you'll receive a 20% discount off the standard full price on your base subscription.