Fortunately, our team at The Access Group is here to help. For over 30 years, we have worked with accounting firms to create trusted and proven accounting practice management software options to run their entire practice efficiently. We supply fast and powerful software for accountants, including practice management software, tax software, general ledger software and data management and analytics.
This article uses our expertise to overview MYOB and The Access Group's APS software. Then we examine the features where there are critical differences between both systems.
After reading this article, you should have all the information to choose the right accounting practice management software that will suit your accounting firm.
What is MYOB Practice?
MYOB has been a long-standing name within the Australian accounting software scene, offering plans, features and compatible add-ons that accounting firms can choose from and utilise. Their MYOB Practice plan is an end-to-end solution for accountants. The Accountants Enterprise Edition of MYOB Practice is designed to help large accounting firms across Australia and New Zealand.
MYOB Practice features transaction processing, client management, advisory, BAS lodgement, and collaboration. It lets teams collaborate on reports online and provides real-time insights, automatic data sharing and personalised information for every user.
What is APS software?
Used by 3 of the 4 big accounting firms across Australia and New Zealand, APS software is custom-built with accountants in mind. It has integrated features that will help them to run every aspect of their firm.
APS software is a complete practice management software solution for accounting firms, with compliance, documents and Office 365 in one powerful cloud. It can help your firm easily manage and track workflows, understand quality insights, and help you work more effectively.
MYOB vs. APS Comparison Matrix
|
Feature |
MYOB Practice (Accountants Enterprise Edition) |
APS Software |
|
Tax integration |
Yes |
Yes |
|
Multi-entity |
Yes |
Yes |
|
SaaS |
No |
Partially |
|
Open API |
No |
Restricted |
|
Billing module |
Yes |
Yes |
|
Can it create recurring jobs? |
No |
Yes |
|
Outlook Calendar integration? |
No |
Yes (option available) |
|
Can you create jobs from templates? |
No |
Yes |
Source: Acuity Magazine October - November 2022
The key features of MYOB and APS
We must stress that both MYOB and APS software packages have fast, powerful features that will streamline and strengthen your accounting firm.
To help you decide whether to switch from your current accounting practice management software, we review four features you should focus your time on. They are integrations, implementation and support, tax and compliance, and practice insights.
Integrations
MYOB
MYOB Practice integrates with GreatSoft, a cloud-based practice management software that helps accounting firms create a practice ecosystem, build a unified view of their customer and get-real time job performance. Users updating their client entity information and contact details in GreatSoft will see changes automatically reflected in MYOB Practice.
GreatSoft also integrates with various third-party applications, creating a connected accounting practice ecosystem. These add-ons have the following functionality:
-
CRM
-
Compliance
-
Document Management
-
Fee Funding and Debtor Management
APS
APS has a growing list of accounting practice software integrations to extend the capabilities of the core solution, including:
-
TMNZ (for NZ clients only)
APS software deepens accounting practices through these connections, adding specialised functionality and automating processes for a more productive accounting firm.
Implementation and Support
MYOB
MYOB Practice is visually slick and easy software for a practice manager to use. However, more advanced features may require additional assistance in the form of product training with the MYOB Partner Program, online articles in the MYOB help centre or training videos.
By its nature, MYOB has differing subscriptions, meaning that getting the correct answer through online and phone support can be challenging for clients.
APS
Clients are fully supported by a leading consultation and implementation team of experienced, qualified consultants throughout APS software implementation.
These consultants have the depth of experience to understand that all accounting firms are different. They can make best-practice recommendations and configurations so that customers will have the best version of APS software suited to their needs rather than an out-of-the-box solution.
Tax and Compliance
MYOB
MYOB's Accountants Enterprise Tax is a cornerstone product of the Practice suite. It is an easy-to-use tool with many features to help accounting firms with their tax preparation, lodgement and management. It supports all major tax forms in Australia and New Zealand and Activity Statements.
Accountants Enterprise Tax intends to reduce the time accounting firms spend preparing their tax returns to free up their time to focus on more value-add services. However, its integrated software for the lodgement of individual tax returns can be cumbersome for some customers.
APS
APS Tax is built for the way accountants like to work. With APS, customers can view multiple tax returns simultaneously, built-in validation for errors, and easy navigation between worksheets and the main tax form.
APS Tax is a mature tax and compliance solution that helps accountants prepare and lodge thousands of annual tax forms. This is bolstered by a key feature: direct ledger-to-tax integration, helping accounting firms in Australia and New Zealand to streamline their tax return lodgements.
Practice Insights
MYOB
MYOB Practice is focused on accounting firms being able to grow by giving greater visibility across all clients and jobs. Still, it needs to do more with all the data it captures.
It can be challenging for customers to share reports on their accounting firm activity. The reports it produces are basic and limited, which can hinder firms looking for the confidence they need with their data to make better, more informed decisions.
APS
With APS software, customers can better understand their data, create key performance report dashboards and deliver quality insights catering to their internal data and external client services.
With Practice IQ, sitting over the practice management solution, customers can analyse and interpret client data to make informed decisions and drive their practice forward. Customers can present their information visually through intelligent dashboards, extract data for detailed reporting, and improve staff productivity by reporting insights on billable and internal hours worked.
APS vs. MYOB
It is always recommended that you look at all your options. You may find accounting practice management software that fits your current accounting setup better than others, regardless of whether you choose MYOB Practice, APS Software, or another alternative.
MYOB
MYOB Practice is a great starting end-to-end online solution for accountants and bookkeepers. Its functionality can connect with other MYOB software to manage a busy accountants office holistically.
However, with MYOB's add-on model, customers with additional needs will need to turn to these other integrations to bolster the functional capability of the suite for their accounting firm. This can also introduce certain complexities, such as integration of the applications and cost.
APS
APS software offers a complete accounting practice management solution that increases efficiency across accounting firms as they become more varied and complicated.
It is designed to help firm insights go further with key performance indicator (KPI) dashboards and provides a central database for data collection, giving greater visibility over client opportunities and helping them to manage their practice pipeline easily.
APS software is built with integration in mind, connecting with a growing list of platform partners to extend the capabilities of the core solution. This helps firms add specialised functionality and automate processes for a more productive practice.
Summary
When evaluating MYOB and APS, it's important to remember that not all solutions are created equal. Get all you can from downloads and product demos and think about how you will specifically be able to use the software to get the most out of it.
We are happy to help you determine the best way forward; even if your path does not include one of our systems, contact us today and let us see what will work best for your accounting firm.
For an overview of APS software, why not download our brochure or book a demo?