MYOB for Sole Traders: What Are Your Alternatives?

As a sole trader, you've likely run into a few difficulties when it comes to finding the right bookkeeping and accounting tool. Here are some of the issues we've seen freelancers face:

• Many accounting tools are overly complex for freelancer needs, often requiring 2+ hours of learning how the tool works
• Most tools are specific to the US and other countries, and therefore require workarounds to work in Australia
• Many tools are too expensive for freelancers

MYOB was specifically built for accountants, and only later became a tool for freelancers and sole traders.

In this article, we'll walk you through an alternative to MYOB: an accounting, invoicing and money management tool that is specifically built for freelancers.

We’ll include:

• Parpera vs MYOB comparison
• What makes Parpera great for sole traders?
• What you can do with a Parpera membership:

Note: Looking for an MYOB alternative right now? Download Parpera and start your 30 day free trial!

Parpera vs MYOB comparison

How do MYOB and Parpera compare? Let's take a look:

What makes Parpera great for sole traders?

What makes Parpera a great alternative to MYOB for sole traders?

Parpera was co-designed with sole traders to address your specific needs.

We’ve talked and listened to hundreds of sole traders, freelancers, and small businesses and created a tool that addresses their most important and urgent needs.

With Parpera, you get an all-in-one money management tool in an app -- not just an accounting tool.

When you sign-up, you become the holder of a digital business account, provided by our trusted partner Wise, as well as other features: invoicing, receipt scanning and storage, expense tracking and categorisation, a tax savings wallet, record and bookkeeping, community perks, and more.

Parpera was built with sole traders in mind, which means it's a lot more likely to meet your specific needs.

What you can do with a Parpera membership:

Simple bookkeeping in just a few clicks

What would take 2+ hours of setting up and learning how the tool works only takes a few clicks with Parpera.

For example, with MYOB you need to manually match each invoice to the appropriate incoming or outgoing payment. With Parpera, this will be done automatically when you send your invoices from the Parpera app.

Plus, you can download expense reports in an Excel/CSV file, get financial insights at a glance, know your cash flow, and see which client has paid you and who hasn’t in a click.  

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Easily categorise expenses and keep your records

With tools like MYOB, you need to figure out which expense should go to which accounting category. Not only are you not an accountant and therefore won't know which category to use, but you'll have to keep creating new categories for new types of expenses.

With Parpera, you can categorise your expenses with just a few clicks. We'll even remembers previous categorisation information to make future ones faster. For instance, if you’re an interior designer buying curtains from "Terrific Tapestry", you can categorise this expense as “Stock or inventory”.

Parpera will automatically categorise your next payment to Terrific Tapestry, based on your expense history. And if you ever need to change a categorised expense, you can simply click to change the category.

You'll also be able to easily keep records. Instead of having to log into your desktop, sync images to your laptop and match each receipt and invoice, you can scan and upload receipts directly from your phone with Parpera.

Unlimited invoicing designed for faster payments

Although you can create invoices with MYOB, the tool can be clunky and often your invoices won't end up looking their best.

At Parpera, we understood that freelancers want their invoices to look professional, and they also want to make sure the invoices are designed to encourage fast payments.

We’ve studied and created professionally designed invoices that are optimised for faster payments. Here’s what you can expect from Parpera invoicing:

• Your Wise business account details are automatically inserted into each invoice — which means you won’t have to keep searching and copy pasting your payment information.
• Your business account details will be highlighted on the upper right side of your invoice, instead of hiding down at the bottom in fine print. This makes it easier for clients to find the information they need to pay you
• You can add your logo and customise your invoices. 
• Parpera automatically stores your clients’ details, helping you create future invoices with just a few clicks. 
• Need to include GST? Just flag it in the invoice and Parpera will calculate it for you automatically. 
• Send each invoice via email to the client directly from the app. You can also send a copy to yourself and to your accountant. 
• Your invoice emails will be optimised for faster payments: 

1. Each email is personalised with the client’s name to keep relations friendly. 
2. The subject line is auto-populated with the invoice number and your name.
3. The email’s text is concise, including essential details, like a payment link and a friendly reminder to include the invoice number as a reference in the payment so we can match it to your invoice. 

• Parpera sends automated payment reminders as the due date nears.
• Late payment reminders (coming soon!)

Receive and make payments from the Parpera App

We've taken it a step further. With Parpera, you won't just get an accounting and bookkeeping tool: you'll also get a secure business account through our partner Wise.

You’ll receive a virtual Mastercard business debit card instantly when setting up your Parpera account, and you'll also be able to set aside your taxes in a separate tax wallet, ready for tax time.

You can also use your Mastercard business debit card to make fee-free international payments.

One easy-to-use platform

As a freelancer, you don’t want to spend hours figuring out how to use accounting software — you just want to get started! That’s why Parpera has a streamlined sign-up which means you’ll be up and running in less than 10 minutes. If you ever need any help, we’ve got you covered with human-contact customer service via chat, email, or phone 24/7.

You can start with our free 30-day trial before making any commitment. Then choose between our 2 monthly plans, Run for $15 or Pro for $35.

If you ever find that Parpera is not for you, you can cancel your membership anytime directly from the app with a click, no questions asked.

Community Perks

Parpera is Latin for “fair wallet”, which explains why our aim is to provide you with fair and transparent tools and services to help you grow your freelance business. When you sign up to Parpera, you won’t just be creating an account — you’ll be creating a membership that is part of a community.

We consulted with, interviewed, and surveyed hundreds of sole traders to create a digital money management platform to meet your needs, which you can also support by offering feedback and ideas.

Your Parpera membership includes:

• A community forum where you can ask questions, get advice, and share knowledge and skills. 
• Special discounts and add-ons with third-party partnerships. 
• Bespoke events made for sole traders like you. You’ll find webinars on how to manage your business, such as our Introduction to GST, ATO for Sole Traders, and more.

The cons of Parpera

Though Parpera is a complete financial tool, there are a couple of features it doesn’t have that may interest you.

No desktop - app only

Though a desktop version of Parpera is in the works, Parpera is available as an app only money management tool.

So, if having a desktop version is a deal-breaker, then Parpera might not be the alternative to MYOB you're looking for.

No shared access with accountants or bookkeepers

We know MYOB can provide you with an access you can share with accountants and bookkeepers. But, because Parpera is much more than just an accounting tool, access is limited to one person for greater security.

However, if you’re already using Xero for business accounting, know that it integrates easily with Parpera.

What is the best accounting software for a sole trader?

We hope our post on using Parpera as the best alternative to MYOB for sole traders has been helpful to you. At the end of the day, only you will know what the best accounting software for a sole trader in Australia will be because every freelance business is unique. That’s why we always say it’s worth testing various tools to see which one fits your needs best.