Business

Xero Vs. MYOB: Which One Is The Best Fit For Your Business?

Are you the owner of a substantial business in Australia? Then, are you planning to purchase a high-end accounting software system for it? This task can be pretty confusing for novices like you.  Before this confusion gets on your nerves, you need to read today’s post quite carefully. Until recently, two of the most sought-after accounting software solutions have become quite popular. These include Xero and MYOB Bookkeeper. A comprehensive comparison between the two is drawn below for you. 

An introduction to Xero and MYOB Bookkeeper

To begin with, both MYOB and Xero are fabulous cloud computing programs. Both the options simplify the task of accounting for the various SMEs out there. SMEs denote small and medium enterprises. In short, the accounting task becomes as simple as that with Xero and MYOB. Plus, managing both these clouding computing programs is easy and simple. So, as a beginner, you might get confused about which is the best option for your business. All your confusions will come to an end after you learn about both Xero and MYOB in more detail. 

Xero

Xero as an accounting software program targets the smaller facet of business in the market. The features are unbelievably convenient and beneficial for its potential users. In fact, to learn and subsequently use Xero is not a hassle at all. 

Features of Xero!
 

Xero as a cloud accounting software program comprises the most substantial features. These chiefly include the following:

  • Tracking expenses 
  • Recordkeeping purchase orders and  
  • Processing etc. 

By using Xero, users will be able to accept payments, send invoices and many more. You can access various charts that are ready-made for accounts, transactions and cash flow. Aside from just small businesses, Xero is also compatible with relatively bigger businesses. This due to some compelling features which are included in Xero. Multi-currency support, invoicing and asset management are some of them.

MYOB

The fuller form of MYOB is Mind Your Own Business. This is one such cloud accounting system that comprises a couple of tiers of software programs. These primarily include simple components for small business owners like you. In the case of larger companies, MYOB Bookkeeper comes with an advanced version as well. These companies are oftentimes on the lookout for a holistic end-to-end cloud accounting software program. 

Features of MYOB

The crucial features of Advanced MYOB include the following:

  • Distribution 
  • Manufacturing 
  • Payroll  and 
  • Inventory etc.

The best part of MYOB is that you will get all these features from one particular platform. Besides, MYOB is an out-and-out scalable platform. Most importantly, when it comes to a substantial cloud accounting software program, MYOB is an apt example of that. 

Suitable Small Businesses for MYOB

MYOB chiefly targets larger sized businesses in Australia. These businesses conventionally have more than one department. These kinds of businesses need to access the myriads of important data accurately. MYOB also lets these businesses generate in-depth and intricate reports in bulk flawlessly.  

Additional features of MYOB

The advanced version of MYOB incorporates a couple of additional features as well. These include the following:

  • Project accounting 
  • Management of expenses 
  • Management of time 
  • Order management 
  • CRM management

As already said that MYOB has its more fundamental version. This particular version is conventionally known as MYOB Essentials. It is a much thinner and smaller version, primarily designed for small business owners. Prominent examples include individuals who run smaller-scale businesses and sole traders etc. 

A prominent feature of MYOB

MYOB offers another notable feature for its pertinent users. It is its capacity to connect documents straightaway to transactions. So, it might be the case that you have a bill in a paper format. Do you wish to attach it to any of your substantial financial transactions? Then, a software system like MYOB allows you to complete this task effortlessly. To reap the maximum benefits of these features, you can hire MYOB bookkeeper Perth alternatively as well. 

Xero vs. MYOB: Which is better in terms of cost?

The answer is undoubtedly Xero. This is because the price options which Xero offers are more competitive and easy to understand. Plus, it has got flexible price options for businesses of different sizes. On the contrary, MYOB offers higher monthly costs to potential business owners. As the number of people on payroll increases the charge will also increase cumulatively. So, when it comes to a cheaper cloud accounting software program, Xero must be your choice.  

Comparison in terms of accessibility

Both MYOB and Xero can be accessed through Mac and PC. This feature particularly applies to MYOB Essentials, the slimmed-down version of MYOB. 

Comparison in terms of staff login

  • MYOB: Allows employees to enter time-sheets, view payslips and request leaves etc. You can expect these features only if you are accessing MYOB essentials. 
  • Xero: Just like MYOB, Xero allows employees to do the same things as well. Say for instance, requesting leaves, viewing payslips and entering time-sheets etc. 

When it comes to employee login, users prefer Xero more than MYOB. This is due to the greater level of convenience it offers to its users.

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Comparison in terms of online support

  • Xero: Xero offers an exclusive range of online support platforms. These include training videos, community forums and online documentation etc. 
  • MYOB: MYOB enjoys a massive social media following. Training videos, online documentation and community platforms are some of its compelling online support platforms

In terms of online support, we can easily say that Xero is the winner. Unlike MYOB, the massive online support of Xero is a privilege in itself. This is because you can find support and help faster than ever. The accessibility to these data is also much easier than what you would find in MYOB. 

Xero vs. MYOB: Which one is better?

Well, both MYOB and Xero, go hand in hand when it comes to managing the accounting sector of a business. You can hire MYOB or Xero bookkeeper Perth in this matter to optimize the software program which you consider the best. It can either be MYOB or Xero whichever you think best suits your small business!

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