Xero vs MYOB: which one’s best for you?
If you’re thinking about making the jump to cloud bookkeeping, this is without a doubt one of the first questions you’ll be asking yourself. Both are heavily favoured in this side of the world, and will serve any small to medium business excellently.
That said, they’re not identical! Both have their own unique strengths to contend with.
By the end of this, we hope you will be more enlightened and you will be able to figure out which one would work best for you and your business.
Need a Melbourne bookkeeper to manage all bookkeeping aspects of your business? As both Xero Gold and MYOB partners, Maximum Business Solutions is well equipped to manage both! Contact us today for more information or to organise a catch up.
Introducing: Xero bookkeeping
There was a time when MYOB was the default choice for most Aussie businesses.
With the arrival of cloud-based software like Xero however, old platforms have been left scrambling to catch up. And with more than a million subscribers and counting around the world, Xero has certainly made a splash!
When it comes to cost, Xero offers a range of subscription options depending on your requirements ranging from Starter to Premium.
The reigning champ: MYOB bookkeeping
Another bookkeeping service that’s been making waves in Australia for years is MYOB.
While it has lost ground to Xero in the last couple of years, MYOB’s cloud-based platform is an equally viable option.
Tracing its roots back to the Land Down Under, it’s long been favoured by local businesses all across the country.
When using MYOB, you can access it online or offline which means you don’t need to rely on your internet connection to check or manage your bookkeeping tasks.
Head-to-head: which one wins?
So that’s the introductions out of the way. Now for the part you’re here for: how they stack up!
Which one’s more convenient?
As an entirely cloud-based bookkeeping system, both Xero and MYOB Essentials can be accessed anywhere from any device, provided you have an internet connection.
However, accessibility isn’t the only factor that comes into play when talking convenience: another thing to consider is third-party integration.
Xero has worked hard to integrate its system with a huge range of third-party apps including:
- Banking apps
- Inventory software
- Even your production management system
That’s just a handful of examples. Xero’s talented team can even integrate with any custom software you might have.
MYOB is no slouch either. It also integrates with a wide range of third-party software.
The difference? MYOB only offers this through its more advanced packages. Not to mention, many of the add-ons offered by MYOB aren’t cloud-based, eliminating one of the biggest advantages of cloud bookkeeping!
Which online bookkeeping service has more flexible packages?
No two businesses are alike. Each has different requirements, a different budget and unique goals. One size most certainly does not fit all!
Both Xero and MYOB offer different packages, each with different features.
Compared to Essentials, AccountRight is targeted towards bigger businesses. It’s significantly more powerful, with advanced inventory-tracking and job tracking.
The catch? It requires additional software, much of which is only compatible with Windows, unlike Xero which is 100% browser-based. Not to mention, it might simply be too expensive for smaller businesses to afford!
Which cloud bookkeeping software has the best customer support?
Both platforms are fairly easy to wrap your head around. Sometimes however you might just need an extra hand.
Having been around for much longer than Xero, There are many more resources available for MYOB online. Not to mention their robust customer support service, which includes:
- Online instruction guides
- A phone hotline
- A community forum
- Live chat and support
Xero offers a variety of support services too, most of which are based online:
Extras and bonus features
With Xero, even the most basic plan comes with inventory-tracking straight out of the box. For more complex inventory systems, Xero allows third-party integration, making it extremely flexible and specific to your needs.
MYOB Essentials also offers basic inventory tracking. However, if if you have a more complicated job tracking system or a larger inventory, many of the advanced tracking features are only available with MYOB AccountRight.
AccountRight is powerful piece of software. But for smaller businesses, it might be complete overkill.
Additionally, Xero also offers real-time foreign exchange, which is great for businesses that deal with multiple currencies. MYOB on the other hand has no such functionality.
Our Melbourne bookkeepers will help you out!
At the end of the day, the final choice is up to you… however we are here in the meantime to help you understand the benefits of each system, and to see how they align with your business bookkeeping requirements and goals.