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Accounting software has now disposed paper-based ledgers and systems and even Excel spreadsheets. Hard copies of some documents are still necessary but most are now stored more safely and accessibly in cloud-based solutions.
The cloud provides real time access to data without having to store information physically on the computer. It provides bank-level security encryption for data that’s why it just makes sense for businesses to move to the cloud. Cloud-based accounting solutions have different standards and features and it’s important for businesses to find out which one is best for them.
Xero and MYOB are two of the biggest players in Australia. Both platforms provide effective and easy ways to manage accounting, payroll, order and inventory, and HR. Here’s a comparison to help you see how each cloud-based accounting software application can benefit your business.
Tech entrepreneur Rod Drury founded Xero and created a modern cloud-based solution in 2006. Xero has doubled its subscriber base in 10 years because of its dedication to small and medium sized businesses. MYOB, on the other hand, has been around since the early 80s and was the dominant player before cloud-based accounting solutions were introduced. It now has MYOB Essentials and MYOB AccountRight.
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Both Xero and MYOB are responsive and powerful solutions that can simplify and streamline your accounting processes. Xero is more cost effective because it offers only one package and its pricing structure is easier to understand. However, Xero only offers one company account per subscription while MYOB offers up to two company accounts using a MYOB Premier AccountRight subscription.
Xero’s sign-up and installation process is intuitive and easy while MYOB has many advanced features such as inventory and job management dedicated software that’s only compatible with Windows. Xero is compatible with both PC and Mac while MYOB AccountRight is only compatible with PC.
Xero provides payroll for one person for its starter and standard plans and for $60+, you can get payroll for more people. MYOB, on the other hand, offers unlimited payroll option for some of its plans. Xero can run multiple reports at once unlike MYOB that runs reports only one at a time. Xero also has better customisation options for tracking and sending invoices as MYOB only offers advanced customisation with its AccountRight plan.
Xero has basic inventory tracking and management with all of its plans and its integrations with third parties enable more complex inventory while MYOB AccountRight is the only plan that provides advanced inventory tracking and management. Both platforms are iPhone and Android compatible but Xero has a sleeker interface.
Xero allows staff to enter timesheets, request leaves and view payslips while MYOB only includes these in its Essentials plan and only as an add-on for AccountRight. Data in Xero is continuous that there’s no need to close or rollover the financial year. MYOB Essentials is the same but AccountRight requires two separate data rollovers. Xero also supports multi-currency, which is not available on MYOB.
Xero has a massive social media following, community forum members, online documentation and training videos that finding help becomes quick and easy. However, Xero does not offer phone support while MYOB offers it 9am – 5pm, seven days a week.
It’s safe to trust your financial data to the cloud. Xero’s access control is better than MYOB’s though because of its multi-factor authentication options. Xero is Payment Card Industry, Data Security Standards and SOC 2 certified. It also offers over 400 integrations with third party software and apps to enhance its capabilities whereas MYOB relies on software that has to be installed on your PC.
Consider all these features and find out what your accountant recommends for your business.
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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
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