When you’re running a business, you have to take care of everything, from finances to customer service. So, It’s always better to find tools that can help you save time and automate recurring accounting tasks that become tedious after a while.
If you’ve been stuck for a while trying to choose between QuickBooks, Xero, and MYOB, let’s look at their advantages, what features they support, and what type of companies they’re the most suitable for.
What Is MYOB?
MYOB was launched in the early nineties and has developed into sophisticated accounting software over the decades. The platform is very popular among businesses and sole traders as it assists in general accounting tasks like tracking bills and taxes, lodging bank statements, and issuing relevant invoices.
It also has incredible accessibility that makes the platform accessible from anywhere.
Benefits of MYOB
MYOB can perform the following tasks:
● Inventory Management – It assists in managing your inventory and tracking invoices. For instance, you can track your sales and stock across different locations and keep a detailed record of both.
● Payrolls – It comes with a standard single-touch payroll, which means you can use it for a single employee. You can also use the platform for an unlimited number of employees through the add-on feature.
● Cloud-based Task Handling – MYOB may be a traditional software, but it is keeping up with modern requirements and now offers a cloud-based accounting platform.
● Multiple Account Management – If you’re running multiple businesses, the AccountRight feature can help you manage different accounts from a single username with individual reports.
Disadvantages of MYOB
The biggest downside of MYOB is that it does not have a mobile version. So, you’ll have to upgrade to newer versions every time a new software version is released.
You’ll also have to make sure that all users have the same version, so things don’t get messy. However, the new cloud-based addition can (partially) solve this issue.
What Is Xero?
Xero has an incredible UX and UI design. It allows you to register an unlimited number of users. It is an excellent option for businesses of all sizes.
Benefits of Xero
Here are some benefits of Xero:
● Mobile App – The software has a mobile app that gives quick access to everyone through their phone.
● Cloud-based Platform – Unlike MYOP, there’s no need to constantly update Xero because it is cloud-based.
● Accessible – Anyone can use the platform with the login credentials as long as they have internet access.
● Training and Tutorials – Xero has amazing 24/7 online support, informative tutors, and training tools that help educate their users on how to use the software.
Disadvantages of Xero
Xero does not have an effective inventory management system that can calculate commissions automatically. So, if you’re looking to have multiple payrolls and need to track your inventory, Xero might not be the option for you. You can consider integrating other software with Xero to get these functions.
QuickBooks
QuickBooks is the go-to accounting software for small business owners since it has basic accounting tasks integrated into it.
Benefits of QuickBooks
Here are some benefits of QuickBooks –
● Integrations – It offers around 650 integration features.
● Inventory Management – It helps with maintaining your inventory data and inputting customer data.
● Different Product Offerings – It has various different product offerings tailored to different business requirements. These include Online Plus, which is excellent for small to medium sizes businesses, and SimpleStart, which is excellent for start-ups.
Disadvantages of QuickBooks
Unfortunately, QuickBooks has lag issues and bugs. It even hangs during use and can slow down. They don’t have a lot of training tools, and their customer support doesn’t have the best reputation.
Now you have some of the pros and cons of three different softwares. This will help you choose which software is the best for you. Remember to pick the software you feel most comfortable with, its easy for you to find your way and use to track your business spending.
For added, trustworthy help with your finances and business, please click here to contact the team at YBM today