Xero Vs. MYOB Vs. QuickBooks Online - Which is the Right One for You?

Every business needs bookkeeping software. It’s just that not everyone realizes it early in their business. The fact that you’re here means you’re already considering getting one, and that’s a good thing! Now onto the next step – finding the right bookkeeping software for your specific needs.

The Ecommerce Accountant in Australia has helped countless businesses get started with a bookkeeping software solution. To help you with the most important decision of choosing the right software, here’s a brief review of the top three software solutions that we deem are best for businesses like yours:

Xero Bookkeeping Software Solution

Xero is among the most well-known software in Australia, and it’s not surprising at all. This one is a robust system, and the add-on features can easily be utilized and integrated with your existing business tools. Some of its best features include the following:

  • Bank reconciliation

  • Invoicing and quotes

  • Payroll management

  • Single touch payroll

Additionally, Xero is cloud-based, and the packages that they offer have something for everyone, no matter what size your business is. You can also easily upgrade your package after your free trial and whenever you feel you need something more for your growing business.

YOB Bookkeeping Solutions

Available for both cloud-based and offline use, MYOB is a good choice for those who are uncomfortable with the idea of having their information “floating” somewhere. Like Xero, they also offer an array of packages that small businesses can choose from, depending on what their specific needs are. Some of this software’s features include the following:

  • Bank reconciliation

  • Employee payroll management

  • Invoicing

  • Single touch payroll

  • Management of two business in a single account

MYOB also boasts of a robust inventory capability and can provide you with an end-to-end solution for business management in just one platform. It’s also worth noting that MYOB allows you to pay an unlimited number of employees without having to do a plan upgrade.

QuickBooks Online Bookkeeping Software Solution

Similar to Xero, QuickBooks Online is a cloud-based software for bookkeeping that offers a variety of packages. Whether you’re self-employed, running a small business, or managing a huge organization, QuickBooks Online has something perfect for you.

Some of the features that QuickBooks online offers include the following:

  • Connecting to your bank

  • Creating and sending invoices

  • Managing your payroll for you

  • Tracking income and expenses

  • Working with different currencies

Which One Is Right for You?

Xero Is for You if…

You have a growing business that also needs other management tools. Xero offers built-in automated features that many of its users claim to be a lot easier to use compared to other options. Xero also has the highest number of add-ons, meaning you can seamlessly integrate your chosen job management tools with it and not worry about incompatibility.

MYOB Is for You if…

You are a small business, but you have many employees. The capabilities of MYOB are impressive, but its reporting function is still limited, and it also has no ABA files, so if you need features that would help you with project costing, this might not be the right choice for you.

QuickBooks Online Is for You if…

You are working on a budget, but you still need a robust software solution for bookkeeping. That said, while QuickBooks shares many features with Xero, there are users who claim it’s less intuitive than the latter.

Conclusion

These three bring something to the table that you might love. They have their strengths and weaknesses. But if you’re still unsure which one is best for you, that’s perfectly fine. You can consult with an experienced accountant for eCommerce, so these software solutions can be described to you in detail, and you can better decide.

The Ecommerce Accountant is a reputable eCommerce accounting firm in Australia that can help you with all your accounting needs, from choosing the right software solution for your business to providing you with useful business advice and more. Contact us today to find out how we can help your business!


15 views0 comments