MYOB or Xero? A Quick Rundown

MYOB or Xero? A Quick Rundown

by ​Yvette​ on January 08 Business accounting is a field that has seen a lot of advancement in the last decade.

Cloud-based accounting solutions are currently dominating the field. Among them, the two software programs that are being used the most are ​MYOB​ and Xero. Both these software programs have their strengths and weaknesses. So, which one among them should you be using? Let’s get a quick rundown of both to see who comes out on top.

MYOB MYOB is an accounting software program that has been around since 1980. However, it has only just started providing online accounting services. The feature set that you are offered in MYOB is very versatile and can perform a wide variety of accounting tasks for your small business. You get to choose between two different models when using MYOB. They are MYOB Essentials and MYOB AccountRight. The former is a browser-based accounting platform while the latter is computer-based and offers cloud storage for saving your data.

MYOB Essentials is best suited for start-ups as it offers a limited range of features. On the other hand, MYOB AccountRight is ideal for small to medium businesses since it can perform a variety of different accounting functions. The advantage of using MYOB is that it

allows multiple company accounts for a single subscription. Moreover, it offers phone support as well as unlimited payroll functionality with its upper-tier plans for both Essentials and AccountRight.

Xero Xero is a relative newbie to the business accounting market, having just been founded in 2006. However, it is a pioneer of cloud-based accounting in Australia. It was the first browser-based accounting platform when it was introduced back in 2006. In only a few years’ time, it has overtaken MYOB and has become the most-used online accounting platform in Australia. The reason for this meteoric rise is the powerful feature set that it offers to its subscribers. Offering a straight-forward pricing structure, Xero is much easier to use and navigate for both start-ups and small to medium businesses.

Xero is accessible on both PCs and Macs and offers an intuitive and fast mobile app as well.

While its payroll feature is limited to only a few people, its features for invoicing, reporting and inventory management are all excellent. You can create, send and track invoices using it and run multiple financial reports simultaneously.

Shoebox Books​ is a provider of bookkeeping and accounting services for small to medium businesses in Australia. If you need help in getting your finances in order then you can call us at any time.

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