Choosing accounting software that is the best fit for yourself and your business is not easy. Three applications are popular among small business owners: Xero, QuickBooks and MYOB. Let’s compare their software features to help guide you in selecting the one that best fits your needs.
Xero
Advantages:
- Easy to learn for non-accounting individuals: Online training tools and support are available 24/7. Instructions are in simple terms without complicated accounting jargon.
- Cloud-based: Updates automatically occur every time you log on.
- Flexibility in access: Access accounts from anywhere with an internet connection.
- Mobile-friendly: A mobile app allows you to access your accounts quickly.
Disadvantage:
Xero has an unimpressive inventory management system. In addition, it is not able to calculate commissions automatically. You will need to use a third-party provider for these services and integrate them with Xero.
MYOB
Advantages:
- Easy inventory management system: Track your sales, purchases, and inventory levels across different locations. You can even use different currencies.
- One username can manage multiple accounts: An excellent convenience if you run various businesses.
- Cloud-based: Like Xero, you can access your accounting records from any location with internet access.
Disadvantage:
MYOB is still new to cloud-based computing because they have been providing their software primarily as a desktop version. MYOB will have to ensure that their cloud-based version becomes as robust as their standalone software.
QuickBooks
Advantages
- Different product options: Different applications tailor to different sized businesses, including one designed for a sole trader.
- A broad range of integration possibilities: QuickBooks leads the industry in providing over 650 integrations with other applications, the most of any other provider on the market.
- Robust inventory management system: You can enter data on your clients’ orders and update your inventory information simultaneously.
Disadvantage:
Multitasking can slow down or freeze up the functionality.
Price Comparisons
Xero: Basic plans start at AU$27 per month with premium plans at AU$67 per month as you upgrade and add features.
MYOB: MYOB Business Lite starts at AU$24 per month with MYOB Business AccountRight Premier at AU$80 per month as you upgrade and add features.
QuickBooks: Simple Start plan at AU$22 per month with Plus plan at AU$52 per month as you upgrade and add features.
Ensure to check these prices regularly, as they often run incredible specials on their pricing plans.
How To Choose the Best Accounting Software
What you choose depends on the accounting features that are most important to you. It would help if you weighed the pros and cons of each one. There is no one-size-fits-all answer. If you need additional guidance, you should consult with a professional accountant who can help you think through what features you need the most to make an informed decision.
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Dealing with accounting and tax issues does not have to be a stressful experience. Our tax experts at Perth Mobile Tax have decades of experience. We can bring our expertise to your location to help with your tax and accounting needs.
We have cultivated a loyal client base who uses our services year after year because of our dedication to service excellence. If you need help in managing the financial side of your business, call Perth Mobile Tax and Business Services today! Call us at 1300 001 829 or use our online booking system to set up an appointment at your convenience.
