The Great Debate MYOB vs Xero
Cloud accounting (or online accounting) gives business owners flexibility and real-time control over their accounting.
Cloud-based software means your accountant or bookkeeper can remotely access your financial information to reconcile your accounts. (Say ‘Goodbye’ to those pesky shoeboxes full of receipts.)
There are many cloud accounting solutions available to choose from, but at Bosco Accounting our top 2 preferences include MYOB or Xero. (Just like the age old ‘Ford’ or ‘Holden’ debate, you are either Team MYOB or Team Xero!)
MYOB and Xero are great online accounting software and easy to use, both with their strengths & weaknesses. Outlined below are just some of the key features for the subscriptions available.
COMPARING XERO & MYOB...
|MYOB Essentials – Accounting + Payroll||XERO Premium 5|
|Single Touch Payroll – pay unlimited employees.||Single Touch Payroll – pay up to 100 employees (price increases the more employees you have).|
|Superannuation – automation.||Superannuation – automation.|
|Bank Feeds – link your bank account(s) – enables easy reconciliation.||Bank Feeds – link your bank account(s) – enables easy reconciliation.|
|Invoicing– send invoices & quotes.||Invoicing – send invoices & quotes.|
|Enter bills.||Enter bills.|
|Accessibility – mobile app available.||Accessibility – mobile app available.|
|Receipts – upload photos of receipts directly from your phone to the ‘In Tray’ – very simple and quite easy to match.||Receipts & Bills – Capture bills and receipts with Hubdoc – take a photo and upload/forward paperwork form emails.|
|Bank Rules – MYOB will automatically reconcile matching transactions.||Bank Rules – Xero will identify matching transactions. User inititation is required to reconcile.|
|Reporting – has the necessary reports.||Reporting – has many different types, with a lot of different filters available.|
Both Xero and MYOB provide business owners various consumer payment solutions too.
Currently, MYOB’s subscription costs come in slightly cheaper than Xero’s subscription costs. Eventually, as more functions are added that may change!
If you would like to know more about MYOB or Xero cloud accounting solutions for your business, contact the team at Bosco Chartered Accountants today.