MYOB vs Xero vs QuickBooks
Still using Excel to do your bookkeeping? It’s time you joined us in the 21st century. Thanks to advancements in technology, bookkeeping and accounting software has revolutionised the way we record and balance our books. At the forefront are Xero, MYOB and QuickBooks – three well-established brands that offer quality products compliant with Australian accounting regulations (think GST and payroll requirements).
It can be tricky picking the best software for you. There’s all sorts of things to consider – ease of use, online and offline access, phone applications and cost. Let’s look at what software we recommend and why.
User Experience and Support
Each one of these brands offer similar-yet-different user experiences. MYOB is easy to operate and great if you don’t understand accountancy spiel, but its reporting options are limited, making it a less likely choice for larger businesses. Xero has been designed with the user experience in mind, offering online support and training for its users as well as great reporting capabilities and a vast employee portal. QuickBooks also provides support for the user through video tutorials and online training, as well as excellent reporting options. However, it’s design layout isn’t as seamless as MYOB or Xero.
Booki’s MYOB vs Xero vs QuickBooks user experience verdict: Xero
Cost
MYOB, Xero and QuickBooks all have tiered plans that offer different functionalities across the tiers. Based on the bottom tier or cheapest level, QuickBooks comes in at $15 per month, followed by Xero at $25 a month and MYOB at $27. However, each brand regularly has special offers that can significantly reduce your monthly spend.
Booki’s MYOB vs Xero vs QuickBooks cost verdict: Shop around! Keep an eye on special offers but make sure whatever package you choose provides you with the exact features you need.
Overall functionality and add-ons
Xero and QuickBooks are considered basic platforms that you ‘add-on’ to with apps and other software solutions. Xero has more than 500 add-ons, while QuickBooks has about 15. Xero is also renowned for its move into cloud computing, outrunning MYOB and QuickBooks re online accounting software options. MYOB offers more of a whole package but lacks flexibility with certain functionalities.
Booki’s MYOB vs Xero vs QuickBooks overall verdict: For an all-rounder from the get-go, we pick Xero – not only does it have a user-friendly interface, but it offers a build-your-own solution that’s catered specifically to you.
Still a bit mind-boggled? There’s a lot of factors to consider before purchasing accounting software, but it really comes down to your own wants and needs. Touch base with Booki and we’ll help you choose the right software for you.
