Xero vs MYOB: Which Accounting Software Should you Choose?
If you’re on the hunt for the right accounting software for your business, you’ve most likely asked whether you should choose MYOB or Xero. While there are other players in the market (such as Quickbooks or Sage), we most commonly see clients tossing up between Xero vs MYOB. In many cases they may already use MYOB and are looking at switching from MYOB to Xero.
So, what are the benefits of each platform and how should you decide which one is right for you?
Xero vs MYOB
Xero is a fully cloud-based accounting software platform. Originally designed for SMEs, Xero is now scaleable for businesses of most sizes. Founded in New Zealand in 2006, Xero is now available in over 180 countries.
MYOB (which stands for Mind Your Own Business) was launched in Australia in the 1980s. Unlike Xero, MYOB was not launched as a cloud product, but is now available on the cloud.
What are the features of Xero?
The Xero accounting software suite allows users to undertake a wide range of functions including, but not limited to;
- Paying bills
- Preparing and submitting business activity statements (BAS)
- Payroll including calculating pay, tax and super entitlements, paying staff and reporting
- Receiving payments
- Financial reporting
- Submitting, approving and reimbursing expense claims
- Creating, sending and following up quotes
- Project management and tracking
- Inventory management
- Creating and sending purchase orders
- Managing customer and supplier contacts
What are the features of MYOB?
MYOB for the most part offers the same features as Xero including, but not limited to;
- Inventory management
- Sales management
- Order management
- Time management
- Expenses management
- Project accounting
What are the benefits of Xero?
There are several benefits of Xero including, but not limited to;
Xero is cloud-based, enabling access from any device, from anywhere, at any time. Xero was designed as a cloud-based solution from the get go which puts Xero at the forefront of cloud accounting.
Easy to use
Xero has a reputation for being the most intuitive and easy to use solution on the market.
Xero has an excellent mobile app, and was first to market with the app first launching in 2011.
The Xero marketplace contains thousands of apps which integrate with Xero, enabling a truly customised experience.
Designed for SMEs
Xero was originally designed for SMEs, ensuring the unique needs of SMEs are met. However, the solution is scalable for businesses of all sizes.
You only pay for what you use. Xero has a low monthly cost, but it is not the cheapest solution on the market. A monthly subscription starts at $27 a month.
Xero offers market leading customer service including free 24/7 online support, user forums, online courses, FAQs, webinars and thorough user guides.
What are the benefits of MYOB?
There are several benefits of MYOB including, but not limited to;
MYOB is cloud-based, enabling access from any device, from anywhere, at any time. However, given MYOB pre-dated cloud computing it has had to evolve over time to embrace the cloud.
Easy to use
MYOB is intuitive and easy to use, however it has had to play catch up with Xero on this front.
Strong mobile app, first launched in 2013.
The MYOB App marketplace contains hundreds of apps which integrate with MYOB, however offers far less options than the Xero Marketplace.
Designed for larger businesses
MYOB was originally designed for larger businesses, so it accommodates large companies with multiple departments well. It has had to evolve to meet the needs of SMEs.
You only pay for what you use. MYOB has a lower monthly cost than Xero. A monthly subscription starts at $12 a month.
MYOB offers strong customer service including training videos, courses, online documentation, user forums and phone assistance from 9am-5pm daily.
When it comes to considering Xero vs MYOB, both solutions are strong contenders. However, in our view there is a clear winner: Xero.
Xero is at the cutting edge of cloud accounting. The platform has innovated more quickly than its competitors, including MYOB, to accommodate the fast changing needs of modern business.
Xero accounting is now the gold standard in accounting software. Known for its simplicity and usability, Xero can unlock significant opportunities for businesses when it comes to financial governance.
Xero is easy to use and is designed for anyone to be able to interpret, with or without training, and its customer service is second to none.
At Keeping Company we work exclusively with Xero and we are a Xero Gold Partner.
Should you migrate to Xero?
If you’re looking to take your accounting to the next level, it may be time to migrate to Xero. At Keeping Company, we can manage your Xero migration and set up end-to-end; transfering all your data without any downtime, while ensuring your new setup is best geared for your ongoing business needs.
If you’re on the lookout for expert Xero accountants in Australia to help with switching from MYOB to Xero or migrating to Xero from another platform, Keeping Company can help. Contact us today to see how we can help your business successfully migrate to Xero.
At Keeping Company, we’re not just accountants, we’re business people too. With our counsel, your business can reach its full potential.
We have a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together and ready to help, contact us today.
For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.