Should you use MYOB or Xero?
We get asked all the time... “Is Xero better?”; “What about MYOB?”; “Should I use Xero?”; “Is MYOB online?” and so on. It seems that everyone has an opinion (informed or otherwise), when it comes to answering these questions. MYOB has a range of solutions to suit micro businesses all the way up to larger businesses. We focus here on AccountRight.
The fact is that MYOB AccountRight and Xero are very different beasts. For a start they work quite differently - Xero is 100% browser-based *, while MYOB AccountRight is a hybrid model which means the software is installed on your computer but the data's in the cloud meaning you can access it online or offline. (* MYOB Essentials is similar to Xero being browser based).
Xero and MYOB AccountRight each have pros and cons. As professional accounting software consultants we’re very familiar with both - here are some of the things we like about each:
What We Like About XERO
- Connects to more add on software than any other accounting software package which means you can add functionality not available in Xero
- Available via any browser which is convenient as software doesn’t have to be installed
- Ability to use foreign currency means you can keep track of sales and purchases in other currencies
- Includes an Asset Register which means you can track and depreciate assets and print an asset schedule
What We Like About MYOB
- Telephone support – people talk you through your problem or issue rather than the wait for email support
- Price – monthly subscription cheaper
- Large selection of reports (over 140) means you don’t have to use add-on software or Excel to manipulate data
- The range of functions within AccountRight means less need for add-on software
- Choice of working online or offline or on your network means you’re not reliant on the internet
- Point in time backups means you can restore a backup should something go wrong
- Off line read only access after your subscription lapses means you are not committed forever to a subscription
- The MYOB servers are based in Sydney – Xero servers are in the USA.
My accountant insists I use Xero. Should I?
Some Chartered accountants insist you must use Xero. They do this because it suits them. Our philosophy is that you use the software that suits you best. That may be Xero or it may be MYOB. It may be Quickbooks, Infusion, Cash Manager, MYOB Advanced, Great Plains, Net Suite or some other package. Your accountant exists to do your end of year accounts, advise on tax and business structure, and provide advisory services. They are not there to dictate what car you drive and what business tools you must use. A good accountant should be able to open any accounting program and run the reports they want. They should use software which imports the data and we are able to assist them if required.