Comparing payroll software features of MYOB vs. QuickBooks
When it comes to tax compliance and payroll requirements, businesses need reliable accounting software to manage their finances accurately. MYOB and QuickBooks are two popular names that come to mind when choosing payroll software. Both have their share of advantages and disadvantages, but which one is better? In this article, we will compare the payroll software features of MYOB vs. QuickBooks, so buckle up and let's dive into the details.
Overview
Let's start with a brief overview of both software.
MYOB
Founded in the early '90s, MYOB was one of the first accounting software providers in Australia. MYOB offers two payroll products, i.e., MYOB Essentials Payroll and MYOB AccountRight. Both these products are known for their rich features for small and medium-sized businesses.
QuickBooks
QuickBooks was established by Intuit in the US nearly four decades ago. The company stepped in the Australian market in 2013, and since then, it is known as one of the best accounting software solutions in Australia. QuickBooks offer a cloud-based payroll solution that targets small-sized businesses.
Features Comparison
Both MYOB and QuickBooks offer multiple features that help businesses with managing their finances. Below is a comparison between the features of both software.
Tax and Compliance
One of the most crucial aspects of payroll software is to provide tax and compliance features under the Australian taxation system. Both MYOB and QuickBooks have strong compliance features that make tax and payroll processing easier. However, MYOB AccountRight's compliance features are more extensive as they offer personalized compliance checks and updates, which QuickBooks lack.
Payroll Processing
MYOB offers a manual payroll option, whereas QuickBooks only offers automated payroll processing. This difference means that MYOB has more flexibility in terms of manual adjustments and customizing payroll processes. However, QuickBooks automated payroll processing offers a time-efficient solution.
Timesheets Management
Both MYOB and QuickBooks offer time tracking and management features. However, QuickBooks excels in this category as it offers a timesheet management feature that allows employees to log their hours.
Leave Management
Both MYOB and QuickBooks offer leave management but in different ways. MYOB offers a leave request management feature, whereas QuickBooks only offers leave accrual.
Reporting
MYOB and QuickBooks are both excellent at providing reports. MYOB offers a broader range of reports, whereas QuickBooks offers real-time updates, making it more ideal for businesses that require an up-to-date report at all times.
Pricing Comparison
Pricing is another key factor that businesses need to consider when choosing accounting software. Here is a comparison of the pricing between the two software.
| Software | Subscription Plan | Starting Price |
|---|---|---|
| MYOB | AccountRight | AUD 60/month |
| MYOB | Essentials | AUD 10/month |
| QuickBooks | Simple Start | AUD 10/month |
| QuickBooks | Plus | AUD 20/month |
Please note that these prices might not be up-to-date, so it's best to check their official websites for the latest prices.
Conclusion
Both MYOB and QuickBooks are popular payroll software, but each has its own unique features to offer. When choosing between the two, businesses should consider their specific requirements and budget constraints. If you are seeking more extensive compliance features, MYOB would be an excellent choice. On the other hand, if you're looking for ease of use and automated payroll processing, QuickBooks is an ideal option.
We hope this comparison between MYOB and QuickBooks helped you make a better-informed decision. Please share your opinions and feedback with us.