As a larger business, choosing the right accounting software is crucial. It can make a significant difference in how you manage your finances, stay organized, and save time. Two popular choices, Xero and MYOB, are often compared. In this post, we’ll provide an unbiased comparison of both software to help you decide which one is better suited for your business needs.
Xero vs. MYOB: A Comparison
Features
Both Xero and MYOB offer a range of accounting features aimed at meeting the needs of larger businesses. Xero offers more than 800 integrations, making it versatile and customizable to your business. MYOB, on the other hand, has fewer integrations but makes up for it by offering project management and inventory features that Xero doesn't provide.
Ease of Use
Xero is user-friendly and relatively easy to use, even for those with limited accounting experience. Conversely, MYOB is often considered more complex, which can be challenging for beginners to navigate. However, MYOB's existing users find it to be quite intuitive after a brief learning period.
Pricing
Xero provides a few pricing options based on the size of your business. The basic plan starts at $20 per month and can go up to $60 per month for the premium plan. MYOB has three pricing tiers, from $28 per month to $119 per month, which can be a bit steep, especially for small to medium-sized businesses.
Customer Service
Both Xero and MYOB offer robust customer support with extensive online resources, such as knowledge bases and user forums. Xero, however, has the added benefit of 24/7 customer support available via phone and chat.
Conclusion
Ultimately, both Xero and MYOB offer specific features and benefits suitable for larger businesses. Choosing the right one for your business depends on your organizational needs, budget, and accounting experience.
Xero is an excellent choice for those seeking a customizable and user-friendly solution, while MYOB may be better suited for businesses requiring project management and inventory tools. Overall, both platforms offer a lot of value for bigger businesses, so it's essential to assess your business requirements before making a decision.
References
- Xero. (2021). Xero.com. https://www.xero.com/
- MYOB. (2021). MYOB.com. https://www.myob.com/
- BDO Australia. (2021). Xero vs. MYOB: Which accounting software should you choose? BDO Australia. https://www.bdo.com.au/en-au/accounting-tax/advisory/articles/xero-vs-myob-which-accounting-software-should-you-choose
- Trustees Executors. (2021). MYOB vs. Xero: Which software is right for your small business? Trustees Executors. https://www.trusteesexecutors.com.au/knowledge-centre/insights/business/myob-vs-xero-which-software-is-right-for-your-small-business