As a small business owner, you know that balancing the books and keeping track of cash flow can sometimes feel like a full-time job. Thankfully, there are a variety of accounting software solutions available, such as Xero and MYOB. In this post, we’ll compare each platform’s features and help you decide which one might be right for your small business.
Pricing
One of the most significant differences between Xero and MYOB is in the pricing structure. Xero offers three subscription pricing plans starting at $20 a month, which includes payroll for one employee. MYOB, on the other hand, offers four pricing plans starting at $27 a month but does not include payroll until the second tier, which starts at $60 a month. So, in terms of price, Xero is the clear winner.
Ease of Use
When it comes to user experience, both platforms offer intuitive interfaces, making it easy to input and track financial data. However, Xero’s mobile app is more straightforward to use, allowing business owners to manage their finances on the go.
Features
Both Xero and MYOB offer similar features such as invoicing, bank reconciliation, expense tracking, and payroll, to name a few. However, Xero’s ecosystem of over 800 add-ons, including integrations with popular platforms like Shopify and PayPal, gives it an edge in terms of flexibility and scalability.
Customer Support
Having reliable customer support is essential when it comes to accounting software. Xero, known for its exceptional customer service, offers 24/7 support, including phone, email, and live chat. MYOB, on the other hand, only provides phone support from 9 am to 5 pm on weekdays.
Final Thoughts
Both Xero and MYOB are great accounting software options, but ultimately it comes down to your small business needs. If you’re looking for a flexible and scalable software option with add-ons to streamline your operations, Xero may be the way to go. However, if you’re a small business owner who values customer support, MYOB could be the choice for you.
Remember, choosing the right accounting software is crucial for your business’s success, and it’s essential to do your research before making a final decision.