Running a small to medium businesses (SMEs) and trying to decide between the latest accounting software from MYOB and Xero?
We’re here to take the guesswork out and provide some guidance and advice to help you make the right decision.
Both place a premium on tight security when it comes to your client data and you can rest assured the security systems used by both MYOB and Xero are safer than many online banking systems.
Whether opting for MYOB or Xero, your data will be stored in Asia somewhere, not locally within Australia. This is no cause for alarm as in today’s world many major companies also store our customer data in Asia, just take a look at Ebay, Gmail and Yahoo for example.
The Xero platform runs quicker than MYOB, but still comes equipped with the same functions and you can introduce add-ons which sync-up with smart phones and I-phones.
When it comes to price considerations:
MYOB – Essentials
This package is only available for use online. Cashbook costs $16 per month and Accounting $29 per month. Somewhat overpriced for what it offers.
MYOB - Account Right Live
A slow running package which is useable on desktop, or through an online application. Not totally cloud based.
The Basic package costs $30 per month, the Standard package will set you back $43 a month and the Plus package requires an $80 payment per month.
MYOB - Account Right Premier
Desktop only. Comes with foreign exchange and inventory management features. Usually adopted by larger clients/businesses.
Unlike MYOB’s Account Right Premier, Xero doesn’t sport a stock control feature in their cloud based, online packages. The company has stated however, that they do intend to bring it in shortly.
Monthly fees are quite low compared to MYOB, starting at $25 per month, but with everything you will likely need, you should expect to pay around the $50 mark per month.
For most SMEs the best option available would be Xero’s $60 to $80 plan. The overriding reason for recommending Xero to SMEs is that this platform is most receptive to the needs of these types of businesses and more pro-active when it comes to keeping up with technological advances and innovation.