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The difference between mark up and margin is often confusing to people. We include this level of analysis in the Daily Transactions course in MYOB & Xero. lnkd.in/fmf5iq6
Which is the Pick of the Bunch?
In a previous post, we highlighted some of the biggest differences between QuickBooks and MYOB.
However Xero is also a serious competitor to MYOB (and QuickBooks to a lesser degree), so let’s take a look at the different capabilities of each accounting application and the kinds of businesses they best suit.
Which Business Are You?
Type of Business
|Tradesperson — Pays upfront for supplies, invoices on the go, is registered for GST and BAS, also receives cash/cheque/card payments from customers, has multiple bank accounts, accountant lodges BAS, GST, etc.||Unlimited invoicing
BAS & GST
|MYOB AccountRight Premier
|Small coffee shop — Customers pay by cash or card, 10 employees, suppliers invoice (30-day terms), operates from one location, share with bookkeeper (for payroll, BAS, GST, etc).||Payroll
Manage and pay bills
More than one user
BAS & GST
|MYOB AccountRight Plus/Premier
|Online Shop — accepts PayPal & card payments, suppliers invoice, operates from one location, no employees, deals with overseas currencies, has inventory.||Manage and pay bills
Handle multiple currencies
BAS & GST
|Freelancer or independent contractor — invoices clients, works on retainer, works from multiple locations, little or no suppliers, not registered for GST/BAS, works on hourly and fixed-rate projects, uses vehicle for work, works for clients overseas (PayPal), uses tax agent to file tax returns.||Unlimited invoicing
Track vehicle mileage
Export expense data in Excel
MYOB AccountRight Plus/Premium
QuickBooks Simple Start
Choose Based on Features, First
As you can see, there are lots of options, regardless of the type of business you operate, and the functions you need. Because of this it’s probably best to choose the accounting software with the feature you need first than one based on price. Selecting an accounting software on price alone may end up being more expensive if, for example, you need to upgrade later.
Need Bookkeeping Help for 2017?
Many businesses struggle to complete their bookkeeping requirements from a time perspective and in terms of getting their heads around what the legal requirements are. Perhaps this is the year to think about taking on board a reliable bookkeeper to manage your daily or weekly bookkeeping and accounts, either remotely or in-person.
Check out our recently updated national directory, National Bookkeeping; we can provide you with access to degree-qualified accountants and bookkeepers like Tracey from Rockingham — a highly-qualified bookkeeper, who also has the practical experience of having operated her own business in the past. Tracey has a lot of experience in the day-to-day accounting functions of a small business and you can read more about her at her profile page.
Similarly, if you’re a bookkeeper looking to increase your client base, read our blog for more stories about course updates and how to find work. Join and we can feature YOU in our articles too.
Want to read a recent case study about a concreting business heralding the praises of Xero? Or find out more about our Xero online training courses. Right now we’re offering a limited time special offer with a saving of over $300. Check out how you can get $663 dollars worth of training for just $296 — a saving of $337!
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