MYOB, Xero or QuickBooks: Which Suits Your Business Best?

Which is the Pick of the Bunch?

It’s a competitive accounting software market place out there … which is the pick of the bunch for you?

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	Features Needed	Cloud-Accounting Package
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 Card payments Bank feeds Mobile capabilities BAS & GST	MYOB AccountRight Premier Xero Standard
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 Track inventory More than one user BAS & GST Card payments	MYOB AccountRight Plus/Premier QuickBooks Plus Xero Premium
Online Shop — accepts PayPal & card payments, suppliers invoice, operates from one location, no employees, deals with overseas currencies, has inventory.	Manage and pay bills Track inventory Handle multiple currencies BAS & GST Card payments	MYOB AccountRight QuickBooks Plus Xero Standard
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 Timesheets Export expense data in Excel Accept PayPal Retainer invoices	QuickBooks Self-Employed 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?

Many businesses struggle to complete their bookkeeping requirements because they run out of time and don’t know the legalities.

Perhaps this is the year to think about taking on board a reliable bookkeeper to manage your accounts. This can be done remotely or in-person.

Want to read a recent case study about a concreting business heralding the praises of Xero?

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 and how to find work. Join and we can feature YOU in our articles too.

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You can also visit our new Online Training Course Catalogue website and get our Xero Training Course Workbook for free instantly!

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Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.