Mind Your Own Business or MYOB has been providing tax, accounting and other business services software for nearly 30 years. You may be familiar with their original accounting desktop software, AccountRight Classic. For regular users, this will be the year you’ll need to switch online as the company has announced it will no longer provide features, patches, compliance updates or product support for the program from September 30 this year.
Until that point all support services and compliance updates will still be available but for those who need support beyond that, it will mean a forced upgrade to MYOB’s cloud suite of products which will live online. CEO of MYOB, Tim Reed says he feels the move is a no-brainer with only about 3% of paying users still using the desktop version and the bulk of new users opting for online only services.
Don’t fret, if you have purchased a perpetual license the desktop software won’t just disappear and you will continue to have access to your data. That doesn’t mean you should stick your head in the sand, an update is be inevitable. This is a great time to switch to the cloud and there are some great small business accounting softwares out there to facilitate this. Every business will have different needs so but we’ve compared popular choices, MYOB, Xero and QBO for you.
MYOB is a complete cloud-based accounting software as well as an enterprise resource planning (ERP) solution which can provide powerful, cohesive and end-to-end business management for a business of any size. MYOB offers far greater capability as it:
• Allows for up to two business accounts per subscription compared to Xero’s one.
• MYOB AccountRight offers unlimited Payroll option upgrades while Xero limits this.
• MYOB offers phone support available 9am to 5pm, 7 days a week.
• Allows users to back up your data to your own computer at any given time, so you own your data and file at all times. Xero doesn’t allow for this external backup although they do offer online options.
• Leaves room for company growth, with the complexity to manage large business accounting.
You’ve heard us harp on about Xero before because it’s a simple cloud-based accounting program well suited for a range of business sizes, and if it fits, it’s the software we point new clients in the direction of – we’re big fans! The company have been trailblazers in new innovations and upgrades and as a result offer a very user-friendly service. Xero processes payments and generates invoices much quicker than competitors, with a very simple pricing structure and offer a range of templates to customise your documents. Furthermore, Xero offers a number of unique benefits to its consumers outside of desktop services, including:
• Access control and security is superior to MYOB’s as it offers multi-factor authentication options. Xero is certified in Payment Card Industry (PCI) Data Security Standards (DSS) and SOC 2, while MYOB is not.
• More integrations with third-party software and apps (700+) which enhances its capabilities to suit the needs of almost any small-medium business. Xero
• Endless online support and forums to get assistance not only from the company, but other users too.
QuickBooks Online (QBO) offers advanced accounting features, beautiful invoicing, 550+ integrations as well as a lending feature as a cloud-based service for small businesses. QBO differentiates from its competitors by offering:
• Lending features under its QuickBooks Capital option
• Comprehensive tax support not offered by its competitors
• Well functioning mobile applications that are highly rated by users for functionality and minimal bug crashes
When choosing your software it makes sense to check that the accountant or advisor you are working with is proficient and savvy in the software you’re choosing. The most important thing is that you are all on the same page to get the most out of your books! At the end of the day, there are pros and cons across the board and no real right or wrongs when choosing between them, just be mindful to begin with the end in mind and ensure the software you choose has to ability to grow with your business. XERO, MYOB & QBO are powerful and responsive solutions that will streamline your accounting processes.
For help with your accounting software or to review your current software and solutions for replacing redundant technology, “get in touch” with us!