Neglecting your daily, weekly, and monthly accounting tasks is like letting your inventory pile up in your warehouse, only to struggle to find a specific item later on. Just as regular stocktaking keeps your warehouse organised, staying on top of accounting tasks ensures smoother financial operations, freeing up valuable time to focus on growing your business.
Accounting software, especially tailored for small to medium-sized businesses (SMBs), offers an effective solution to help keep records organised and up-to-date.
But with options like Xero, MYOB, and QuickBooks, choosing the right one can be daunting.
Here’s a comprehensive guide to help you make an informed decision.
1. Features and Functionality
Xero has a wide range of features including invoicing, expense tracking, and payroll whilst incorporating a robust ecosystem of third-party app integrations.
MYOB is comprehensive suite covering invoicing, expense management, payroll, and inventory tracking is it also known for its flexibility and adaptability to diverse business needs.
QuickBooks offers broad features including invoicing, expense tracking, payroll, and inventory management whilst offering an extensive network of add-ons and integrations.
2. User-Friendliness
Xero is often praised for its user-friendly interface and intuitive navigation, easy and suitable for users of varying accounting expertise.
MYOB is a user-friendly interface, although far less modern compared to Xero, still accessible to users with different skill levels.
QuickBooks is known for ease of use, ideal for users with limited accounting knowledge.
3. Integration with Other Software
Xero has a robust ecosystem of over 800 third-party apps and integrations available through its app marketplace. Integrations cover various categories including CRM, inventory management, payment processing and project management. Integrations include PayPal, Stripe, Shopify, and many more, catering to different business needs.
MYOB offers integration capabilities primarily through its MYOB API platform including integrations with Microsoft Office 365, Shopify, Deputy (for workforce management), and other business solutions. It also offers custom development through its API, allowing businesses to tailor integrations to specific needs.
QuickBooks offers a broad range of integrations through its App Store, covering categories such as inventory, payroll, time tracking, and e-commerce. Some more popular integrations include; TSheets (time tracking), Expensify (expense management) and Square (payment processing).
4. Customer Support
Xero offers 24/7 email support for all customers, which is hard to beat but most importantly extremely responsive. They also offer phone support during business hours in local time zones for urgent issues. Xero comprehensive online help centre with articles, guides, and video tutorials. The active community forum is also handy where users can share common issues and share solutions. There is also a dedicated support option for accounting professionals and partners.
MYOB provides phone and live chat support during business hours but has extensive online support with articles and guides. There are specialised support options for accountants and business partners. You can also purchase premium support with various plans on offer.
QuickBooks offers phone and chat support during business hours, and again extensive online knowledge base with articles, how-to guides, and video tutorials. They also have webinars and training sessions and exclusive support through Priority Circle offering dedicated account managers and priority support.
5. Local Compliance and Taxation
Xero has robust features for managing Goods and Services Tax (GST) obligations in Australia, including automatic GST calculations and BAS (Business Activity Statement) preparation it also offers comprehensive payroll functionalities compliant with Australian tax laws and superannuation requirements. It supports Single Touch Payroll (STP) for seamless reporting to the ATO (Australian Taxation Office) and integrates with a wide range of Australian banking institutions, government agencies, and third-party apps, enhancing its ability to manage local compliance requirements effectively.
MYOB has a strong presence in Australia and offers tailored solutions that cater specifically to Australian tax laws and reporting requirements as it has robust payroll features that include STP reporting and compliance with Australian superannuation obligations. Along with how it simplifies GST calculations and BAS lodgement, which helps businesses stay compliant with Australian tax regulations.
QuickBooks also allows customisation of tax settings to accommodate Australian GST and other tax rules and supports STP for payroll reporting to the ATO and includes features for managing employee superannuation contributions and offers detailed financial reports.
6. User Reviews and Recommendations
Xero – Users commonly refer to it’s friendly interface and easy navigation, it also have strong cloud-based functionality allowing for us at anytime or anywhere access. User’s also like it’s extensive integration options and access to Xero’s customer support and training as well as being well-regarded for its bank reconciliation and invoicing features. Commonly preferred by accountants for it’s integration and automation, but also ease of use for non-finance clients.
MYOB – is recommended for it’s strong local compliance and tax features with a robust payroll system and support for superannuation and STP. It is generally perceived to have a good customer support and training resources. QuickBooks – reports to have customisable interface which is suitable for all business sizes, and strong reporting capabilities. Good integration and competitive plans.
Ultimately, the best accounting software for you hinges on your unique needs and preferences. Whether you opt for Xero, MYOB, or QuickBooks, maintaining accurate records and organising yourself is paramount.
Whilst all 3 accounting software are designed to assist your business with financial tasks,with Xero coming out on top in our opinion, but it is also essential to collaborate with and experienced accounting firm, like Hopscotch Accounting. Having and experienced Accountant will further alleviate the burden of financial management, which ultimately, allows you to focus on your core business growth and success.
Call Hopscotch today on 1300 HOP 123 to see how we can help your business succeed.
