So! Would you like to have the best accounting software for your organization?
Amid hundreds of such software, selecting the best one is indeed an uphill battle. But, if you see each and every feature with the lens of a digital accounting expert, it’s a walkover. That’s why I have brought to you the two iconic software that can suit your business easily.
Here is an unbiased comparison between Xero and MYOB (accounting software):
| Points of Comparison | Xero | MYOB |
| Company Accounts Subscription | Just a subscription is possible. | Can subscribe up to 2 company accounts. They come with a premium account right. |
| Processing Speed | Quick processing and fast to login while being on the net. | Online processing and login is fast. |
| Server requirement | No additional server is required for accessing its advanced features. | A dedicated server is essential to login its exclusive features, like inventory management. |
| Compatibility | Its interface is compatible to both, the Windows and the Mac. | However, its essential features are compatible to on both, the Windows and the Mac. But, its AccountRight is compatible with the former one only. |
| Mobile app | Mobile UI is quick, responsive and intuitive. | It’s a bit old-fashioned. |
| Invoice tracking | Direct invoicing is available. You can tailor its architecture. Also, you get a prompt when the receiver opens it. | Direct mailing of invoices is available. You can change its layout a bit. But, a complete makeover requires AccountRight software. |
| Payroll plan | Its standard payroll plan is meant for 1 employee. The payroll of 5 employees is available @$60/month. To the maximum, one can get $100/month payroll plan for 100 employees. | Standard and initial payroll plans are available for 1 employee. But, it offers unlimited payrolls @$50/month. However, the AccountRight plans offer uncountable payrolls, excluding its basic plan worth $61 that has no functionality. |
| Report-ability | Multiple reports get processed together swiftly. | Although reporting is fast yet you can have a report at one time. |
| Employees-Login-ability | A specific login for employees is there under ‘My Payroll’. Creating timesheets, placing leave request and viewing payslip are united in it. | It lets the employees enter their timesheet, leave requests and check payslip. But, there is no login for all employees in particular. It’s paid, if you want via AccountRight. |
| Effect of Financial Year | Unlimited data can be stored in. Automatically transfers data into the next financial year. | You can store unlimited data and that transfer into the next financial year. If the transfers of the previous financial year are incomplete, you can’t create the report of the current financial year. It’ll be disabled. |
| Currency Converter | Avails conversion of multiple currencies at a premium subscription. The FX rates can be computed in the real time. | No such provision of currency conversion in it. |
| Support Online/Call | Simpler training videos, online community and online documentation. You can’t reach to its helpdesk via a call. | Relatively tougher training videos, online community and online documentation as the product ranges are fragmented. If you want to call for support, you can do in between 9 a.m. and 5 p.m. |
| Inventory Management | It’s a piece of pie to tap to stocks and manage to all, but only in basic plan. If you want to integrate a third party, it won’t be a big deal. | You can look into and manage the inventory at the very basic plan. But, advanced inventory tracking and management plans are integrated in its premier Account Right software only. |
If you thoroughly observe the comparative features of these accounting software, you’ll realize that Xero wins an edge. In terms of pricing, the same software leads. It delivers starter plan @$25/month, while the standard plan costs worth $50/month. If you talk about its premium plan, it comes @$+60/month. To the maximum, it offers affordable payroll @ $100/month for 100 people.
On the other hand, MYOB offers starter, payroll for 1 and unlimited payroll @$25/month, $40/month and $50/month respectively. It offers separate payroll plans for Windows only under AccountRight @61/month (standard), $92/month (plus) and $121/month (premier).