Xero or MYOB – Which Accounting Software Should I Choose?
Competition is heating up between MYOB and Xero; two of the most popular paid accounting software options in New Zealand. Think of them as two types of ice blocks. They both do their job in cooling you down and giving you a refreshing treat, but depending on the flavour or how they were made, can taste and look completely different.
What do you mean MYOB is an ice block? Is Xero an ice cream then?
No. It’s simply that Xero and MYOB are two different competing accounting software programs. Each have their own pros or cons and you are going to find people who like one over the other. But in reality the choice is yours as to which one you use, regardless of who your accountant or bookkeeper is. Sure, they may try to suggest you use one over another and that’s okay. But it is still your decision to choose the one which works best for you.
MYOB vs Xero – Choosing the Right Accounting Software for Your Business
Let’s break down the differences between these two programs and what they offer…
- Accessibility – Xero is fully online, everything is stored in the cloud and you can access it anywhere. MYOB requires you install the program on your Windows 7 or higher computer, so you have to use it there. However, MYOB’s new AccountRight Live, is an online cloud based program in direct competition with Xero.
- How it looks – Xero is easier to look at for long periods of time and its appearance is more customisable than MYOB’s interface.
- Using it – here it’s six of one, half a dozen of another. In general terms, Xero is easier to use if you are coding bank statements and sending invoices via email. Sorting out prepayments and overpayments is easier in MYOB than Xero though. MYOB is also easier to use when setting up coding rules and matching invoices.
- Reports – both give you reports, but MYOB reports are more thorough, easier to use and transfer nicely into Excel spreadsheets. Xero reports at a basic level are fine, but it struggles to handle more in-depth ones.
Cutting to the chase, MYOB is seen as more old school than Xero. They both do pretty much the same job, with small variations. Price is one area where they do differ, with MYOB being slightly cheaper than Xero. But don’t let price be your main decision guide – give me a call and together we can work through identifying the best accounting system for you.