MYOB and Xero - Two of the Best Accounting Packages for Small Business Owners
Is MYOB or Xero the best accounting package for you and your business? Both have a variety of applications suited to different types of businesses. Read on for a little more information about each one to see which may be suited to how you run your business.
MYOB stands for Mind Your Own Business. The software packages are designed with all the tools to help small businesses keep track of their business financials. MYOB essentials has been specifically created to meet the needs of sole traders and small businesses.
Check out the list below to see if MYOB software might be right for you:
- your business has simple processes
- you want anytime, anywhere online access to accounts and payroll
- you have limited accounting knowledge
- software updates and data backups stress you out
- you are new to accounting software
MYOB Essentials is ideal for sole traders, new businesses and small business setups because it is simple to create invoices, track expenses, do payroll applications and manage your GST. This is all done online as well so you can access your account information anytime/ anywhere.
If your business needs any of the following services then MYOB essentials* is NOT for you:
- you are a large business with complex needs such as multiple locations or multi-currency transaction
- you need to process hundreds of manual transactions a day
- you need to keep track of stock ins and outs
- you need to manipulate data, export to excel or tailor for reports.
MYOB can provide these business solutions but not through the essentials package, so contact your local accounting firm to find out more!
What about Xero?
Xero is accounting software provider that allows you to do:
- online accounting (real-time cash flow)
- bank account reconciliations (auto import and code all bank transactions)
- financial reporting (handy reports that link to original transactions)
- invoices can be created and sent automatically
- payroll (free tax tables, kept up to date, payslips and leave all made easy)
- expense claims (handle personal expenses, easy receipt viewing and approval)
- bill payments (manage spending and make bulk payments)
- easy inventories (track stock, easy invoicing with inventory items)
Xero also has free online support (24 hour support and online help centre) for their clients as well as the ability to manage foreign currency accounts with multi currency options.
With Xero Cashbook you can communicate directly with your accountant from within Xero, There is a handy, 'Ask My Accountant' function where your accountant can view and share the same information at the same time as you through this function.
MYOB essentials works best for sole traders and small businesses with simple accounting needs whereas Xero Cashbook can assist medium to large businesses to keep track of all their financial needs.
Your 86% of businesses new to accounting software say the packages save them time! That's time you can spend working on other areas of your business or with your family. Count On Us are a firm of accountants in Wellington
with Xero and MYOB experience. Contact Count On Us for a free no obligation consultation to see whether MYOB or Xero software may suit your Wellington business. For MYOB advice Wellington businesses owners can contact them at www.countonus.co.nz
Their accountants are there to assist you with the set up of your software and develop a long term relationship with you & your business so that as your business expands they will be on hand with the best accounting solutions.
Contact our friendly team to make a booking!