Which is Better: Xero, MYOB, or QuickBooks?

If you are running a small and a medium size business, it is very important to control your finances.
Xero, QuickBooks, and MYOB
are all popular choices, but which one is the best for your business

+1-844-405-0904

Xero vs MYOB vs QuickBooks

Xero

Xero is a cloud based accounting software which helps small and medium size businesses. It offers an interactive UI with multiple features like online invoicing, inventory management, bank reconciliation, and payroll. It is suitable for small and large businesses alike as it offers a number of features such as invoicing, expense tracking, and bank reconciliation. Xero accounting software also offers a mobile app, which is handy for business owners who are always on the go.

Features

  • Bank reconciliation
  • Tracking of suppliers and customers
  • User-friendly dashboard
  • Track and manage expenses
  • Purchase orders
  • Pay bills and invoices
+1-844-405-0904

MYOB

MYOB is one of the most popular accounting software in the market. It has been around for many years and is a trusted program by many businesses. It gives a wide range of features and is suitable for businesses of all sizes.  It offers a wide range of features and is suitable for businesses of all sizes. Perhaps what makes it a perfect choice for many small businesses is its ease of use. Even if you don’t have an accounting background, you should be able to get the hang of MYOB within a few hours.

Features

  • Allow work offline
  • Easily calculate and track taxes
  • Easily receive payments
  • Track and pay taxes
  • Prepare bank feeds
  • Record employee time
+1-844-405-0904

QuickBooks

Intuit, an American firm that was a provider of an online accounting software package known as QuickBooks. It is an accounting software which helps small and medium size businesses, gives them the ability to monitor sales as well as expenses and profits  Intuit claims that 98% of their customers say that QuickBooks helps them run their business more easily. QuickBooks is known for its reliability and user-friendliness, which are the two factors that make it a popular choice among small business owners.

Features

  • QuickBooks Feature List
  • Connect multiple bank accounts
  • Manage bills and vendors
  • Create custom invoices
  • User-friendly Dashboard
  • Easily share access with an accountant
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5 Key Differences: Xero, MYOB, and QuickBooks

Xero

  • Offers unlimited user access across all plans.
  • Fully cloud-based, accessible from any device with an internet connection.
  • User-friendly, ideal for startups and small businesses with a global focus due to its multi-currency support.
  • Focuses on user-friendliness and ease of use, with features like automated invoicing, bank reconciliation, and a wide range of add-on integrations.
  • Offers a streamlined pricing structure with different plans based on features and usage.

MYOB

  • Starts with a single user in its basic plan, with options for 1, 3, 5, or up to 15 users in its advanced Premier version.
  • While transitioning to cloud, it still relies on desktop software for some features.
  • Strong in Australia and New Zealand, excels in payroll and inventory management.
  • Known for its comprehensive payroll and inventory management features, especially for Australian businesses.
  • Has a more complex pricing structure with separate plans for different functionalities and levels of access.

QuickBooks

  • Limits the number of users based on the subscription plan
  • Offers cloud-based plans but some features still rely on desktop software.
  • Offers cloud-based plans but some features still rely on desktop software.
  • Strong in inventory management, expense tracking, and integration with third-party apps. Offers robust reporting and project management tools.
  • Pricing is also based on plans, with different features available at each tier.