Businesses in Australia have two main online accounting platforms available to them. One of them is Xero while the other one is MYOB. In the past, MYOB was the go-to accounting software for business in Australia. However, the recent emergence of Xero has meant that now businesses have more options than ever before. Xero has quickly taken over the top spot for the best online accounting platform due to its revolutionary cloud-based accounting services. However, MYOB still remains a great option for smaller businesses. Here are some reasons why choosing MYOB over Xero might be a better option for you.
Inexpensive
MYOB is much more inexpensive than Xero. Small businesses that do not have an ample budget to spend on accounting platforms could have a difficult time keeping up with payments for Xero, however, they might be able to easily afford MYOB. The reason for this is that Xero requires various add-ons to provide advanced features to you. So, you would not only need to pay for Xero, but also for the add-ons. This isn’t the case with MYOB as it is a standalone platform that offers every accounting feature that your business needs. You just have to pay the subscription fee for MYOB, which isn’t too high.
Inventory Management
Although Xero offers many features to the businesses, it excludes inventory management. It does recommend a third-party app by the name of Unleashed which it can integrate with easily for managing inventory. However, it does cost you extra money. MYOB, on the other hand, knows how important inventory management is for small and medium businesses. Therefore, it offers it as one of its core features. You don’t have to pay anything extra for using this feature if you choose MYOB over Xero.
Payroll
Like inventory, payroll is another procedure that small and medium businesses may struggle with. While MYOB offers unlimited payroll options to its premium subscribers, Xero doesn’t offer this service. Even if you have a premium subscription, you would only be allowed to payroll for a limited number of people. Thus, if you want to ensure that payroll isn’t an issue for you, then you should opt for MYOB.
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