Which is the Best for me – Xero or MYOB?
The Cloud accounting rage is catching up with many businesses. This can be attributed to the increased efficiency of the cloud based software in Singapore and their accuracy in managing financial accounting information. Software developers have responded to the upsurge by producing a variety of web-based applications to meet varying accounting needs of businesses.
Accountants and business owners prefer these new systems over the computerized versions such as MYOB. Xero is one product that has hit the market with a boom. It is a more advanced platform that offers distinct features that you will not find in other accounting applications. It is cloud-based and therefore all updates will be made automatically. It can also be accessed via many devices, including smartphones.
Why you should use Xero Accounting Software and not MYOB?
The best way to understand why Xero is the ultimate choice when it comes to accounting packages is by looking at the main features and how they compare for both applications.
Dashboards
MYOB dashboard is simple in design and it is easy to use. It gives a display of cash flow and bank balances. The Xero dashboard is a piece of art, very detailed and very informative. All the information is represented in a graph making it easy for you to follow trends in various accounting records.
Bank updates
MYOB entirely uses its BankLink service to offer efficient and secure bank updates. The link provides all your bank transactions to a team of experts who later upload the same to your application. On the other hand, Xero uses two strategies to load your bank updates in the software. First, for banks that have an established relationship with Xero, their bank feeds are done automatically.
Bank Reconciliation
In the bank transaction screen, MYOB designates transactions to accounts. Transactions will only be automatically matched if you already have some bank rules in place. At any time that you will be ready to finalize your bank reconciliation, you should access the specific screen. It will show you whether your closing balance is in alignment with what you have in the physical records. Xero, on the other hand, adjusts your statement balance automatically as long as you have approved all transactions that are matched to bank rules, bills or invoices. With this software, you are able to see what your bank balance is at any particular time.
Invoicing
MYOB has a drop-down menu that allows you to choose from a list of customers with unlimited invoices. It requires that you enter your customers’ names, addresses and any other relevant information. Xero does not also limit the amount of invoices and bills. It has a smart menu that gives you the name of the customer immediately you start typing. Also, it is not necessary to enter details about contacts or addresses when you are entering a new customer in the system.
Payroll processing
MYOB payroll might be simple to run but it lacks some features that are very important in this era. Depending on the employees that you have, Xero allows you to process payroll effectively for the staff. The beauty with this software is that the staff can upload their worksheets, view their pay slips online and apply for leaves or off days. This makes the running of the business easier and productive.
Xero – The popular choice amongst many!
Xero is the most effective and reliable application for accounting processes. It is web-based making it accessible from anywhere and from any device including your phone. The software makes it possible for you to share safely your business’ cash records with the accountants. It might appear not to be cheap when compared to other applications, but it is worth every penny. It is what you need to successfully compete in the current business world.
One major limitation of MYOB (Mind Your Own Business) is… not the name, but that you have to keep making upgrades, and such can be somehow be very expensive.
At J Accounting Services, we provide you the world’s number one accounting software when you take up our Xero monthly package. Xero enables us to personalize and customized its functions so that it caters towards your business needs. The best part of it all is that it is suitable for all businesses regardless of size and complexity of your business. To learn more about our Xero monthly accounting packages in Singapore, do check us out!
