As a business owner, you may think of tools that can keep your business books organised and easy to access. When it comes to tools or software for bookkeeping, you may consider using Xero or MYOB software. Both are used by well-reputed companies and these software serve numerous benefits and features any small to medium businesses. To know which software would best match your business’s requirements, continue reading this blog.
What is MYOB used for?
MYOB stands for Mind Your Own Business and it was launched in the 1980s in Australia. MYOB is now available on the cloud. When you use MYOB, you can use it online as well as offline which means you are not required to rely on an internet connection to manage your bookkeeping tasks.
What are MYOB Features?
MYOB offers almost the same features as XERO, but it is not restricted to:
• CRM
• Invoicing
• Payroll
• Inventory management
• Distribution
• Manufacturing
• Order management
• Sales management
• Time management
• Expenses management
• Project accounting
• Reporting
What are the Benefits of MYOB Software?
There are various advantages of using the MYOB system:
• Cloud-based software
MYOB software is cloud-based, allowing access from any device, at any time, from anywhere.
• Ease of use
You can easily use MYOB software for your business. If you have a professional bookkeeper, then they may already know how to use it effectively. The best part about this software is that it is mobile-accessible.
• Integration
The MYOB app marketplace has numerous apps that integrate with MYOB. Another good thing about this software is that you only pay for what you use.
• Good for larger business
MYOB was designed for larger businesses, so it can accommodate large companies with several departments. Now, it has evolved to meet the requirements of SMEs.
• Customer service
MYOB system offers strong customer services including courses, training videos, user forums, online documentation and phone assistance.
What are XERO Features?
The XERO accounting software allows you to use numerous functions, including but not limited to:
• Invoicing
• Bank reconciliations
• Paying bills
• Preparing and filing business activity statements (BAS)
• Payroll, including calculating pay, tax and super entitlements, paying workers and reporting
• Receiving payments
• Financial reporting
• Lodging, approving and reimbursing expense claims
• Sending and following up quotes
• Project management and monitoring
• Inventory management
• Creating and sending purchase orders
• Managing customer and supplier contacts
What are XERO Benefits?
There are various benefits of using XERO software:
• Cloud-based
XERO is cloud-based, allowing access from any device at any time, from anywhere. It was specifically designed as a cloud-based solution, which makes it the best software for accounting and bookkeeping.
• Ease of use
XERO software is specially used because of its easy-to-use feature. It has an amazing mobile app.
• Integration
The XERO marketplace has several apps that integrate with Xero, allowing an amazing customer experience.
• Suitable for SMEs
Xero was specifically designed for SMEs, making sure the unique requirements of SMEs are met. The Xero is scalable for businesses of all sizes.
• Customer service
Xero provides the best customer services, including free 24/7 online support, online courses, user forums, webinars, FAQs, and thorough user guides.
What to Choose: MYOB or Xero?
You know the advantages of Xero and MYOB software. Now, it is completely up to you to choose one that best matches your company’s requirements. Apart from these software, there are many software that can help you manage business books and accounting tasks. You can also ask your bookkeeper to choose the one he/she is familiar with. They can better suggest bookkeeping software for managing bookkeeping tasks more effectively. Even expert bookkeepers know how to use these types of tools to leverage the power and benefits of those tools.
Conclusion
The blog shares different features of MYOB and Xero software. If you are looking to choose any one of them, then you can decide after reading about their features and benefits. For managed bookkeeping solutions, you can reach Reliable Bookkeeping Services provider.
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