Bookkeeping forms an imperative part of any small business irrespective of its size. Gone are the days, when companies had to rely solely upon hard-copy balance books and handwritten ledgers for managing their organizations’ bookkeeping? With each passing day, this process got automated with the emergence of the internet and personal computers.
Subsequently, small business owners started to yield the benefits of agile and speedy bookkeeping through excel spreadsheets. In the recent era, the entire notion of bookkeeping has changed due to the increasing inclination to cloud-based platforms.
MYOB or Xero: The two prominent cloud-based bookkeeping platforms!
Both Xero and MYOB have entirely changed the definition of the modern-day bookkeeping operation. Right from daily errands, selling, marketing to that of inventories, everything operates distinctly nowadays. These two cloud-based platforms are in the maximum demand amongst small business owners. They help you access and manage the financial data of your company impeccably and quickly. The best part is, you can access these data anytime and from any possible location.
The chief benefit!
It implies that all the potential financial data is now easily accessible to you. You no longer need to tiptoe into your accountant’s chamber to enquire about a particular loss or profit. As a result, your company’s cash-flow gets effectively streamlined while you grow and expand your business cumulatively.
A quick comparison between Xero and MYOB!
At present, MYOB and Xero are the two most sought-after bookkeeping platforms in Perth, Australia. Both of them aid in the process of result-driven human resource functions. Aside, they also help you with the hassle-free analysis and management of payroll and accounting etc. There are quite a few reasons for which these two platforms are in much demand these days.
First of all, both Xero and MYOB offer feasible features to ensure ease of use. Secondly, both of them operate while maintaining an optimal level of speed and smoothness.
A brief introduction to both MYOB and Xero!
The fact is every business is unique and so are their pertinent business goals. Some businesses consider MYOB as a feasible platform while others consider Xero a way more plausible bookkeeping software solution. So, it is hard to say that which particular platform is actually better or perhaps the best option. Different types of businesses therefore will consider both the options convenient according to their organizations’ key business objectives. To make things easier for you, here is an effective comparison is drawn between Xero and MYOB. The comparison has been drawn in terms of the advantages and features both of them offer.
Both medium and small-sized businesses can opt for this particular cloud-based bookkeeping platform. It was formulated by Rod Drury in the year 2006. He is actually the tech entrepreneur of New Zealand. Subsequently, Xero was launched into the digital framework as the sole browser-oriented software system. Xero as a platform has always remained much ahead as compared to its different phases since inception. This is why lots of businesses in Perth Australia, seeks helps from Xero bookkeepers Perth. Platforms like Facebook, SME’s, and even users of iPhone gleefully put their crucial data online through Xero.
By the year 2014, Xero was enlisted as one of the top growing companies in terms of innovative bookkeeping. You will be amazed to know that Xero was known as Accounting 2.0 in its initial stage. However, most of the people were reluctant to accept this term. Instead, the term Zero was introduced. Again, there arose a confusion. Zero.com as a domain was costing as high as $100K. Finally, they thought of zeroing in on the term Xero which is conventionally used nowadays.
The fuller form of MYOB is Mind Your Own Business. It dates back to ’80s to aid SMEs to digitize their books effectively. Initially, MYOB operated with the pseudonym Exonet 2000. Gradually, this cloud-based bookkeeping software platform attained booming popularity in New Zealand and Australia. Later in 2004, it got substituted by the brand MYOB. It remained a primary bookkeeping software solution amongst small businesses from that time on.
The former and present-day picture of MYOB!
Initially, the platform of MYOB had to be operated a bit differently. Businesses were compelled to buy the software system contained within a big box. Subsequently, they needed to install it into their pertinent computers. There was probably no opportunity for 24/7 access and automated access from any possible location. However, now the picture has entirely changed. MYOB kept evolving in line with the changing technologies and clients’ unique requirements. It finally culminated its most up-to-date version which small businesses are increasingly opting for these days.
Comparison of features!
Xero and MYOB again differ from each other in terms of certain features. These include the following:
- Reporting: With MYOB you can run reports only once at a time. Conversely, Xero lets you run multiple reports together at a go.
- Invoicing: MYOB offers its users a personalized invoice design and you can track them effortlessly when they are being opened. Xero as a bookkeeping platform allows you to do the same thing as that of MYOB.
- Payroll: When it comes to MYOB, it is comprised of plus plans as well as the MYOB Essential Starter. It provides one particular payroll to a person at a time. Besides, it also has convenient premium plans. By opting for the latter plan option, you can access unlimited payroll. Conversely, Xero is comprised of standard and starter plans. It allows only a single person to access these plans. When you involve multiple people, you can then pay an additional fee to let them access your payroll.
- Accessibility: A platform like MYOB can be accessed through multiple media. These include MYOB AccountRight, Mac, PC and MYOB Essentials. On the flip side, you can access Xero merely through Mac and PC.
So, now that you’ve attained a comprehensive understanding of Xero and MYOB, it’s time to make your best choice. You can avail any of the premium services of Bookkeeping Perth unhesitatingly.