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What accounting software should your small business use?

Every small business needs to manage their finances and taxes effectively. The easiest way to manage this is through accounting software- the most popular ones, being XERO and MYOB. However, with so many different options, we at M.A.S Partners, a small business accountant based in Sydney Zetland, have compiled a list of the differences between XERO and MYOB, to help your small business choose the perfect software for you.

One of the key differences between the two software is that XERO takes a browser-based approach, where users have access to all functions of the software on a web browser. In doing so, users are able to access the software on any device, drastically increasing the convenience and accessibility of the program. In contrast, MYOB has multiple applications that the user is required to download, and the information is uploaded to the cloud. When there is an update, all users must update the application before having access to the software- which may be delay some accountants as some clients may have not updated their software.

Although each software provides relatively similarly price ranges- due to the amount of different options MYOB offers, many consumers often feel overwhelmed by the confusing pricing structure. In contrast, XERO’s pricing structure is straight forward.

Customer Support
When learning a new software, there may come complications, that your small business accountant may not be able to solve. MYOB has a customer support line from 9am to 5pm for 7 days a week. In comparison, XERO does not provide a support line, however you can seek professional help online through their website.

Ease of use
For most people, MYOB has an easier learning curve. Due to MYOB having different levels of software- each with varying difficulty, as well as, having minimal updates- MYOB is quick to pick up. In contrast, XERO requires a bit more training that shows the software’s key skills and functionalities. Although XERO has a bit more of a learning curve, it is fairly user friendly.

XERO provides users with better interactions with clients and accountants. Additionally, it provides features that help automate your small business, as well as streamline processes- which will in turn, save a lot of time. MYOB, although growing in its list of features, is generally seen to be lacking. Additionally, most accountants use XERO, meaning, it will be easier to transfer files to your accountant if you are using the same program.

Hire a professional
Although many small businesses prefer to handle their own finances, by hiring a small business accountant, you are better allocating your time, and will also receive professional business advice. In addition, we at M.A.S Partners, help with lodgments, payrolls as well as budgeting. We handle most of our small business accounting needs through XERO, and recommend have a list of other software, that you, as a small business owner might need to use in the future. To find out more about accounting software we recommend, click here.

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