Businesses often find it hard to choose the right accounting tool based on their requirements. For most small and medium-sized businesses, their accounting tool is the most important backend system for business management. Therefore, businesses can’t make mistakes when they want to choose an accounting system for their environment.
Do you want to replace your existing accounting tool to choose a more advanced one fitting your business’s needs? Are you searching for a feature-rich accounting system but clueless about how to choose the ideal one for your business ecosystem? We compare two highly popular accounting systems available on the market to help you get insights on what to look for when choosing an accounting system. You will also understand the importance of MYOB and Xero integrations to unify your systems for visibility and control.
MYOB Essentials is a cloud-based accounting solution with single-touch payroll features. The tool allows you to track expenses, invoices, and bills. From billing to expense management to financial reporting, MYOB Essentials has all features and options for accounting management. The tool also features receipt collection options and invoicing capabilities.
Although MYOB Essentials is available as desktop software, today most businesses prefer cloud-based solutions. That means you can incorporate the system into your environment in a few clicks and use always the updated versions of MYOB all the time. The APIs of the accounting tool allow you to establish seamless data connectivity between your systems with MYOB integration solutions. Learn more about the MYOB Essential and MYOB AccountRight integration options of SaaS Integrator.
While coming to invoicing, the accounting tool features custom invoicing options and the ability to track the receipt and the opening of the invoices by the customers. The tool also features basic inventory tracking of the stock and allows you to group the items for sales and purchase. Although MYOB Essentials has limited inventory features, the MYOB App Store features several inventory add-ons to meet your specific needs.
Additionally, the accounting tool seamlessly integrates with various inventory management systems available on the market. The Payroll module of MYOB Essentials allows you to make automatic superannuation and tax calculation. The tool also allows you to make payslip management and submit timesheets via mobile. The tool also allows you to get a complete view of cash flow over time and assess the performance.
MYOB offers three different plans to make the accounting tool affordable to various businesses. The starter plan called MYOB Business Lite costs AUD 12 per month, and it is ideal for start-ups. You also have the option to choose two other plans. MYOB Business Pro is priced at AUD 25 per month – a great choice for growing businesses.
MYOB Business AccountRight Plus is an advanced accounting plan with features such as managing inventory and bill by time options. The accounting tool for established businesses with inventory management needs is priced at AUD 60 per month.
Xero is also a cloud-based accounting tool ideal for small and medium-sized businesses. The tool is comparatively new compared to MYOB Essentials. Therefore, it is more robust and feature-rich compared to MYOB Essentials and several other accounting tools available on the market.
The key features of Xero include purchase orders, stock processing, expenses, automatic invoice processing and sending, accept payment through various payment methods, including credit cards, PayPal, and more.
While coming to the features in detail, you can customise the invoice layouts and track the invoice open rate by the recipients. The Xero accounting tool comes with the basic inventory module that allows you to track your stock. However, it doesn’t give you the option to track raw materials and unfinished products.
Xero also comes with payroll features to address the payroll needs of small businesses. Your employees can request leave, enter timesheets, and view payslips by choosing Xero. The premium Xero plan comes with multi-currency features and the FX rates are calculated in real-time. That means Xero is an excellent option for you if you have plans to take your business global.
The APIs of Xero allow you to quickly integrate the accounting tool with other systems and ensure seamless data exchange.
Xero is available for businesses in three different plans. While the Starter plan allows you to manage one payroll, it costs you AUD 27 per month. The Standard plan costs you AUD 54 per month and gives you the option to process the payroll of two employees. While coming to the Premium plan, you can process the payroll of five and it is priced at AUD 70.
The Premium plan allows you to pay an additional fee and increase the number of payrolls processed. All Xero plans come with optional add-ons such as claim expenses, analytics, and track projects. If you want to get only the payroll features to process the wages of your workforce, Xero offers a Payroll-only plan starting at AUD 10.
MYOB Essentials or Xero, Which is Better?
Both accounting tools are feature-rich and add value to small and medium businesses with integrated accounting and business management. As Xero is a newer entrant to the league of cloud-based accounting solutions, it is more robust and has an edge over MYOB Essentials integration.
The better invoice customisation options, the support for integration with third-party and several frontend and backend systems, foreign currency support, online support, improved inventory management, and more make Xero a preferred choice for businesses. On the other hand, the unlimited payroll options and upgrade to MYOB AccountRight and MYOB Advanced make MYOB Essentials a convenient choice for many businesses.
Identify your business requirements and challenges to choose the right accounting tool for your business ecosystem. The support of app markets and integration with various systems allow you to customise both accounting tools based on your specific requirements.
Get Guidance from Experts
Can’t you still decide on the right accounting tool based on your requirements? Connect with the accounting system consultants of SaaS Integrator today. They will analyse your business requirements and challenges, identify your future needs, and help you choose the right system.
What’s more? They can also help you create seamless data connectivity between your systems and make your processes efficient with the automation of repetitive tasks using SaaS Integrator. The iPaaS integration system is a code-less integration solution that allows you to establish data connections between your systems in a few clicks. Connect with our consultants to transform your business.