Choosing the right accounting system for business is often a tough job that requires a lot of analysis and consideration. Whether you have decades of experience in running businesses or just foraying, the introduction of new accounting systems and the addition of new features to the existing systems make you often clueless to choose the right system for your world.
To help you get a grasp on accounting systems, we review three leading accounting systems available on the market: Xero, Saasu, and MYOB Essentials. Let’s see how these systems distinguish each other with Xero’s robustness, MYOB integration options, and more.
Xero is a powerful cloud-based accounting system for small and medium-sized businesses. The Australian localisation of the system makes it the primary choice for you if you are doing business in Australia or New Zealand. The well-tested and efficient APIs of the accounting tool simplify Xero integration with various frontend and backend systems and third-party apps.
While coming to the accounting functionalities, Xero dominates with advanced banking feeds, payroll management, auto-reversing journals, Fixed Assets, and more. Xero is working with NAB to launch direct submission of payment requests with the bank to help accountants and bookkeepers achieve break-neck efficiency.
If you are a fan of analytics and BI, Xero won’t be a pleasure trip for you. However, the optional Analytics Plus feature allows you to track cash flow and check the financial health of your business. The Report Writer of Xero allows you to create custom reports based on your requirements. Keep in mind that this is apart from the standard reports and allows you to create complex reports according to your business needs.
When it comes to payroll and workforce management, Xero gives all the basic functionalities and features. The system allows you to create self-help portals for your workforce and allow them to access for leave requests, timesheet submission, payslips, and more. It even allows you to automate termination payments. Xero allows payroll numbers up to 200, and small and medium-sized businesses generally find this highly fitting their requirements.
While coming to Xero plans, the accounting system is available in three subscription plans. The starter plan costs you AUD 27 per month with payroll for one person, and the standard plan is priced at AUD 54 per month with payroll for two people. The basic premium plan is priced at AUD 75 per month, including the payroll for five people. The premium plan allows you to add payroll for more people at additional charges. All the Xero plans come with optional add-ons including claim expenses, track projects, and analytics.
The SSL certificates, encrypted data transfer between servers, user controls, and invite privileges make the system highly secure while being flexible to your needs.
Similar to Xero, Saasu is another online accounting system particularly designed for Australian small businesses. It is an ideal solution for startups, contractors, and sole traders and helps them manage invoicing, inventory, expenses, cash flow forecasts, and payroll. You can automate the updating of bank feeds in Saasu and make your accounting operations efficient and quicker.
The cloud-accounting platform has revenue recognition, revenue performance, and revenue optimisation features to help you improve sales and achieve profit optimisation. Like the other accounting tools, Saasu also has an interactive dashboard and data visualisation options to get excellent visibility of your business in real-time.
The cash flow forecast and budgeting options of the accounting tool allow you to stay competitive with proactive business decisions. Saasu also offers APIs to ensure seamless data exchange with your other systems. The accounting tool also offers a single-touch payroll that enables you to manage the basic payroll functions.
Saasu doesn’t offer analytical tools and business intelligence features. However, the future cash flow feature, expense tracking, and custom reporting options can help you get insights to take your business in the right direction. You can control the user level access of the accounting tool based on the hierarchy and responsibilities of your employees with hidden, edit, and ready-only options.
Saasu offers four plans to help businesses choose the right one based on their requirements. While the Small plan – ideal for one employee – costs you AUD 20 per month, the Medium plan – for up to 20 employees – charges you AUD 50 per month. The Large plan – up to 40 employees – is priced at AUD 90 per month, while the X-Large plan – up to 80 employees – has a price tag of AUD 200 per month.
Formerly called MYOB LiveAccounts, MYOB Essentials is also a cloud-based accounting and bookkeeping software designed for small businesses and sole traders. The simplified UI and web-based API help businesses quickly incorporate the accounting system into their business ecosystems. The double-entry accounting system and live feeds from banks minimise the job of your accountants.
Compared to Xero and Saasu, MYOB Essentials doesn’t have inventory. That means you need to choose MYOB integration with an inventory management system for stock management. Although MYOB Essentials started offering payroll, it still doesn’t offer rudimentary job costing and support for different credit terms. The availability of a vast number of MYOB add-ons can help you overcome most of these challenges.
You can link your bank accounts for bank feeds and minimise the need for manual updating of transactions. The accounting tool allows you to manage your invoices and expenses and keep track of your payments from the dashboard of the accounting system. The payroll feature of MYOB Essentials enables you to calculate wages, leaves, taxes, superannuation, and other deductions and additions.
MYOB Essentials offers highly affordable price tags and help small businesses and sole traders to manage their business operations. MYOB Business Lite costs you AUD 12 per month, and it comes with manual timesheets. On the other hand, MYOB Business Pro is an option for growing businesses with a price tag of AUD 25 per month, and it supports automated timesheets and roasters.
f you have an established business or want to manage more people or complex processes, you can choose MYOB AccountRight systems with inventory and advanced analytics features.
Analysing your accounting and business management requirements will help you choose the best fitting system for your world. While coming to robustness and features, Xero performs better and can be a great choice for rapidly growing and established businesses. On the other hand, if you are a sole trader and want to manage your business with basic functionalities, MYOB Essentials can be a convenient option.
If you can’t decide on, connect with the accounting and business system consultants of SaaS Integration for expert guidance and assistance.