ACCOUNTING SOFTWARES - XERO vs QUICKBOOKS vs MYOB: WHICH ONE IS BEST FOR YOU?
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- čas přidán 23. 07. 2024
- Many businesses make bookkeeping and payroll errors that could have been avoided if the business were using good accounting software. When all your processes are manual, the volume of mistakes seems to increase.
I know it might end up costing you a few bucks to get the ball rolling but think about how much you’re going to save when you make fewer mistakes and save heaps more time as a result of that!
That's why in today’s video, I want to introduce you to the three market-leading accounting software used by millions of small businesses worldwide: XERO, QUICKBOOKS and MYOB.
So which one is the best for you?
Let's get started!
CHAPTERS:
00:00 - Overview
01:06 - Pros and Cons of XERO
03:19 - Pros and Cons of MYOB
05:37 - Pros and Cons of QUICKBOOKS
07:15 - Differences Between These Accounting Softwares
08:05 - Quick Summary
08:50 - Final Thoughts
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Thank you for watching this video. I post weekly videos on this channel to provide the latest and most frequently asked business questions. Please take a second to say hi in the comments below. If you enjoy my content and find it valuable, subscribe to the channel, like and share it with anyone you think might find my channel useful!
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Davie has over 10 years of experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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Website: boxas.com.au/
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
Video produced by Social Wave
www.socialwave.com.au
![Best Way To DIY Your Accounting Records [Quickbooks vs. Alternatives vs. Xero vs. Spreadsheets]](http://i.ytimg.com/vi/1pLQuiDVyQI/mqdefault.jpg)
Note with QBO: If you want a most basic feature - marking an expense as billable and invoicing it back to a client - you must buy a premium plan with Quickbooks that gives you hundreds of features you don't care about. It's like a ruse - such a basic feature "billable expenses" singled out to push you into a higher plan...
Thanks for sharing your knowledge!
My pleasure!
Hi Davie :) I just discovered your youtube channel and I'm so glad I did! Are you able to make a video for bloggers and what they should consider in regards to accounting?
Glad you like our channel, Raina! Yep, already made a video about that. Check it out - czcams.com/video/mVt2k2Lq8xE/video.html
I've noticed a lot of these accounting/bookkeeping aoftware are geared towards FOR Profits? Any of these or other software that you would recommend for a small nonprofit (less than 20k a year) that needs bookkeeping, accounting, receipt capture and the required financial reports for taxes or to apply for grants ? We don't need invoicing, time or inventory tracking or all that other stuff. We don't have any paid staff at this time but hope to get one in the next 12 months. Any info you have would be so helpful.
Thanks Davie, great information. I was wondering if you had an opinion on the different tax solutions provided by Xero, Quickbooks and MYOB for Tax Agents.
I’ve heard other peers use myob and they mentioned it isn’t cloud based.
I’ve only used Xero so I can’t really say much about myob and QuickBooks in terms of my opinion for agents.
Not sure if MYOB changed their structure after this video or what, but I just spoke to a customer service rep today (04/04/2022) and if you want the cloud based application (MYOB Bussiness Pro) then you have to forgo the inventory management. You have to pick which you want more; cloud based (MYOB Business Pro) or inventory & time billing (MYOB Business AccountRight). Also MYOB's free trials require you to enter a debt/credit card before accessing the trial. Not likeing MYOB so far with these hidden surprises and am concerned about what other ones may be lurking.
Argh that’s new. That sucks.
:(
Does Xero have facility to customize printing of bill to pay?
Thank you from Texas!
Our pleasure!
I've been using Quickbooks for a few years and I've finally decided that I've had enough of the bugs, so I've given Xero a go. So far I'm impressed with their customer service, and some of their features like automating invoices for services that are used every week by clients, but their basic package (which goes up to $29 per month in Sept 2022) only allows me to send 20 invoices a month. If I want to send more than that, I have to pay $54 per month.
Yeah pricing is quite high compared to QBO
But for me you get what you pay for
Definitely. And if they had the ability to allow me to put a date next to a line item in an invoice I might consider it. But sadly neither Xero nor MYOB seem to offer this, while QBO does.
But I've come to the conclusion going back to QBO would be like going back to an abusive boyfriend - it will only end in tears. :(
@@dogswithraz hahahah that sounds extreme
Super helpful, thank you so much!! You explained everything amazing !! Now I finally know what my small business needs, 11/10! thanks!
Glad it was helpful!
Lovely video. Very helpful! What is your opinion on inventory for small-medium businesses, between Xero and MYOB?
MYOB for sure, Xeros inventory management system is weak. Normally clients integrate this with Cin7, unleashed
Hi Davie, can you please make one video on precede payroll software.
Thanks
unfortunately never used it before. Sorry!
How do some businesses reconcile what items were sold through their POS to their accounting software to account for gst. Especially when you sell with and without GST.
Normally the POS system has an integration to Xero/QBO/myob
If you don’t have one you should look at another pos system
Nice comparison
Anas from Pakistan
Hi David,
Love your video .
I just start real estate agency in Australia. Could you please let me know which one is suitable for start up real estate agency.
Thanks
They all are fine but I’m quite bias I prefer Xero
I need help setting up up myob please
Hi Davie, which one is the best accounting software for e-commerce startups in your opinion?
Xero has pretty good integrations with a lot of e-commerce softwares I would say
What would you recommend for a manual labour contractor that supplies materials and potentially has people contracting into them.
Xero for sure mate
@@DavieMach thanks for the reply. That’s what I was steering towards anyway.
Which software do you think it’s the best for NDIS company?
Xero or quickbooks
Also excel is not outdated and will most likely always be used by accountants no matter how wonderful your accounting system or program is
We disagree with this excel cannot be used to report STP, super and etc.
there are a lot of new rules coming which will make it harder for businesses to use excel as an accounting software.
Of course accountants use excel but as a tool for reporting. Not necessarily an accounting system.
Hi David , what software would you recommend for a manufacturing company?
Myob or Xero with an inventory management software
Or you can look for a ERP system
Quickbooks is definitely not laggy or buggy. It’s literally never lagged in the 4 years I have used it. Also, I think these guys who do the comparisons are seriously biased. I have literally watched another video which had complete opposite information on costs comparisons between Quickbooks and Xero. So, I think the best way to compare is by working on both yourself for same company/data and same time and period.
We based our video on our experience.
Anyway QBO and Xero have different softwares in different countries. We are referring to the Australian version. So definitely a good idea to try before you buy.
Our Friendly Neighbourhood Tax Man!
MYOB has automatic superannuation lodgments at it's lowest package - business lite, whereas xero, you have to pay the highest package to get this feature. but I find MYOB's support really sad.
That is true.
What about Service M8
Service M8 is a job management software for tradies and service based businesses rather than an accounting software. We have heard good things about it but we dont use it ourselves.
They don't save time! Saving time would be not having do any of it...but that is a different debate. Good video though - thanks!
it saves time in the long run because in the end you need to do it haha
@@DavieMach You 'have' to do it so yes it does save some time in the longer run! But is it really improving productivity or just providing an extra income for someone else? Possibly both but always the latter. The accountant (inc software) and government always has a finger in our productivity pie!
I've just discovered that Xero is able to automate invoices, which means I no longer have to create invoices that are the same each week for my clients that I have every week. That saves me time. So does not having to spend an hour doing something that should only take 5 minutes because the system is buggy (I'm looking at you, Quickbooks). Sadly it looks like saving time is going to come at a cost of nearly double the cost for the other services. 😖
Are you familiar with MyBooks software? Is it legit? I worry about scams
Never heard of it TBH
Myob account right sooo slow, very badly written software
Several years ago, I drop-kicked Quickbooks. Their online website is loopy, slow, and buggy, especially payroll. I happily switched to XERO and Gusto. I have the Early Plan which is $12.00 per month. For people starting out, XERO tops the other two. Customer support is excellent and if you are stuck, telephone support is available as a last resort.