In Australia, small business is overwhelmingly supported by three accounting software providers: MYOB, QuickBooks and Xero. Each has its advantages and disadvantages and they all achieve relatively similar outcomes when it comes to complying with the record-keeping requirements of the ATO. Ultimately platform preference comes down to the preference of the business owner’s bookkeeping and accounting team.
So, before I explain my preference as an accountant and bookkeeper let’s explore the options:
MYOB Essentials is a cloud-based accounting and bookkeeping solution suited to small businesses who need limited functionality. It’s predecessor MYOB AccountRight, offers increased functionality but is not available for mobile or Mac.
QuickBooks Small Business is a cloud-based accounting and bookkeeping solution with a tiered offering with levels based on functional need. The low-cost Simple Start option is suited for an owner operator business without staff, but lacks the automation provided in the Essentials or Plus tiers. Fortunately, QuickBooks has a flexible approach allowing users to upgrade and downgrade as their needs change.
Xero simplifies everyday business tasks with cloud-based accounting and bookkeeping software that connects people with the right numbers, anytime, anywhere and on any device. It is scalable with price based on functional need and suitable for both small and large businesses. Xero delivers amazing automation with flexible reporting options and truly simplifies the record-keeping process.
My preferred bookkeeping platform and the one we primarily use at Accurate Accounts is Xero. Here are just seven of the many reasons we love working with Xero:
- Xero is fully cloud-based with data securely stored and accessible from anywhere, anytime and on any internet capable device.
- Xero’s dashboard provides an instant snapshot of where the business is at today as well as trends over time giving users immediate insights that can be used for decision making.
- Xero is a time saver.
- Recurring invoices and collection of payments are automated, so the cash keeps flowing in without the time-consuming need to manually create and send each invoice as required by some other platforms.
- Bills can be paid directly from Xero without the need to log into internet banking, upload an ABA file or enter individually.
- Receipts and invoices can be uploaded directly from email or via a photo taken from your mobile device with account allocation automated according to your nominated preferences.
- Xero has advanced search functionality enabling users to find a transaction using minimal information and a wide range of variables including keywords making finding something after-the-fact easy.
- The reporting functionality of Xero allows you to customise and automate your accounting and bookkeeping reports based on your needs or what you are using the information for, removing the need to interpret a hard-to-read, not fit-for-purpose report.
- Xero gives users the ability to increase or decrease their subscription on a monthly basis. This is particularly useful for businesses impacted by COVID who may have reduced their payroll. In-fact I recently migrated a client who was paying $140 per month for MYOB AccountRight to Xero. She is now paying only $67 per month with greater functionality and improved automation for her ecommerce business.
- Xero is Single Touch Payroll compliant, automatically reporting processed pays to the ATO. It is also equipped with the ability to prepare and lodge Business Activity Statements with the ATO without the need to log into the business portal and manually enter the data.
If you are looking for an easier accounting and bookkeeping solution, or perhaps you have just identified the need for greater automation in your business then I recommend using Xero. A Xero partner like Accurate Accounts can assist you with set-up, basic training and quality bookkeeping services. Learn more about Accurate Accounts and bookkeeping at https://accurateaccounts.com.au/
About the Author
Elaine Wade is the founder of Accurate Accounts. She is a certified bookkeeper, registered BAS agent and qualified accountant with over 25 years’ experience and can provide a professional, reliable and trustworthy service that is individually tailored to your business requirements.
Accurate Accounts are Silver Xero Champions whose mission is to lighten the load so you can take your business to the next level. Contact Elaine Wade from Accurate Accounts via email at email@example.com or book a consultation with us book a free consultation with us!