MYOB vs Xero vs QuickBooks is a topic that has elicited a lot of debate among small business owners, Shopify merchants, and accounting professionals. All three software programs have their pros and cons, but which one is the best?
There are those who believe that MYOB is the better choice because it is more user-friendly and has a wider range of features. Others contend that Xero is superior because it offers more automation and is easier to use. QuickBooks, on the other hand, is favored by some for its reporting capabilities.
With the battle between MYOB vs Xero vs Quickbooks getting tougher by the day, it can be challenging to choose the best option for your business.
To help you make an informed decision, this article will review each software program and compare their features. By the end of this article, you should have a good idea of which software is best for your Shopify business needs.
MYOB is one of the most popular accounting software programs on the market. It has been around for many years and is a trusted program by many businesses. It offers a wide range of features and is suitable for businesses of all sizes.
Perhaps what makes it a perfect choice for many small businesses is its ease of use. Even if you don’t have an accounting background, you should be able to get the hang of MYOB within a few hours.
MYOB is packed with features, which is one of the reasons why it’s so popular. Some of its main features include:
As a business owner, you need an accounting software program that allows you to create invoices that are professional and look good. With MYOB, you can easily customize your invoices to include your business logo, contact information, and more.
Another important feature of any accounting program is the ability to track expenses. This is crucial for businesses of all sizes as it allows you to keep tabs on where your money is going. MYOB makes it easy to track expenses by allowing you to categorize them and add notes.
If you run a business that sells physical products, then you need software that has reliable inventory management features. MYOB includes an inventory module that makes it easy to track your stock levels, reorder products, and more.
MYOB also includes a document management module, which is handy for businesses that need to store and track important documents. This feature allows you to easily upload and organize documents, making it easy to find them when you need them.
Another great feature of MYOB is its billing portal. This allows you to easily send invoices and manage payments from one central location. The portal also includes a range of reports that can be useful for business owners.
Time & Expense Tracking
If you bill your clients by the hour, then you need software that includes time tracking features. MYOB has a built-in time tracker that allows you to easily track how much time you’re spending on each project. You can also use the expense tracker to keep tabs on business expenses.
- Cloud-based software: MYOB is cloud-based software, which means you can access it from anywhere. This is handy for business owners who need to be able to access their accounting program while on the go.
- Inventory management: One of the main benefits of MYOB is that it includes inventory management features. This is crucial for businesses that sell physical products as it allows them to track their stock levels and reorder products when necessary.
- Single touch payroll: MYOB also offers single touch payroll, which is a handy feature for businesses that need to manage employee payroll.
- Difficult auto reconciling of transactions: This can be a bit of a pain, especially if you have a lot of transactions to reconcile.
- The interface could be more user-friendly: Some users find the interface a little difficult to use and navigate.
Xero is cloud-based accounting software that has gained popularity in recent years for its simple and intuitive interface. It is suitable for small and large businesses alike as it offers a number of features such as invoicing, expense tracking, and bank reconciliation.
Xero accounting software also offers a mobile app, which is handy for business owners who are always on the go.
Xero comes with a wide range of revolutionary features including:
As a small business owner who sells physical products, you need to keep track of your inventory levels. This can be a cumbersome and time-consuming task, but Xero's inventory management system makes it easy.
Simply add products to your "items" list and Xero will automatically update your stock levels when you create invoices and purchase orders.
You can also set reorder point alerts, so you'll never run out of stock again.
Xero also offers a "stock on hand" report, which gives you a snapshot of your current inventory levels at any given time. This is an essential tool for businesses that need to maintain accurate inventory levels.
Customizable Reports and Dashboards
Xero's reporting system is one of the most robust and customizable on the market. With Xero, you can create custom reports and dashboards that give you a real-time view of your business's financial performance.
You can also set up automatic report delivery, so you'll always have the latest information at your fingertips.
If you do business in more than one country, Xero's multi-currency support is a must-have.
With Xero, you can easily convert between currencies and track exchange rates. This is an essential tool for businesses that operate in multiple countries.
Xero also offers a "foreign currency gain/loss" report, which helps you track and manage your exposure to foreign exchange risk.
One feature that sets Xero apart from its competitors is its reconciliation. With it, you can reconcile your bank statements and credit card transactions. This is a huge time-saver and ensures that your books are always up-to-date. However, it still takes some manual effort to make sure your accounts balance.
Luckily, you can also integrate Xero with Reconcilely. Our tool allows you to reconcile your Shopify orders with Xero in real-time. It sends automatic Shopify payments, refunds, and fees from all payment gateways to Xero and matches them with corresponding bills and invoices, making reconciliation a breeze.
- Unlimited users in all plans: Xero's pricing plans are based on the number of "active contacts" you have. This means that you can add as many users as you want to your account, regardless of which plan you're on. This is a great feature for businesses that need to give their employees access to their financial data.
- Inventory management in all plans: Another great feature of Xero's pricing plans is that they all come with inventory management. It doesn't matter whether you are on the lowest or highest tier. You can still track your inventory levels and never run out of stock again.
- Robust and customizable reporting: Xero's reporting system is one of the most robust and customizable on the market. With it, you can create custom reports and dashboards that give you a real-time view of your business's financial performance.
- No phone support: This is a big downside for businesses that need immediate assistance. Xero only offers email and live chat support, so you'll have to wait for a response if you need help.
- The entry-level plan has limits on bills and invoices: The entry-level "Starter" plan has limits on the number of bills and invoices you can create. If you need to create more than that, you'll have to upgrade to a higher-priced plan.
When we talk about MYOB vs Xero vs Quickbooks, we can say that QuickBooks is one of the accounting software that has passed the test of time.
This program has been in the market for decades now and has been helping small businesses with their accounting needs. Intuit claims that 98% of their customers say that QuickBooks helps them run their business more easily.
QuickBooks is known for its reliability and user-friendliness, which are the two factors that make it a popular choice among small business owners.
Here are some of QuickBooks features that make it a top choice of accounting software for Shopify merchants.
QuickBooks can help you manage your payroll with ease. It has a feature that allows you to track employee hours, calculate taxes, and generate paychecks. This feature is especially useful for small businesses that don't have a dedicated HR or accounting department.
Invoicing and Billing
With QuickBooks, you can create and send invoices to your customers with just a few clicks. You can also track payments, and see which invoices are overdue. This feature is crucial for small businesses that need to get paid on time in order to stay afloat.
QuickBooks can generate a variety of reports that will help you track your business's financial performance. These reports can be used to make informed decisions about where to allocate your resources.
Record Keeping and Reporting
QuickBooks can help you keep track of your business's financial transactions and generate reports that can be used for tax purposes. This feature is essential for small businesses that need to comply with government regulations.
QuickBooks can integrate with over 600 apps, which gives you the flexibility to add on features that are specific to your business. This is a great way to customize your accounting software to fit your unique needs.
It also integrates with Reconcilely! This means that you can automatically reconcile your Shopify transactions in QuickBooks, giving you a more accurate view of your finances at all times.
- Easy Collaboration: With QuickBooks, you can easily collaborate with your accountant or bookkeeper. This is because the software is designed to be used by multiple users.
- Flexible Pricing: QuickBooks offers a variety of pricing plans that are suitable for businesses of all sizes.
- Large App Marketplace: As we mentioned before, QuickBooks integrates with a large app marketplace with over 600 apps. This makes it easy to find the right tools to help you run your business.
- Reliable customer support: QuickBooks has a reputation for providing reliable customer support. If you ever have any questions or problems, you can rest assured that someone will be there to help you.
- Limited users in each plan: While QuickBooks offers a variety of pricing plans, each plan has a limited number of users. This can be an issue for businesses that have a large number of employees.
- Complex Interface: Some users find the interface to be complex and overwhelming. This can make it difficult to use the software if you're not familiar with accounting concepts.
MYOB vs Xero vs Quickbooks: Which One is Best?
Honestly, when comparing MYOB vs Xero vs Quickbooks, there is no single better alternative. All three software options offer a fantastic accounting experience. They all have their pros and cons, but at the end of the day, they're all incredibly useful for business owners and Shopify store owners.
So, which one should you go for? Well, that depends on your needs. There are also a few other factors to consider, including:
The last thing you want is to sign up for a software program only to find out that it's too expensive. MYOB, Xero, and Quickbooks all offer different pricing plans, so it's important to compare them before making a decision.
Ease of Use
Another important factor to consider is how easy the software is to use. Make sure to read reviews and compare the features of each program before making a decision.
Finally, it's important to consider customer support when choosing accounting software. No one likes dealing with technical problems, so make sure the company you choose has excellent customer service.
MYOB vs Xero vs Quickbooks: Conclusion
At the end of the day, there is no wrong choice when it comes to MYOB vs Xero vs Quickbooks. All three software programs are fantastic options that will help you run your business effectively.
Choose the one that best meets your needs and budget, and you'll be sure to have a great experience.
And if you choose Xero or QuickBooks accounting software for your Shopify store, then why not try out Reconcilely? Our powerful tool will enhance your bookkeeping and accounting and make reconciliation a breeze!
We even offer a risk-free, 14-day free trial so that you can see Reconcilely in action before making your decision.