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Bookkeeping Software Critique

By Sharon Coles February 09, 2021 0 comments

My Bookkeeping clients tend to use one of three software, Xero, Quickbooks Online or MYOB for their Bookkeeping software. There are advantages and disadvantages to all 3 depending on your businesses needs. You can easily find the features and benefits online but here I will outline my thoughts on the limitations that each have from a Bookkeeping perspective.

Quickbooks Online is great when all transactions process through correctly, however if you need to adjust or amend incorrect transactions then you can run into problems. I find the Bank Feeds need to be logged in again as they drop out at least once a month. It may be hard to get an Accountant to prepare your end of year tax from Quickbooks Online as not all of the use it.

MYOB Account Right is the most complicated out of the three however it is a powerful work horse for medium sized businesses. Very user friendly once you have had the training and the understanding of debits and credits. Adjusting and amending is easy but it takes knowledge of the software to know how and where to do it. 

Xero is the preferred software by a lot of Accountants. They get benefits from Xero when they sign up more clients. Xero is easy to use and is more adjustable than Quickbooks Online. It doesn't have the power of MYOB but most businesses won't need that. The Xero app is great for when you just want to create an invoice, take a photo of a fuel receipt or allocate bank feed transactions when away from your computer. 

I hope this helps you when deciding the software for your business. Contact Your Accounts Team to discuss it further.

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