The million dollar question … here are a few questions to ask yourself about which product may suit your business best:
1. Do I need my accounting software when I do not have an internet connection? Obviously this will be more of an issue in regional areas or black spot areas. Are you a mum or dad who likes to do a bit of bank reconciling whilst waiting at the kids soccer games? MYOB has the ability to check in and out. Therefore, if you have no internet connection you work on a local copy and sync back up to the cloud when the internet resumes. Xero is not available at all when there is no internet.
2. Is my business a high transaction environment where speed is a big priority? Both the new version of MYOB and Xero have speed limitations, which are restricted by the speed of your internet connection. MYOB still supports a classic product range, which by comparison, is much quicker. We still install MYOB Classic quite a bit with our client base for this reason.
3. Do I work in a inventory based business? Xero does not run a perpetual inventory system (that is, a system that can tell you quantities on hand). However it does work with add on solutions such as Unleashed to provide this information. MYOB has a reasonable inventory package that comes with version AccountRight Standard and up.
4. Am I a “GenY” or “GenX” type? The reason I ask this is that many younger people, or those much more familiar with cloud based technology, seem to find Xero a better fit. Those who have worked with traditional accounting packages for many years tend to find MYOB a better solution.
I could go on and on, but the best idea would be for you to call one of our CloudCounting consultants out for a visit, to talk about the pros and cons of each product. You can see it is not a straight forward decision!