MYOB vs Xero vs Sage vs Quickbooks
With numerous software packages out in the accounting and bookkeeping arenas, choosing the best one for your business needs can be confusing. At Monarch many inquiries come from people who have had extensive experience with one particular package and want to know the pros and cons of other products. The most common questions are around features, efficiency and add-ons. We understand how overwhelming this can be so in order to simplify things and cut through the “Sales blurbs” we have reviewed 4 of the top software packages around.
MYOB
The big daddy of accounting packages, MYOB’s reach is so wide that even non accounting types are familiar with the brand. Functionally speaking its dashboard is simple and user friendly and with the click of an arrow you can see all bank/credit accounts and balances. The software uses ‘BankLink’ which as the name suggests allows integration of bank accounts efficiently into and out of the accounting package, which is reliable and secure and has the ability to connect with third party programs including Shoebox, ServiceM8 and Smartjob.
Pros
- Unlimited transactions
- Bank fees
- Unlimited customer invoicing
- Supplier billing
- Payroll for unlimited employees
Cons
- Inventory tracking
Monarch Verdict
We give two thumbs up for its sheer popularity and market slice. We also like that customers are entitled to a strong level of support through phone, forums and library support. MYOB is particularly well suited to businesses which have grown beyond the micro-stage.
Xero
Barking at the heels of MYOB domination is Xero – the eager and edgier young sibling of software packages. This is a cloud based package that comes equipped with simple-to-use tools that support unlimited users. Access is available also on iPhone and android devices.
Pros
- Invoicing
- Basic inventory
- Fixed asset depreciation
- Create and send receipts
- General ledgers and accounts receivable reports
Cons
- Time tracking
- Project tracking (you will need a Xero add on)
Monarch Verdict
Xero is efficient and easy to use with traditional features as well as tools for making your business documents attractive. The real beauty of this software package is that you will need “Xero” knowledge to undertake your day to day business activities.
Sage One Invoicing
Sage is an old hand at creating popular accounting products, having been around for 30 years, so you know they’re good at what they do. Sage One is also a cloud based accounting software that is designed to complement and assist the small business person, self-starter and short term project management.
Pros
- Invoicing
- Time tracking
- Importation of banking information
- Recurring billing
- Financial reports such as profit & loss statements
Cons
- Payroll
- Large scale inventory tracking
Monarch Verdict
Perfect for the office-less Entrepreneur, contractors and start up bookkeepers
Quickbooks
As the name suggests many Quickbook users nominate this package as highly efficient. Almost 80% say that they are saving up to 10 hours a week when it comes to the bookkeeping aspects of their business. Invoicing tools come with automated features such as auto-fill boxes, tax calculators, integrated help topics, dropdown menus and calendars. Accounting features include all the regulars such as the ability to track customers and employees as well as bank feed and credit card recognition.
Pros
- Payroll
- Invoicing
- Reoccurring billing and invoicing
- Tax reports
Cons
- An upgrade is required to access additional features beyond basic tasks
Monarch Verdict
A real time saver, well suited for managing small businesses.
What package do Monarch students use?
At Monarch students undertaking a Certificate IV in Accounting and Bookkeeping use MYOB or Xero for their learning and assessment. Due to the depth of market penetration, we think that MYOB or Xero knowledge currently provides an advantage in obtaining employment and working in the financial sector. Why not call us today on 1300 738 955 to find out more about our fantastic accounting/bookkeeping courses and the accounting software you will learn in them.
