QuickBooks and MYOB – Which Is Best?
Quickbooks vs MYOB
Accounting software has developed considerable in complexity and power. Today an accounting software package like MYOB or QuickBooks is one of the most effective ways to manage the books of many small businesses and provide reporting functions previously only reserved for larger organisations with a dedicated accounting staff. High quality, accurate reports of a business’ financial position is essential for good decision making. What makes for a good accounting software package?
6 key features any accounting software should have:
- Email: Accounting software has emailing capability that allows you to send out bulk invoices over the net – save the trees and save your time!
- Speed: Accounting and bookkeeping software hugely speed up financial procedures.
- Assessment and Evaluation: Accounting software will help in management and measurement of cash flow and overall financial performance.
- Future Outlook: Accounting software provides a future outlook for the business and gives a detailed picture of current and future financial positioning designed to help in planning and budgeting.
- Automation: Small business accounting software and bookkeeping software is great for minimisation of mistakes, due to the automation of transactions.
- No Paper Trail: Bookkeeping software (particularly cloud based software) allows you to take care of your accounting 24/7 anywhere in the world! And, zero paper trail means a huge minimisation of file management.
Two accounting software packages have emerged as the most popular and powerful tools around. QuickBooks and MYOB are both feature rich, are backed by large companies have have a high level of support in Australia. Choosing the right one for you is a difficult proposition. Once you’ve entered all your data and learnt one system, its practically impossible to change to the other with investing a lot of time and energy. Which one is for you?
Quickbooks vs MYOB
“Should I get MYOB or QuickBooks?” – A question new business owners ask accountants and bookkeepers on a regular basis. Compiled below are a range of reviews on the different features of both accounting software programs. The following is an updated version of the MYOB v QuickBooks review.
For those who don’t like reading, skip to the bottom to see a comparative table of the benefits, functionality and differences of MYOB and QuickBooks!
Whether you use Windows or Mac, MYOB and QuickBooks can run on both operating platforms as each provider has accounting software packages specifically designed for Mac users.
Within MYOB, to manually change bank account to credit account, you are required to use the banking menu. QuickBooks has a separate menu for credit card details and reconciliation of credit cards.
MYOB allows multiple inventory locations as opposed to QuickBooks which cannot handle multiple locations.
MYOB allows multiple company files to be open at once, whereas QuickBooks allows one company file open at a time.
MYOB allows nine windows to be open within the one company file. On the other hand, QuickBooks allows an unlimited number of windows to be open within the company file.
To enter a credit note in MYOB, a negative invoice is required. QuickBooks has a menu option and specific form for entering credit notes.
End Of Year
MYOB EOY functionality has been labelled difficult to use for inexperienced bookkeepers. Alternatively, QuickBooks doesn’t require a hard close of the year which makes it easier to manage EOY processes.
MYOB navigation system has remained unchanged for a while, where users have commented that QuickBooks have improved navigation and implemented easier to use functions within their more recent versions of the accounting software.
• Historically, MYOB had more support in Australia, they offer a 24/7 phone line as well as email support. QuickBooks partner program is increasing the accounting software’s support network. They also offer a contact phone line between the hours of 5am-6pm, depending on your product.
• QuickBooks General Journal is available in the Banking menu – GST inclusive amounts cannot be entered (which can cause issues with expense claims)
• QuickBooks has easily customisable report suites (as opposed to MYOB which requires some training)
• MYOB and QuickBooks accounting software programs both have a range of add-on and extension functions to suit different skill levels and industries!
Want A Trial? Get Free Accounting Software for 30 days!
Both MYOB and QuickBooks provide the functions necessary for management of accounts and each program has its own advantages and disadvantages. Before you decide on which accounting software is best for you, keep in mind that every accountant and bookkeeper will have a personal preference (usually biased on what they learned first and what they use most).
Features and Functionality
|Operating System – Windows|
|Operating System – Mac|
|Editing Credit Cards – General Banking Account|
|Editing Credit Cards – Specific Credit Card Account|
|Inventory – Multiple Locations|
|Company Files – Multiple Files Open At Once|
|Windows Open – Unlimited Windows Open In Company File|
|Option for Credit Note|
|Navigation and Ease Of Use|
|Customisable Report Suites|
|Free 30 Day Trial|
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