When choosing a software program to handle finances within a company, it is important to weigh the pros and cons of each program and how it can relate to your present and future needs. Xero and MYOB are two programs that are becoming very popular for online small business bookkeeping, and they both have positive traits to be considered.
Xero is a great online program for bookkeeping, as it has a simple dashboard for getting those important company “snapshots” that get frequent views and need easy access. Xero started out with the option for multiple currencies, and MYOB recently implemented the multi-currency option as well. Xero is a great option for those who want to work solely on the Cloud, as that is the only option it has, eliminating any need for desktop software and equipment upgrades to handle the program’s needs.
MYOB is available on both the Cloud and desktop software. Although the option for keeping track of inventory may be tempting, it should be noted that the software will only allow up to 5 users for each company file. This is in comparison to Xero, which offers unlimited users to access the files, without needing to download additional software or upgrade the program package. I might also note that Xero is steadily implementing an inventory feature which I think they will release very soon.
Xero is often sought by small business owners because it is the most useful for handling transactions of all types in a simple, straight forward manner. The user-friendly dashboards offering the views of frequent reports make it easier for a small business owner to understand where their company sits financially, making daily decisions less stressful knowing that the user will be able to see an impact on the balance sheets and other statements, helping to wrap up the end-of-month reports needed to make important business decisions. The option of having Xero’s files and the entirety of the program on the Cloud eliminates the hassle of having to have a physical hard drive in order to access files as with MYOB. It also eliminates the need for a physical upgrade of hard drive space on a computer, such as an external drive or flash drive, since the Cloud takes care of all files with a secure server and easy access for all permitted users.
MYOB is a program that can handle more complex transactions but is often too much for a small business owner. The complex operations that it can handle can only confuse someone who does not need them and is not familiar with them. Even someone who knows what the operations are would only see them as “taking up space,” giving too much to navigate through when a simpler course of action is desired.
Bright Cloud Bookkeeping is well trained in Xero. We enjoy keeping things simple so that we have time to enjoy life without the stresses of knowing if a decision will have a positive or negative effect on a company’s future. With Xero’s Cloud access and unlimited user access, you will be able to see the difference and show others how your business is doing, and we will be happy to help with anything you may need to know about Xero bookkeeping software.