Cloud Accounting Software Cost Comparison: Xero, MYOB, Quickbooks Online, Saasu and Reckon

When shopping around for your business, regardless of what you’re purchasing, the first thing you should consider is your budget. Your budget will always be the first business resource that will take a hit every time you purchase business equipment and goods.

However, when it comes to getting your business its cloud accounting software, you should start to dig deeper than budget consideration. Cloud accounting software offers incredible advantages, like significant reduction of time spent on accounting, easier collaboration, and being able to send and receive financial data on the go.

You should be able to weigh a cloud accounting software’s cost against its benefits and compare its performance against its competitors. Here’s a comprehensive cost comparison of cloud accounting software to help you decide which one matches the needs of your business:

 

Xero

Xero’s starter pack starts at $25 per month. It offers limited services like being able to send 5 invoices, enter 5 bills, and reconcile 20 bank transactions per month. Its payroll is designed for 1 person only. The starter pack may not seem much but it’s a good deal for micro business looking for a convenient cloud accounting solution.

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The standard Xero package doubles up its pricing at $50 per month. However, it removes all the limitations and users can now send invoices, enter bills, and reconcile bank transactions as much as they want. However, the payroll is still limited to 1 person.

Xero’s premium package is where the real deal lies. At $70 per month for 5 people on the payroll, you’re getting all the benefits of the standard Xero package plus being able to process various currencies with ease and auto-superannuation, making it an extremely convenient cloud accounting software solution for small business owners. You can also scale up to 100 people on the payroll per month for only $100, making it a great $2 per employee deal.

 

MYOB

MYOB offers 2 cloud accounting products: MYOB Essentials and MYOB AccountRight.

MYOB Essentials with payroll for 1 is at $35 per month. It offers auto calculation and tracking of Goods & Services Tax, customer & supplier management, and it’s SuperStream compliant among others, making it a great deal for small business owners.

For unlimited number of people on the payroll, all you have to do is pay an extra $10 per month while still enjoying the advantages MYOB offers, which includes bank feeds, quotes, pricing, & statement management, and timesheet acceptance via online or mobile.

 

MYOB AccountRight at $85 per month has all the benefits of MYOB Essentials plus the ability to manage purchase orders, backup data on your PC, and work offline, ensuring you’re still on top of everything even without the internet connection.

MYOB AccountRight offers a detailed tracking and payment of employee leaves, as well as the ability to create and track jobs and its profit-loss information. Inventory levels are also trackable with MYOB AccountRight. For a collaborative experience, where multiple accounts can use and share MYOB AccountRight, all you have to do is to pay an extra $25 per month for a total of $110 per month for a complete MYOB AccountRight experience.

 

QuickBooks Online

For only $15 per month, QuickBooks Simple Start offers small business owners to track income, expenses, and profits, complete and manage Business Activity Statements and Goods & Services Tax, download bank transactions, create unlimited invoices and estimates on the go, access from any device, and payroll for up to 10 employees. However, access is limited to 1 person only.

For $25 per month, QuickBooks Essentials gets all the benefits of QuickBooks Simple Start plus additional features that are extremely helpful like the ability to manage and pay bills, create instant sales and profit reports, automatic bill scheduling so you can pay suppliers on time without fail, user access control, deal in multiple currencies and increase of users from 1 to 3.

At $35 per month, QuickBooks Plus takes everything a step further by getting all the QuickBooks Essentials features plus the ability to track inventory, create and send purchase orders, create budget, compare business performance, and access bump from 3 users to 5 users, making it a great deal for small business with its low price and superb features.

 

Saasu

Saasu is pretty straightforward with its monthly pricing:  $15 for Small, $40 for Medium, $70 for Large, and $180 for X-Large.

 

Every package shares the same core features: invoices and expenses, automated bank feeds, the ability to attach documents and files, and dashboard. What sets Saasu apart is its incredible support for every package. It offers email support, API support for developers, and even bookkeeper support ensuring that every person on your team gets the help that they need. Last, but not the least, is that Saasu offers more than 20 reports to choose from, easy budgeting, and cash flow forecaster regardless of the package.

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Saasu Small doesn’t have an employee feature; Saasu Medium is built for 20 employees, Saasu Large for 40, and Saasu X-Large for 100.  Saasu Small is also excluded from the inventory, multi-currency, and advanced features which are only available to Saasu Medium and above. What sets apart Saasu X-Large from other packages and its competition is its inventory attribute feature, which includes location, serials, batches, color, size, and weight, ensuring you’re getting inventory information tailor fit to your needs.

 

Reckon

While other cloud accounting software offered monthly packages, Reckon opted for a modular approach. All you have to pay is $5 a month for its basic features, which includes real-time cash flow report, unlimited bank reconciliation, 24/7 software support, thorough data security, the ability to share info with your accountant or bookkeeper, access to more than 20 reports, and creation and management of budgeting, Goods & Services Tax, and Business Activity Statements – all of these for only $5 a month.

After getting the basics, you can now choose which modules to add for only $3 per module for the Lite package. The modules, called add-ons, include Invoicing, Bank Connection, Payroll, Projects, and Time & Expenses which all offers superb features at an incredibly low price. Bonus features are added through its Medium package, which is only $5 per month. Getting all the Lite package add-ons sum up to only $20 per month and the Medium package at $30 per month, getting you a great value for your money.

 

Still Undecided?

Darcy Bookkeeping & Business Services warm and friendly staff is more than happy to help you out. Its team is composed of certified accountants and bookkeepers with an extensive range of business experience, which will help you sort out what kind of cloud accounting software your business truly needs.

Get the tremendous benefit of having a cloud accounting software today. Contact us and get the expertise that you need right now!