The rise of digitisation has paved the way for the mainstreaming of cloud accounting software – offering flexible, real-time reporting for small businesses.
But sometimes, deciding which cloud accounting software to get could be very daunting. You need to take into account several factors, including annual fees, data security, integration with other apps you might need in the future, bank feeds, facilitation of seamless workflow, and multi-platform and mobile availability.
MYOB has been in the accounting software industry for quite a while, having established its name in the local scene, but some newcomers like Reckon One are challenging MYOB’s ability to think out “cloud” and keep up in the digital game. Both software have their own set of advantages and disadvantages, but which one is really best for your business?
Doing basic accounting tasks is very straightforward with Reckon. You can easily create invoices, receive payments, and track account balances and outstanding payments. And with its customisable dashboard, every command is just a click or two away from the main screen. This is very advantageous for small business owners who do not have prior experience in accounting work.
But MYOB’s approach to simplicity is more explicit. Its Essentials’ dashboard use simple terms like “Money in” and “Money out”, “Invoices owed to me” and “sales targets”, removing any jargon to business owners who are non-accountants.
They both have quality “Help” systems within the platform. Reckon One’s fast ‘Find’ feature outperforms MYOB’s ‘Find Transactions’ feature in the sense that it simplifies the search for a previously entered transaction or fixing of an incorrectly used system.
It’s generally faster to navigate around Reckon One’s pages compared to MYOB, and if you’re paying a bookkeeper, this can mean cost savings especially since what can take 3-4 pages for MYOB can be completed in just 1-2 pages with MYOB.
But while Reckon’s navigation screen seem more customisable, both MYOB and Reckon One fare well in terms of ease of use.
Features and Other Services
Both MYOB and Reckon One offer features such as payroll, time billing, cost centres, job costing and inventory control. Reckon One includes a timer, and its inventory system is relatively more flexible and easier to use compared to MYOB. Reckon One also provides better management reports.
One of the most attractive features of MYOB Essentials is its ability to store scanned documents, keeping the entire transaction trail in one place. Both platforms provide a memorised transaction feature that allows automation of direct debits and regular transactions, however, Reckon’s feature works more smoothly and has lesser restrictions compared to its MYOB counterpart.
Another feature to look at is the Company Data Auditor, which enables a quick system check before the BAS or Tax is prepared. Despite being similar in many ways, MYOB’s version of this feature beats that of Reckon One.
Both MYOB and Reckon One have a very good, integrated payroll system suitable for SMEs, which allow amendment of deletion of previous pays if required.
In terms of services, both MYOB and Reckon One offer a wide range of services and tools that are perfectly fit for their products. MYOB, for instance, has its M Powered services range that makes superannuation payments and receiving customer payments very easy. Reckon One, on the other hand, also offer such services, on top of its attractive Google Marketing tool.
MYOB offers more than 50 third-party add-on features, while Reckon One only has 10.
Reporting and Customization
In terms of reporting and customisation, Reckon has an advantage over MYOB, given its very several customisation options that could be tailor-made towards your business needs.
Also, the data screens can customised with Reckon, but not in MYOB – a crucial factor for clients with distinct demands for invoicing, purchase orders, etc.
Reckon One’s mobile app, while not fully supporting the full Reckon One feature set, already offers a comprehensive way to enter an invoice and email directly to the customer, as well as other basic functions such as completing time sheets and looking up customer contacts.
Both MYOB and Reckon One offer robust security. While setting up Reckon One’s security is much simpler and less time-consuming compared to MYOB, the latter offers a nitty-gritty approach in terms of roles and viewing options for the reports. Reckon One’s Enterprise product – the one used for the hosted (online) version of Reckon accounts – offers full-blown security that is perfect for bigger companies.
Reckon One’s modular pricing is its competitive edge over many competitors, including MYOB. As a matter of fact, it also offers free conversion from competing products.
If you’re shortlisting your options for a cloud accounting software, you might need to take note that MYOB doesn’t provide a sample company data to play with, unlike Reckon, and hence requires you to enter your own data – a tedious task that could take some time.
Overall, both MYOB and Reckon provide a great cloud accounting solution for small businesses. Their latest versions are user-friendly, aesthetically-appealing, and are rich in features and reports – perfect for businesses operating on small systems to larger and more flexible systems that have multi-user requirements. And every time they release a new version of their software, they bring in more automation, faster data entry, more features and flexibility, and improved reporting.
If you’re specifically looking for a good time billing or inventory, both products offer a great deal, but you might find Reckon One’s product more flexible and easier to use. This choice extends to customisation options and other features necessary for business expansion. MYOB boasts its own advantages as well, given its long experience and credibility in the cloud accounting industry.
Take advantage of the free trial versions of both products so you can fully assess the advantages and disadvantages of each of them. Having a good understanding of what your business needs is a good place to start.
If you have more questions about the two products, you can send us an email at firstname.lastname@example.org and we will try our best to answer your questions.