One of the most important decisions a small business needs to make is its choice of accounting software. One of the biggest mistakes small business owners make is that they purchase accounting software beyond their business needs and the level of accounting skill. This can lead to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’.
With so many software options available it is easy to become confused, and they range in functionality and sophistication with a price tag match. Small businesses that are looking for new accounting software want self-reliant, self-sufficient, flexible and minimising the time spent on data entry. MYOB bookkeeping and Reckon are 2 very reliable and popular programs used by all kinds of businesses and accountants. Now let’s look into let’s get into the MYOB and Reckon software comparison.
Here are some key points to consider in order to find the right accounting software for your business:
Invoicing in both systems is fairly simple, with invoices sent straight out from the program via email. MYOB have a unique feature which will automatically match outstanding fees with invoices and reconciles the transaction without any manual input. MYOB have a massive range of add ons from their ecosystem of expert developer partners. With MYOB’s wide range of add ons, you can manage invoices and see who is and isn’t up to date with payments.
Reckon systems can automatically create and send professional looking invoices on the go and get paid faster. Need an approval process? Get the medium version. Receipts and paper invoices can accumulate very quickly.
MYOB offers a free 30-day trial package and\or a $29 dollar a month use of everything with a 90-day money-back guarantee. As for Reckon users, you can get started for as little as $5 a month and you can add or remove features at any time, and you’re not locked into any contracts.
One of the benefits of MYOB is that the tax tables are automatically updated and current, reducing the need to purchase additional tax tables. MYOB has worked closely with the ATO for over 20 years, so you can stay up to date with every GST, BASS, payroll, taxable payment, paid maternity leave, salary sacrifice and superannuation and be prepared for whatever comes next.
Reckon is updating its current system to a more advanced system. It’s fast and secure payroll processing, up to date with government legislation, advanced award module, email payslips and payment summaries and easily view each payroll component. Both also have a tool to produce easy reports, payslips and payments summaries and both are able to save payment summaries for tax at the end of the financial year.
Purchases and Payables
Managing your purchases in both MYOB and Reckon is easy, with bank feeds meaning that the data entry side of things is taken care of, MYOB offers unlimited bank transactions, and unlimited invoices and you can pay an unlimited amount of employees with no extra cost. For Reckon customers there is limited customisation for great value, so you only pay for what you need varying on the size of your business starting from $5 a month.
Reports produced in MYOB are fairly basic and very simple. They are bare necessities really, MYOB has a function to easily track your reportable payments, you need to update the cards of applicable suppliers. This will ensure payments made to these suppliers in the reporting period will be automatically included when you generate the taxable payments report.
Reckon offers a feature where a memorised report from one Reckon accounts files to another memorised reports file. After modifying a report, there is an option to memorise that report. Memorising a report means that Reckon will save all the modifications for the next time the report is generated, reports can be saved in Memorised Report Groups.
MYOB offers an unrivalled support system by phone, LiveChat or email or email from 6 am – 12 am AEST. Reckon offers 24/7 support via Reckon’s community or call for toll-free phone support during business hours.
Summary of Comparisons
- Auto matching bank feeds
- Various modes of support offered
- Same price for all customers
- Free trial of complete packages for 30 days
- Slightly more comprehensive reporting capabilities
- No limits on usage, invoices, transactions, people and no hidden costs
- Unrivalled support system by phone, Live chat or email from 6 am-12 pm AEST
- The dashboard provides key information and is easier to navigate
- Auto matching bank feeds
- Modular design, so you only choose the features your business needs
- Flexible pricing
- Automatic updates
MYOB has been a recommendation to those clients of ours who have asked whether to go with MYOB or Reckon. Reckon doesn’t offer as many functions as MYOB but Reckon has a far better pricing structure than MYOB. But in all fairness Reckon shows the same level of functionality as MYOB. However, there are some businesses who would find little to no benefit from Reckon. We would always recommend that any business owner looking at accounting software contact their bookkeeper or accountant to discuss their requirements to make a firm decision.