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Intuit and MYOB are household names in the world of small business accounting software in Australia. Both companies now offer cloud accounting software: QuickBooks Online for Intuit and AccountRight for MYOB. Business owners looking to upgrade their accounting systems should be able to assess MYOB vs QuickBooks in the context of their business needs. So without further ado, lets compare MYOB vs QuickBooks .
QuickBooks is quick and easy to set up; you’re up and running in just a few minutes. Then, you’ll see an elegant dashboard design that feeds its users with easy-to-understand metrics and a quick overview. QuickBooks Online invoices are customisable. Users can use their business logo and preferred font, background image, and invoice fields. Users can easily switch to a laptop, a smartphone, or a tablet depending on their present need, as the cloud accounting software offers multi-platform smart syncing. And best of all, QuickBooks bookkeeping implements routine automatic data backups that keep its users’ business data safe and secured.
On the other hand, MYOB AccountRight provides everything the user needs in preparation for the goods and services tax (GST) return. This includes tracking right up to calculating. The MYOB cloud accounting software easily tracks accounts receivable details like the debtor information and payment due date. Not only does AccountRight automatically integrate payment discounts and late payment penalties in client transactions, but it also allows users to set credit limits and receive warnings when the limit is breached. This can help users crack down on unpaid and underpaid accounts receivables.
AccountRight’s automatic Australian Business Number validation that ensures critical supplier details are correct. This helps you avoid intrusive Australian Tax Office audits and penalties.
When it comes to MYOB vs QuickBooks in the battle of credit handling, AccountRight may be trailing behind. Entering credit notes in MYOB AccountRight requires users to input the data as negative invoice. This is still a simple process but does require more in depth user knowledge of the software.
QuickBooks shines in this category as the Intuit accounting software offers credit notes menu options and forms. This makes it easy to enter credit notes provided by suppliers. QuickBooks Online quickly follows through by having a separate menu option for users looking to enter and reconcile credit card information.
Users consider QuickBooks’ reporting capabilities to be one of the best, if not the best. Users can easily customise the reporting template according to their needs without specialised training or the assistance of experts.
In most places, when it comes to MYOB vs QuickBooks, AccountRight can match QuickBooks Online’s reporting features. However, it lags behind in its report generation speed. This can be evident when processing large company files or when the year-end rollover data for over one financial year is missing. While this could be quite a downer for some, it shouldn’t affect small businesses that regularly update their year-end rollover.
MYOB AccountRight allows users to access multiple company files simultaneously. This capability makes it a breeze for businesses dealing with numerous companies and businesses engaged in B2B transactions. If your business has an abundance of suppliers and their complicated sourcing transactions, MYOB AccountRight can be an ideal accounting software solution.
Intuit QuickBooks lags behind as its basic package only offers access to one company file at a time: to bump up the number of accessible company files requires a package upgrade. However, this doesn't affect most small business owners as they’re more likely to spend time focusing on a single company file: their own.
While QuickBooks Online is limited to one company file access at a time, it heavily compensates by removing the limit of windows a user can open within the company file. This works well for business owners and accounting professionals who value time and efficiency.
AccountRight is limited to opening only 9 windows within one company file. While this could be problematic for users wary of losing track due to the limited number of windows open, it’s actually decent enough considering that users can still open other company files.
Have a tough time choosing between the two? You can always test out both QuickBooks and AccountRight on Intuit and MYOB’s websites respectively for free. Take them for a spin and see which cloud accounting solution works best for you.
If you’re still hesitant to even after the trial, just call us and let our team of expert accounting software users help you figure out which cloud accounting solution fits your business best.
Still wrapping your head around accounting software? Here’s a beginners’ guide:
