Intuit and MYOB are considered household names in the world of small business accounting software in Australia, which makes it interesting to compare the two and weigh it according to one’s business needs now that both companies are offering cloud accounting software: QuickBooks Online for Intuit and Accountright for MYOB.
Business owners looking to upgrade their accounting systems should be able to weigh the merits of the two cloud solutions in the context of their business needs. So without further ado, have a look at the key comparison between QuickBooks Online and Accountright:
Significant Software Features
QuickBooks Online is quick and easy to set up, you’re up and running in just a few minutes. Then you’ll be subject to an elegant dashboard design that feeds its users with easy-to-understand metrics and a quick overview. QuickBooks Online invoices are customizable: 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 Online bookkeeping implements routine automatic data backup that keeps its users’ business data safe and secured.
On the other hand, Accountright provides everything the user needs in preparation for the Goods and Services Tax return, right from tracking 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 integrates 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, eliminating unpaid and underpaid accounts receivables. Intrusive Australian Tax Office audits and penalties are easily avoided with Accountright’s automatic Australian Business Number validation that ensures critical supplier details are correct.
When it comes to 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 Online shines in this category as the Intuit accounting software offers credit notes menu options and forms, making 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.
QuickBooks Online’s reporting capabilities are considered to be one of the best, if not the best, by users. The reporting template can be easily customized by users according to their needs without requiring specialized training or the assistance of experts.
While Accountright can match QuickBooks Online’s reporting features, the software issue that should be addressed is its report generation speed, which can be evident when processing large company files or when the yearend rollover wasn’t completed for over one financial year. While this could be quite a downer for some, it shouldn’t face small businesses that regularly update their year-end rollover.
Company File Access
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 is swamped with suppliers and their complicated sourcing transactions, MYOB Accountright can be an ideal accounting software solution.
Intuit QuickBooks Online 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 problem can be easily overlooked by 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 Online 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.