MYOB V Quickbooks
For “off the shelf” products, both MYOB and Quickbooks are pretty impressive products. Sure, they have their limitations once your company requires more sofisticated accounting systems such as advanced inventory or multi-site consolidations, however we try to push the boundaries of either MYOB or Quickbooks before stepping up to the next tier of software.
We are often asked which version of software is better between myob and quickbooks. It’s difficult to make a straight comparison using the spec sheet put out by either company so I thought I’d list a few of the main differences here. If you can think of any others, please feel free to post a comment:
- Apple Mac- Quickbooks does not have a version that is compatible with the Macintosh OS in Australia
- Inventory- MYOB Enterprise allows multi-location inventory. Quickbooks does not support multi-location inventory.
- Multiple Windows- Quickbooks allows you to have as many windows open as you require within the one data file wheras MYOB is restricted to nine.
- Multiple data files- Myob allows you to work with multiple entities at any one time.
- Year End Procedures- Quickbooks is much more seamless at year end, allowing you to continue working in the prior year after the financial year end.
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Actually, QuickBooks Enterprise solutions has a Warehousing suite associated with it that handles multi-location inventory andbar code scanning
MYOB have got around the multi-location issue by allowing a number a approved hosting providers to host the Accounting, Premier and Premier Enterprise products.
We use one of the providers ozBeanz Hosting, but it is worth talking to the other players as each offer a slightly different solution some of which may better suit different business structures.
What would you like in these systems that is not there?
I know that the MYOB v Quickbooks debate has been important in the past, but Xero is the future. No more installing, no more tax file updates, no more backup issues, no more hassles. I don’t work for Xero or derive any money from them in any way, I just love thier software.
MYOB these days has a powerful feature [M-Powered services] enabling payments from multiple bank accounts to be effected from within the software [restricted to the main trading banks - CBA, ANZ Westpac and with special arrangements NAB and Bendigo] when combined with seamless presentation of bank statement information [CBA, ANZ and Westpac] this is a huge time saver and drastically reduces the chance of error in a payment [especially superannuation payments] while being far easier then using ABA files and more secure for staff use than internet banking.