Bookkeeping Basics #5
Shoebox Software Comparison
Confused? Unsure of what to use? No problem! Our latest Bookkeeping Basics webinar explores the major differences between bookkeeping software; in particular MYOB, Xero and QBO; a brief history of each, the differences from a business-user point of view, differences from a BAS agent point of view, and the businesses recommended for each.
As with most things, there are pros and cons to bookkeeping software. However, with small business bookkeeping in particular it is imperative that the software is set up correctly from the beginning, so it helps to know which will be most beneficial to your business to prevent issues further down the track.
For instance, will you have access to the internet whilst using the software? What kind of app functionality do you need? Are you able to perform a manual reconciliation or would you prefer it to be automated? How many users or employees will be using it? These are just some of the things which should be considered when selecting bookkeeping software for your small business.
Some of the key differences between MYOB bookkeeping, Xero bookkeeping & Xero Cashbook as well as Quickbooks, are that MYOB doesn’t require internet to work, it includes an additional GST control account; it is STP enabled with unlimited users and employees. However, updates need to be installed manually, reconciliation is manual and the app works for invoicing only.
MYOB was founded in the early 1980s by a team of developers at Teleware, Inc., who developed accounting software. In 1999, the name was changed to MYOB Limited and was listed on the Australian Stock Exchange (ASX) on 9 July 1999. MYOB were in Australia, NZ, China, UK, and other pockets over the world; they also developed the first online software with bank feeds which was MYOB Live.
Then Xero came into the market! MYOB sold off everything apart from Australia and NZ, and MYOB Live was further developed and changed its name to MYOB Essentials.
MYOB later bought Bank Link (accountant firms use this to get bank statements for clients and then ask the client to code the statement lines). Bank Link has been in business for over 20 years. Therefore, MYOB is in our experience, the best at bank feeds. There’s rarely any double ups or missing days with bank feeds using MYOB products.
Quickbooks and Reckon are US based software companies. Together they were Quickbooks - then they divorced! Reckon is now Reckon One and Quickbooks are Quickbooks Online. Quickbooks Online is very different to the ‘old’ Quickbooks in the desktop days. Did you know that Quickbooks is the leading software used in the USA? Xero are now trying to crash that market!
With all the bookkeeping software available, this brings us to the question; what is bookkeeping? Why is it necessary? Bookkeeping services are designed to ensure that you are always on top of your small business bookkeeping and numbers – that you are set up correctly from the beginning, organised and everything has been done legally and on time. Bookkeeping services can be a huge asset to your business as they provide an overall snapshot into how your business is doing!
Even if you haven’t been set up correctly with your software or are several years behind on your bookkeeping, a bookkeeper can get your business back on track and provide training to ensure it stays that way. Your bookkeeper will also prepare & lodge BAS, organise payroll, they can practise double entry bookkeeping and sort your superannuation; whatever your business might need. You’ll have the expertise of knowledge, consistency of data entry, ongoing back-up support and only one invoice to pay each month at a flat hourly rate.
If you think your business might benefit from bookkeeping services; if you need a software health check, software training or assistance setting up/switching between your bookkeeping software, please don’t hesitate to get in touch; we’ll determine the software that will best serve your business needs and tailor a package that sets you up correctly from day one.
- The Shoebox Team
"Empowering Business Owners to Realise their Business Dreams”