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Although, I must stress that your data is not stored in Australia, rather somewhere in Asia. Both are using security systems that are safer than our online banking system. Monthly fee's are as low as $25/month, but with all the required inclusions you're most likely to spend at least $50/mth.īoth MYOB and Xero have taken the security of your data seriously. Xero has advised that in the short term they will be introducing the feature. Xero does not have stock control feature in the their packages.This is typically used by our larger business clients. Account Right Premier: Only available for the desktop, has inventory management and foreign exchange capabilities.We have found the package runs very slowly, but MYOB promises that they are upgrading the software. Basic is $30/mth, Standard $43/mth and Plus $80/mth. Account Right Live: can be used on the desktop or via an application online.It's similar to BankLink and in my opinion is overpriced. MYOB: Essentials is purely online, with cashbook costing $16/mth and Accounting $29/mth.But for the small to medium sized business, where typically the owner also works in the business, the offerings from Xero are more attractive, offering efficiencies that are simple and easy to adopt.īelow is comparison on price between MYOB and Xero: For example, business with stock control and foreign exchange transactions would not suit the Xero model and would be better off staying with MYOB Premier. I found that each product (and by product) has its own features that won’t necessarily fit every client.

I’ve contacted both MYOB and Xero, to work out which product best suits client needs. MYOB or Xero - online advantages and disadvantages of the latest accounting softwareīy Nathan Rigney One of the biggest questions we receive as accountants is “what is Xero” and “should my business be using it”? This often leads to a few more questions that address cost, secure data storage and my favourite will Xero stop the grey hair! Well the good news is both MYOB and Xero have set out to make your life a little easier, with the advancement of cloud based online technology.Īs your Accountant and advisor, I have done the hard work for you.

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