Arguing which is the best accounting software is a never-ending debate. This shouldn’t be the issue though. Each business has its own needs. The aim of owners should be to find the best fitted software for their business. Among those that provide that accounting services in Singapore, two of the most sought after accounting software are Xero accounting and MYOB AccountRight Live. How can we differentiate the two?
Xero has a user-friendly dashboard which gives snapshots of the most useful business performance indicators. This software is quite easy to set-up and use. It is recommendable for use in small and medium enterprise accounting. On the other hand, MYOB AccountRight Live is fit for large companies due to their more complex operations.
Xero accounting can process 1,000 invoices and 1,000 bank transactions per month, and 500 contacts in total. MYOB can handle more than that. Xero supports multi-currency translation unlike its competitor. Also, Xero to Xero transactions can be easily done, thus is very useful for intercompany deals. Xero is edged by AccountRight in terms of payroll as it can support complex payroll transactions for unlimited number of employees.
MYOB stores data in cloud and in local storages while Xero stores in the cloud only. As a consequence it is possible to work offline with MYOB. If a Xero user stops paying for the service, they can no longer access their files. MYOB clients won’t have the same problem.
MYOB provides great customer support. They provide phone discussions with clients. They also have live chats and webinars for an even greater software experience. Since Xero is relatively new, its support currently limited to e-mail service, website with FAQ portion and an active social media campaign.
The most basic Xero plan is $25 for 5 invoices, 5 bills and 20 bank transactions per month. Prices can go as high as $90/month (plan includes 100 employee accounts in payroll). MYOB’s cheapest is $29 per month (no inventories and payroll) up to $160 (to include inventories and payroll).
There’s a lot of choices when you’re looking for software brands that are providers of accounting services in Singapore. The key to getting the right fit is to know what your business needs are. As for MYOB Account Right and Xero accounting, this article will help you to choose between the two. But still, more research is suggested before you make an outlay of cash.