When you’re running a small business, it’s important to keep tight control of your finances. You’ll need to have a clear view of what is coming in and what is going out. Ultimately, you want to be able to quickly and easily understand the up to date financial position of your small business, at any point in time.
The great news is, there are many small business accounting software choices that can help, from FreeAgent and FreshBooks to Wave Accounting and Xero. In this article, we’ve chosen to take a closer look at two very popular tools in Australia, Quickbooks and MYOB.
What is Quickbooks?
Founded in 1983, Intuit Quickbooks is a well-established accounting software that allows you to manage everything in one place. It has a large share of the global market, with its website saying it is “trusted by 4.5 million small businesses”.
- Features - Quickbooks provides many features, helping you to manage your finances better. You can track invoices easily, add suppliers and manage bills, connect your account with your bank for a more seamless process, manage expenses and upload receipts by simply taking a photo of them via your phone. You can stay on top of GST and even connect with the ATO. Your dashboard gives you real-time cash flow and you can also create reports such as profit and loss, expenses and balance sheets. If you have staff, you can manage payroll via Quickbooks and even benefit from features such as timesheets.
- Cost - Access to Quickbooks starts from around $15 per month, for their ‘Simple Start’ package. This can increase to $40 per month for their ‘Plus’ package. Look at each of their packages for yourself, to understand what they include.
What is MYOB?
MYOB was founded in Australia in 1991 and is now Australia’s number 1 business software. Its website says, “over a million businesses trust MYOB business software”. It’s the ideal tool for invoicing, tracking expenses, managing payroll and more.
- Features - The features offered by MYOB are very similar to Quickbooks, but a key difference to consider is user privileges. If you want to give access to others (such as your accountant) and set their privileges, unlike with Quickbooks, you’ll need one of MYOB’s more advanced and therefore more expensive packages.
- Cost - MYOB offers a package from $10.00 per month, but this is for payroll only. For their ‘Accounting Starter’ package, you can expect to pay around $27.00 per month. Packages can increase to over $100 per month, but these are more suited to larger businesses and accountancy firms.
Which tool should you choose?
Quickbooks and MYOB are both extremely popular and well-developed tools, so regardless of your decision, you will have accounting software that will make managing your finances more efficient and effective.
Review which features your business will need and how many users will be accessing the tool. This will help you understand the exact package that will suit you. You can then see the true cost to you for Quickbooks and MYOB, so you can then compare like for like.
Consider your longer-term goals when choosing your accounting software too. Quickbooks tends to be aimed at self-employed individuals and small businesses, whereas MYOB is for businesses of any size.
We’d recommend learning more about each platform via their respective websites. Find out more about Quickbooks cloud accounting software here and find out more about MYOB online accounting software here. Each platform also offers a 30-day free trial, which can be well worth trying before you make any final decisions.
Would you like to develop your skills so you can better manage your small business finances? Or are you interested in helping others as an accountant or bookkeeper? With the help of Open Colleges’ selection of Accounting and Finance courses, you can master the accounting basics and also develop the advanced skills you need to start your career in finance.