To keep up with Xero and other competitors, MYOB recently released its own cloud-based accounting packages including MYOB Essentials and MYOB AccountRight.
MYOB was the dominant player in computer-based accounting software for Australian small businesses before the introduction of cloud-based accounting solutions. MYOB has been around for longer than Xero - since the early 1980s, in fact. The Xero promise is simple: 'beautiful accounting software'. It was a public company from day one, and its share price on New Zealand's stock exchange has risen from $NZ1 on debut to around $NZ27 now. He felt that traditional desktop accounting software had become outdated and decided to create a modern cloud-based solution.Īs a dedicated cloud-based accounting software company for small and medium-sized businesses, Xero has since dwarfed MYOB’s market share, almost doubling its subscriber base in the space of 10 years. New Zealand tech entrepreneur Rod Drury founded Xero in 2006. Keen to understand more about this thing called the cloud? We can talk you through how cloud-based accounting software applications can benefit your small to medium business, so get in touch with us today. The best way to settle the Xero vs MYOB debate is to dive into a head-to-head comparison. So, which one is the best cloud accounting provider? Both platforms offer easy and effective ways to manage accounting, payroll, and human resources, as well as order and inventory processes. The two big players for Australian accountants are Xero and MYOB. Moving to the cloud makes sense for most businesses, but it's important to understand that not all cloud-based accounting solutions have the same standards and features. The cloud allows you to access your data anytime you need it without having to physically store that information on your computer, and it offers bank-level encryption for sensitive data. While there is still a need for hard copies of certain documents, the majority are now stored more accessibly and safely in the cloud. The arrival of the internet quickly disposed with old-school ledgers and paper-based systems, and accounting methodologies graduated from Excel spreadsheets to cloud-based solutions. It's fair to say that accounting software has come a long way over the last 30 years.
Otherwise, keep reading and see who wins. Don't like reading? Cut to the chase and speak to a Business Accountant now.