Choosing between Xero and MYOB

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Choosing between Xero and MYOB

Seeing the bigger picture and making better business decisions

While most accounting software packages are good at what they do, they are limited in scope. So when comparing Xero and MYOB Advanced, the answer will always depend on the size and complexity of your business.

In order to make itself themselves more appealing and affordable for smaller businesses, accounting programs like Xero reduce functionality and features. This also makes the systems easy to use.

The downside? A successful small business will outgrow Xero quickly. Even with all of its third party apps – Xero fails to offer the same level of control, flexibility and precision that growing businesses need. For example, one of the areas where Xero suffers greatly is inventory management, which is critical for any growing business.

In contrast, MYOB Advanced allows you to manage your entire distribution processes with system-wide stock management – including real-time access lot and serial numbering, expiration dates to reduce waste, transaction reason codes to measure trends and spot problems, the ability to monitor goods in transport between locations, inventory bin/location control, inventory sub-items to simplify tracking and reporting, inventory replenishment suggestions and more.

When it comes to payroll functionality, many small businesses will find Xero’s payroll and basic reporting functionality fine, even great – while larger small businesses will definitely struggle to get everything they need. Again due to a lack of features and flexibility offered.

On the other hand, MYOB Advanced People lets you configure employees with a wide variety of pay items, including multiple wage types and hourly rates with ease. Payroll administrators can automate workflows, generate GL journals and payment batch files effortlessly. It also allows for multiple pay runs to be simultaneously processed. And that’s just the beginning.

Valuing the benefits of moving to MYOB

Find out why MYOB Advanced is the better value option for your business: 

INCREASED REVENUE AND PROFIT

  • Increased sales due to better customer service, improved quality, better on-time delivery and shorter lead time
  • Sales and margin improvements due to faster time-to-market for new products and product variants, cost reductions

DIRECT BENEFITS

  • Cost savings, cost avoidances
  • Inventory reduction, including materials, parts, finished goods and work-in-process
  • Increased productivity
  • Reduced scrap, rework, expediting, and wasted materials
  • Less overtime, expediting, premium freight, and additional set-ups due to last-minute schedule changes
  • Improved visibility across the entire business to make faster and better decisions

INDIRECT BENEFITS

  • Improved retention and higher productivity from employees who are less frustrated and more effective in their jobs
  • Less panic, disruption, and chaos in the plant and in the office due to fewer last minute changes and surprises; more stable schedules; less expediting
  • Smarter moves in the market – pricing decisions, specials, product releases or changes, inventory deployment, to name a few – due to better information and insight into market conditions, customer needs and competitive activity.

Conclusion

Need more depth than your current system offers?



When you’re just starting out, most decisions are cost-based – and software like Xero can be seen as a good cost-effective solution for smaller businesses. But as the business grows, things get more complicated, and your business needs change.



A growing business should never be restrained or held back by its accounting software. A growing business needs to be agile, flexible enough to counter whatever may come its way. While other systems can hold you back, MYOB Advanced is primed to help you realise your full potential.



So whether you’ve outgrown your accounting software or you’re struggling along with Xero, QuickBooks or Pronto, MYOB Advanced can help. It’s a scalable, adaptable cloud-based business management system perfect for those businesses who have outgrown their off-the-shelf accounting system.



See the bigger picture; make better decisions, plan ahead and grow while saving time and money.

 

Start taking care of business

No longer a small business? Want to consider preparing for growth? Already experiencing business growing pains? Fill out the contact form and one of our team will get back to you.

Alternatively, feel free to call us on 1300 69 5757 or email INFO@LSKS.COM

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