What to Choose Between Quickbooks or MYOB?

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If you find it hard to carry out your bookkeeping duties properly and want to reduce their time, the best thing will be to use relevant cloud-based accounting software. Because there are so many accounting software solutions available in the market, small business owners often ask the experts about the best option. 

While you can make your choice according to your requirements and budget, using accounting software will undoubtedly minimise your workload and make the whole process easy and smooth. Your reports will also be accurate. This post discusses the benefits of Quickbooks bookkeeping services and MYOB accounting software to give you an in-depth understanding.

What Are the Benefits of Using Quickbooks?

Quickbooks is one of the most widely used accounting software in the Australian business world, and there are 4.5 million online subscribers globally. It provides excellent customer services, and it easily integrates with other platforms like Shopify, Primaseller, Paybooks Payroll Cloud Application, etc. Below are the five key benefits of using Quickbooks.

Efficient Accounting

When it comes to accounting, Quickbooks offers high flexibility. It helps business people do accounting more easily.

  • The software application is client-friendly and offers tutorials, which will help you use its different functionalities faster.
  • You will find an extensive collection of templates, which you can use to create your accounting records.
  • You can do your payroll, create invoices, manage timesheets, and prepare charts for your business plans.

Easy Integration with Other Software Services

Quickbooks can easily integrate with other software programs, which has made it highly beneficial to use for accounting purposes. For example, you can combine it with data creation programs such as Microsoft Excel. It will, in turn, allow you to import information from these programs and use Quickbooks to manage and organise them. 

You will also be able to export information from Quickbooks to other important programs like your tax preparation platform. It will make your tax filing seamless.

Enhanced Financial Security

As a business owner, you know the importance of money, and you will want maximum security for the business finances. 

The best thing about using Quickbooks is that its data centres are under 24/7 surveillance to make sure your business assets are secured from any unauthorised access. 

Quickbooks also has reliable security features such as password-protected login and multi-factor authentication.

Access to Reliable Money Management Tools

For improved money management, you can choose Quickbooks without any hesitation. Its money management tools will help you in the following ways.

  • You will be able to track the due dates and other payment information related to recurring bills.
  • All transactions get automatically recorded in this accounting software. It will, in turn, help you in future audits.
  • All bank accounts can also be linked to the system. It will help you view all the financial records on one screen and eliminate the need to have paper bank statements.

Read About – Why is it a good idea to outsource warehouse services?

Improved Client Management

Efficient client management is necessary to achieve success with your business. You will be required to put genuine efforts into your customer service and maintain your loyalty to them. 

In Quickbooks, you will get the opportunity to view your clients’ accounts on one dashboard. It will, in turn, help you send messages, customised reports, and notifications to them regularly. 

As your business grows, it may become difficult to look after the accounting and bookkeeping activities. In that case, you may consider appointing one of the Quickbooks bookkeepers in your company to get better results. 

What Are the Benefits of Using MYOB?

Just like Quickbooks, MYOB is another very popular accounting software. It also integrates with other third-party application platforms like Squirrel Street, Salesforce, Magento, and eBay. 

Regarding accounting, MYOB will help you simplify:

  • Creating digital and print-ready invoices
  • Recording invoices of suppliers
  • Integration of business database with the accounting program
  • Paying suppliers
  • Updating general ledgers
  • Calculating payroll expenses
  • Preparing BAS and tax records

Using MYOB will allow you to enjoy the following benefits.

Easy Taxing

MYOB offers fast and easy tax updates, which will keep you updated about the recent changes. This way, you will remain compliant with the ATO rules and regulations. MYOB is also a great option to pay super.

Faster Payments

Another critical benefit of MYOB is that businesses can receive their payments much faster. It allows customers to pay the company directly from an emailed invoice.

Time-Saving

If you are looking for a fast and easy way to stay compliant with the ATO requirements and manage your business cash flow, choose MYOB. It has some excellent time-saving features to help you do your daily bookkeeping seamlessly.

However, if you think you cannot handle the bookkeeping duties on your own and have to concentrate on other business areas, hire a professional MYOB bookkeeper Perth and get your job done.

Take a Look at the Pricing

Checking the software pricing is a must before you make a decision. Usually, these applications are available at affordable rates.

  • Quickbooks Online: Three pricing plans include Simple Start, available at $20 per month, Plus, available at $50 per month, and Essentials, available at $35 per month. You can also choose its Self-Employed Plan, available at $15 per month.
  • MYOB Essentials: MYOB also has three pricing plans, including Accounting Starter, available at $27/month, Accounting+Payroll, available at $30/month, and Accounting, available at $48/month.

Consider Your Personal Preferences to Make the Choice

Apart from the pricing, you must always consider your personal preferences before making the final decision.

  • If you want something that offers the best functionality, Quickbooks will be a better option.
  • Business people highly prefer Quickbooks for its user-friendly interface and analytics or reporting features. If you want to be in direct touch with your finances, choose Quickbooks.
  • On the other hand, choose MYOB if you feel more comfortable with ledger-based systems and accounting concepts.

Final Words

Whether you want help with Quickbooks or MYOB bookkeeping in Perth, hire a top-rated accounting professional. Many bookkeeping and accounting firms in Australia have served their clients over a long period. For any queries, send them an email. 

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