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Major differences between online finance software - Xero, MYOB, vs Reckon – Compare for your Sunshine Coast Business
Apr 23, 2019
Xero, MYOB, vs Reckon – Comparison
There was a time when choosing finance software was easy.
For what seemed like decades, MYOB
had the top spot, and it didn’t look like anything was going to challenge them. That was until cloud-based software came along and MYOB was too slow off the mark.
Reckon
and Xero
is considered on a level with MYOB
these days, and while the basics of all are the same, it’s the details that you must consider when choosing a platform.
The major win for Xero
Xero is the new kid on the block when it comes to financial software. In a short time, mostly due to its online system, it carved a considerable chunk of MYOB’s market share. The dominant feature for Xero is its accessibility. Through the desktop, or on its top-rated app, it gives you ultimate access to your accounts no matter where you are.
The major win for Reckon
Reckon has been around for a while and is comparable to both MYOB and Xero in many ways. Where it shines is in its reporting. If management reporting is the key thing you are looking for in your finance software than Reckon is one of the best.
The major win for MYOB
MYOB took a while to embrace cloud-based operation, but once it did, it went all-in on it. The desktop version is sleek and easy to use. It does fall on the mobile app when compared to Xero or Reckon, but this is improving all the time. The area that MYOB wins in is the price tag. For the same entry-level price as Xero and Reckon you get more features and the ability to create more invoices.
With so many great software options, it’s vital for
Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts.
Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.
The fact is the Australia Goods and service tax, while it’s not going to just go away, has been around for a long time and people are still getting it wrong when they are doing their books.
