Basic Differences Between Xero and MYOB
If you are looking for some great accounting packages for your regular business, you can certainly check out Xero or MYOB. Maybe you have already heard a lot about MYOB, Xero and CRM packages from your friends and peers. But do you have a clear idea on which is the best Xero or CRM package for your specific needs? In order to decide correctly, you must first know the prime differences between Xero and MYOB. After all, both of the software will surely make your job easier.
Style of Presenting Reports
MYOB presents its chart of accounts in a hierarchical manner i.e. you can use the header accounts and up to four levels of subtotal entries under it. In Xero or CRM packages, this hierarchical structure is absent.
Instead, you have a Layout Option that allows you to set up and view numerous reports in your own preferred layout. Or else, you can use a preset layout or a layout created by your accountant. You can even generate multiple reports from the same information and compare them on different parameters.
Tracking your Transactions
In MYOB, you can use an option called Jobs in order to track your regular debit and credit transactions. You can create up to four levels of sub-entries under the Jobs header in order to group and view the entire transaction. However, you cannot generate a consolidated report on this. In Xero, you have a similar Tracking option that allows you assign two different tracking codes to the same transaction. This way, you can evaluate the transaction on contrasting parameters, export the data to a spreadsheet and compute the final results for comparison.