Bookkeeping on the Cloud – MYOB AccountRight Live, QuickBooks Hosted, Xero and Saasu Comparison

After a couple of years delay, myob are nearly ready to go live with their full cloud product. MYOB have taken a different cloud strategy to it’s competitors which you need to comprehend when comparing the different cloud options. Each product has it’s strengths and weaknesses in which I’ve summarised below.

Quickbooks Hosted, Xero and Saasu are a fully cloud based product. This means that your data file is stored securely and fully encrypted on the cloud and you can only work on the file while you have the internet connected. MYOB AccountRight Live enables you to have the data file sored both online and locally at the same time. If the internet goes down or if you want to work on the file on a plane for example, you just work on the local file and the cloud version will be updated when you next go online. Here’s the basic monthly fees including GST and major product differences for each of the cloud based bookkeeping software :

Bookkeeping SoftwareMYOB Account Right LiveQuickBooks HostedXEROSAASU
 Simultaneous Users51UnlimitedUnlimited
Basic Monthly Package (No Payroll)$23$25.83$29$20
Medium Monthly Package$59.50$36.25$49$35
Premium Monthly Package$59.50$36.25 $64$60
 Feature Differentials:
 Purchase Orders YYNY
 Detailed Job Costing YYYN
 Detailed Budgeting YYNY
 Time Billing YYNN
 Inventory YYNY
 Offline-Online Synchronisation YNNN
 Pay Suppliers and Payroll directly from software YNNN

As you can see features offered by each product vary across the range. If your main criteria is ease of use and functionality then Xero may have the edge- it just lacks the power and scope for growth of some of the other providers. A major point of difference that is unique to MYOB AccountRight Live is the ability to pay third parties such as suppliers and staff directly from the software. This allows your bookkeeper to setup all of your payments without the need to be given access to your online banking. You just need to login and complete a simple one-step authorisation process to approve the payments. Of course price is just one factor to consider when deciding which bookkeeping software to go with. Each has it’s own functionality and user interface which you can sample by signing up to a free trial or just give us a call to discuss.

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Which version of MYOB best suits my businesses bookkeeping requirements?

With so many different versions of MYOB available it can be confusing trying to select which version is best suited for your businesses bookkeeping needs. The MYOB website can be overwhelming when trying to differentiate the main points of difference between the different versions.

We find that most of our SME clients are suited to one of the four main MYOB Products and have summarised the type of company which is best suited to each:

    1. Basic Bookkeeping

      (SME with Turnover of < $1M and no employees)- MYOB Accounting This product has all the features required of a bookkeeping system for an SME that has no employees. Features of MYOB Accounting include:

      Accounts Payable and Purchase Order management
      Accounts Receivable and quotes management
      Inventory management
      Cashflow and Profit & Loss Reporting
      Reporting by Profit Centre

    2. Intermediate Bookkeeping

      (SME with turnover of <$2M and employees)- MYOB Accounting Plus v 16This product has all of the abovementioned features in addition to a powerful payroll module which handles all superannuation and PAYG obligations. The payroll module allows you enter employees details in the form of a timesheet which can be imported from excel or entered directly. It can also handle salary sacrifice arrangements that may have been agreed with the employee.

    3. Advanced Bookkeeping

      (SME with turnover of $2M+)- MYOB Premier v10MYOB Premier contains all of the abovementioned features in addition to multicurrency accounting and also allows multiple concurrent users. The multicurrency feature is a must for importers and exporters.

    4. Advanced Bookkeeping with remote access

      (SME with turnover of $2M+)- MYOB Enterprise v4MYOB Enterprise is ideal for businesses requiring remote access. Your computer network must be set up with Windows Terminal Services. This means all of your software is installed on a server and the server does all of the work, allowing you to get many more years use out of your old computers.

If you have any enquiries about which is the best level of software to handle your bookkeeping requirements, please contact us at Books Onsite and we’ll be happy to assist you in your decision.

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Quickbooks v MYOB

We are commonly asked which version of bookkeeping software is superior when considering MYOB versus Quickbooks. One of the first things I say when asked this question is not to change from one product to the other just because they have been told the other is better. They are both fantastic products and in the hands of an experienced bookkeeper, they both provide comparable levels of financial analysis and functionality.

One of the questions I always ask when interviewing potential bookkeepers is “Which software do you prefer?” I usually find that they either love or hate one system or the other. Further inquiry often reveals there bias is based on which system they have had more experience with. Similarly if you ask a Windows user to rate an Apple Mac, they will be unable to fairly judge the other system as they have not reached a level of application to allow them to get the most out of the alternative system.

We are Professional Partners with both MYOB and Quickbooks so we try to remain unbiased when comparing the 2 products, however they both have their advantages and disadvantages and we have summarized some of these below:

  • Operating System – MYOB offers a product that works on the Apple Mac platform. Quickbooks only has Windows based products in Australia.
  • Credit Cards – Quickbooks has a separately identifiable menu option for entering and reconciling credit cards. MYOB requires you to use the banking menu and manually change the bank account to the credit card account.
  • General Journals – The general journal menu option in Quickbooks lies strangely in the Banking menu. It also lacks the ability for you to enter GST inclusive amounts which can be problematic if you need to use a journal for something like entering an expense claim form.
  • Inventory – MYOB Enterprise offers the ability to have multiple locations for inventory. Quickbooks is unable to handle multiple location.
  • Credit Notes- When receiving a credit note from a supplier, Quickbooks has a specific menu option for entering credit notes. In MYOB you are required to enter a negative invoice.
  • Multiple Company Files– Quickbooks only allows you to have one company file open at a time. MYOB allows multiple company fiiles to be open which is handy when you are working with a group or companies with intercompany transactions.
  • Multiple Windows Open– MYOB only allows you to have a maximum of 9 windows open within one company file, wheras Quickbooks allows unlimited windows open within one file.
  • Year End Procedures– The year end rollover in MYOB is cumbersome and potentially catastrophic for an inexperienced bookkeeper. Quickbooks does not require a “hard close” of the payroll and financial year, making it much easier to manage the year end processes.

As you can see, there are advantages and disadvantages with both systems. There are also many add-on products that can extend the capability of both products which are worth considering if you think you have reached the limit of capability of MYOB or Quickbooks.

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MYOB AccountRight Company Setup

MYOB AccountRight Bookkeeping- Company File Setup

Setting up your MYOB File incorrectly can result in a lot of wasted time and some steps can actually not be undone so could result in you having to start from scratch. When you open your MYOB AccountRight Software and select Create Company File, the Company File Assistant will guide you through the different stages of the setup. Here are some tips to make sure you execute the wizard correctly:

  1. Financial Year- if you have started a new entity and have transactions in the last Financial Year, ensure that you select the last Financial Year as your starting period or you won’t be able to enter the prior year transactions.

  2. Conversion Month- you won’t be able to enter any information prior to this month.

  3. Chart of Accounts- you can select a default Chart of Accounts provided by MYOB or import or create your own.

Once the Company File Assistant has been completed, you will then have to open your file and enter the opening balances, setup supplier and customer cards, setup employees and payroll and enter the initial Bank Reconciliation.

For more information please watch the following presentation:

Please watch the attached video for more detail and feel free to contact us for more information about our Bookkeeping Services.

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LEAP Office V10 vs LEAP

Leap Legal Bookkeeping- LEAP Office V10 vs LEAP

As LEAP Certified Consultants we support both LEAP V10 and LEAP Cloud. We provide a Fixed Fee Service to look after your Trust and Office Bookkeeping and also your Annual External Examination. Call us on 1300 226657 or click on the link below to request a Fixed Fee quote for our Bookkeeping Service.

If you are looking at upgrading from LEAP V10 to the Cloud, here’s a list of some of the main feature differences:

 LEAP 2003/ LEAP V10 LEAP Cloud
 Technical
 PortableNoYes
Hosted Data StorageNoYes
 Automatic BackupNoYes
Automatic Version UpdatesNoYes
Integrates with XeroNoYes
Named User LicensingNoYes
 Concurrent User LicensingYes No
Forms & Precedents
 Automatically Updated No Yes
 Ability to remove Container Yes No
 Outlook and Excel Precedents No Yes
Create your own Matter types Yes No
 Communication
 Faxing Yes No
 iPhone App No Yes
 Accounting
Reminder Letters Yes No
 Budgets Yes No
 Supplier Module Yes No
 Extensive Suite of Reports No Yes
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