I have had a few questions in regards to MYOB live accounts which came out around August last year, so I wanted to compare this with Xero (which is what we use). We are always analysing new systems that come onto the market so you don't have to.
MYOB live is virtually an online cashbook not dissimilar to BankLink. MYOB is a flat $25/mth so may appear cheap in comparison to Xero but the features on MYOB live are limited. Let's look at the comparison.
- Leverages bank accounts through BankLink. As a note, Xero now have pretty much every single bank feed needed through an initiative with Yodlee, a centralised provider.
What both systems do well
- Both enable rules for similar transactions on your bank statements that allow the bookkeeping process to be easier and more accurate.
- GST reporting is great if the books are prepared correctly
- Historical spending habits are easy to see
Where MYOB live falls short:
- This is only a cashbook, no ledgers that help record payments or receipts outstanding (Accounts Payable and Receivable)
- No expense claim module
- No fixed asset module
- No systems that integrate directly, therefore there is a loss of efficiency. Xero has payroll, inventory, point of sale systems and more that integrate well with the system
- The reporting function is basic and doesn't provide enough meaningful information for your business to make good decisions
- No access to multi-currency transactions
- MYOB live video's have annoying music in the background!
Through the analysis above, it's fairly easy to see why we use Xero as our accounting system.