What users are saying about
28 Ratings
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Top Rated
290 Ratings
28 Ratings
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Score 3.8 out of 100

Xero

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Top Rated
290 Ratings
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Score 8.7 out of 100

Likelihood to Recommend

MYOB

For a smaller business who isn't interested in having more than one user I think MYOB can serve them well. But if they want multiple users or are using virtual assistants there are better cloud based apps that are much more affordable and have far greater enhancements as well as integrations
Stephen Lalla | TrustRadius Reviewer

Xero

Xero is great for small businesses who don't need a lot of complex features, or who will be managing accounting internally. It has robust integration capability that can grow with you (more so than, say FreshBooks), but won't break the bank. It's not as well suited for larger organizations or those with more complex reporting needs. For example, I acquired another business several years ago, and needed to pull quarterly reports of income from specific clients in order to calculate my pay-out for that quarter. I did that in QBO fairly easily, and had a saved template that I could use to generate it. Luckily I made the switch to Xero after the final pay-out because it would be very difficult to generate such a report now, since there aren't any report filters where you can select only specific customers from your contact list. Xero does support customized report templates that can be saved, the filtering options are just very limited. Essentially, you have to export all of the data to a CSV and then manipulate the spreadsheet locally.
Jennifer Hess | TrustRadius Reviewer

Feature Rating Comparison

Payroll Management

MYOB
1.4
Xero
6.9
Pay calculation
MYOB
2.0
Xero
8.6
Benefit plan administration
MYOB
1.0
Xero
6.4
Direct deposit files
MYOB
1.0
Xero
7.1
Salary revision and increment management
MYOB
1.0
Xero
5.7
Reimbursement management
MYOB
2.0
Xero
6.7

Customization

MYOB
4.5
Xero
7.5
API for custom integration
MYOB
4.0
Xero
7.2
Plug-ins
MYOB
5.0
Xero
7.8

Security

MYOB
6.1
Xero
8.6
Single sign-on capability
MYOB
6.4
Xero
8.4
Role-based user permissions
MYOB
5.8
Xero
8.9

Reporting & Analytics

MYOB
5.6
Xero
8.3
Dashboards
MYOB
3.3
Xero
8.5
Standard reports
MYOB
7.1
Xero
8.6
Custom reports
MYOB
6.5
Xero
7.7

General Ledger and Configurable Accounting

MYOB
4.5
Xero
8.1
Accounts payable
MYOB
5.4
Xero
8.9
Accounts receivable
MYOB
6.4
Xero
8.8
Cash management
MYOB
5.4
Xero
8.2
Bank reconciliation
MYOB
7.0
Xero
8.7
Expense management
MYOB
7.4
Xero
8.6
Time tracking
MYOB
1.0
Xero
6.2
Fixed asset management
MYOB
5.5
Xero
8.6
Multi-currency support
MYOB
1.0
Xero
8.5
Multi-division support
MYOB
1.0
Xero
7.8
Regulations compliance
MYOB
5.0
Xero
8.5
Electronic tax filing
MYOB
5.0
Xero
7.5
Self-service portal
MYOB
4.0
Xero
8.4
Global Financial Support
MYOB
Xero
6.9
Primary and Secondary Ledgers
MYOB
Xero
8.6
Intercompany Accounting
MYOB
Xero
8.2
Localizations
MYOB
Xero
6.9
Journals and Reconciliations
MYOB
Xero
8.8
Enterprise Accounting
MYOB
Xero
7.9
Configurable Accounting
MYOB
Xero
8.7
Centralized Rules Framework
MYOB
Xero
7.4
Standardized Processes
MYOB
Xero
8.1

Inventory Management

MYOB
1.5
Xero
6.7
Inventory tracking
MYOB
3.0
Xero
7.1
Automatic reordering
MYOB
1.0
Xero
7.1
Location management
MYOB
1.0
Xero
7.1
Manufacturing module
MYOB
1.0
Xero
5.6

Order Management

MYOB
4.9
Xero
8.3
Pricing
MYOB
6.1
Xero
7.6
Order entry
MYOB
6.5
Xero
8.8
Credit card processing
MYOB
1.0
Xero
8.3
Cost of goods sold
MYOB
6.0
Xero
8.3
Order Orchestration
MYOB
Xero
8.6
End-to-end order visibility
MYOB
Xero
8.3
Order exception Resolution
MYOB
Xero
8.2

Pros

MYOB

  • Invoices
  • Purchase Orders
Anonymous | TrustRadius Reviewer

Xero

  • Xero makes reconciliation incredibly easy. It remembers how we reconciled a particular transaction last time and you can set up rules to auto code transactions so all you need to do is press OK. This makes keeping track of sales tax pretty simple too.
  • Reporting is a breeze, as long as you code all your transactions correctly it takes seconds to bring up a balance sheet, Profit & Loss and many other types of reports. It also allows for all kinds of custom layouts and exports.
  • Once your templates are set up with all the relevant information, sending invoices is simple and fast. It's also easy to track different line items on your invoice, say your keeping track of a project which is only part of the full invoice and is necessarily a specific line item, tracking codes make that very easy.
Malcolm Colman-Shearer | TrustRadius Reviewer

Cons

MYOB

  • Allows the client to manipulate dates when that can screw up their books
  • constantly freezes which causes the file to be corrupt
  • force balances the balance sheet
Kati Hesley | TrustRadius Reviewer

Xero

  • Using an accounting system in a web browser versus a standalone app can be a little clunky when it comes to navigation or having multiple windows open at once. This is more a function of using a web browser then a knock against xero itself. For us this is just a minor annoyance having come from a desktop based system before.
Patrick Cranston | TrustRadius Reviewer

Likelihood to Renew

MYOB

MYOB 9.5
Based on 2 answers
We have been looking in to other cloud based accounting options.
Anonymous | TrustRadius Reviewer

Xero

Xero 5.3
Based on 26 answers
In addition to the matters covered in this review, my reason for renewing this product is that Xero's functionality and the constant updates that the company provides, makes the software even more business friendly. The software therefore builds a brand loyalty among customers.
Sarang Mandke | TrustRadius Reviewer

Usability

MYOB

MYOB 10.0
Based on 1 answer
It is easy to use - I just don't agree with restrictions and functionality
Kati Hesley | TrustRadius Reviewer

Xero

Xero 8.4
Based on 20 answers
It simply is incredibly usable with excellent drill down features. The dashboard is highly configurable. Transactions are now even easier to find with the new Global Search feature. Documents can be attached to transactions. We use Bills Entryless to transfer documents to Xero without keying the data. Visibility to reports (the old style takes seconds). The newer reports are more RAM hungry so there can be a 10 second or so lag while the report is compiled. Usually old style reports deliver what our clients need in a flash
John Cotter | TrustRadius Reviewer

Reliability and Availability

MYOB

No score
No answers yet
No answers on this topic

Xero

Xero 9.0
Based on 10 answers
We have been actively using and 100% Xero based for our ecommerce accounting practice for over 4 years. There has on been one real outage for more than 5 minutes. Xero was open and transparent about the outage, what they were doing to resolve the issue, and provided 15 minute updates. Showing how they care about their customers and partners. Plus, showing that their customers care too, were understanding, and went surfing or in our case took a nap. Couldn't run our business without Xero as a partner.
Scott Scharf | TrustRadius Reviewer

Performance

MYOB

No score
No answers yet
No answers on this topic

Xero

Xero 10.0
Based on 8 answers
In 3 years of use, I've only broken the system once. And that was for 30 seconds.
Dan Schmidt, CPA | TrustRadius Reviewer

Support Rating

MYOB

MYOB 1.0
Based on 1 answer
They aren't willing to help at all unless you pay
Kati Hesley | TrustRadius Reviewer

Xero

Xero 1.2
Based on 15 answers
Support has always been responsive and quickly resolved any questions I have. The only reason I don't give full points is because there's no way to call for immediate help. I'm fine with this because I don't need it badly enough to pay for it
Dave Olsen | TrustRadius Reviewer

Online Training

MYOB

No score
No answers yet
No answers on this topic

Xero

Xero 10.0
Based on 5 answers
All of Xero's training is online and available for anyone (business owner or accountants) to learn and become experts in their system. There is a range of content from product training to real world webinars from their partners. Xero is beautiful accounting software and their training is the same.
Scott Scharf | TrustRadius Reviewer

Implementation Rating

MYOB

MYOB 5.0
Based on 1 answer
No answer on this topic is available.

Xero

Xero 9.5
Based on 9 answers
If it can be done, time the implementation near a new fiscal year so you can start clean. Otherwise, you have to go back and do historical data from the beginning of the fiscal year, which can be brain draining.
Andre Yeu | TrustRadius Reviewer

Alternatives Considered

MYOB

Not even close. Though I will say MYOB had a budget module where Zoho Books doesn't which is one thing severely lacking in Zoho Books. On the other hand, Zoho Books allows for payment processing integration without trying to get a cut from the process whereas MYOB allowed for payment processing but you had to go through their service only and it wasn't cheap.
Stephen Lalla | TrustRadius Reviewer

Xero

Xero was the easiest to use and most cost effective of all the solutions we evaluated during the procurement process. We spoke to other similar sized businesses and they highly recommended using Xero. We liked the fact it's a cloud based system meaning we can access the system and data remotely. It integrates with our recurring billing platform and our bank.
Graham Green | TrustRadius Reviewer

Scalability

MYOB

No score
No answers yet
No answers on this topic

Xero

Xero 10.0
Based on 6 answers
After 4 years I cannot remember a single moment of downtime. Outstanding reliability!
Doug Fish | TrustRadius Reviewer

Return on Investment

MYOB

  • MYOB dropped software updates for Apple IOS
  • Lack of software updates / support had a MAJOR NEGATIVE IMPACT
Anonymous | TrustRadius Reviewer

Xero

  • Demand for Xero trained accountants and bookkeepers has been key to our growth. Our business was started on Xero and has benefited greatly from interest in Xero from customers dissatisfied with QuickBooks.
  • The practice management tools provided by Xero make it easy to delegate and restrict access to client files to only the staff who need to have access. This increases efficiency and security.
  • Xero's support for accounting firms is great. We have a dedicated account rep who can step in and get problems solved for us very quickly.
Blake Oliver | TrustRadius Reviewer

Pricing Details

MYOB

General

Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No

Xero

General

Free Trial
Yes
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No

Rating Summary

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