MYOB vs Quickbooks review

One of the most helpful and amazing facilities offered by QuickBooks is GST-BAS payments. With a QuickBooks account, you can track GST and directly submit BAS details. Along with this, you can easily forecast your tax liabilities and pay your BAS without facing any complications.

Plus, whenever you create an invoice, the system would automatically indicate if you must add GST. The system is comprehensive and gives detailed information through which you can effortlessly lodge your BAS. You also get a BAS summary and review report created by the platform.

QuickBooks offers an inbuilt Single Touch Payroll feature. You just have to set the system according to your payroll days, policies, and other details, and the payroll dates get automated. The employees would receive their salary on time every month.

Plus, with the WorkZone app, employees can easily manage their timesheets and payslips. They can also manage their leave requests and log in their expenses. All the payroll payments done through QuickBooks are ATO approved.

The QuickBooks mobile app is easily accessible and helps in efficiently managing expenses from anywhere. Employees can easily click a picture of their receipts and upload them on the app for further processing.

Plus, all the expenses can be tracked in real-time. So if you are away from the office, you just have to upload the receipt on the app, or the managers can also approve expense requests with just one click.

With QuickBooks, your business can coherently manage its cash flow. Facilities offered for business cash flow management are custom cash flow tips, real-time financial data updates, and direct bank account connectivity.

Along with this, all transactions made through the platform automatically sync with your business expense policies and show on your dashboard. Sales numbers, invoices, GST, customer details, credit, and bank details. Everything can be managed and tracked using just one QuickBooks dashboard.

Insights and report creation is a strong feature offered by QuickBooks. You can directly access your balance sheets and income statements from the dashboard. Along with this, you can create an expense undertaking roadmap to ensure that you reach your goals by tracking spending regularly.

Plus, get a professional financial summary that can be shared with partners and investors. Finally, all this happens while keeping accounting updated with the process.

Features accessible with this plan are, Cashflow planner, insights and reporting, direct ban connectivity, e-lodge BAS and GST tracker, unlimited invoices and quotes sending, income and expense tracking, click and store receipts, and track kilometers.

Along with all the Simple Start features, businesses also get access to suppliers and bills management, recurring transaction set-up, multi-currency transactions, and up to three users in one account.

In this plan, businesses get access to the full package. This means that you don’t only get the features from Simple Start and Essential; there are additional ones as well, such as inventory tracker, project and location tracker, budget manager, and up to five users in one business account.

MYOB facilitates businesses with the ability to create and send invoices from any device. With customizable pre-designed templates available, you can easily change the details to give it your business’s touch.

Along with this, quotes can effortlessly be converted into ready-to-send invoices. These invoices can have automatically calculated GST numbers and auto-filled customer information.

Furthermore, with the eInvoicing feature, your customers would receive the invoices from your system directly in their inboxes. Plus, they can pay those invoices with just one click.

The best service offered by MYOB business in terms of Payroll management is automatic compliance with the ATO requirements. You can generate and send Single Touch Payroll reports.

Additionally, all the payroll variables can also be automatically calculated by the system. Variables like leaves, tax, superannuation, etc.

MYOB business provides automated reporting and budget insights facility. From the simple basics like daily expenditure reports to larger complex data analyses like tax and cash flow numbers and trends. These report sheets are, by default, filled with transactions, employee, and receipts numbers.

All this is available in just a few clicks. These reports are further customizable; you can add and remove numbers, columns, and data ranges to make the report.

MYOB offers three mobile applications. MYOB Capture, MYOB Invoice, and MYOB Team. With the MYOB teams app, you can easily maintain employee timesheets and create employee roasters.

The MYOB Capture app has been designed to take pictures of receipts and upload them directly to the software, so you don't have to enter invoice data manually.

Lastly, the MYOB Invoice app allows you to create, track and send invoices and also see how much your customer owes you right on the app.

Businesses can manage all their bills and expenses easily through the MYOB software. Get direct back transactions reconciliation, eliminate duplicate and flawed expenses data.

Moreover, you can assign the expense to particular customers, employees, or categories to create expense categories or groups. All this eases the end-minute tasks of sending an invoice; you would just have to add or check the costs and simply send it.

One challenge the MYOB software eases up most is tax compliance and BAS lodging. You do not have to sit down every time and put in double the effort to make your books GST complaint; the system automatically tracks everything, enters all data categorically, and creates an audit trail for GST compliance.

Plus, you also get pre-filled BAS reports which you just simply have to go through and send to the ATO from the system.

You can effortlessly create invoices using the default customizable templates. These can then be directly forwarded to the customers, who can then use the “Pay Now” option to send payments immediately.

With the inline payments facility, your business can get paid instantly. Furthermore, with the comprehensive MYOB dashboard, you get all the data and analytics. Also, the pre-filled reports of budgets and expenditures all help you effectively manage cash flow.

14.00 AUD/ month for those who need just the basics of automation.

26.50 AUD/month for businesses who need reporting and real-time updates along with the basics. 

65.00 AUD/month for advanced inventory management features along with the others. 

80.00AUD/month for the full package of all the features at their best.