I am an MYOB Certified Consultant and knowing both products choose to deal only with MYOB. If you are in the process of deciding which software to choose I suggest you speak with your accountant, what do they recommend?
Here are a few Pros and Cons I have gathered about QuickBook products over the years.
- It is priced at a comparable price to MYOB
- There are many different versions, which may specifically suit your needs.
- It comes in a nice red box.
- I have met American expats who have said they prefer the drill down ability within QuickBooks reports. MYOB software does have a drill down ability within the reports, and I have not yet identified what MYOB software lacks in this area.
- General Ledger codes do not have to be allocated to an account number. I see this as a fundamental flaw. The chart of accounts is the structure or backbone of your entire accounting system and your management reports. If they are not maintained in a controlled manner, chaos prevails. The data entry operator can easily enter new general ledger codes for each transaction, and this lack of control leads to an accounting term known as GIGO Garbage in Garbage Out. Your reports will be meaningless and other than a compliance exercise your software will not really be able to assist you with business decisions.
- There are many different versions, and if your needs change you have to go through the process of changing software, which in some cases you are not able to do. E.g. If your business downsizes and you need a less powerful software package I consulted with two QuickBooks Consultants who were unable to do this. MYOB allows you to do this, you send the data file to MYOB Australia and they do the conversion for you for a fee.
- If you use the spend money or receive money area, the transaction will not default to the general ledger account on the card file. This is a time saving feature in MYOB.
- QuickBooks software requires duplicate tax codes for the credit and the debit side which can be confusing and lead to mistakes. MYOB software only requires one tax code for each type of tax.
- QuickBooks software requires a lot of computing power to operate and MYOB basically runs on the small of an oily rag.
- QuickBooks software does not generate a recipient advice note when an invoice has been paid. MYOB allows you to do this.
- When you do bank reconciliations in QuickBooks software and you enter a transaction date, you still see transactions after the date. This can be confusing, and you do not see this in MYOB software.
- Presently there are still not many people trained in QuickBooks software, if you need staff will you be able to find them? Take a few moments and look at the QuickBooks site, are they offering training where you are located? Are there Consultants where you are located?
If you are in the process of deciding which software to choose I suggest you speak with your accountant, what do they recommend?
If you have any comments about this email me heather at aniseconsulting dot com.
I will correct anything you have identified to be incorrect.