Why is QuickBooks Online better than MYOB or Xero?
- Carmen Hamilton
- Sep 26, 2016
- 3 min read
As I'm thinking about writing this post, I feel like it could get controversial. Everyone has an opinion of what's better - and what's not. But here I'll explain the pros (& any cons) of Intuit QuickBooks Online (QBO).
Firstly, it comes to price. Yes the $$$. QBO is SO affordable! It's highest level platform is between 40%-70% cheaper than its rivals. Over the lifetime of a subscription - that is a massive saving!
Secondly, Intuit is putting in a lot of effort to make their product stand out from the rest. Advertising campaigns seem to be everywhere we look, and with an innovative design you'll find most things you are looking for. Product updates are always being released, once again, improving the system. Intuit strives to listen to their customers, welcoming feedback & suggestions.
Thirdly, let's get into the features...
If you were an old Quickbooks desktop user (before Reckon split with Intuit), you would be familiar with how flexible the reporting options were. How easy it was to run a report based on a wide range of criteria and filters. How easy it was to manipulate the data to extract the information that you needed. And how easy it was to save the reports as favourites for future use.
The same reporting design has come across to the new QuickBooks Online. Once you are exposed to this type of reporting - you'll never look back! The reports can be customised, saved, grouped, and even scheduled to be emailed automatically to any email address (not necessarily users).
Now to payroll. For some people, payroll can be a real headache - but not with this system! Payroll is powered by KeyPay (a 3rd party provider) and their module integrates with QuickBooks Online nicely. TFN declarations can be lodged online. The self-service portal allows employees to add timesheets, view payslips, give availability, and apply for leave. Superannuation data submission & payments (through ClickSuper) are all processed in the same module. QBO is keeping it simple and saving time.
QuickBooks Online Plus offers locations & class tracking (other systems may refer to this as jobs or projects). These classes can be set up as lists with hierarchy levels. Generating data for these lists is super easy using the report filters.
Three custom defined fields are also available under the sales settings. I always utilise one of these fields to track referral sources. Again sales reports can be produced extracting information from these fields.
And of course QuickBooks Online offers electronic payments for both suppliers & employees, bank feeds & associated rules, estimates/sale invoices, purchase orders/bills/expenses, time tracking and most other tasks that a business would need.
The mobile app is really great, with even the ability to obtain a signature from your customer to mark their approval!
There are a ton of 3rd party apps that can assist with your bookkeeping needs. Some examples are: Entryless (creditor expenses are automatically processed and imported into QBO), PayPal (get paid directly into your PayPal account), and GoogleCalendar (create your appointments in Google Calendar and the information will sync across to QBO time billing - waiting to be invoiced).
THE CONS: The one thing that I think needs improvement and would benefit customers is the ability to have multiple email addresses in the customer card for multiple document dispatch. For eg, some customers prefer their invoices to be emailed to one email address, and the end of month statements to be sent to a different email address.
If you would like assistance with setting up QuickBooks Online or perhaps converting from another system - please contact us. You may also be interested in this post "Why chose and work with a pro-advisor?"
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