QuickBooks Pro Vs. MYOB Business Essentials Pro

Many accountants and small business owners have this question – which accounting software is the best for their business. There is no big difference between lots of accounting softwares; you just must adjust your needs to software’s capability.

Let’s compare two of best selling software for Canada and USA.

QuickBooks Pro

Ease of Use: *****

All versions of QuickBooks are very easy to use. The program has easy navigation toolbars that help you find your way from one place to another quickly. The main navigation toolbar has the easiest path to tools you'll need and shows you exactly what you need to do (and in what order).
QuickBooks installation was fast and simple. Setting up a new company was easy—intuitive tabs guide you through the necessary steps. If you don’t know how to set up your Chart of Accounts – just follow the interview steps.

Help Documentation: *****

The Help Section is great. Its easy-to-use search tool helps you find help on the topic you want quickly and easily. There is a help button on every option, and frequently asked questions show up in a Quick Help Menu.

Inventory: *****

From Inventory
Section you can manage all the items and services for your business. You can create drop shipments, inactivate items and detail costing methods. But to make Inventory adjustments and assemblies, you'll have to go to the Vendors List.

Banking: ****

Excellent Banking Section

Accounts Receivable: *****

QuickBooks' Accounts Receivable tools are in the Customer Section. The only tasks you can't complete in this section are creating recurring invoices and estimating shipping costs.

Accounts Payable: *****

The Accounts Payable features are found in the Vendors Section. Here you can do all common Accounts Payable tasks and you can access some Inventory tools as well.

Payroll: *****

You can find all the Payroll features in the Employee Section of QuickBooks, including direct deposit.

Time Billing: *****

The Employee Section of QuickBooks covers time billing and this isn't a separate section as in many accounting programs. This program allows you to track daily or weekly time and comes with an integrated timer.

Job Costing: ****

Job Costing tools are in the Customers Section of QuickBooks. From here you can track jobs, set them as active or inactive, and create job estimates to analyze if the job is worth the cost.

General Ledger: *****

Use General Ledger to set budgets, manage cash flow, perform forecasting and business planning, and view a chart of accounts.

Fixed Assets: ****

QuickBooks doesn't include a Fixed Assets Section, but there is a plain report available to list company assets.

Summary:

QuickBooks is brilliant, intuitive accounting software. This program offers most of the features you need, but adjusting to its unique section names may take time.


MYOB Business Essentials Pro



Ease of Use: *****

MYOB organization is intuitive; the Command Center makes everything easy to find. Great step-by-step instructions can map out each accounting task. This makes managing finances easier, especially for the beginner who doesn't understand every step in each task.
MYOB is quick and easy to install. The setup is easy to understand, but it took a while to get through all the setup information. Navigation is also simple; you can find most everything from within the Command Center. MYOB's navigation bar gives fast access to common tools from any section in the program.

Help Documentation: *****

MYOB has excellent help. MYOB also has a quick access button attached to every screen so you can find topics quickly.

Inventory: ****

Inventory allows you to adjust the item prices, find average costs, even arrange inventory to sell kits. You can specify stocking locations and search for items based on their SKU/UPC/Item Numbers. But you can't make drop shipments for products not in stock, and there isn't a choice to specify whether the cost method is FIFO or LIFO. Average Cost Method is the only accounting system available.

Banking: *****

MYOB offers all the basic tools to track money flow, reconcile accounts, prepare and print checks, and make bank deposits.

Accounts Receivable: ****

MYOB
Accounts Receivable helps you manage your income easily, including finance charge calculation for customers. The program has no shipping tools, so you can't estimate shipping costs or track shipments.

Accounts Payable: *****

Here you can enter purchases, prepare electronic payments and pay bills. You can print checks, tax forms, and purchase orders. I couldn’t see just a tool to create vendor credit memos.

Payroll: *****

MYOB has every option you'll need to manage payroll, including direct deposit capabilities. The only tool missing was the ability to specify employee status as active or inactive.

Time Billing: *****

With MYOB's Time Billing, you can do everything except Weekly Time Billing.

Job Costing: *****

MYOB doesn't have a specific section for Job Costing, but in the Lists section there is a basic job costing tasks.

General Ledger: ****

MYOB doesn't have exact category for General Ledger, but the program does have features similar to General Ledger in the Accounts Section.

Fixed Assets:

MYOB doesn't include a Fixed Assets Section.

Summary:

Excellent accounting software. All the tools you need to manage your business finances are available and easy to find.