I've commented on a couple of blogs recently regarding Xero.com. The latest one here has some great conversation basically comparing Xero.com to MYOB.co.nz.
Not that Xero should be compared to MYOB. Just like Quicken doesn't need to be compared to MYOB. They all cater to different markets. There are similarities but they each do something specific very well.
Xero is a fantastic cashbook with invoicing ability. MYOB has a suite of simple products that cater to many industries. Quicken is an advanced business user program that offers more complex reporting abilities. These are just some generic differences and there are many more.
If you need inventory, Quicken and MYOB can do this, Xero doesn't offer this but may do so in the future. If you want automated daily bank feed, Xero can offer this. If you need multiple currencies, MYOB can offer this and so on and so on.
So list what you need and start eliminating those programs that don't fit.
If you are motivated by price, this is very important as MYOB and Quicken charge a purchase price once whereas Xero you pay a monthly fee of $49. MYOB BBO (business basics online) is approximately $25 per month. Although Xero and BBO don't charge for updates. To add to the mix CashManager will be rolling out their online version shortly too.
So, do your homework and work out what is important to you, they all do a fantastic job.
Not sure what to do? Email or call us 0800 ADMINC and we'll do a free assessment report for you outlining your options.
Want even more information, check out Ben Kepes Blog here.
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