The accounting software plays an important role in the day to day operation of a company. The MYOB and Xero are two of the most popular software in the market. Keep on reading and see the difference between the two.
Customer and Vendor Information
MYOB treats its Customer and Vendor entries separately. In this software, you cannot enter your purchase records under customer section and vice versa. In case you use the multi-currency feature, you must enter a separate identity for individual currency transaction.
In Xero packages like it, a single contact identity can be used to represent both your customers and vendors. You can generate bills and sales reports under the same contact and even multi-currency transactions can be processed using the same contact card through a Large Plan file. This way, you can tag all your transactions pertaining to a single contact and view the entire history under one field.
MYOB uses desktop-dependent MAPI email system to process all your emails. For example, if you want to email an invoice through MYOB, the mail is sent through MS Outlook feature loaded into your desktop. A record of the sent mail is retained in your computer.
However, Xero directly emails all your invoices, statements, credit notes etc; thereby eliminating the need for a separate programme. This gives you immense mobility as you no longer need to be tied to your desktop in order to send your emails.
You can send them from anywhere as long as you can connect with Xero. This accounting software automatically stores all history regarding the time, date and contact details of the mail. However, the exact content of the email cannot be stored.
All in all, Xero and CRM packages offer you highly efficient, amazingly flexible and super fast solutions for all your accounting needs. In fact, they can make a positive difference to the way you function, especially if you run a simple and modest business.