Choosing accounting software for your business is a decision that can influence your daily operations, tax compliance, and financial visibility.
Whether you’re a sole trader, managing a growing team, or delivering legal bookkeeping services to clients, understanding how these platforms compare is essential. MYOB vs Xero vs QuickBooks: which accounting software is right for you? This question is one every Australian business owner will face at some point.
Each platform offers different features, pricing, integrations, and user experiences. In this article, we’ll break down how MYOB, Xero, and QuickBooks compare across the most important areas so you can choose based on what suits your business best.
Software Overview
Before comparing features, it’s helpful to understand what each software provider offers in broad terms.
MYOB
MYOB (Mind Your Own Business) is one of Australia’s longest-standing accounting software providers. With desktop and cloud-based solutions, it caters well to businesses that need inventory management, job tracking, and payroll capabilities.
Xero
Xero is a cloud-first accounting solution popular with small to medium enterprises. Known for its clean interface, frequent updates, and strong support for integrations, Xero suits businesses that want a simple but powerful tool with access from anywhere.
QuickBooks Online
QuickBooks Online, developed by Intuit, is designed for small businesses and offers a cost-effective solution with a strong focus on ease of use. It’s a global brand, but the Australian version includes features tailored to local tax requirements.
Interface and Ease of Use
When deciding between MYOB vs Xero vs QuickBooks, the user interface is often a deciding factor—especially for those new to accounting software.
Xero: Simple and Clean
Xero’s interface is intuitive. The dashboard shows bank balances, invoices owed, and upcoming bills in one place. Users often find the layout uncluttered and easy to learn, even without formal training.
QuickBooks: Customisable and Accessible
QuickBooks offers a guided setup and onboarding process that assists with first-time use. The dashboard provides access to the most-used functions and can be adjusted to suit your preferences. Many users find it straightforward after the initial setup.
MYOB: Functional but Traditional
MYOB’s platform is rich in features, but the layout can feel dated compared to Xero or QuickBooks. Those used to traditional accounting tools may prefer MYOB’s approach, but new users might require more support to navigate the system effectively.
Features and Capabilities
A core comparison of MYOB vs Xero vs QuickBooks must focus on the features available to users. While all three handle bookkeeping, invoicing, and payroll, there are differences in how each delivers those services.
Invoicing and Quotes
All three platforms allow you to create, customise, and send invoices. Xero supports automatic invoice reminders and recurring billing. QuickBooks includes payment gateway integrations for faster payment collection. MYOB offers detailed quote tracking, converting quotes into invoices without duplicating data.
Bank Feeds and Reconciliation
Xero pioneered bank feed technology in the cloud space, offering near real-time updates and easy reconciliation with suggested matches. QuickBooks follows a similar pattern with guided reconciliation. MYOB also offers direct feeds, but some bank connections require manual setup or additional approvals.
Inventory Management
MYOB is well-suited for businesses with inventory needs. It provides tracking, stock alerts, and customisable item codes. Xero includes basic inventory features, with more advanced needs met through third-party integrations. QuickBooks offers strong inventory tools on higher-tier plans, including reorder alerts and profit tracking by item.
Payroll and STP Reporting
Each platform supports Single Touch Payroll (STP), which is mandatory for Australian businesses with employees. Xero and MYOB include payroll in most plans. QuickBooks offers payroll on selected tiers. Xero provides a cleaner payroll interface, while MYOB includes more granular control of awards and entitlements.
Reporting and BAS Preparation
Accounting software should make reporting straightforward and BAS lodgement stress-free. All three systems cater to Australian tax rules.
Xero: Real-Time Reports
Xero offers real-time financial reporting, including profit and loss, balance sheets, and custom reports. The reports are visually clear and updated as transactions are reconciled. BAS statements can be lodged directly from the platform to the ATO.
QuickBooks: Strong Core Reports
QuickBooks includes standard reports that are suitable for most small businesses. You can customise reports and export them as needed. BAS setup and lodgement is included in the Australian version.
MYOB: Advanced Reporting Options
MYOB provides detailed reports and analysis tools, especially for businesses with complex operations. Its strength lies in tracking job costs, departmental expenses, and detailed employee records. BAS reporting is available across most plans.
Pricing and Plans
Price is always a factor when comparing MYOB vs Xero vs QuickBooks. Each company uses a subscription model, with different tiers offering increasing features.
Xero Pricing
Xero has three primary plans, with the base tier limiting the number of invoices and bills per month. Higher tiers offer bulk reconciliation, payroll for more staff, and advanced reporting. All plans include unlimited users.
QuickBooks Pricing
QuickBooks Online provides cost-effective plans for solo traders and small businesses. Payroll is only included in the higher tiers. The pricing is attractive, especially for businesses that don’t need all features upfront.
MYOB Pricing
MYOB offers both Essentials and AccountRight versions. Essentials is more affordable and suitable for smaller businesses, while AccountRight includes advanced features like detailed inventory and multi-location tracking. MYOB tends to cost more, but offers deeper control in certain areas.
Integration and Add-ons
Third-party integrations help extend accounting software functionality, particularly for businesses needing industry-specific features.
Xero Integrations
Xero integrates with over 1,000 third-party apps, including payment gateways, CRM systems, inventory management tools, and industry-specific platforms like time tracking for tradies or legal bookkeeping services.
QuickBooks Integrations
QuickBooks also offers strong integration support, particularly for e-commerce platforms such as Shopify, WooCommerce, and Square. While the app marketplace is smaller than Xero’s, it includes most of the essentials.
MYOB Integrations
MYOB integrates with several external tools, but some features may require additional configuration or add-on fees. Businesses with existing systems may find integration more time-consuming than with Xero or QuickBooks.
Support and Community
Xero Support
Xero offers 24/7 online support and an extensive knowledge base. There is no phone support, but response times are generally fast, and most issues are resolved through chat or email.
QuickBooks Support
QuickBooks provides live chat and phone support. Users can also access video tutorials, forums, and a searchable help centre.
MYOB Support
MYOB offers phone, chat, and email support, as well as dedicated support for larger clients. The community forum is also active, which helps with less urgent queries.
Frequently Asked Questions
Can I switch from MYOB to Xero or QuickBooks easily?
Yes. Each platform offers data import tools, and there are migration services available. While basic data such as contacts and balances can be transferred, historical data may require manual entry or paid conversion.
Which software is best for payroll?
Xero and MYOB both include strong payroll features in their mid-range and top-tier plans. QuickBooks offers payroll on select plans but may require an upgrade to access full functionality.
Is cloud-based software safe for financial data?
Yes. Xero, MYOB, and QuickBooks use encryption, secure logins, and two-factor authentication to protect user data. Regular backups and compliance with Australian privacy laws also provide added assurance.
Conclusion
MYOB vs Xero vs QuickBooks: which accounting software is right for you? The answer depends on your business structure, industry, and workflow needs. Whether you’re managing staff rosters, submitting BAS, or providing bookkeeping to niche industries like legal bookkeeping services, choosing the right tool will reduce admin time and improve financial control.
By comparing features, costs, and usability, you’ll be better equipped to choose software that not only meets your current requirements but supports your business as it grows. Each platform has strengths—your goal is to match those with your operational priorities.