Cloud Accounting Systems Compared

At our “Cloud & Mobility” workshop in September, we dissected Xero, MYOB and QuickBooks terms and conditions to see which product is the safest for your business.

When Xero entered the market, it was an Evolution in accounting software.

No more did you have to install a piece of software on your computer, maintain it, and back it up. For a reasonable monthly fee you gained access to the software, which is available online, from any device. They take care of the backup. They take care of the maintenance. Your accountant can gain access to it when and as needed without you having to transfer files backwards and forward. And new, smart online software can integrate with it, so you don’t even have to enter in invoices if you don’t want to!

Xero has had such an affect on the accounting software market, that the small-to-medium business heavyweights QuickBooks and MYOB were left behind.

With more businesses flocking to Xero every day, Quickbooks and MYOB have finally introduced their web based Xero-alternatives.

But before you rush to select a new accounting package, don’t make your decision based purely on price, or you could find yourself in a terrible situation.

Watch on as we dissect each solutions liability terms, backup policy, encryption policy, privacy policy and security policy.

NB: We are not talking about the MYOB and QuickBooks “online” software, which is a hybrid solution. We are only comparing the solutions offered that are delivered through your web browser, like Xero.

TLDR;

MYOB and QuickBooks have both offered their products at much better price points when you compare them with Xero, however Xero outshines both in terms of backup, liability AND the privacy of your data.

Scarily, both MYOB and QuickBooks appear to give themselves the right to look at the data you enter! Whilst QuickBooks appears to use this data ‘anonymously’, which we can only assume is for statistical analysis, MYOB is allowed to view all your accounting data. Not sure I’d be too happy if that were my data!

Xero again comes to the party here, saying your data is your data and we can’t view it without your permission.

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