Quick Comparison
| Feature | Xero | QuickBooks Online | MYOB |
|---|---|---|---|
| Starting Price | Contact for pricing | Contact for pricing | Contact for pricing |
| ATO Integration | ✓ Yes | ✓ Yes | ✓ Yes |
| Bank Reconciliation | ✓ Automatic | ✓ Automatic | ✓ Automatic |
| Mobile App | ✓ iOS & Android | ✓ iOS & Android | ✓ iOS & Android |
| Reporting Features | Good | Advanced | Comprehensive |
| Best For | Best for Small Businesses | Best for Reporting | Best for Established Businesses |
Detailed Comparison
Xero
Best for Small BusinessesCloud-based accounting software designed for small businesses with a modern, intuitive interface. Perfect for Australian businesses needing GST compliance and ATO integration.
✓ Pros
- ✓ Modern, intuitive user interface
- ✓ Excellent mobile app functionality
- ✓ Strong third-party app ecosystem
- ✓ Real-time bank reconciliation
- ✓ Great for small to medium businesses
- ✓ Regular feature updates
- ✓ Strong community and support
✗ Cons
- ✗ Can be expensive for very small businesses
- ✗ Some features require higher tier plans
- ✗ Learning curve for complex features
- ✗ Limited customization options
Pricing
- Grow: Contact for pricing - Payroll For 2 people, 30 day forecast cash flow, 1 user Claim expenses and mileage
- Comprehensive: Contact for pricing - Payroll For 5 people, 90 day forecast cash flow, 5 user Claim expenses and mileage
- Ultimate 10: Contact for pricing - Payroll For 10 people, 180 day forecast cash flow, 10 user Claim expenses and mileage
QuickBooks Online
Best for ReportingCloud-based accounting software with powerful reporting and analytics. Ideal for Australian small businesses that need detailed financial insights and comprehensive business management tools.
✓ Pros
- ✓ Excellent reporting and analytics capabilities
- ✓ User-friendly interface with intuitive navigation
- ✓ Strong inventory management features
- ✓ Comprehensive financial dashboard
- ✓ Good mobile app functionality
- ✓ Extensive third-party integrations
- ✓ Regular feature updates and improvements
✗ Cons
- ✗ Can be expensive for very small businesses
- ✗ Some advanced features require higher tier plans
- ✗ Learning curve for complex features
- ✗ Limited customization compared to some competitors
Pricing
- Simple Start: Contact for pricing - Track income & expenses, Send invoices, BAS preparation, 1 user
- Essentials: Contact for pricing - Everything in Simple Start, Manage bills, Track time, 3 users
- Plus: Contact for pricing - Everything in Essentials, Inventory tracking, Project profitability, 5 users
MYOB
Best for Established BusinessesComprehensive accounting solution for Australian businesses with robust features and local support. Ideal for established businesses with complex accounting needs.
✓ Pros
- ✓ Robust feature set for established businesses
- ✓ Strong inventory management
- ✓ Comprehensive reporting capabilities
- ✓ Good for complex accounting needs
- ✓ Established brand with local support
- ✓ Flexible pricing options
- ✓ Good for larger businesses
✗ Cons
- ✗ Interface can feel dated
- ✗ Steeper learning curve
- ✗ Can be overwhelming for small businesses
- ✗ Less modern than cloud-native solutions
- ✗ Mobile app could be improved
Pricing
- Lite: Contact for pricing - Track GST and lodge BAS, Manage inventory and orders, Add payroll for up to 2 employees
- Pro: Contact for pricing - Connect unlimited bank accounts, Create and send sales orders, Add payroll for unlimited employees
- AccountRight Plus: Contact for pricing - Unlimited inventory, Priority support, Unlimited payroll at no extra cost
Which One is Best For You?
Choose Xero If:
- • Small to medium-sized businesses
- • Businesses wanting modern cloud accounting
- • Companies needing strong mobile access
- • Businesses that value integrations
Choose QuickBooks Online If:
- • Small businesses needing detailed financial reporting
- • Businesses that require strong analytics
- • Companies with inventory management needs
- • Businesses wanting comprehensive business insights
Choose MYOB If:
- • Established Australian businesses
- • Companies with complex inventory needs
- • Businesses requiring advanced reporting
- • Larger businesses with multiple users
Conclusion
After comparing Xero, QuickBooks Online, and MYOB, each platform serves different business needs:
Xero excels for modern, user-friendly cloud accounting with strong mobile capabilities and extensive integrations. Best for small businesses and startups wanting a contemporary solution.
QuickBooks Online stands out with powerful reporting and analytics. Ideal for businesses that need detailed financial insights and comprehensive business management tools.
MYOB is the go-to for established Australian businesses with complex needs, especially those requiring robust inventory management and advanced reporting features.
All three offer free trials, so we recommend testing each platform to see which fits your workflow. Consider your business size, reporting needs, feature requirements, and budget when making your decision.
Ready to Get Started?
Both Xero and QuickBooks Online and MYOB offer free trials. Sign up today and see which option works best for your Australian business.
Affiliate Disclosure: This article contains affiliate links. If you click through and make a purchase, we may earn a commission at no additional cost to you. Our recommendations are based on genuine research and testing to help you find the best solutions for your Australian business.