Amongst all the accounting and bookkeeping software available in the market, those offered under the Mind Your Own Business (MYOB) and QuickBooks product names are the most popular.  As can be expected, both have similarities and dissimilarities as well as advantages and disadvantages, of which this article shall strive to present.This way, you have a basis for making the best possible decision as to what accounting software is best for you and your business needs.

Similarities and Dissimilarities

When it comes to similarities, the MYOB and QuickBooks accounting software programs share a few similarities, surface-wise.As a matter of course, the features are another story entirely as the advantages and disadvantages will prove later.  Anyways, both accounting software are proprietary properties of their respective software development companies, the Mind Your Own Business and Intuit for MYOB and QuickBooks, respectively.Support for both the MAC and Windows operating systems is standard to both accounting systems.  Unfortunately, the Linux-compatible version has yet to be developed by the companies. Both programs are also stand-alone software although certain add-ons are possible and can be purchased seperately.

As to dissimilarities, it is generally accepted that MYOB caters to the low to high-end market while QuickBooks are targeted towards the mid-market.Essentially, certain features will differ in consideration of the differences on target market.

Advantages

The following are the advantages of QuickBooks:

• Software options include versions for manufacturers, wholesalers, retailers, contractors, non-profit entities, and professional service firms and professional accounting firms
• Different versions are available for each region’s unique business needs and governmental regulations
• Users are not required to be well-versed in standard accounting procedures
• On-line screens resemble paper-based forms

MYOB advantages include:

• Comprehensive package of online services that include e-mail hosting, web hosting and domain registration
• Extensive range of bookkeeping, accounting, payroll and invoicing software from entry-level software for small businesses to multi-user software for corporations.
• Other products include asset management, retail point of sale software, payment services, tax software and E-commerce solutions
• Management of vendors, customers and employees through online methods
• Ability to work in multiple currencies

You will find that both accounting software programs are easy to install and use, which also makes for fast retrieval of information necessary for informed decision-making.

Disadvantages

Expectedly, both accounting software programs have their fair share of advantages.  For the QuickBooks, these demerits include the unavailability of the Mac-compatible version outside of the United States, its outages resulting to massive loss of data, and its memory requirement of twice that of other software.  For the MYOB, its payroll software is not as interactive as that of QuickBooks.  Plus, the interfaces can be bland and cluttered than it is with its competitors.

When choosing between the two, keep in mind that your present business needs and future expansion plans dictate the type of accounting software you are eventually going to purchase and install in your company.  All other considerations like what your competitors are using pales in comparison.  Indeed, when it comes to accounting software, use what looks and feels right to your company, not what looks perfect on others.