Money Management Systems – which is best?
Business accounting software comes in a variety of shapes and sizes. Which one you choose depends on your particular business, your accounting requirements and the level of knowledge of your operator.
MYOB is very comprehensive in terms of the information it can handle however those who do not have an accounting background or an abundance of patience, may feel more comfortable with Quickbooks. It caters more to those who do not have the background knowledge yet still require much of the same information an accountant would. Both of these systems offer something different to the user. MYOB has a back-order process which is helpful for wholesalers and has a fully customisable invoice feature. Quickbooks can track time and materials enabling the production of specific job costing reports, invoices and payroll information.
Peachtree is another accounting software program which, while not as common, has many benefits such as the fact that it handles inventory better than Quickbooks. It is no secret that the software is more complex than Quickbooks although the reporting functions still leave a lot to be desired in comparison.
Software companies are now coming to the realisation that their programs should also be available online. Quickbooks, for example, offers an online version allowing you to access your company data file from anywhere and MYOB serves up a LiveAccounts package linked directly to your bank account.
Providers offer many different variations on their programs and it is definitely a case of trial and error to see what works for your specific needs.
TAGS: MYOB , Quickbooks , Peachtree , Accounting , Money management