Questions to ask when moving from MYOB to XERO

Questions to ask when moving from MYOB to Xero

In the world of business, staying organized and efficient is key. But with so many different platforms to keep track of, it can be a challenge for small businesses to stay on top of everything. To help you manage your finances and accounting, most accounting software programs have virtual clipboard partners that allow you to quickly switch between different programs with a few mouse clicks.

These so-called “integration” programs allow you to connect with various third-party services, such as your bank or credit card company directly from Xero.

This integration will allow you to collect more information from their systems—and less from yours—by using the Xero banking APIs or other third-party integrations with that financial institution.

In this blog post, we’ll go over the five main questions you should ask when switching to an integrated accounting software program like Xero from MYOB.

MYOB to Xero

What is the difference between Xero and MYOB?

Xero and MYOB are two of Australia’s most popular accounting platforms. Much like QuickBooks, MYOB and Xero are both desktop platforms that work best with desktop and laptop computers. MYOB has been around since 1985, so it’s one of Australia’s oldest accounting software programs. MYOB offers a free conversion service while Xero has a complimentary migration service for better benefits.

It’s an online-only program that works best with tablet computers, as well as online and desktop computers.

MYOB essentials have an all the standard accounting program, like budgets, txt format, invoicing, sales, receipts, and expenses. But if you’re looking for more robust marketing and customer management features, you should consider Xero.

For example, you can connect your Xero account to Facebook, LinkedIn, and Instagram for easy customer onboarding, manage customer relationships with CRM features, and use marketing automation to send automated emails and create custom campaigns for your business.

How does Xero banking integration work?

With Xero’s banking integration, you can connect your bank account with your Xero account. This allows you to collect payments from customers, get paid by your employer, and transfer funds from your bank account to other accounts in seconds.

Xero users’ banking integration is available with a variety of financial institutions, including Bank of America, Chase, Citibank, and Wells Fargo.

What is Xero’s monthly fee?

The Xero monthly fee is a subscription charge that allows you to use the software. There are different subscription plans available, and the price will vary depending on the features and services you need. You can cancel your subscription at any time.

Should you use a hosted or self-hosted platform?

Xero is a great solution for those who want to take advantage of the third-party banking integration, as well as other Xero features, like seasonal views, insights, and reports. However, if you’re comfortable managing your own server, you can also host your own Xero platform.

In self-hosted environments, you’d be responsible for setting up and managing your own server, but this is very straightforward.

The main advantage of self-hosting is that you can choose to use any operating system you like and control the operating system version and security updates to your server.

This allows you to use your favorite desktop operating system or even a custom operating system.

How does currency conversion work with Xero?

Xero allows you to easily collect bank and credit card payment information in Australian dollars, as well as select other major currencies, such as the U.S. dollar, British pound, and the euro.

If your company pays employees in different currencies, you can also easily convert your payroll data from sources like QuickBooks and Xero.

This allows you to collect information from sources like your bank account, as well as your payroll data and account balances.

When setting up your bank account and credit card accounts, you can select a currency for collecting payments. This allows you to automatically convert these payments from one currency to another. Unfortunately, the jet convert will not convert MYOB files to use foreign currency or MYOB essential files.

Which payroll provider should you use?

There are a few things to take into consideration when choosing a payroll provider for your Xero account.

To begin, you need to decide if you want to use an in-house payroll solution or use a third-party provider. In-house payroll is a great option if you have access to a modern HR system.

Additionally, if you have your own payroll system, you can create a payroll report in Xero and then send it to your own system to process payroll deductions in the previous financial year.

Third-party payroll providers, like Zoho and ZenPayroll, let you link your Xero account to those services. This makes it easy to collect and manage your payroll data in one place.

Final Words: Should You Switch From MYOB to XERO?

Xero is one of the most popular integrated accounting platforms in Australia for a reason — it has everything you need for your small business in one place.

If you need more marketing features, more customer relationship management features, or a more robust financial system, Xero users presently have everything you need.

Xero is a cloud-based platform with a CSV template, so you don’t need to worry about installing upgrades, managing security patches, and keeping your server up to date.

Plus, Xero is secured by a service provider that offers advanced security features like multi-factor authentication. This means you’re getting the latest, safest features, without having to do any heavy lifting.

With Xero connects, you can easily connect your bank account, get paid by your employer, and transfer funds between accounts in seconds with banking integration using an excel file.

Plus, you can easily collect credit card payments, and upload spreadsheets, and bank balances with Xero banking integration.

Check out another blog on Bookkeeping For Beginners

Get a Free Quote!