Tired of Xero and MYOB? Try Thriday's Next Generation Accounting Platform
Small business owners know that bookkeeping and accounting can be daunting, but the right software can make all the difference. With so many legacy options on the market, knowing which software to use can be tricky. Xero and MYOB are two popular choices, but the new accounting platform Thriday is starting to make a splash. Thriday is a powerful, automated accounting software quickly gaining popularity amongst time-poor business owners. In this blog, we will compare Xero, MYOB, and Thriday, so you can make an informed decision about which software is the best fit for your business. From features to pricing, we'll cover it all. So, let's get started!
What Does Xero Do?
Xero is an accounting software designed for medium-sized businesses. It is cloud-based and is popular with accountants. Xero provides various features to help businesses manage their finances, including invoicing, inventory tracking, payroll, and bank feeds.
Compared to MYOB, Xero has a more modern, user-friendly interface that is easy to navigate. However, Xero can be hard to set up, and some users have reported difficulty using key features.
When compared to Thriday, Xero's lack of automation capabilities falls short. Thriday's automated accounting features streamline bookkeeping tasks, saving business owners time and money. Thriday does not require bank feeds and has an integrated bank account* and Visa Debit card* categorising data in real-time. The Thriday interface is also user-friendly, making it easy to navigate even for those who are not accounting experts.
"When compared to Thriday, Xero's lack of automation capabilities falls short. Thriday's automated accounting features streamline bookkeeping tasks, saving business owners time and money."
How Does Xero Work?
Xero's software is organised into different sections, including sales, purchases, bank accounts, reports, and more. Each section contains features and tools to help you manage your finances effectively.
Xero's product is not designed directly for small business owners to use. To use Xero, you require an accountant or bookkeeper to help you set up. Xero's product requires accounting knowledge, and Xero practitioners run training courses and publish books on how to use the software.
Many Xero customers have reported difficulty using bank feeds which pose security risks, and bank transactions often need to be manually uploaded. In addition, the customisation options are limited compared to Thriday.
Because Xero and MYOB operate as stand-alone accounting platforms, there is no ability to make payments using the Australian banking and payments infrastructure. When it comes time to do payroll or pay bills, you must log into Internet Banking to complete the job. Moving between accounting and banking platforms increases the chance of human error and creates double handling.
Thriday is the first platform in Australia that also has payments in-built, making it easy to automate tasks such as bill payment and accounts payable. These powerful features combine to increase automation and save busy business owners more time. Put simply, you can't automate financial admin tasks without the ability to move money and make payments. That's what makes Thriday so unique.
How Does MYOB Work?
MYOB is an accounting software offering various features to manage finances, invoices, and inventory. It is designed for medium-to-larger businesses. While MYOB provides self-service options for users to manage their finances, it relies heavily on the expertise of accountants to ensure proper usage of the platform.
Accountants are responsible for setting up the system and maintaining its accuracy, interpreting financial data, and providing strategic advice to business owners. MYOB provides a platform for accountants to collaborate with their clients, facilitating communication and tax agent services. MYOB has lost market leadership over the last decade to Xero.
MYOB is quite an old platform, and many users have reported difficulties with the software's user interface, which can be confusing and unintuitive. The software can have technical issues, such as slow performance and system crashes, which can disrupt business operations.
Compared to MYOB, Thriday is popular among small business owners because of its advanced automation features, which can save business owners up to 5 hours a week. Thriday's focus on artificial intelligence means the platform is built to streamline financial management and improve profitability.
Has Xero Crashed?
As with any software, Xero can experience technical difficulties from time to time. As a result, the company has a dedicated team of engineers who work to ensure that the software is up and running. In the event of a crash or outage, Xero has a system to notify customers via its website.
Thriday's cloud-based software is designed to keep redundancy and disaster recovery in mind, ensuring that your data is always safe and accessible. Thriday's engineers and support staff work around the clock to maintain the software and ensure it is always running smoothly.
Why Is Thriday Better Than Xero and MYOB?
Thriday is a superior choice to Xero and MYOB for several reasons.
Thriday's Automated Accounting Saves Time
Thriday offers advanced automation capabilities that streamline bookkeeping tasks and save small business owners valuable time and money. Thriday automates transaction categorisation, receipt reconciliation, GST calculations, reporting and accounts payable. Thriday's powerful all-in-one financial management eliminates the bulk of financial admin tasks.
"Thriday's powerful all-in-one financial management eliminates the bulk of financial admin tasks."
Better Customer Experience
Thriday's interface is designed to be user-friendly and easy to navigate. The software is organised into different sections, including invoicing, expenses, bank accounts, reports, and more. Each section contains features and tools to help you manage your finances effectively. Thriday's mobile app is also significantly better than Xero and MYOB, according to app store reviews.
Thriday is Cheaper and Better
Thriday's pricing is transparent and affordable, making it a cost-effective choice for small businesses. Unlike Xero and MYOB, which can have hidden fees and additional costs, Thriday's pricing is straightforward.
Thriday Has Great Customer Support
Thriday offers excellent customer support. The company has a dedicated team of experts available to answer any questions and help whenever needed. Xero does not have a call centre, so if you need any support, you need to lodge a ticket, and customers have been known to wait for days.
Xero Pricing vs MYOB Pricing: Which is More Affordable?
Regarding pricing, both Xero and MYOB offer a range of plans to suit different business needs and budgets.
As of 25 March 2023, Xero's monthly pricing starts at $29 for the Starter plan, which includes basic features like invoicing and expense tracking. The Standard plan, which costs $59 per month, adds more advanced features like project tracking and multiple currency support. The Premium plan costs $76 per month.
MYOB's pricing is slightly cheaper, with their Lite plan starting at $30 per month for essential features like invoicing and expenses. The AccountRight Plus is normally $136 per month, which includes more advanced features like inventory management and payroll.
While Xero and MYOB have similar features, Thriday's pricing is even more affordable than both. Thriday is free to join, and if users want unlimited invoices, quotes, receipt scanning, automated accounts payable, bank accounts*, Visa Debit card, reporting and tax forecasts, they only need to pay $29.95 per month.
To find out how much money Thriday can save you on accounting and tax, take the Thriday money saver quiz.
Why Thriday is the Best Accounting Software for Small Businesses
While Xero and MYOB are popular options, Thriday offers several unique advantages that make it the best choice for small businesses:
- All-in-one financial management platform with banking, accounting and tax
- Advanced automation capabilities that save time on bookkeeping tasks
- A user-friendly interface that's easy to navigate and use
- Affordable pricing that's budget-friendly for small businesses
- Excellent customer support that's responsive and knowledgeable
Whether you're just starting a business or looking to switch from your current legacy accounting software, Thriday offers everything you need to streamline your bookkeeping and stay on top of your finances. Don't settle for legacy software that doesn't meet your needs. Try Thriday today and experience the difference for yourself.