Running a business is no easy task and there are many to-dos on any given day. Your time is precious and you certainly don’t ever want to waste it. As a business owner, you may be wondering how to work faster and more efficiently. When it comes to cloud-based bookkeeping software, you may be familiar with MYOB but looking to use Xero.
If you want to change accounting software then you must do so with the right approach for a smooth process. Thinking about changing and upgrading your accounting software but aren’t sure where to start? Then take time to review some questions to ask when moving from MYOB to Xero so you can have a successful conversion.
Reasons to Move
One question you may be wondering and want to be answered first and foremost is why should you move? A top reason to move to and love Xero is that it’s a 100% cloud product. What this means is that you never have to make any updates. As a user, you don’t have to update the software since any necessary updates are put into this SAAS (software as a service) product.
There are other automatic updates that will take place such as tax table changes or payroll changes so you don’t have to worry about doing these either. Xero will also allow you to imbed images in all transactional screens. It’s an opportunity to not only have your data in one easy place but for your office to go paperless as well. It’s also very easy to upload spreadsheets to support any calculations.
Furthermore, there are currently over 700 add-on solutions that Xero connects to and works with. You can think of these add-ons like you do an app for your phone. Start by identifying a business pain point such as scheduling online appointments and then solve it by plugging in your add-on. It’s not only amazing technology but a solution that you can afford.
Will You Lose Data When Converting to Xero?
Another important question to ask when moving from MYOB to Xero is will you lose your data when you convert? Right now, Xero has a complimentary migration service for MYOB to carry out these conversions. As a new Xero client, you’ll receive this benefit free of charge. With the conversion, it’ll pull in two years of your data including transactions, suppliers, customers, employees, and items, to name a few. You’re sure to be impressed with the quality of the data. The turnaround time is very quick and you can be up and running with your data transferred over in about 24-48 hours. However, you’ll need to manually convert MYOB files that have used foreign currency or MYOB Essential Files.
You’ll start by importing the chart of accounts, invoices, bills, and credit notes from MYOB into Xero. If you aren’t using a supported version of MYOB, you can use Xero’s template files and make the necessary adjustments. If you encounter errors, or fewer invoices are listed than in your file, then it’s best to use the Xero CSV template to import sales invoices or credit notes and bills into Xero. Of course, you can always raise a question or concern with Xero’s support team who will be glad to help you. There’s also a community of customers, accountants, and bookkeepers you can access through Xero’s website if you want to start a discussion, or you can contact us for training information.
What Will Happen to Our Data if We Cancel Xero in the Future?
You may decide one day that Xero is no longer for you or you want to take a break from using it. If you cancel your subscription with Xero in the future then what this means is that you’ll lose the ability to look at your data through a browser. If you decide to cancel down the road, then you must export the data to an excel file before you turn off the subscription. If you decide to sign up again in the future then you’d need to start over again and won’t have access to the past data.
Can You Move Your Data from Xero to A Different Accounting Program?
When wondering if you can move your data from Xero to another accounting program, the short answer is yes. Your data can be migrated to a different accounting program. There is no need to start from scratch. Currently, MYOB is offering a free conversion service to Xero users presently just as Xero is doing. You can easily import data into a new system with data that can be exported in *.csv or *.txt format.
What’s the Cost Comparison of Xero to MYOB?
Right now, the most popular Xero plan will cost you $60 per month, including GST. What this does is cover up to 5 employees and most of the functionality. If you’re running a larger business and have more needs than this, then you can expect to pay $80 per month for 20 employees. You’ll find that this monthly fee is slightly cheaper than MYOB AccountRight Live Plus monthly subscription which is $92 per month.
You should also consider the costs of Xero’s add-on solutions if you choose to use these. If you subscribe to one of Xero’s add-on solutions, you should know that these will come at a monthly cost to you. Therefore, think it through and if you believe you’ll use these then you should budget this cost on top of the Xero monthly fee. For example, the cost of Dext starts at $33 per month for 50 or fewer documents submitted per month. (Although we provide this free for Bookkeeper Hub Clients.)
You should now have most of your questions answered as it relates to moving from MYOB to Xero. This information is useful in helping you to decide if it’s the right decision and move for your small business or not. There are many benefits of doing so and all the different add-on solutions will make your life even easier. Regardless of what you choose, accounting software is useful for minimising errors, invoicing effectively, and will save you a lot of time with your bookkeeping tasks.