Accounting Software Comparison Report: MYOB, Xero, QuickBooks Analysis

This report provides a detailed comparison of three popular accounting software options: Xero, MYOB, and QuickBooks. It employs SWOT analysis, gap analysis, and cost-benefit analysis to evaluate each software's strengths, weaknesses, opportunities, and threats. The report identifies problems associated with each software, such as Xero's R&D issues and high employee turnover, MYOB's limited suitability for large firms, and QuickBooks' functional limitations. Recommendations are provided for selecting the most appropriate software based on factors like business size, operational needs, and financial strength. The conclusion emphasizes the importance of thorough analysis before choosing an accounting software to ensure it aligns with the firm's specific requirements and enhances overall efficiency and profitability. This document is available on Desklib, a platform offering a wealth of academic resources, including solved assignments and study tools for students.

Running head: ACCOUNTING SOFTWARE COMPRISION
ACCOUNTING SOFTWARE COMPRISION
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Table of Contents
Introduction 2
Discussion 2
Appropriate accounting software for companies...................................................................2
Problems of inappropriate accounting software.....................................................................3
Recommendation for selecting software................................................................................4
Conclusion 4
References 5

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Introduction
This report is prepared to analyse the difference among the top three accounting
software. Those three accounting software are the XERO, MYOB and QuickBooks. The
report analyse the various factors of the software in the basis SWOT Analysis, Gap analysis
and the benefit analysis. The report provides the SWOT Matrix of all the companies that
helps to understand the factors in better way along with that the report recommends the area
where they could improve its products. The report focuses in each company and highlights
the problems of them long with the solution of the problem as recommendation. The main
objective the report is to highlight the problems related with the each accounting software and
to recommend the areas for improvement.
Discussion
Appropriate accounting software for companies
Now a day, the accounting software become the most required software for every
company. Every company need to implement an appropriate accounting software to perform
and report it accounting transaction smoothly. The proper accounting software can increase
the efficiency of the firm and helps the company to be more profitable. As the appropriate
accounting software record and analyse the financial information of the firm and provides
output to the management. The management of the firm can use this result to make the
several operation related decision those are profitable for the firm. Here, this report analyse
the pros and corns of the top three available accounting software in market. Those software
are Xero, Myob and Quickbook. The all three chosen accounting software are the most
appropriate accounting program for the small business. In the basis of the S. W. O. T.
analysis, the Xero is no doubt the strongest accounting software now a day. Hence, it is the
oldest accounting software still it is useful for the various firm and industries while have

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some technology related issues. The Myob is the current market leader in the accounting
software in the current time and have all the features in their operation. The only
disadvantage of this software is that it is suitable only for the small firm not for the large
company. The Quickbook is the most innovative accounting software among the all three as
it is newly developed software. Hence, this have some issues like limited function, consider
only one company in their operations and like. The all three company is working hard to
cover the most market share and to become the market leader in the accounting software
industry (Yacht & Crosson, 2017). The main future goal of each accounting software is to
become market leader. The Xero is focused to its rental changes and try to change the price as
per the customer capability to increase its customer base. Myob is more concern about to
develop the software which is applicable for the big firm too to reach its goals. While, the
Quickbook is focused to eliminating the limitations of their software and to made it more
useful for their customers without facing any issues. The all three companies need to focus in
this issues to reach their goal and to become the market leader of the accounting software
industry with maximum market shares.
Problems of inappropriate accounting software
As discussed above, there are several advantages of implementing the accounting
software in the business. Although, the software chosen by the firm must be appropriate for
their business. An inappropriate accounting software can affect the business negative way.
The inappropriate accounting software can create the several issues within the firm, which
can affect the efficiency and the profitability of the firm. To determine the proper accounting
software for the firm this report explains some issues of the all three accounting software. In
the basis of the above S. W. O. T matrix, it can be said that the XERO have the issues with
the research and development in the firm, the high employee turn- over, liquidity and the
rental charges (Li, & Saadeh, 2018). The MYOB have the issues in the market presence of

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the firm. As the MYOB is not suitable for such companies which operates in the large scale
and the market presence of the firm or the software. Lastly, the QuickBooks have the issues
in respect of the different functions of the software like consideration, job costing and the
special inventories and like (Young & France, 2017). The firm also have several issues in
relation to the software.
Recommendation for selecting software
The report recommends to the firm to choose the software wisely. The company need
to know about the strengths and weaknesses of the software before choosing any software for
their business. The size, function or operation, financial strength and need of firm for the
software are the some important factors, which can be the basis of selecting the accounting
software for the firm. All three above mention software is are best accounting software
available in the market. The firm need to go through the S.W.O.T. and Gape analysis of the
software as well as the internal factors of their own firm to select the proper accounting
software for their firm.
Conclusion
The paper concludes that the XERO, MYOB and the QUICKBOOK are the three best
software for the accounting. As per the S. W. O. T. analysis of the firms, the all three
software have several advantages but also have some major issues in application process. The
firm need to analyse the all the possible factor before choosing any accounting software for
their business. The firm also need to analyse their own business to choose the appropriate
accounting software for their firm. The appropriate accounting software can affect the firm in
positive way and enhance the profitability and the efficiency of the firm while, an
inappropriate accounting software affect the performance of the firm in negative way.

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References
Curtis, V. (2015). MYOB Software for Dummies-Australia. John Wiley & Sons.
Li, S., & Saadeh, A. (2018). Small business preference for software package.
Smith, H. (2019). Xero for dummies. For Dummies.
Yacht, C., & Crosson, S. (2017). Computer Accounting with QuickBooks Online: A Cloud
Based Approach. McGraw-Hill Education.
Young, D., & France, A. (2017). Evaluation of Software System Implementation in an
SME. Journal of Applied Management Research Ideas, 1(1), 1.