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Inventory: MYOB or XERO? Part Four

MYOB or Xero?

Inventory – In the final blog of this series, I want to take a closer look at inventory for both MYOB and Xero.

To read the other blogs comparing MYOB and Xero, click here. If you would like to learn more about Clients Needs Bookkeeping, visit our website.

 

Inventory

MYOB Inventory

Not only can you create items to use on each invoice, you can also ‘build items’. This is where you take two or more items (known as components), to make another item, referred to as a ‘finished item’. For example, you could transfer the quantity of timber and fabric (component items) to furniture (finished items).

You can do this manually, as a one off, or you can set it up so it auto-builds items for transfers you repeatedly make. This allows you to track the actual cost of a product.

Additionally, you can keep tabs on how much stock you have on hand and its total cost and sales value. You will also be able to see what stock you have received and what you are waiting for.

Xero Inventory

Xero’s inventory feature is very limited. We can create items and use them on each invoice, so you don’t have to remember the account code for certain products or services, however it doesn’t allow you to keep track, like MYOB does, so it is purely a memory tool.

Overall, MYOB is a lot more advanced when it comes to using the inventory feature.

 

Inventory

 

If you are still unsure whether MYOB or Xero is better for your needs, I have broken down their different functions and given a recommendation for each, depending on:

  • The type of service you require
  • Your business-type, g., construction or retail etc.
  • Structure of your business

Services

Companies :

using online sales platforms for overseas transactions – Xero

with employees on a salary – MYOB or XERO

using PayPal or Amex accounts – Xero

with employees on an hourly wage – MYOB

which choose to use managers to approve bills – XERO

who do a lot of invoicing – MYOB

that manage inventory – MYOB

Company Type

Construction – MYOB

Retail – MYOB

Online stores – Xero or MYOB

Services – MYOB

NDIS providers – MYOB

Medical – MYOB

 

Type of structure:

Sole traders – MYOB or Xero

Companies with employees – MYOB

Trusts – MYOB

I hope you found this guide helpful – but remember, as useful as these pieces of accounting software are, they are no substitute for the bespoke service you receive when you employ a professional bookkeeper. Visit our website to see how you can access expert advice and save money in the long run.

If you have any questions, or you require any bookkeeping advice, contact us here.

Testimonial

“Matthew is just fantastic, We have just setup a new business and nothing is too much for Matthew. There have been times when I contact him and within an hour, what I have requested has been done or fixed, I would not hesitate to recommend this very professional, polite and lovely man.”

Amanda

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“Matthew is easy to deal with, always available when I have a problem with Myob and is very well priced. Would happilit recommend to any business for book keeping or business activity statements.”

Kurtis

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“Very professional work, I can comfortably leave all my bookkeeping with Matthew and expect ti have it all sorted in a fantastic time frame. I’m very happy with his work and would highly recommend.”

Luke

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