Do you use Reach Accounting software?
This week Reach announced…
Reach Accounting is shutting down!
On 30 April it will be gone! What do you do now?
First of all, DON’T PANIC; there are some great alternatives to Reach Accounting.
And with the right help, converting files, moving your data and getting set up shouldn’t be too much trouble.
The important thing to remember, as Reach reminded us all in an email announcing their closure, don’t delay in retrieving all your data.
Once Reach Accounting is gone, your data will be gone too. If that happens to your business, it could make life very difficult going forward.
A good accountant can look after everything for you and ensure you extract and convert all your data correctly. Next, they can help you find your way around a new software package – so you can get back to work!
So, what are the best alternatives to Reach Accounting?
Our accounting team put together this quick comparison between the two popular options: MYOB and Xero.
See our table below for a quick overview of functionality, costs etc.
We have to be honest here: We have nothing against Reach Accounting, but MYOB and Xero fare better in our comparison table. You will be fine shifting to either one.
(This table was prepared by two qualified bookkeepers plus three qualified accountants who agreed on the points below. The table reflects a summary of their personal opinions and experience. Software preference is personal, but we think both Xero and MYOB are quite good overall.)
Have a look at our table, and please don’t hesitate to talk to our team for more personalised help.
Compare Xero, MYOB and Reach Accounting
Green text shows the “winning” software per-category, based on personal opinions of accountants and bookkeepers in our review team. (some categories are tied.)
|Reach Accounting||MYOB Essentials||Xero|
|Setup & access||Online.||100% online, using computer, tablet or mobile.||100% online, using computer, tablet or mobile.|
|Updates||Access ends on 30 April.||All updates happen automatically.||All updates happen automatically.|
|Backups||No access after 30 April.||Constant online backup & security.||Constant online backup & security.
|Multiple User Access||Yes.||Yes.||Yes.|
|Ease of use||Good.||Good.||Excellent. Works fast.|
|Speed of reporting||Reporting can take a little longer in MYOB; reports run one at a time.||Reports are fast. Can run multiple reports at once in browser tabs.|
|Quotes||MYOB offers a quotation system.||Xero offers a quoting system.|
|Invoices||Send invoices from your own default email program.||Send invoices via Xero, with your logo & details. See when invoices are opened.|
|Receive payments||Less advanced.||Clients can use multiple online payment methods incl. PayPal. Can connect to an online store.||Clients can use multiple online payment methods incl. PayPal. Can connect to an online store.|
|Receipting payments||A payment from a customer can be quickly applied against a lot of invoices at once, or applied to the oldest to the newest.||Use the bank reconciliation screen or do quick batch payments; use keyword search then apply payment to various invoices.|
|Payroll||Issue payslips, etc.||Includes payroll for one person only.More staff requires a paid add-on or a different version of MYOB.||Payroll included. Payslips, summaries, super, etc.|
|Employee Logins||No.||Only as a paid add-on.||Staff access their private employee portal. Staff can download payment summaries, pay slips and lodge leave requests.|
|Client Cards||Purchases can’t be processed against a Customer Card, and sales can’t be processed against Supplier Cards||A single contact can represent both suppliers and customers|
|Fixed Assets||Only as an add-on.||In-built Fixed Asset Register with plenty of options.|
|Follow up debts||Yes, by SMS etc.||Yes.||Yes, with nice templates, branded to match your business.|
|International Currency||Not available on most versions without a paid add-on.||Yes, Xero offers multi-currency with rates calculated at the current date.|
|Expense Claims||Not available.||Handles expense claims separately. Does a good job in accounting for expense claims.|
|Cost||$14.95 per month.||MANY versions, plans and add-ons.MYOB Essentials starts at $29/month.
AccountRight standard is $43/Month, or $70/Month for AccountRight with payroll.
Some people feel MYOB has too many confusing versions, add-ons and fees.
|Simple pricing. Starts at $25. The $50 plan is suitable for users with up to 5 staff. Includes payroll. Add 5 more staff plus auto superannuation for just $10.
Talk to us and get an ongoing 20% discount!
(If this offer makes you think we’re getting a kickback, please note: As a Xero certified practice we do get a 20% Xero fee discount and we pass the savings directly to our clients; some accountants just pocket the difference.)
|Learning about the software||Reach help was okay.||Online help.||Online help, online videos, Xero TV, good summaries.|
A quote from one of our staff:
I simply can’t believe how much small business accounting software has improved in the past three years. The latest online software, such as Xero, is easier, more reliable and faster than anything before.