Tuesday, June 27, 2017

Comparing MYOB vs Moneyworks

Compare MYOB vs MoneyWorks

Both MYOB and MoneyWorks belongs to the category of on-premise accounting solution with many similarities for sales, purchasing, operations, inventory and accounting for small businesses.

While MYOB has almost dominated the on-premise accounting software solutions among the SMEs, let us take some time to compare MYOB to MoneyWorks

You may ask why MoneyWorks? Both MYOB and MoneyWorks has great feature similarities in which both run on flat single file without database application (like SQL), and both sells in the price range of around S$1,000 for 1 user (MYOB Premier 1 User sells at S$1,297.20 and MoneyWorks GOLD sells for S$895) and less than S$3,000 for 3 users (MYOB Premier 3 User sells at S$2,119.63 and Moneyworks Datacentre sells for S$2,995). 

However, our comparison here is based on the differences between both MYOB and MoneyWorks, so we will not touch on individual functionality for now.

Here is the table of comparison of difference:

Realtime recording and editing
Post and Reverse Entry
Sharing Method
File and Folder sharing
File sharing through port (Datacentre)
Sharing Technology
Windows Workgroup Sharing
Bonjour technology
Network Type
Wired Networking only, slow on wireless (especially on bigger files)
Wired, wireless and internet capable
Workflow procedures
Workflow procedures
Forms Formatting
Form customizable with fixed data/field insertion
Form customizable with flexible data/field and formula insertion
Reports fixed and cannot be amended or customised
Reports are customizable with built-in report writer
Data Access
3 years report (Last year, this year and next year report)
7 years report and transactions
Transaction Access
Module Access for different transaction
One screen to view all transaction
Creating Transaction
New transaction through module section
All transactions can be selected within one screen
Upgrades Frequency
Upgrade almost every year
Upgrade almost every 3 years
Remote Access
Remote Access via terminal service
Direct connection
Companies Files
5 datafiles and pay extra for additional 5
Unlimited datafiles
Mac OR Windows only (via different version)
Both Window/Mac cross platform

We will not conclude which software is better based on this comparison difference, however, we can do some simple summary for each solution:

You will prefer MYOB because:
  1. Common software, easier to get help via employment or outsource
  2. Fixed software without much customisation and lesser functionality
  3. Suitable for older generation workers so is easier to learn
You will prefer MoneyWorks if:
  1. Need more functions and flexibility
  2. Users both Mac or Windows within the company
  3. Need to access remotely
  4. Needs integration (now or future) to third party applications like e-commerce, warehousing and even POS which allows integration
Want to know more? Do feel free to contact us!

William Tan
tel: +65 63477000

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