Feeling that traditional desktop accounting software had become outdated, New Zealand tech entrepreneur Rod Drury founded Xero in 2006 – a cloud-based accounting software company for small and medium-sized businesses that have since dwarfed MYOB’s market share, almost doubling its subscriber base in the space of 10 years. Prior to the introduction of cloud-based accounting, the dominant player in computer based accounting software for Australian small businesses was MYOB. If you’ve ever used Gmail, Dropbox, or Outlook, then you have experienced cloud technology. Think of the ‘cloud’ as an online server with bank-level encryption that allows you to access your data anytime you need it without having to physically store that information on your computer. The most recent disruption to accounting software occurred in the mid-2000’s with the introduction of modern cloud accounting. From old school notebook ledgers, accounting methods have evolved drastically with the introduction of computers and the internet. Xero vs MYOB – Which accounting software will best suit your business? Accounting software has come a long way over the last 30 years.
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