With the battle for the accounting software market growing between Sydney-based MYOB and New Zealand-based Xero, sharemarket tipster site Motley Fool is tipping one of them as the best bet for investors.
Motley Fool’s Australian business is overseen by GM Bruce Jackson, the Australian-born co-founder of Motley Fool UK. The Fool’s older international HQ is in Alexandria in Virginia, USA.
Says this week’s Oz report: “MYOB is a great business and its software is of a high quality, but personally I believe its rival Xero has superior software and growth prospects.
“In March Xero revealed it added 242,000 net new subscriptions for its software, bringing total subscriptions to 717,000. According to its Australian MD Trent Innes. Xero is on track to overtake MYOB’s market share among small to medium accounting firms by May 2017.
“For this reason, I would recommend an investment in Xero over MYOB.”
