Information technology is changing the way we manage our day to day activities, how we make purchases, how we communicate and how we exchange information. Technology can also improve how we manage our business finances, reducing the hours spent recording transactions and paying bills. There are a number of software packages that will streamline your accounting and provide accurate financial information quickly. Information can be captured by simply taking a photo of a receipt, or having your bank, customer’s and suppliers electronically ‘feed’ information to your accounts.
We see this as a way of improving the accuracy of financial reports, allowing business owners to quickly check on how their business is positioned. This information will allow you to identify issues and quickly assess opportunities. And, given the pace of change all around us, to have this information at your fingertips is more important than ever.
There are many accounting software packages available, allowing you to establish a system that suits your needs and budget. Picking the right one for you, can be a tough choice. We’ve boiled it down to five of the best accounting softwares to give you a head start on choosing the best software for you.
The top five software picks are Xero, QuickBooks, MYOB, Reckon and Cashflow Manager. Here’s why:
Xero is a great option for any business. It’s cloud-based capabilities allow you to manage your accounting, payroll and timesheets, along with many other handy features. Whether you’re just starting out or you’re looking at a cloud-based system for the first time, Xero makes bookkeeping simple and automated. Bank Feeds send transactions directly into view, keeping you on top of all the activity in your accounts. Being a cloud-based system, it’s extremely flexible. It allows you to integrate with a number of third-party integrations as your business grows and develops, allowing you to tailor your own process. Xero’s system also ensures your accountant can access the same data as you at any point, cutting out the unnecessary correspondence and keeping everyone up to date with your finances.
Quickbooks has been in the accounting game for a long time, and have great tools to manage your finances from accounting to invoicing and payroll. They have options that allow you to communicate directly with your clients through their system, helping you stay on top of projects without leaving the workspace. They have a high value for data security and have taken good measures to ensure all your data is kept safe and sound along with multi-factor authentication, firewall services and state-of-the-art encryption technology.
MYOB essentials are all about helping you get your time back with many functions available, including creating invoices, updating supplier and client accounts and performing payroll duties. Their online system gives businesses an easy way to manage their cashflow, ATO compliance requirements and super payments whilst helping businesses get paid faster through their PayDirect system, allowing customers to pay straight from an emailed invoice.
Reckon One is known for being easy to use and offering a competitive price. Their prices stay the same whether you have 1 employee or 100 which can mean big savings as your business grows. The system offers all accounting features to ensure you keep on track in one easy to view dashboard so you’re not scrambling to find which bills need paying and whether things are up to date. Reckon One has a powerful functionality, and has been developed to make difficult accounting tasks seem easy.
Cashflow Manager is known for their quality customer service and their simplicity of use. They are targeted at helping business who have no former knowledge of accounting, helping them understand and use their software easily, ensuring anyone can manage their books and accounts. They have a three level pricing model which allows the product to grow as your business grows; giving you more tools and add on’s as you need. With their great customer service, they are a great option for those who are starting out.
Picking the right accounting software for you can be a challenge. It helps to consider what’s most important to you as a business.
There’s no right or wrong, just what works for you.
The Small Business Digital Adaptation Program
Currently the government are running The Small Business Digital Adaptation Program with registrations open until 28th of February. This will allow eligible businesses to trial and then receive access to digital products, tools and training they can use to build digital capability in their day-to-day operations, including financial software packages. You can read more about the package here.
If you need a hand transitioning to online accounting software or in determining if your business meets the new eligibility requirements on grants for the Small Business Digital Adaptation Program, please get in touch.