Why you need to automate your accounting!
Bookkeeping has progressed a lot of small business owners. Fortunately, it’s no longer shoe box receipts or messy excel spreadsheets that don’t work!
These days, it’s very much about being supported by the right tools and technologies, including accounting software solutions.
Developed by accounting professionals, we’ve decided to check out some of the most popular accounting solutions in the market.
And by no surprise, MYOB and Xero remain small business favourites.
About MYOB
MYOB lets you do your books online. Some of the benefits it offers include:
- Better finance management – get real time view of finances to make better decisions and boost profitability
- Save time – manage your productivity and get more time doing the things you love
- Stay ATO compliant – we all need to follow the rules and MYOB makes sure you stay updated with your compliance obligations
A feature from the Australian Financial Review also explains why MYOB is good for small businesses: “The smart bills innovation is already making a positive difference to small businesses, by saving time, reducing administration challenges and increasing accuracy. The feature also enables the sharing of source documents between the business owner, accountant and bookkeeper. It is a huge leap toward the paperless office.”
For more information check MYOB here.
Xero
Although Xero is considered a “newcomer” as compared to MYOB, it has within a few short years that captured some good market share.
Xero seems to be the “better” software if you want a cloud-based business software.
With Xero, you can access your business finances in real time anytime and anywhere, regardless of your location. You just need to be connected to the internet.
You’ll also be able to understand your real-time cash position and work with your accountant, bookkeeper and team just as easily.
Features include:
- Invoicing
- Inventory
- Dashboard
- Bank reconciliation
- Mobile App
- Expense Claims
- Data Security
- Bills Payment
- Quotes
- Reporting
- Purchase Orders
- Multi-currency
- Files
- Business Performance Dashboard
- Contacts and Smart Lists
- Sales Tax
- Fixed Assets
Find out more information about Xero here.
Ready to chat to an accountant or bookkeeper?
Not sure where to start with your business? Then it’s always best to chat with an experienced accountant or bookkeeper that has experience in implementing accounting systems. They can help you analyse the best solution for your business.
Other Useful Links:
Bookkeepers Castle Hills and Hills District