How do I get the best from modern software?
Software has moved in leaps and bounds in recent years, with the pace of development only accelerating. Cloud based computing - where your data is securely stored in multiple locations (for safety) - is super easy to use, and is used by a huge proportion of the world's finest organisations.
Its use is now ubiquitous by smart businesses, and many companies and individuals have observed massive gains in productivity - not to mention hours and hours of free time created, which can be spent on more pleasurable things than inefficient accounting tasks.
In this article we summarise the major players to give you an unbiased overview of your options.
Cloud Accounting Options
Xero is a popular, modern cloud-accounting package suitable for small and medium-sized businesses. The New Zealand based company are famed for their easy-to-use user interface and wealth of connections with other software plug-ins (there are over 400+ add-ons) to further enhance business productivity.
Xero features automated systems such as: bank feeds, bank reconciliation, BAS calculations, recurring invoicing, accounts payable, expense claims, a series of useful management reporting tools, as well as a raft of other powerful features. The software also supports multiple currencies and tax rates.
Inventory items can be tracked speeding up invoicing, with sales and purchases also being tracked. Purchase orders, quotes, bill payments such as automated superannuation payments can also be made direct from the software. The software has won many prestigious internet awards such as multiple Webby Awards, and a Fast Company Innovation Design award for it's abilities.
MYOB has been a popular accounting software package for many years, and in 2012 they released AccountRight Live - the cloud version of their main product.
Their software calculates and tracks GST, manages quotes, invoices and expenses, tracks jobs and manages inventory. Purchase orders and suppliers can also be managed through the software, and employees can be paid and their annual leave tracked - all from the software.
Similar to Xero and MYOB, QuickBooks Online is a cloud based accounting system that offers a range of services to improve business efficiency. It's available anytime, from anywhere like all cloud based systems, offering expense tracking, automated backups of data, tracking of sales and income, and the creation & sending of invoices.
BAS calculations are in-built, along with payroll, bill payments, multiple currencies, creation of remittance advice and the ability to create and send purchase orders.
The system can also track inventory and be shared by multiple users to manage businesses and report on their performance.
Add-ons, or software extensions created by third parties allow cloud accounting packages to do considerably more powerful tasks, and integrate with a huge range of other commonly used core business productivity software - such as Point of Sale (POS) systems like Vend, Unleashed, CIN7 and Kounta.
Smart businesses are increasingly combining a range of cloud-based software services which actively talk and securely exchange data. Cloud security is very strong to give you peace of mind, and the cost is astonishingly inexpensive as they are generally utilise a monthly subscription model.
You can explore the Net yourself to find valuable software to help your business, or if you would like some help, then please feel free to arrange a relaxed, informal, complimentary chat with Bruno Palermo on 1300 265 722 to help understand your options, and to give impartial advice as to how cloud accounting and the relevant add-ons could help your business.
Contact our our resident cloud computing guru Bruno Palermo on 1300 COL SBA (1300 265 722) or fill in the form below and one of our experienced team members will get in touch with you.