Many small and medium businesses are unsure of what accounting software they should choose and what the differences are between those providers. More options are entering the market and there are many choices now available. Choosing the right software is crucial to ensure it does what you want in the most efficient way possible. Saving time on your administrative work can be invaluable and allows you to devote more time to your business or your family.
So what should you look for in your software? In general, most providers (i.e. MYOB, Quickbooks, Reckon, Xero, Sassu) have the same functionality and benefits and the only differences is the general feel and use of the software however you should ensure your software is: –
- Preferably a cloud based version – this ensure multiple users can access the file at the same time which saves time and adds efficiency. If you have any problems, you can call your bookkeeper or accountant and they can view your software online.
- Receives bank feeds – one of the biggest breakthroughs in accounting software has been receiving bank feeds. This has been a big time saver for processing bank entries, loan entries and credit card entries.
- Has the correct functionality for you – this might be payroll, it could be invoicing or it might be foreign currency. Usually each provider will have different versions that have different features, so it is essential you choose the right one that has the right features you need.
- Integration with your business – many businesses need their accounting software to integrate with their business. Whether you are a tradie who invoices on the road or a retailer with multiple sales points, it is essential your software has the capabilities to integrate and communicate with your other point of sales software, stock inventory system or ordering system.
In general Elysium finds the choice of accounting software can sometimes come down to personal preferences. We find clients with accounting knowledge lean towards more traditional products such as Quicken or MYOB while clients with little knowledge find Xero a more user friendly system.
Choosing the right accounting software is a crucial decision for all businesses and Elysium’s expertise across a broad range of software makes us perfectly positioned to recommend the right one for you and your business.