NOT SURE WHICH CLOUD ACCOUNTING SOFTWARE TO CHOOSE

 Many business owners are moving their business to cloud accounting software. The way we run our business is very different especially with cloud accounting offering so many benefits that includes:

  • Saving time
  • Saving money
  • Providing peace of mind and less stress
  • Better decision making with more information available
  • Creating happier employees
  • Improving cashflow

In todays fast past technology boom, there are many tools that can make running a business easier and less stressful.

What cloud accounting options are out there?

Over the years, technology and industry demands as resulted in a number of cloud-based accounting products entering the market. These include:

  1. QuickBooks Online
  2. Xero
  3. MYOB Online
  4. Sage One
  5. Freshbooks
  6. Zohobook

Cloud accounting software is there to help streamline and make running a business easier. Making the right chose for your business is important especially as there is so much on offer.  

How to choose the right software

In Australia, Xero, Quickbooks Online and MYOB Online are the most used accounting software. These companies offer great support and are continuously innovating to keep up with the changing environment.

The three key areas that will help make choosing the right cloud accounting software .

  • Functionality – Most of these products have great functionality and perform similar tasks well. Some of the functionality include invoicing on the go; information accessible any time; BAS compliance requirements, Staff pays and superannuation; and assists with balancing the books quicker. Each product offers a slightly different user experience and knowing how the various functionality works with your business will make the transition easier.
  • Add on Product Features – The add-on products offer greater opportunity for businesses to improve systems, save time and money plus reduce the amount of stress with managing cashflow. There are over 400 different add-on products in the market and not all add-on products are compatible with Xero, MYOB or QuickBooks online. 
  • Product Packages – Knowing who and how many people need access to accounting information will also impact which product you will choose as there is a variety of packages on offer. Being familiar with what your suppliers are using; how many employees and how many transactions a month, will also help determine which package is right for your business.

Main differences between the three most popular products

  • Quickbooks Online
    • Fast invoicing on the go
    • System automatically updates to the latest version.
    • Powerful payroll process and time.
    • Reporting functions is leading the market.
    • Number of added applications.
  • Xero
    • Send invoices on the go.
    • Automatic follow up for outstanding invoices.
    • Fast reconciliation of bank accounts.
    • Manage cash flow by scheduling payments.
    • Receipt can be collected and automatically integrated into the system.
    • System automatically updates.
    • Over 300+ applications.
  • MYOB Online
    • Quote and invoice clients any where and any time
    • Track job time and costs
    • Manage payroll including superannuation, leave entitlements and more.
    • Card payments on smart phone
    • Little amount of add-on functions
    • Takes time syncing with other applications

It is not a matter of choosing a product that is popular. Each business operates differently and has specific requirements. Matching these requirements with the right product and a package for your business can be overwhelming. The only way to make the right choice is to have a Bookkeeper review your business and provide recommendations.

Moving to Cloud

If you are not in the cloud and still managing your accounts that old fashion way of using Excel spreadsheets or even having desktop based accounting system, then you may want to consider using Xero, Quickbooks Online or MYOB Online. 

At Cornerstone, our staffs are trained across these three products and have expert knowledge with add-on products. We can train you and your staff in using these products to gain maximum benefit.

Let Cornerstone help you navigate through the choices of cloud software and recommendation applications that will make running your business easier. For more information you can visit at ikeep.com.au

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