Which accounting software is best for your business?

When it comes to choosing the best accounting software for your business, you have lots of options.  So how do you choose the best one for you?

Every business has different requirements from their accounting software.

WHAT ARE YOUR BUSINESS NEEDS?

• Do you need the software to calculate payroll (PAYG, annual leave, long service leave etc)

• Do you need the software to track stock, work in progress etc

• Does it need to be able to handle foreign currency

• Do you require job costing

• Is the software capable of making or accepting online payments

• Does it comply with the ATO SuperStream regulations

There are an abundance of accounting software packages on the market, but the main suppliers to the small to medium (SME) business market are:

• MYOB

• Xero

• Reckon (previously QuickBooks)

Each offers a variety of versions from basic data entry to complete, comprehensive accounting systems that can either be cloud-based or hybrid depending on your needs. 

Prices vary depending on the number of users, functionality and requirements.

CLOUD-BASED SOFTWARE

• Minimise data entry and processing time

• Up to date software (no more upgrades required)

• No need for backups

• File can be accessed anywhere, including from mobile devices

• Ongoing monthly fees

HYBRID SOFTWARE

• Installed on your local PC or laptop

• Upgrades still required

• Can be accessed anywhere the program has been installed

• Cannot be accessed on mobile devices

• More functionality and features compared to cloud-based software

Remember, when choosing software focus on the needs of your business and don't buy something that isn't going to meet your requirements.

If you are unsure of which software package is most suited to your needs, please contact us for a recommendation.