We wanted to submit some articles about some generic business topics and so this is a beginning to that.
Business owners always have to answer questions and make decisions, especially about their accounting methods. Once upon a time it would be a decision about which book-keeper to hire. The advent of accounting software has changed that. Now it is a question of which accounting software you should choose for your small business.
There are several options open to you. You can choose from traditional well known software, such as QuickBooks or MYOB. Or you can choose to go with completely online software such as Xero or Saasu. Each has it’s benefits and pitfalls so let us take a look at these four and compare what they have to offer and how they can help you.
QuickBooks and MYOB
QuickBooks and MYOB are two of the more popular pieces of accounting software. Both offer a selection of packages, ranging from basic accounting methods to the more complicated and involved. They both have a choice of either purchasing a subscription of 12 months or buying the full package outright. QuickBooks and MYOB have similar functions including payroll, time billing, and inventory control and accounts preparation. Another similarity between them is that that they both offer the facility for online accounting. This means that you can access your accounts from any computer that has access to the internet. They are both capable of automatic data-entry, which means you can hook up your bank accounts and credit cards and the data will be automatically imported to the system. Also, full back-ups, updates and technical support are offered as part of the service. One big difference between the two is QuickBooks ability to offer multi-user licenses – each copy of the program can be licensed for use by multiple individuals.
Xero and SAASU
Online accounting software is fast becoming a favourite method for small businesses. There are many companies that offer online accounting software, two of which are Xero and Saasu. Both of these are part of the latest in cloud based accounting programmes and are quite similar to each other in what they offer. They both offer a series of different packages, ranging from small and basic up to the most comprehensive package available. Each is priced separately and is available on a subscription basis. Both Xero and Saasu offer basic accounting functions such as payroll, sales orders and invoices, bank feeds and inventory control. They both have the ability to automatically produce invoices and both provide real time views of your bank balances, sales and bills pending. As well as automatic bank feeding they can both also update from your PayPal account as well.
We have only really touched on the basic features of all of these packages; you will need to go to the various websites for more detailed information.
However, it is clear that the accounting software that you use really depends upon several factors: – the size of your business, how many users should have access, how detailed your accounts need to be and how much you are prepared to pay. It is worth bearing in mind that any software that is available online normally comes complete with automatic updates, back-ups and complete support, three very valuable requirements in the new digital age.
If you want to read more on accounting tips and techniques, have a read of this interesting article published by one of our team as well – Cash Flow Importance, an article on Anthonysblog