It’s 2015 and bookkeeping for your business has grown and changed like most things in life. If you are a seasoned campaigner you will remember the days of digging through shelves of bank statements and invoices trying to reconcile accounts while scratching your head in frustration wondering why things don’t balance. Modern technology has given businesses simpler and more efficient methods of record keeping, offering software products which capture financial transactions and information and can create customized reports on demand.
So why is up-to-date accounting software important for your business?
Having an accounting software package has advantages in saving time, money and provides business users and accountants with customized reports on demand. Automated functions can be used to produce recurring transactions, payroll entries and tax calculations creating a more efficient process for business record keeping.
In today’s market for small businesses there are three major competitors in MYOB, Reckon (previously QuickBooks) and XERO. All three developers have their own interface, allowing businesses to record bank transactions and allocate entries to desired accounts. They all offer a Payroll function, which by the click of a button designates each employee’s pay and saves data into payroll reports for year end reporting. While each will argue why their software is better, it’s a matter of preference between you and your accountant and/or bookkeeper which package suits your business.
The newest development in accounting software is now an online product called the cloud. The cloud no longer requires you to install software, but instead to simply log in online to the developers website where you can access and record your business’s information. The cloud offers businesses many advantages, such as direct bank link integration where you can import bank statements into the system or daily bank feeds, making the reconciliation process more easy and efficient. Having your business’s financial information online also allows easier accessibility for you and your accountant, providing the ability to log in wherever you are and view or update information on demand.
We recommend you contact your accountant at Optima Partners for further information on the benefits of the latest developments in accounting software and how it can be advantageous to your business.
Contributed by
Rick Filocamo, Accountant
Optima Partners, April 2015
