cloud-based accounting program is in doing the job. These products continue to be developed with a lot of research and feedback incorporated into it. What is the advantage now, there would be a few years from now. some of the accounting program is Essentials MYOB, Xero and Quickbooks Online, specifically for the latter you can find and follow QuickBooks on Twitter.
There are other software providers out there, some of them are even free. However, three were selected based on market share, the Australian compliance with the GST and payroll, and the company’s reputation (which will feel safe entering the banking details in the software unknown and free).
Cloud-based software is the best for my business? As a small business accountant and Virtual CFO, this is one of the most common questions I get from the business owner. Not all accounting packages are created equal, but good companies continue to seek feedback and upgrade their offerings.
Dealing with small business owners on a regular basis, through a variety of industry and trade, I’ve narrowed it down to three important factors to be considered in accounting packages:
1) Simplicity and ease of use.
Design is the key to the user experience of the product. MYOB Essentials has designed products for non-accountants. This product is very easy to understand and use. The downside to this is that the reporting functionality is also limited. For example, you can only print the report one salary in PDF format, and Profit & Loss statement can not be displayed with the moon in the entire yard (which is useful in analyzing trends).
Quickbooks Online has great functionality, excellent reporting and a long list of features that you do not know it’s there. This “hides” the more complex task well enough that you will not be confused, which makes it interesting when you find out what you can do. Compared with Xero and MYOB, a function that is sometimes not where you would logically think they will. QBO have online training, video and support available, and the customer service was excellent (Intuit named 3rd best job in Australia in 2015 *).
Xero is a well refined product, with the user experience in mind. It’s like using Apple compared to Android.
2) Mobile Applications and add ons.
Mobile applications not only for the user in the way only. It can also be a great dashboard to monitor your business frequently. Here is an overview of what each has a unique operator to offer their mobile.
MYOB – the simplest of mobile applications with only three functions. Contacts, Invoicing and Payment. Payment for these MYOB MYOB taken through PayDirect applications and devices.
Quickbooks Online – A well-designed and functional mobile offers. It was not an invoice, quote, fees, take photos of receipts, records, sales receipts, bank reconciliation, P & L and balance sheet, customers, suppliers and recent activity. Tablet version also has GPS and location based prefilling invoice, which is useful when the invoice on the go. Payments can be retrieved using Paypal and card reader applications, or Square. The QBO mobile applications easily the best of the three.
Xero – Create invoices, receipts, upload files and photos from the reception, manage contacts and reconcile bank and check bank account balances. Payments can be made through third-party applications such as Paypal, Square and Ezidebit.
A specific application could be the deciding factor which accounting software to use, because it is much more integral in running the business from accounting side. Inventory management, e-commerce, timesheets, POS systems and work cites some places high importance on the application. Most of the free trial application providers, and this is certainly an area to invest in if you are a very systems or procedures based business.
For small business owners, this is probably the biggest factor. Value is not just about being the cheapest. It’s about making your job easier and cuts out “work in your business’ time, to allow you to work” on your business “. It’s also about providing business owners with the tools to monitor business whenever and wherever they are.
The next cheapest package is important MYOB, which is between the other two charges. However, compared with the offerings and mobile applications from two other software, it has the worst value of the victim. The current user is not able to take photos of receipts and store them in the cloud!
Xero is probably the most expensive, but the comparison should be on the product offering. Because QBO and Xero has the same function, and I could not justify such a big difference in price.
In terms of price, Quickbooks online is roughly half the cost of the two other applications. When you factor in the function, it was a clear standout in this category. The above example is a business that uses QBO.