BUSINESS AND ACCOUNTING SYSTEMS
Having the most appropriate accounting software will give your business a better chance of success. Accounting software programs that use the ‘Cloud’ such as XERO and MYOB have many features that can make your business more effective and efficient. This is achieved by the following features:
1. Bank Feeds – The software automatically receives the full details of transactions for business bank accounts and credit cards.
2. No installation or updates are required – All the updates that make the necessary changes to the software are performed by the provider. This will ensure that your software is running at its best and there is no down time.
3. Access from anywhere there is an internet connection – As your software is hosted much like a website you will be able to access your business information from anywhere that provides internet connection and at any time that is convenient.
4. Access is easy – As the owner of the software you will be able to nominate other users such as your accountant; bookkeeper; manager etc. This will eliminate the need to email those annoying data files or sending them on USB when they become too big.
5. Easy bank reconciliations – The bank feeds make the bank reconciliation process easier to complete. Some software is smart enough to remember where transactions have previously been allocated and suggest matches for you.
We still find clients using out dated software causing them to spend much unnecessary time on data entry and not giving them timely reports such as:
1. Debtors / receivables
2. Creditors / payables
3. Stock control
4. Profit and loss report
5. Balance Sheet
If you are unable to access timely reports about your businesses performance you are flying blind. How do you know if your business is really on track?