There are many different types of accounting software available to businesses, with varying capabilities and price tags.
Regardless of your industry or size, keeping on top of your finances is critical for business success. So let’s explore some of the best accounting software options available to you, to help keep your business in the black.
What to look for in your accounting software
When you’re evaluating which accounting software you should go for there are a couple deal breakers we’d recommend sticking to. You should always look for accounting software that:
- Is cloud-based,
- Integrates well with other key pieces of software within your business (i.e. your CRM),
- Is provided by a well-known, established brand with a decent sized client base (because it will likely still be around 5 years from now)
Some popular examples amongst Australian businesses include:
In fact, 100% of Myssy + Co clients use one of the above systems.
The benefits of best practice accounting systems
Why do 100% of our clients use one of these systems, you ask? Because cloud accounting software provides you with the following benefits:
- A cost effective and time effective solution to your accounting needs
- Secure data storage (with no time-consuming backups required)
- Accessible real-time data (making it easy to collaborate with those you need to)
- Mobile access from almost anywhere at anytime
- Reduced paperwork (providing a more sustainable and scalable accounting solution)
Making the most of your accounting software
Although accounting software (like the examples mentioned above) provide a myriad of benefits, at the end of the day, your accounting software can only ever be as effective as the person that’s using it.
That’s why, no matter which software you choose, you should make sure you (and your team) know the ins and outs of whichever system you’re using.
At Myssy + Co, we ensure all of our clients know how to view the following reports:
- Profit & Loss
- Balance sheets
- Cash flow reports
- Budgets
Do I need a Private server?
Using accounting software can be an issue for some businesses as you don’t technically ‘own’ the data that is stored within it.
We recommend having a chat with your lawyer to find out if this is the case for you.
If it is, you can easily set up your own private cloud service (with reputable providers like Amazon), which will give you greater levels of security and independence.
A quick note on Single Touch Payroll
Single Touch Payroll (STP), is an Australian Government initiative designed to reduce employers’ reporting burdens to government agencies like the ATO.
It became compulsory for all businesses as of July 2019 so it’s quite important that you have it enabled in whichever accounting software you choose to use.
With STP, you report employees’ payroll information to the ATO each time you pay them through your STP-enabled accounting software.
This ultimately saves your business both time and money, as you’ll be able to spend less time on payroll-associated admin and you won’t incur penalty fees for failing your compliance obligations.
Why you should always use a qualified accountant
To avoid any nasty surprises when it comes to your accounting, we recommend ensuring you have a qualified accountant to help you manage your business’ compliance and financial reporting needs.
Yes, it can be tempting to save money by managing the entirety of your financial processes yourself, however, in our experience, this often ends up being a larger cost to businesses due to mistakes and lost productivity.
Ultimately, take the time to determine which software, systems and partners are going to work best for you and your business. While there are many options to automate your accounting, don’t feel obliged to automate everything if you don’t think it suits your operation.
If you need a hand determining the best path forward for you, why not book a call with one of our qualified accountants or business advisors today? Contact us here.