What is the best accounting package for my business?
Is MYOB the best or better than Xero or is Xero better or what about Quickbooks?
One of the most common questions put to an accountant is which accounting package will be best for me?
"I want my accounting fees to be lower so which accounting program should I buy?".
In most instances a client is asking this question in an effort to prepare more accurate and timely information for them but to also reduce the compliance cost of the accountant preparing the end of year financials and income tax returns for their business or Group.
Unfortunately, when posed this question most accountants don't take the time to get a better understanding of what the client wants from the software or the clients understanding of what to expect. Some also think the mere buying of software will solve all of their problems. If only that was the case!
Setting up of Accounting Software:
It is imperative that when choosing the software that the initial setup of the chart of accounts and "rules" in some instances (like within Xero for example) are done correctly or there will actually be more work performed by accountants unravelling the mistakes!
We recommend the following questions be answered when first considering going to acquire software for your business:
do you want to be in the cloud or on premise?;
what type of hardware will the software be used on (if it's really old, some software won't even run on it or if it does you will hate the speed!);
do you have any employee records to maintain?
do you have taxable annual payment reports to provide each year to contractors?
do you want to get bank feeds?
do you want to be able to use the software on your other devices, like tablets, iPads and your mobile phone;
have you spoken to your accountant about being involved in the initial set-up;
what information do you want your staff to see or not see?
how regularly should I back the data up?
do you need to consolidate these results with any other entities or companies results? and
what budget do I have to set this up and maintain these records?
Historically the answers to the above could assist providing clients with the right answer as most of the software on the market had their own nuances or differences and depending on the answers provided, it would direct you a certain way.
However, of late, the software and in particular the cloud versions of the software are increasingly becoming more and more similar and in some instances price is determining the choice being made by clients.
We have recently attended the MYOB Incite seminar in Perth and have seen what they have on offer and also recently reviewed in detail Xero on behalf of a number of clients. Xero has become increasingly popular, purely on pricing alone and has stolen a significant market share away from MYOB and QuickBooks. But will it be sustained!
If you need Ezetax to help you with setting up your MYOB, Xero, QuickBooks or reporting requirements with the ATO, book a meeting with one of our team members via our website.