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Choosing The Right Bookkeeping Software For Your Business

Using cloud-based accounting software can save you heaps of time when it comes to doing your day-to-day bookkeeping, and quarterly or end of financial year lodgements. But with so many online accounting software options on the market, how do you know which one to choose?

We’ve put together a few points to help you pick one that suits your business.

Desktop & Mobile Options For Bookkeeping Software

How is your internet speed? Is it stable or intermittent? Check your internet speed via the link. This test will tell you your upload and download speeds. Call your internet service provider and ask about your “up time” for stability. Hybrid softwares such as MYOB AR Live are great if you experience intermittent internet. This software can be shared over the internet and doubles as a desktop software.

Accessing Your Accocunts On-The-Go – Are you a trades person or just someone that wants to use all daytime to get your work done? Taking your bookkeeping software mobile is a great way to keep on top of things. Use your phone or iPad to keep up with your book work in the field, raise invoices and get paid on the spot. Fully cloud solutions like Xero and QBO are great for mobility

Features Needed in Bookkeeping Software

Write a list of tasks that you want your software to do for you, and ensure the accounting software is capable of doing them. Some examples:

  • Sales orders
  • Purchase orders
  • Payroll
  • Stock management
  • Single click supplier payments
  • Send customer statements

What reports do you want once you have processed your sales invoices and expenses? Some examples:

  • Details per job / project
  • Report by Profit centre or department Gains and Losses on multicurrency transactions
  • Cashflow
  • Budget vs actuals

Industry-Specific Accounting Software

If you’re engaging a bookkeeping firm, look for someone who uses a range of accounting software. They will look at the features you have listed and the industry that you are in. A bookkeeping/software professional is most likely going to use their experience to add some things to your wish list. They can also suggest names of softwares that you would normally integrate with as you grow and then map back to the correct starting bookkeeping software. For example, if you’re in the hospitality industry, there are some fantastic online applications that can integrate with certain accounting programs, such as online point of sale solution Kounta, or online rostering TSheets.

What Accounting Software Have Your Staff Used Previously?

What software have your staff used previously? If they’ve got experience in one program, they’ll have a head start when you implement the system into the business. However, if it’s a new system, you can train your staff relatively quickly and easily. WiseClick Training have some great day courses in Xero, MYOB and QuickBooks.

A little bit of advice goes a long way when starting up, and it’s important you don’t choose a software on price alone. There are some shockers out there that are really cheap but will cost you more in lost time and productivity very quickly (due to lack of appropriate features). Carbon have specialist bookkeepers that can help advise you on the right choices to make. We see the clients that we setup initially go from strength to strength when using accounting and bookkeeping software that is a great match for their business. Contact our team if you’d like some assistance, on 1300 454 174.

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