Accounting software is constantly innovating for business owners’ convenience, making all the complex and time-consuming processes of the past as easy as possible. The computer software fulfils the previously paper-driven functions and systems and converts them into streamlined accounting workflows.
Most accounting technology nowadays includes Artificial Intelligence, which can link two systems for automatic data entry. For example, for a recurring utility bill, the AI system can identify the bank transaction and lodge the payment with all the correct information in your bookkeeping system.
The best accounting systems can be accessible 24/7 via cloud-based programs and reduce the risk of human error through increased analytics. They are often programs with mobile apps for ease of use on the go.
Cloud computing utilises the cloud for storing and managing accounting networks, data, applications, security and tools. Instead of the software being installed into one device, it is accessible from anywhere at any time.
AFP provides software solutions that simplify managing your business, utilising cloud-based technology to work collaboratively with our clients and provide quick and efficient services.
The most recommended software solution for all AFP clients is Xero.
Xero Accounting Software
Xero was rated five stars for value for Money, design, ease of integration, functionality and ease of use, with four stars for customer service, reporting and overall satisfaction by Canstar Blue’s 2022 Accounting Software review.
It includes all the top automation for improved efficiency and accurate data entry:
- Automated debtor reminders
- Recurring transactions such as invoices, bills and journal entries
- Auto-coding of banking transactions
- Automation of bill/expense entries, from pdf or image to entered and coded
- Single-touch payroll
We rate Xero as the most straightforward user interface for our clients to use, and the plethora of integrations makes it very customisable for many industry-specific needs.
For example, ServiceM8 is a program that can be added on for trade contractors & service businesses like plumbers, electricians, locksmiths & cleaners — any company that manages jobs & staff in the field, ranging in size from sole operators to 20 teams.
Each pay tier offered by Xero will have added features and extensions to cover other aspects of the business, such as time trackers, project management flows, and inventory tracking. One included in all-priced packages for Xero is an optical character recognition application called HubDoc.
With Hubdoc, you can take photos of receipts or handwritten notes and invoices and scan and upload documents online in one place where they can be integrated into the financial records with all the relevant information. Supplier names, amounts, invoice numbers and due dates are extracted for you to create transactions in Xero and QuickBooks Online with the source document attached.
QuickBooks Accounting Software
QuickBooks has been a household name for many years, offering businesses various software options and features to suit their specific industry, size and financial goals. For example, QuickBooks Online is a suite targeted towards small businesses, while QuickBooks Self-Employed is for self-employed individuals.
QuickBooks Online features custom invoicing, expense tracking and sorting for when tax time comes around, Single Touch Payroll, GST and BAS generation, insights and reporting, a cash flow manager and mobile app compatibility to help you run your business while on the move.
They partnered with KeyPay, the best program for payroll on the market, to bundle it as part of their Australian QuickBooks Online solutions. Unfortunately, the price indicates this too.
Overall, Quickbooks has the most significant tech support in the Australian market, with troubleshooting assistance offered by phone, email and live chat support. However, it should be noted that most of their online resources are American-focused.
Like Xero, Quickbooks has AI and pattern recognition software to ease the repetition of tasks and make for efficient automation. Unfortunately, if your business grows, you cannot transfer data from the Self-Employed interface to the Online suite.
Another software solution recommended by AFP is MYOB.
MYOB Accounting Software
Founded in Australia, MYOB stands for Mind Your Own Business and has made a name for itself in the global accounting industry, with the company offering a variety of products to assist businesses with keeping on top of their finances.
They offer budget-friendly packages starting at only $12 per month for the Lite package and a Payroll Only option for those who need help with the pay run.
It contains a straightforward dashboard showing Money In, Money Out, Banking, Sales Targets and Invoices.
Features include payroll for employees, invoicing for clients, reports and budgets for team meetings, and various functions that help with tax time, inventory, bank reconciliations and even cash flow management, making it worthwhile regardless of your financial needs. You’ll also receive phone support on all MYOB plans.
MYOB also deserves an honourable mention for the volume of market-specific content provided for troubleshooting. However, there are multiple versions, and you can get lost in which product, which version, etc.
Choose one that works for you.
Accounting software works by syncing with a company’s bank accounts and credit cards, where transactions can be read and sorted into the categories stated on the chart of accounts.
A point of sale (POS) system tracks sales and can calculate costs and incomes, sales tax liabilities, sales by subcategories, and more.
A time-tracking program might be integrated with accounting software to add labour to a customer invoice in a service-based firm.
The accountants at AFP are familiar with many accounting software programs and all the industry standard integrations to make for the best accounting workflow.
Contact us today to discuss the best software solution for your business.