What’s your colour? Purple, Blue, Green or Red?

It’s one of the most important questions that Small Business Owners need to answer: What accounting software is right for me?

Really?

Yes, really

Ensuring your software meets your business needs will assist with:

  • Improving cashflow
  • Providing you with real time reporting
  • Giving you more time to focus on your business operations

Choosing the appropriate accounting software is pivotal to ensuring the success of your business.

We have prepared the below chart to summarise the main points of the 4 most common software options in the market.

Program
Bank Feeds
Cloud based
Inventory
Jobs
Add-ons
Payroll
Customised reporting
MYOB Accountright A Able to work offline A E P E A
XERO E Cloud only A A E E E
Quickbooks Online A Cloud only A A A A E
Reckon Hosted P Able to work offline E E P A E

 

Key:

P Poor
A Acceptable
E Excellent


Key points to consider when choosing a software program

Do you have reliable internet?

XERO and Quickbooks are browser based applications making a reliable internet connection an absolute must.  If you live in an area that experiences intermittent internet issues MYOB or Reckon may be more suitable.  

MYOB and Reckon address the intermittent internet issues in slightly different ways.  

MYOB have a built in ‘check out’ feature, which allows users to take the file offline as needed.  Once you check the file back in for online access, your file will synchronise with the cloud and online data (such as Bank feeds).

Reckon allows users to download their Hosted file and use the Reckon desktop to access their data file.

Are you on the go? 

These days, having access to your business software when you are out and about is almost a necessity.  The fully cloud based programs (Xero & Quickbooks Online) come out on top if you are on the go in your business and both have mobile applications that can be run on any internet enabled device.  Their mobile and tablet apps do not have the full functionality of the program but are great for on the go invoicing, receipting and bank reconciliations. 

MYOB has a mobile app that connects with AccountRight – functionality however is very limited in comparison to the other applications on the market. 

Reckon does not have a mobile app for its Hosted product.

Does your business have a large volume of bank transactions?

If this is you, having automated bank feeds will save you significant time on data entry and coding transactions. All of the packages above have bank feeds, however in our experience XERO excels in this area. XERO automatically loads bank transactions daily into your file and matches them based on rules you set up and also by looking for similar transactions.

Bank feeds in the other products are not easily set-up and can sometimes feel a bit clunky.

Do you require inventory tracking?

All four packages manage inventory in various ways. MYOB and XERO have limited functionality in this area. Reckon and Quickbooks provide a more comprehensive inventory tracking solution.  If inventory is integral to your business operations, we would recommend focusing attention on this area when reviewing software package options.  It should be noted that third party inventory management applications exist which may be more effective for your business.

Is your business in a niche area that may require software in addition to an accounting program?

The accounting industry has recently seen an abundance of industry specific software enter the market.  These Add-ons feed directly into the core accounting software packages to enhance the experience and assist with providing businesses with much more meaningful data.  Some of these products have numerous capabilities including but not limited to document management systems, point of sale, CRM and inventory management.

With XERO and Quickbooks being fully cloud based, they have the ability to integrate with the widest range of add-ons.  MYOB and Reckon connect to a lesser number of these products.

This is an area of the industry where a lot of investment is being made and is starting to see some real enhancements.

Ensure that the software you choose works for you!!  At Halpin Partners, we have a highly experienced team who can assist you with making the right decision. Feel free to call Craig deCourcey or Lara Grummitt on (07) 4052 0800 to discuss what products can be best for your business.