Accounting Software Update
Each year the main accounting software suppliers bring out a new version, new features and offers designed to either entice you to change, upgrade or renew your subscription. We take a quick look at your main options.
Banklink is extremely popular for clients wanting to merely provide transactional information and leave their accountants to worry about the rest, hence Banklink is great for those that want to maximise their available time.
Banklink was recently purchased by MYOB but we have seen little change other than the dumping of Banklink Wages.
We particularly like Banklink Books. At no additional costs Banklink Books provides software for computer users (you will need an internet connection) so they can import their transactions electronically, type their transaction descriptions (or account code) and forward to your accountant over the internet.
This means no fighting with the fax machine (for fax users), you are using a more secure platform than faxing or emailing, less queries from your accountant as it’s easier to read, easier transfer of your data to your accountant and it provides the ability to code transactions (for those who feel up to it).
If you are interested in registering for Banklink Books please give our office a call.
Cashflow Manager provides basic cashbook features for those clients that want to manage their finances but without all the bells and whistles.
A new release of Cashflow Manger is due soon with updated tax tables. Those that don’t use the included support or payroll may consider remaining on their current version.
Cashflow Manager has been hinting for some time now of something big being on the way. This may indicate that they are preparing to launch an online version and possibly provide bankfeeds similar to their competitors.
After the split with Intuit, Reckon has rebranded themselves (formerly sold Quickbooks and Quicken software). Essentially little has changed apart from the software names.
The new Reckon Accounts Hosted version was released in April. The 2014 version has new features such as Bankfeeds (which is long overdue), barcode scanning for purchase orders and historical leave recording and reporting. The addition of bankfeeds will be a great time saving feature, so users should be quick to set this feature up.
Reckon has also launched a new product called Reckon One. Reckon One is aimed at the business owner that is on the go. Users can track their finances, create invoices and manage projects through their mobile app.
Early signs suggest there is still some work to be done before this product measures up to some of their more established competitors. However, those looking for a cheap way of accessing bankfeeds and basic functionality that they can use on the go, should look out for the next version.
Many business owners will not have heard of Saasu due to their low profile but if you are looking for accounting software that is based in the clouds then Saasu is a viable alternative to Xero.
Saasu’s interface may not be as polished as other software providers but what they may lack in aesthetics they make up for in other areas. For the features, Saasu gives more bang for your buck but is probably best suited to competent users.
Xero is a cloud based accounting package that is growing in popularity due to its heavy marketing campaigns and support from within the accounting industry.
Xero has a number of third party suppliers that have built feature rich add-ons to just about do everything your business would need, all of which integrates back into your accounting software. Popular add-ons include: Vend (Point of Sale); Receipt Bank (convert receipts to data); Workflow Max (job management); Unleashed (inventory management); GeoOp (mobile worker job management); CapsuleCRM (Client database); Quotient (customer quotes) to name a few.
Xero provides an easy to navigate interface, bankfeeds, it’s easy to reconcile transactions and has numerous reports to assist in the management of your business.
At present Xero is offering free software conversion if you are moving to them from MYOB which could save you hundreds of dollars. If that wasn’t incentive enough they are also offering 50% off your first two months.
Those thinking of moving to Xero should consider the ongoing cost of the software and any add-on subscriptions they require as the costs could soon add up. Xero has 5 different pricing plans based on the number of employees.
MYOB has been the industry standard in accounting software for many years. The emergence of Xero over the last few years has been great for consumers as MYOB has thrown plenty of resources into product development.
MYOB has several versions depending on the needs of the user. The MYOB AccountRight range comes in Basic, Standard, Plus and Premier versions while those wanting just an online version can use the MYOB Essentials option.
MYOB are clearly pushing customers toward their online or hybrid solutions at the expense of the desktop versions. MYOB Premier is the latest version to now join the ‘AccountRight Live’ family.
The AccountRight Live products are a hybrid solution as they can be worked on either online or offline. This does require you to load the software on your computer and install regular updates which a pure online version does not require but the benefit is when the internet is not available you simply use the offline mode.
MYOB offers bankfeeds, easier file sharing with your accountant, advanced reporting (in most versions) and has recently introduced access to some third party software such as Calxa and PayDirect.
At present MYOB has a 90 day money back guarantee for all new subscriptions and Watts Price can also offer a 10% discount off the normal subscription price if you allow us to register the software on your behalf.
There are a number of different options available to you, including some we have not reviewed, and each has different benefits and pitfalls. Before making a decision as to which software is best for you please contact our office. We offer a free consultation to help you decide which accounting software is going to work best for you.
Contact us on 03 5382 3001 or via email at firstname.lastname@example.org