Five Tips for Choosing Bookkeeping Software for Your Business

man 475557 1280It is a dream-come-true for every business to keep transactions smooth, hassle-free and fast. This is where bookkeeping software comes into play. You can be sure that your tasks are kept in order because one of the primary benefits of the software is to reduce redundancy especially when it comes to data entry. For small businesses, the process of encoding the customer’s information can be time-consuming if they heavily rely on employees. If one employee is assisting a handful of customers, the level of efficiency is more likely to suffer.

How to spot the right software for your bookkeeping needs?

1. Choose the software that is specially designed for your business’ niche because it can save you from choosing unnecessary features.

2. It is important that you determine your budget so you will know how much you are willing to spend for the software. While your budget can be your primary concern, do not put too much focus on it because you should also take quality into consideration. 

3. It is worth investing in the software that can help your business grow. One of the challenges of most small businesses is keeping up with the well-established businesses but with the help of efficient software, this goal will be achievable. 

4. Make use of a trial version for you to find out if you have picked the right software. 

5. Ask your bookkeeper for some recommendations in case you don’t know which option to choose. Read reviews from reliable sources to get an idea about your prospective software’s features and benefits. 

The Software Small Businesses Can Rely On:

• MYOB

This bookkeeping software allows you to get an accurate view of your cash flow. You will be spared from getting stuck in endless computations for your financial report. All you have to do is to link your bank account and the software will enter the necessary data for you. If you need to obtain real-time information of invoices and tax liabilities, MYOB will provide you a clear picture so you will know the status of your company’s finances. 

While accounting tasks can be a tiring and daunting, the software will make the process a whole lot easier. You can fulfill your tax obligations in a timely fashion because your supplier invoices and bills are stored securely. The best thing about MYOB is that you can collaborate with your bookkeeper without being physically present. You can keep up with the changes and updates with this feature.

The time you spend for payroll preparation will also be reduced by up to 40% because there are only three easy steps you need to follow. You can also send invoices with the use of your mobile device. Once you download free MYOB OnTheGo app, you will have the ability to use EFTPOS and credit card. 

• Xero

Xero is the noteworthy software that small businesses can put their trust in. This is not just the usual online bookkeeping software because it provides you up-to-date financial reports so you can keep track of your financial activities accurately. Its dashboard gives you quick and clear view of your bank balances, bills, invoices and other transactions.

Sales and purchases are also tracked easily so your employees will no longer spend too much time on this task. It also has the ability to categorise or import your bank transactions. As opposed to waiting at the end of the month to generate budgets and reports, Xero gives you the ability to obtain reports in real-time. 

When it comes to paying super contributions, the process will be fast and easy as the usual long process is by-passed. With this software, you can simply pay your employees’ contribution in a snap. The software can be downloaded so you can gain access to it anywhere you go. 

• Reckon

The software is such a time-saver because of its ability to generate over 200 reports. It also features unlimited payroll and massive lists of inventories. You can also make use of its job tracking tools so you will remain in control of your business no matter how busy you are. It also integrates BAS and payment summary so you can save time sorting them. 

For bank transactions, all you need to do is to link your bank account for real-time bank transaction monitoring. The invoices are also customizable and this is going to be advantageous because the feature lets you create your own logo and payment terms.

When it comes to choosing your bookkeeping software, it really pays to start with a free trial so you can gauge the software’s ability to deliver efficient and effective service. You should also keep in mind that the software has its own glitches and this is why it is imperative that you opt for the software that offers 24/7 technical support.

Andrew Donnelly

Written by : Andrew Donnelly

Andrew Donnelly is a degree qualified accountant and registered tax agent. He is the principal of Brisbane Bookkeepers, which provides bookkeeping services to small businesses in Brisbane and its immediate surrounds.

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­ Questions? Give Andrew a call 0450 605 592

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