Which Should I Use? Good Time to Assess Accounting Systems

The Morning Bulletin (Rockhampton, Australia), April 21, 2015 | Go to article overview

Which Should I Use? Good Time to Assess Accounting Systems


WHILE there are many factors that can cause a business to fail, a common feature is the failure to maintain appropriate accounting records.

As the new financial year approaches, now would be a good time to take a serious look at your systems and see if they can be improved.

Good accounting records will help you: manage your business better; keep track of your dealings with customers and suppliers; provide information to your bank/the Tax Office/your accountant; plan cash flow for your business; and comply with a number of laws that require them.

The real question however is "Which system should I use?"

Now, assuming we ignore the shoe-box option, some type of computerised option is the obvious choice.

And there are plenty of choices.

Traditional desktop programs such as MYOB and Quickbooks have been popular options, even when using those programs properly was beyond the skill-set of the person keeping the records.

They were also inflexible, forcing the business to adapt processes to suit the software rather than the software supporting the preferred processes.

With the development of cloud computing, the options expanded considerably.

Applications such as Xero were developed specifically for the cloud and, eventually, even MYOB and Quickbooks were forced to convert their desk-based products to a cloud version.

So, why use a cloud-based application? …

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