As accountants, we are frequently asked, “What accounting software are the best performing businesses using and why?” With a multitude of different accounting packages on the market, the task of choosing the accounting package for your business or the decision of changing accounting packages can be an overwhelming one.
Simply put, there is one thing our favourite and most recommended software all have in common; they are cloud-based.
When it comes to small business options, Xero and QuickBooks Online are the clear front runners when it comes to accounting software used by the best performing businesses, however, any recommendation is always based on the needs of the business. As advisors, it is important we make sure that the operational requirements of the business dictate the accounting processes and not the other way around.
Benefits of cloud-based accounting
The benefits of cloud-based accounting programs can be felt throughout your business from staff to management, to business owners. Internal efficiencies are created easily through cloud accounting features, including:
- Automatic bank feeds
- Integrations with third-party industry-specific software
- Simultaneous access by multiple users, anywhere, anytime, on any device; and
- Automatic ATO & Superannuation compliance
Spend more time creating extra value
Creating an efficient system for your team will enable them to complete tasks faster and make your business more profitable. Employees using a cloud accounting system are freed up to focus on areas that create extra value for the business and its customers by spending less time on routine accounting and administration tasks. This improves morale, performance, and retention.
From a management perspective, cloud accounting is critical, as it enables real-time access to reporting and business performance information to enable business owners to make sound decisions quickly and drive their own success.
Integration of cloud accounting products with reporting dashboards such as Futrli makes it immeasurably easier to focus on the numbers that actually matter.
Cloud accounting packages are no longer the way of the future; they are an integral part of the now for any business wanting to remain successful and competitive.
If your team is spending their time trying to maintain antiquated or paper-based systems, are you really maximising their value? With business conditions changing daily, if you don’t know what happened yesterday, how can you ensure you are focused and on track for tomorrow?.