Finding the right accounting system for you –
This page is designed to give you some pointers that will allow you to make an informed decision on how to choose software.
You may well decide to just get the support of an external book keeper or accountant. You may decide you will just keep a filed paper system, but if you would like a digital system consider the following.
When looking into the digital software option, try to get an understanding of basic accounting software functionality, consider how long this will take you to learn and if you will need professional support or training to get up and running. This will give you a picture of how much the overall cost might be.
Research the newer, more advanced software capabilities, many are very similar and user friendly i.e. QuickBooks and Xero, so have a look at some feedback from users or a compare list from online to find what features you want and need from your system of choice.
“Web-based” means they store your information online so you need the internet and data to access them (this is usually very small usage 1GB per month is often plenty.) You can get access from any device so long as you have an internet connected and your login details. These systems usually have a minimal monthly charge.
“On-premise” systems mean you own the program and your information is stored on your computers hard drive. (It is recommended that you also keep a backup on an external hard drive and away from your current premise if possible for safety, as it is recommended these records be kept for seven years.) This is difficult in itself and often these systems have a larger one off cost such as MYOB but could also need a license renewal, so check details.
Try to identify ten ways that software will make you more efficient before purchasing.
Determine which systems serve your business size
Determine which systems meet your actual requirements and needs.
Determine which systems fall within your budget.