5 Reasons to Consider Using MYOB for Bookkeeping

Every business has an accounting method no matter how disorganized it may be. If you are like a lot of small business owners, you are likely to have a manual system like Excel but while using spreadsheets may seem simpler to you because you are used to it, it is not always the best bet. In fact, it is neither easier nor more efficient than using a computerised system like MYOB for bookkeeping, so it may be time to rethink how you do your business accounts.

MYOB or (Mind Your Own Business) is a computerised accounting package that gives you the ability to manage your business finances like a professional. Using this computerised system will help you cut the cost of bookkeeping or accounting outsourcing fees.

1) Faster input: Manual entries can be time-consuming. This is especially true when you have to be creating headings or labels as you go along. As a matter of fact, manual systems can require multiple entries per transaction and are likely to be very complex. The more complex the system the more time taking it is.

2) Greater cost cutting: A benefit of using a computerised accounting package like MYOB for bookkeeping is that it offers up-to-date, accurate and easy to access financial data. So audit and accounting expenses will be much less than they are likely to be with a complex manual system that only you can understand.

3) Makes GST filing easier: Having all the information compiled makes running any report you need simple. MYOB automatically create the figures you will need to file a normal GST return. This saves you from having to sift multiple sheets to extract details.

4) Quick access to management information:  The state of your business finances is important because it will help you plan for the future and make smart decisions in the present. Being able to study things like your business’ cash flow, sales records and order invoices is paramount. Using MYOB for bookkeeping makes generating reports and invoices simple, so you don’t waste time extracting and sifting through data in order to run reports.

5) Improved accuracy: Having fewer areas to fill in means you are less likely to make mistakes that can cost you time and money. This is because these types of software often require just one figure for each transaction. This makes it simpler to keep track of the task as well as to double check entries. This surely is a good reason to use MYOB for bookkeeping.

Top 5 Reasons for Using XERO for Bookkeeping in Docklands

If you want your business to get smarter and faster, cloud accounting software like XERO for Bookkeeping in Docklands is a good investment. Working in the cloud will give you a better overview of your finances, and lead to better collaboration with your team. Accounting software is not a chore to use

Small business accounting software that’s not available through the cloud can be tedious. Traditionally, it can take up a lot of your business’ time and effort. This doesn’t add value and takes the fun out of doing business. Cloud software can save your time and money. XERO for Bookkeeping in Docklands will make your accounting a breeze.

FEATURES OF XERO:

1. Live bank feeds

Do you think that it’s important for a small business owner to know how much money they have in their business bank account? Does your desktop software or spreadsheet allow you to do that?

2. Automatic Bank Reconciliation

In a month how much time do you spend doing your bank reconciliation?

3. Online Invoicing

Have you ever sent an invoice to someone who owes you money and they’ve turned around and said ‘‘I didn’t get your invoice’’?

4. Files (Online Storage Management)

Has your accountant or bookkeeper ever asked for one of the following documents: receipts, invoices, and memorandums?

5. Automatic Super payments, Streamline Payroll

How long does it take for you to process the super payments of all your employees?

If you use XERO for Bookkeeping in Docklands which is different from other cloud accounting software, as it increases efficient workflow and saves you time through Bank Reconciliation, Online Invoicing and Payroll.

FIVE WAYS XERO CAN BENEFIT YOUR BUSINESS:

1. You have a clear overview of your current financial situation, in real time.

2. Multi-user access makes it simple to collaborate online with your team and advisors.

3. Worry-free maintenance means that you can spend more time doing what you love.

4. Everything is run online, so there’s nothing to install and all your data is backed up automatically which is a major advantage of using XERO for Bookkeeping in Docklands. Updates are free and immediately available.

5. Upfront business costs are reduced: version upgrades, maintenance, system administration costs and server failures are no longer issues you have to deal with. They are managed by the cloud service provider.