At Avondale Chartered Accountants we know the features and pitfalls of most accountancy packages. One short consultation is all it will take for us to determine the best accounting package for you and your business.
We will then guide you through the process of downloading and setting up your chosen business accounting package and train you in all the features you need to know about to make your small or medium business accounting easy.
Here are the small to medium business accountancy packages we recommend. (Note; the features shown are examples for each product and may not include all feature. Please contact us to determine the best accounting package for your and your business.
Close behind QuickBooks in the number of users worldwide is Xero. Developed in New Zealand, Xero is the fastest growing accounting software in the world. The key features enable small and large businesses to carry out all aspects of financial accounting. Because Xero is cloud-based, it can be accessed and used anywhere and at any time.
Key features within Xero include:
- Money Management and Bill Payment
Company cash flow can be managed and monitored by scheduling regular payments and batch-paying suppliers.
- Easy Invoicing
Professional looking invoices can be created and sent out electronically. There is even a provision to easily create recurring invoices and receive updates when they’re opened.
- Bank Reconciliation
Xero will import and categorise your business’s latest banking, credit card or PayPal transactions so that your income and expenditure can be easily reconciled.
- Purchase Order Creation
Purchase orders can be created and emailed, and be copied to bills for payment.
- Expense Claims
Personal expenses can be entered and reviewed prior to approving receipts. These can then be assigned to an individual client or job ready to be billed to that client.
Xero has a full financial reporting facility which, because it is cloud based, can be viewed from anywhere, in real time.
- Unlimited users, for free
While Xero has an excellent security facility, your finances can be viewed by your accountant or financial adviser provided you give them access. That means they can see your financial situation in real time and give accurate advice.
- The Xero app
Xero is able to be viewed on iPhone and iPad & Android phones and tablets via the Xero mobile app.
Developed in Australia in the mid-1980s, Mind Your Own Business (MYOB) has a suite of products that includes: MYOB Essentials (an online accounting package), MYOB Payroll (for the managing of payroll needs), and AccountRight (business accounting software).
Key features within MYOB include:
- Taking Care of Business
MYOB Essentials is cloud based and includes all typical invoicing, expense recording and payroll functions.
- Expense Billing
Expenses are recorded and linked to the appropriate client or job. This includes GST and IRD expenses. Bills and supplier invoices are stored securely in your accounts.
- A Clear Picture of Cash flow
Because it is cloud-based, all information is in real time. That means you have a clear picture of how much cash you have, and all outstanding invoices and tax liabilities.
- Keeping Close to Your Financial Adviser
One of the key advantages of cloud-based business accountancy software is that all interested parties – that’s you, your bookkeeper, your accountant, and your financial adviser – can access your businesses financial information from anywhere at any time.
- Automatic Updates
MYOB products are updated automatically. That means every time there’s a tax change or some other change to how you need to keep your accounts, it all happens without you needing to do anything.
- Payroll Management
Payroll management is quick and easy with MYOB
- Accounting On the Go
MYOB Essentials is accessible on Apple and Android product with the MYOB Essentials smartphone app.
Originating from New Zealand, BankLink is an accounting service available to small businesses through their accountant. Avondale Chartered Accountants is one of more than 1,300 accounting practices throughout New Zealand who use BankLink. BankLink electronically delivers a business’s transaction data from their bank to their accountant. The accountant can then code these transactions to enable the preparation of financial management reports.
In 2013, the New Zealand and Australian arm of BankLink was purchased by MYOB.
BankLink have a variety of products which include (with their key features):
- BankLink Coding Report
BankLink Coding Report enables a business’s accountant to gain additional information about transaction reports received from the bank. The accountant enters this additional information into their BankLink Practice software which can be used to generate financial reports for the business owner. An obvious advantage is that the business owner is freed up to focus on their work, not on bookkeeping.
- BankLink Books
For business owners who want to be more involved in their day-to-day financial management, BankLink Books enables transaction data to be downloaded by accountants or business owners. A number of financial reports can then be produced.
- BankLink Notes
BankLink Notes is an online product that works like an electronic version of the BankLink Coding Report. Business owners using it online will receive an email link from their accountant when additional information has been requested. A smartphone app is also available.