What Sort of Accounting Software Product Should I Use?

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Do you find it challenging to decide on the one accounting software product that works the best for you and your business? Should you use spreadsheets, purchase your own software or use subscription cloud based software? These are common questions that arise for business owners when it comes to decision making.

With the growing quantity of different mediums available to perform accounting work, it is often difficult to settle on the best solution. We have reviewed the following three most used and efficient products in accounting to assist you in your decision.

  1. Excel Spreadsheet: If you are operating a business, use a limited number of bank entries every year and not relying on information on an ongoing basis, an excel spreadsheet is sufficient. You can probably do most of the work yourself and it is a low cost alternative. This is usually a starting point for a business.
  2. MYOB: If you have been a long term MYOB user of their various products, you may prefer to stay with your own MYOB or move to their online offerings. Their suite of product includes ­MYOB Essentials, MYOB AccountRight and MYOB AccountEdge. The advantage for existing users of MYOB is that you are already familiar with the features. Also with the newer additional online features, it can ultimately save you time spent on accounting. If you are in a business, the time saved can be more profitably used to run your business and do what you are good at.
  3. Xero: The Xero suite of products is relatively new but is becoming the fastest growing company in this segment of the market. Their products are completely cloud based and no data is saved on your local hard drive. This product is especially useful when you have different users in multiple locations. Xero also offers a very large array of apps which works in with the Xero product. Again, this product will cost a fee each month but will make up for that in the time saved.

For more information regarding your different options please send an email to admin@hurleyco.com.au or call Patrick on 02 9954 3843.