Cloud Bookkeeping

XERO, MYOB or QuickBooks in the Cloud?

Whether you want XERO, MYOB or Quickbooks for your Cloud Bookkeeping Software for your business we have you covered. Just call us today.

The benefits of Cloud Accounting and Bookkeeping:

· Your data is easily accessible anywhere and anytime – all you need is internet access.
· There is one data file with shared data access – you or your bookkeeper/accountant can work on the file at the same time.
· Backups, virus checking and updates are handled by the provider.
. Real-time information is used, with daily bank feeds.
. You have clarity of your cash flow.

Point to consider:

· Select a well-known Cloud Bookkeeper with good support service – check with other users of the product and if training is required.
· Know where your data will be stored and ensure that it is governed by Australian privacy laws.
· Check the internet speed necessary.
· How accessible your data is to others – make sure your data is safe and secure.
· Is it easy to convert existing data to the online version.
· Check if the software links with other products that you use e.g. electronic banking

Xero versus MYOB Essentials Accounting

As two of the leaders in the cloud book keeping and accounting software market, it is worth exploring Xero and MYOB further before making a decision on which solution you should choose.

While Xero is a pure cloud-based solution, it is now also available as an App for iPhones, iPads and Android devices. The availability of an App is particularly important when considering the increasing use of mobile devices in the future. This is highlighted in the “Australian Small Business Mobile Study” of 501 small business owners by Intuit.

To speed up the bank reconciliation process, both Xero and MYOB offer live bank feeds. The bank rules are very easy to use in MYOB Essentials, however they are quite basic. For Xero these are very detailed (up to seven rule conditions) thus increasing the accuracy in finding matching transactions in the live bank feed.

Xero also allows you to attach scanned documents to the invoice or purchase, giving you a document storage solution (up to 1GB in the Starter edition) in addition to an accounting software solution.

Xero also has a vast range of other cloud based systems (third-party products) that integrate seamlessly with it in order to add functionality.

MYOB has an online library of support notes, phone support, a community forum and live chat. Xero does not have live support but there is an online self-help Q&A site and 24/7 email support.

MYOB Essentials Accounting is priced at $29 per month, which includes unlimited transactions, bank feeds, unlimited customer invoicing, supplier bills and unlimited users. Xero’s Starter edition costs $25 per month and includes bank feeds, unlimited users, payroll for one employee, 20 bank transactions per month, 5 customer invoices per month and 5 supplier bills per month.

Consider your options and select your cloud based bookkeeping and accounting provider carefully. If you need assistance with selecting a solution and your bookkeeping, give Irena’s Bookkeeping a call on (02) 9011 5332 or 0408 340 695