Benefits of a computerised accounting system
Simplicity
Computer accounting systems are very easy to use. They allow processes such as recording bank
transactions to be automated. Time spent on data entry can be greatly reduced. There are checks in
place to ensure what is entered is correct, enhancing the accuracy of the information shown in
reports.
Reports
The ability to turn the information from the data entered into your system is where you will gain the
greatest benefit as a business owner. You will be able to print reports that show profitability of
customer types, which asset is generating the most revenue and so on. These reports enable you to
focus your energy on aspects of your business that can provide growth and help decide which
aspects you should spend less time on as there is little benefit to you.
GST
Accounting software enables you to automatically prepare GST returns that are accurate and
prepared in a timely manner. As the bank transactions have been recorded in the system, this
information is compiled and used to prepare the GST return. A simple check of the transactions is all
that is required to finalise the GST return.
Productivity
You can manage your whole business from one central location. Staff can log on and perform various
activities related to their job. The results of their work are available immediately and can be used in
as part of real time planning and decision making. Having an accounting system means employees
no longer needing to fill in paper forms and file them to be looked at when every other employee
has done the same. An accounting system will enable you to spend more time working on your
business rather than the time consuming administrative tasks.
End of Year Accounts
Finally by having an accounting system in place your business will benefit from having statutory
financial statements prepared faster with greater accuracy. This will save you money and enable you
to have confidence that what you are doing on a monthly basis is correct.
You now have the advantages, so what are your options. We will outline several options that we
recommend.
MYOB
MYOB has a range of products for small businesses through to large organisations. These products
are customisable so you can choose a product that suits your needs. A highlight of using MYOB
products is to generate customisable reports to enable you to keep focus on the important aspects
of your business. MYOB enables invoicing, purchase orders and customer statements to be prepared
easily and customised as required. There are specialist products to provide payroll solutions for large
business or cashbook type programmes for smaller companies or sole traders.
Banklink
This is essential for businesses that want a low cost option to process their bank transactions but are
not interested in having monthly reports prepared. The biggest benefit is in terms of time saved
preparing GST returns and annual financial statements as all bank transactions have been captured
each month.
1 Place
1 Place is an online accounting system that does not require software to be installed. 1 Place is
aimed at smaller users who want the benefit of having bank transactions captured monthly but also
want control to generate reports presenting business performance on a regular basis.
MYOB Live
Launched recently, MYOB Live promises to bring the expertise of MYOB with the added benefit of
being an online accounting system that does not require software to be installed. You set up bank
links to receive your bank account transactions daily. There are also features to manage sales and
expenses.
Xero
Xero is an online accounting system that does not require software to be installed. Like 1place Xero
receives live bank feeds daily for your bank account transactions. Xero has enhanced reporting
features that set it apart. With a range of prices and features, there will be a product to suit your
needs.
There are many accounting systems available to suit your needs to help grow your business. Contact
us to discuss with us what option would be best for you. We have a team of highly trained staff who
can assist in training, planning and implementation of the accounting system.