Assuming you have started a new business with the right business structure, you now need to find the right accounting software to suit your business. This is usually done on an ad hoc basis, based on what your bookkeeper / accountant or business colleague recommends. But it is not as easy a selection as what it seems.
The choice used to be between choosing desktop or cloud software. Today cloud software is so superior over desktop, that the decision is now to choose among the various cloud software brands. The main contenders are MYOB, QuickBooks, Xero and Reckon One / Hosted. They are all good packages with their own advantages and disadvantages.
Factors to consider are:
If you are unsure it is best to be advised by a professional who is unbiased. Some accountants and bookkeepers are linked to one brand of software e.g. Xero, and will therefore recommend that brand irrespective of your requirements. We at Prime Accounting are brand agnostic and will always match your requirements with the most suitable option. For example, someone looking for the cheapest option will be recommended Reckon One. Another looking to use multiple files will be referred to Reckon Hosted. Those who want to simplest to use will be offered QuickBooks.
Please contact us on 1300 551 926 if you would like some expert advice on which accounting system to choose.