Which accounting platform is right for you?
Which accounting platform is right for you?
Accounting can be stressful for small business owners.
Especially when faced with tight budgets, it can be difficult to keep your financial affairs in order. Luckily, there are a range of excellent accounting tools that make it easier for businesses to manage their finances.
And if you’re not sure where to look, you’re in the right place. Each business has different needs, so it’s important to choose the tools that are right for you.
We know that googling “accounting platforms” will leave you drowning in a pool of information. So, to make it easier for you,we’ve created a guide on some of the best accounting platforms on the market.
Our guide to accounting software
Whether you own an e-commerce business, a tech company or a cafe, we’ve compiled everything you need to know about the best accounting software out there.
Quickbooks
Quickbooks is one of the longest standing accounting platforms, and it’s used by an array of businesses.
It’s a great tool as it combines all of your accounting needs onto a single platform. It also has a diverse set of features, so it can be used by a range of businesses, no matter the industry or size.
Pros:
● Quickbooks is available both on desktop and in the cloud, so it can be used anywhere at any time.
● It offers many wonderful features, including project management, payroll management and invoicing.
● Quickbooks helps businesses stay on top of their finances by making it easy to track payments and expenses.
● Its generic design makes it useful for a wide range of businesses.
● It integrates with over 500 apps. This givesbusinesses access to a vast array of services.
Cons:
● Because it’s a generic platform, Quickbooks has a lot of irrelevant features which can make it seem cluttered, making it not-so user friendly.
● It’s been reported to be quite glitchy at times.
Trusted by many, Quickbooks is great if you’re looking for a platform with a vast range of capabilities.
However, if you’re after something simpler, you’re better off using a platform like FreshBooks,which we’ll be discussing further down.
Mind Your Own Business (MYOB)
MYOB is another great accounting platform for businesses of all sizes.
It’s an effective platform as it streamlines many of your accounting needs, allowing you to spend more time focusing on other aspects of your business.
Pros:
● MYOB is Microsoft Gold Certified, which means it’s compatible with Microsoft products.
● It has a great inventory management system.
● MYOB is a PayPal partner and it also has aPoint of Sales add-on, making it easier for businesses to receive payments.
● Like Quickbooks, MYOB also contains essentialaccounting tools, including project management, invoicing, cash flow managementand payroll and rostering tools.
● It has a very simple dashboard making for aclean user experience.
● MYOB integrates with over 300 apps, allowing for an array of capabilities.
Cons:
● MYOB is a desktop app, which means it isn’t cloud-based. Therefore, it can’t be accessed anywhere at any time.
● MYOB isn’t as advanced as other accounting platforms as it’s quite traditional.
● The platform is designed for a single user only. This means that one person must be in charge of the entire platform within a business.
Overall, MYOB is a great platform, particularly for e-commerce or sales based businesses.
It’s also effective for businesses with smaller accounting teams due to its single user functionality.
If you’re on the hunt for an innovative accounting platform, you’re better off trying something like Quickbooks or Xero, as MYOB is more outdated than some of the other tools on the market.
FreshBooks
FreshBooks is a bit different as it’s not solely an accounting platform.
However, it’s a great option for small businesses and freelancers as it’s very easy to use.
Pros:
● FreshBooks is based in the cloud, so it can beaccessed anywhere at any time.
● It has many helpful features, includinginvoicing, expense tracking and a range of data and analytics functions.
● FreshBooks allows you to create customisableinvoices.
● The pre-fill invoicing setting speeds up theprocess of creating invoices.
● FreshBooks has a range of app integrations tosuit your business’s needs.
Cons:
● FreshBooks has been reported to be glitchy when importing data.
● It’s quite basic and it doesn’t have as many features as other accounting platforms.
If you’re looking for a basic accounting tool, FreshBooks is great, as it contains everything you need.
It’s especially usefulif you’re a freelancer or a small business owner who doesn’t need a diverse setof tools and functions.
FreshBooks isn’t actuallyan accounting software, so if you’re only after the essentials, this is a goodprogram for you.
If you have morecomplex needs, you’re better off choosing a different accounting platform.
Xero
We’ve saved the best for last.
Easy to use, Xero is a great platform for businesses of any size.
Xero is very user friendly, so even if accounting isn’t your first language, you’ll be able to navigate your way around this platform.
Pros:
● Xero is cloud-based, making it easily accessible.
● It has excellent payroll features, helping you pay and manage your staff with ease.
● Xero gives you access to a range of financial reports.
● The XeroApp Marketplace has great apps and add-ons that can meet any business needs.
● It’s veryuser friendly and easy to navigate.
● Xero givesyou access to 24/7 online training tools, so it can be used by anyone at anyskill level.
Cons:
● The dashboard can appear a bit cluttered due tothe many graphs and visuals.
Why choose Xero?
Still not sure which platform is best for you?
If you’re in doubt, Xero is a great place to start.
Xero can support a diverse array of needs and it’sgreat for businesses of any size.
And you don’t have to be an accounting genius to useXero, it’s super intuitive and user friendly, so it’s accessible to anyone.
Mission Grow is a recognised Gold Partner of Xero.We believe it’s a great accounting platform to help your business succeed, nomatter what goals you have.
So, if you’re ready to organise your finances, whatare you waiting for?
Doyou want to set up your business for financial success?
Chat with us today.