Did you know that as of 2020, an estimated 41% of Small to Medium Enterprises, don’t use an online accounting software? Further to this, an estimated 24% of SME’s have no computerised accounting solution at all.
During the pandemic, being able to sort through your business financial position quickly and efficiently is essential. With JobKeeper 2.0 right around the corner, access to online accounting is even more advantageous in order to provide the necessary declarationsto continue to receive the government payments.
If you are a part of the 41% of SME’s that don’t have an online accounting solution, there are many software accounting packages that you can start using today. Below are a few of the most popular accounting software packages.
Xero Accounting Software
Xero is very popular in terms of accounting online software. Xero’s $25 per month starter plan allows you to:
– invoice up to 5 clients per month
– enter 5 bills per month and
– reconcile 20 bank transactions
– a payroll of one employee
If you have 2 people in your business, Xero Standard is $50 per month and offers:
– unlimited invoices and quotes
– the ability to enter bills and
– reconcile bank transactions via bank feeds
As a step up, Xero Premium 5 is $60 per month and offers:
– send unlimited invoices and quotes
– unlimited bill entry
– bank reconciliations
– payroll for up to five employees and;
– automated employer superannuation contributions. If you want to add employees to the business, the additional monthly fee is $10. For every extra employee, Xero charges $7 each.
Overall, Xero has premium features across the board and you may be able to get cheaper monthly packages through your accountant or book keeper.
MYOB Accounting Software
MYOB is another premium online accounting software that will cater to your SME accounting needs. It has been around the longest, almost 20 years. Given that MYOB’s features are very similar to Xero, your choice of software may depend on your businesses:
– Industry – do you need inventory management software?
– Will you be using a book keeper?
The MYOB Essentials Starter Package is $27 a month and features:
– STP reporting for one employee
– pay for one employee
– track and prepare BAS
– 25 bank reconciliations a month
The MYOB Account Right package is $70 per month and has been designed for more complex businesses that may deal with foreign currency transactions, are an importer or exporter and deal with customs and transactions across different costs centres.
Overall, an online accounting software is a necessity in 2020 and will allow you to streamline your businesses finances and operations. If you have any questions regarding the above software packages or need advice on how to take your Perth business to the next level, give us a call.
At Aspect Accountants and Advisors we offer a free introductory consult to discuss how we can help manage your business’s vital financial requirements.
Ph: 9227 9400