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Home > I'm a Business Owner > Accounting & Taxation > Cloud Accounting Software - Assessment
Cloud Accounting - is it for your business?
Summary
MYOB Live Accounts is an easy to use online accounting software for sole traders, startups and small businesses.
Features
Summary
QuickBooks Hosted forms part of a wealth of Reckon products for accountants and business owners to facilitate everything from basic accounting and payroll management to estimating, time tracking and multi-company reporting.
The Reckon "online" products available:
Features
Advantages
Disadvantages
Suitable clients
Costs
The cost of Quicken (Reckon) products vary depending on whether you are purchasing a direct upgrade or an annual licence.
For prices on all products please go to the Reckon website
Summary
Xero is online accounting software. Similar to MYOB and Quicken products, XERO provides access to your data file anywhere that internet access is available. Xero is available to anyone from small to large enterprise.
Features
Disadvantages
Suitable clients
Costs
For prices on all products please go to the Xero website
Saasu is an online accounting software that can be accessed by many users at once using a simple internet browser. Saasu is available for small to large enterprises.
Features
Advantages
Disadvantages
Suitable clients
Note that the above costs do not include any add on fees.
If you would like to know more, please call Geraldine Chapman to discuss what's right for your business.
Cloud Accounting - is it for your business?
Keeping your financial affairs up in the air is now considered the way of the future, not just plain old air but puffy white clouds.
Cloud Accounting means no more accounting software installed on your computer. Instead your accounting software is installed on a central server and accessible anywhere you can get an internet connection. Cloud accounting packages offer something great for both the small business owner and their accountants. For the business owner it's an easy way to upload their financial data to an online package that is accessible to not only their bookkeeper and accountant but themselves, where ever they may be. They can run reports and get a good idea of where they are at quickly. For the accountant it is a fantastic way to see where your clients are at and to share all relevant data. It's also a solution to avoiding piles of paperwork arriving at the office to be sorted and uploaded and then sent back to the client.
With the market providing an array of software packages to suit most business requirements and budgets, we decided to have a look at four different brands to see what they offer, how well they offer it and what types of businesses each would suit.
What is most important for a business owner is to speak with their accountant first before trialling or purchasing any online package as some offerings may not have all the elements your business requires. Due to the nature of cloud accounting, analysing the data security management of each provider is also an important step in the assessment. Peace of mind comes with knowing your financial affairs are your financial affairs.
*** If your current accounting packages are stored on your computer, you can also store your files on a remote server which could give you the option to access from anywhere as well. MYOB and Quicken both offer this option for a fee if you do not have your own servers.
WORKSHOPS - We will be running some workshops from May 2012 so stay tuned!
Cloud Accounting means no more accounting software installed on your computer. Instead your accounting software is installed on a central server and accessible anywhere you can get an internet connection. Cloud accounting packages offer something great for both the small business owner and their accountants. For the business owner it's an easy way to upload their financial data to an online package that is accessible to not only their bookkeeper and accountant but themselves, where ever they may be. They can run reports and get a good idea of where they are at quickly. For the accountant it is a fantastic way to see where your clients are at and to share all relevant data. It's also a solution to avoiding piles of paperwork arriving at the office to be sorted and uploaded and then sent back to the client.
With the market providing an array of software packages to suit most business requirements and budgets, we decided to have a look at four different brands to see what they offer, how well they offer it and what types of businesses each would suit.
What is most important for a business owner is to speak with their accountant first before trialling or purchasing any online package as some offerings may not have all the elements your business requires. Due to the nature of cloud accounting, analysing the data security management of each provider is also an important step in the assessment. Peace of mind comes with knowing your financial affairs are your financial affairs.
*** If your current accounting packages are stored on your computer, you can also store your files on a remote server which could give you the option to access from anywhere as well. MYOB and Quicken both offer this option for a fee if you do not have your own servers.
WORKSHOPS - We will be running some workshops from May 2012 so stay tuned!
Summary
MYOB Live Accounts is an easy to use online accounting software for sole traders, startups and small businesses.
Features
- Payroll
- Online Accounting
- Invoices
- Banking
- Reporting
- Expenses
- Contacts
- Security
- Homepage
- Teamwork
- you can link your business bank accounts or credit cards to your accounts file
- Powerful security settings
- Data backed up daily
- Not for bigger businesses
- no budget options
- limited reporting options
- No Time tracking
- No inventory option
- Limited reporting
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Summary
QuickBooks Hosted forms part of a wealth of Reckon products for accountants and business owners to facilitate everything from basic accounting and payroll management to estimating, time tracking and multi-company reporting.
The Reckon "online" products available:
- QuickBooks Hosted (Reckon remote server)
- Cashbook Online
Features
- Provides a whole range of solutions to clients bookkeeping needs
- Debtors and creditors module
- Payroll and Inventory module
- Comprehensive record management
- Extensive reporting capabilities
- Multi user and multi currency
- Advanced Data Security
- Reckon Tools
- Multi Company reporting
Advantages
- Extensive reporting capabilities
- Debtors and creditors monitoring
- Client has control of the data entry which then enables them to prepare their own activity statements
- Multi level access
- Payroll facility is excellent
- Inventory management
- Excellent support service (although you have to pay if you are not a member)
- A lot easier to use than MYOB (client feedback)
Disadvantages
- Time consuming
- Some degree of difficulty is involved in the data entry
- User has to have basic bookkeeping knowledge
- No rollover facility – which leaves a huge room for error
- Need Premium option to use Mac, iPad or Android device
- No Add-Ons for online
- Pricing is per user
- Cost
Suitable clients
- Small to medium sized businesses
- Clients that require debtors and creditors maintenance
- Clients with inventory that needs an inventory tracking system
- Clients with employees
- Clients that have basic bookkeeping skills
Costs
The cost of Quicken (Reckon) products vary depending on whether you are purchasing a direct upgrade or an annual licence.
For prices on all products please go to the Reckon website
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Summary
Xero is online accounting software. Similar to MYOB and Quicken products, XERO provides access to your data file anywhere that internet access is available. Xero is available to anyone from small to large enterprise.
Features
- Unlike the cloud version of MYOB and Quicken, XERO has most of the facilities that a full accounting program has – invoices, creditors, inventory and payroll
- Backup is relatively easy as the program is online
- Budgeting facility
- Unlimited access and users
- No need to upgrade every year
- As the product is internet based, no issue for MAC users
- Offsite backups nightly
- Free trial
- No yearly upgrade necessary
- Automatic backups
- Inexpensive compared to full products
- Bank is automatically linked, which reduces data entry
- Includes assets register
- Add ons are available for point of sale, advanced inventory and payroll
- Links to paypal and credit card payments
- Different users access – increased security
Disadvantages
- No actual payroll module, but has the capacity to integrate to other payroll products (at a cost)
- Internet security is a potential security issue
- Inventory facility is limited – need to purchase add on for more sophisticated inventory system
- User has to have basic bookkeeping knowledge
- Add ons adds to cost
Suitable clients
- Clients that require debtors and creditors maintenance
- Clients with inventory that needs an inventory tracking system (added costs)
- Clients with employees (added costs)
- Clients that have basic bookkeeping skills
Costs
- $29 per month for small enterprise (up to 5 accounts receivable and payable and 20 bank transactions)
- $49 per month for medium (unlimited debtors and creditors and unlimited bank)
- $64 per month for large (includes medium + multi currency)
For prices on all products please go to the Xero website
 |
Saasu is an online accounting software that can be accessed by many users at once using a simple internet browser. Saasu is available for small to large enterprises.
Features
- Unlike the cloud version of MYOB and Quicken, Saasu has most of the facilities that a full accounting program has – invoices, creditors, inventory and payroll
- Good Budgeting and Reporting facilities
- Time Tracking
- Backup is relatively easy as the program is online
- Unlimited access and users
- No need to upgrade every year
- As the product is internet based, no issue for MAC users
- Data stored in Australia, USA and Asia
Advantages
- Offers Free version - up to 20 transactions a month
- No yearly upgrade necessary
- Automatic backups
- Inexpensive compared to full products
- Bank is automatically linked, which reduces data entry
- Add ons are available for point of sale.
- Different users access – increased security
- Has basic CRM facility
Disadvantages
- Online security is a potential security issue
- User has to have basic bookkeeping knowledge and system quite tricky to use
- No asset register facility
Suitable clients
- Small to medium sized businesses
- Clients that require debtors and creditors maintenance
- Clients with inventory that needs an inventory tracking system
- Clients with employees that may also require timesheets
- Clients that have basic bookkeeping skills
- Free for transactions of 20 or less per month
- $16.50 (accountants edition) – Free edition plus email support, 200 bank statement lines, 50 accounts receivable and 50 accounts payable
- $25 (professional) – accountants edition plus bank feeds, inventory, basic payroll up to 25 staff and bugets
- $35 (global) – professional edition plus phone support, advanced payroll up to 25 staff, multi currency and automated statements.
- $89 (enterprise) – global edition plus unlimited payroll, serialised inventory, stock location
Note that the above costs do not include any add on fees.
If you would like to know more, please call Geraldine Chapman to discuss what's right for your business.
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