The millennial accountants

How can cloud-based accounting help my small business?

Bookkeeping is essential for small business owners because it is how they remain compliant with taxation law and maintain an intimate understanding of the financial health of there business.

This is because bookkeeping is the backbone of accounting, as bookkeeping is the process of:

  • Storing invoices
  • Collating financial data
  • Monitoring client payments
  • Maintaining stock

The best way to carry out processes like these is by using cloud/based accounting software. This is because you can’t lose information that’s stored on a trusted system and cloud-based software streamlines all your daily transactions.

The three primary accounting software in Australia are:

  • Xero
  • MYOB
  • Quickbooks

Each of these software has its own benefits. At AWF Consulting we recommend accounting software based on:

  • How many employees you have
  • How accessible you want the system to be to your staff
  • Your budget
  • How knowledgeable you are in the world of accounting
  • How many modules you need

Therefore, there is no straight answer to which software is the best for small businesses. Reach out to us should you require any assistance with tailoring a package based on your business requirements.