ATB Chartered Accountants
Level 3, 2O Charles StParramatta NSW 2150
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Cloud-based accounting is one of the most effective innovations for small and medium businesses. It helps you work smarter and faster, gives you a real time view of your figures, and improves team collaboration… from anywhere in the world.
…in a short space of time. It seems just a few moments ago that traditional accountancy was causing us all a few headaches. The data in the system wasn’t always up to date, you could only access it from one computer and key people couldn’t access critical customer details. And…the available traditional solutions were usually costly and complicated to backup or upgrade, while the customer support was slow.
ATB made the move to Cloud Based Accounting Software over ten years ago… we saw the opportunity for our business to evolve, and these innovative cloud-based software solutions would give us the opportunity to better serve our clients.
Now, small- and medium-sized businesses are able to work with fully-integrated, tailored, cloud-based systems that are secure and cost effective. It allows you to spend more time on the value add work, rather than running backwards-looking reports.
Cloud-based accounting software has revolutionised accounting, and the way we do business. You can access your financial data from any device, anywhere in the world. And better still…there is no need to install and run updates. Phew, what a relief.
Some people worry about cloud services providers storing their data, but the cloud is one of the most secure ways to store your information. You have the ability to control how much access each and every user has.
If you lose your laptop or device (or they are stolen) unless the person who has them has your login details, your financial data is safe.
There is no down time while you wait for the help desk to lodge a ticket and get back to you within 48 hours. Your data is securely stored and accessible anytime from other available devices.
And the costs for cloud accounting services are significantly lower compared to traditional solutions and version upgrades. Maintenance, system administration costs and server failures are no longer an issue – the cloud service provider manages them all.
Decisions, decisions, decisions. There are a few aspects to take into consideration when choosing the most suitable cloud based accounting solution for your business.
Does your software have the ability to:
It really comes down to what your business needs are. No two systems are exactly the same or perform the exact same functions.
There are too many to list, but here we’ll just look at the big guns. Xero, MYOB, Reckon, Quickbooks, SAGE One, and Sassau. Here’s a comparison chart to help you in the right direction…but it can be best summarised like this:
‘Xero is the best choice. Xero has more functionality, more extensions and more support than its competitors.’
MYOB Essentials | QuickBooks Plus Online | Reckon One | Saasu | Sage One | Xero | |
Quoting | Y | Y | Y | Y | Y | Y |
Invoicing | Y | Y | Y | Y | Y | Y |
Online quotes/ invoices | N | Y | N | N | N | Y |
Purchases | Y | Y | Y | Y | Y | Y |
Purchase orders | N | Y | N | Y | Y | Y |
Inventory | N | Y | N | Y | Y | Y |
Payment gateways | Y | Y | Y | Y | Y | Y |
Bank feeds | Y | Y | Y | Y | Y | Y |
Payroll | Y | Y | Y | Y | Y | Y |
Time tracking | N | Y | Y (mobile app) | N | Y | N |
Document storage (attached to transactions | Y | Y (mobile app) | N | Y | Y | Y |
Third-party add-ons | 50+ | 180+ | 10 | 50+ | 5 | 500+ |
Mobile app available | Y | Y | Y | Y | Y | Y |
More info | Review | Review | Review | Review | Review | Review |
Website | Website | Website | Website | Website | Website | |
Pricing/ plans | $25 (1 employee, 25 bank transactions, 5 invoices) | $15 (Simple Start) | Core system $5, plus: | $15 (1000 transactions a year, 3 bank feeds) | $20 | $25 (5 invoices and quotes, 5 bills, 20 bank transactions, payroll for 1 employee) |
$40 (unlimited transactions, 1 employee) | $25 (Essentials: adds data import and multiple currencies) | $3 for invoicing ($5 with approvals) | $40 (20,000 transactions, 5 bank feeds; adds payroll for 20 employees, inventory, multicurrency) | Additional users $3 | $50 (unlimited invoices, quotes, bank transactions) | |
$50 (unlimited transaction and employees) | $35 (Plus, adds inventory) | $3 for bank feed (up to 100 transactions) or $5 (up to 250) or $7 (for up to 500) | $70 (40,000 transactions, 10 bank feeds, 40 employees; adds inventory attributes and P&L consolidation) | Bank feeds $7 | $60 (up to 5 employees; adds auto- superannuation and multicurrency) | |
$3 for payroll ($5 with SuperStream output) | $180 (100,00 transactions, 20 bank feeds, 100 employees) | |||||
$3 for projects ($5 with enhanced features) | ||||||
$3 for time and expenses ($5 with enhanced features) |
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