Client Accounting Software

We often get clients asking about what is the best software to use in their business. A recommendation would be based on what type of business you are and what you want to get out of your software and also your or your bookkeepers computer skills. 

Before you invest in software to run your business please speak to us first. We see clients spending too much on software that they don't need or is not the right fit for their business. Making the wrong decision about software can increase your Accounting Fee.

Software as we know it today is rapidly changing. The term "Cloud Computing" or "SAAS" (software as a service) are becoming common words in the software market. We are already utilising these and seeing the benefits and drawbacks from this shift in software services.

What does all this mean?

You will notice that most client Accounting Software providers; like MYOB and Reckon; are now selling their own online software.

These companies are now offering you a service rather than a purchase of software. Their software is hosted online and the consumer pays a monthly fee to access the software.

What are the benefits for this type of service?
- You don't need to upgrade your software, all the maintenance and upgrading is done by the service provider.

- You have access from any computer at any time as long as it has internet access. 

- No need to backup copies to take home and restore again to work on them as software provider will be responsible for the backup of your data.

- Your accountant or other employees can have access to your data. As Accountants we can work with you and assist in real time.

What are the disadvantages?
- The service is reliant on having good internet access. We do not recommend this option for Clients using satellite or mobile internet as it can be too slow and result in data being lost due to disconnection or timeout issues.

- It raises questions such as, where is my data? Who has access to it? Is it secure?
These software providers should have a privacy statement or level service agreement outlining their services and how they store your data.

What does Mogg Osborne Pty Ltd recommend to their clients?

We have three main options that we are currently recommending to our clients, but there may be other options we could recommend if you are requiring a more specific option.
The three options are:

MYOB BankLink
MYOB AccountsRight/AccountsEdge

MYOB Banklink
Recommended for small business clients.

We have been using Banklink for very many years now and its numerous methods of receiving bank transactions for clients allow us to choose the best option for them. The two major methods of receiving bank transactions are as follows:

Manual coding reports - This option is for clients who do not have a computer. Every month we send a list of bank transactions out to our clients in the mail, and the clients write down next to each transaction what the item was for and then returns the report to us. Our staff then codes this data into our system and then use that data to prepare a BAS statement and to complete the clients Tax obligations each year.

Banklink Notes or Books - This option is software that is loaded onto your business or home computer. We email a file to our clients with their bank transactions each month, the client either types a notation for each item or they can allocate a code. The data is then emailed back to us and checked into our system. Our staff then codes or checks the data and then use it to prepare a BAS statement and to complete the clients Tax obligations each year. 

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Recommended for small business clients.

In 2013 we began using Xero and we were amazed by how many features it had considering it is a browser based software. Features such as it's automatic daily bank and credit card account feeds really stood out to us, as well as it's easy to use and well-designed interface. With Xero clients are able to to access their data from any computer however to minimize chance of data loss we recommend that you have a steady internet connection. Xero also has multiple mobile applications for both Android and iOS which allow clients to reconcile, send invoices, add receipts, create expense claims and perform many other functions on the go.

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MYOB AccountRight
Recommended for larger businesses.

Over the years we have only seen AccountRight become more and more powerful and with the new features added in AccountRight Live. One of the best new features is the ability to access your files hosted through the cloud, this can save both the client and us a significant amount of time as clients will no longer have to bring a backup company file to us to before we can start doing work for them.

AccountRight Live also has a multitude of other features that are beneficial to large businesses such as being able to track inventory, payroll and manage suppliers. It is multi-platform and as such a version for Mac is also available and is known as AccountEdge.

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If you would like to speak to someone about what product will best suit your needs, please contact our Cobram Office.


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