Bookkeeping practices are undergoing significant change with the introduction and adoption of on-line accounting packages.
Xero is a fully online package where the software and data are all hosted in the cloud. It is only available online. Intuit Quickbooks offers a similar model.
MYOB also offers a cloud accounting package. They have also developed a hybrid package, where the software sits on your laptop or computer, but can be accessed online by various users. The data is synchronised in the cloud. MYOB continues to offer their traditional desktop accounting and bookkeeping packages.
Reckon is developing an online system of modules, where users add or remove modules as required.
All are subscription based, which means you pay a monthly fee to access the software and data. A variety of subscription levels are offered. There are also an ever increasing number of apps available as plugins for the online software which allow the user to customise their bookkeeping system to their own particular needs.
Whether or not the advantages of these online systems represent good value for money, will depend on the individual business. For some businesses, these solutions can represent significant costs and may not be considered cost-effective.
For others, the advantages of live bank feeds, where bank transactions are relayed into your data file on a real time basis, and the flexibility of being able to access your file from any online device at any time the internet is available means the cost is well worth it.
If you would like to discuss what package might be most suitable for your business, please feel free to give Sheree a call on 0402 347 610.