Old is New Again…the Latest Cloud Based Accounting Software Solutions!

Rohan Brown

Last week Green Taylor Partners ran an information evening show casing the various cloud based software solutions. Regular readers of our blogs and newsletters will have seen past articles I have written in regards to cloud computing with MYOB and Xero in particular.

Through the accreditation process of Xero I have become quite relaxed about this new cloud based solution. Many have seen this as conflictive to my long term go to solution being MYOB AccountRight. Having years of experience in MYOB the past few years have been very disappointing, mainly in the area of speed.

Running the session last week made me re-evaluate again where I see these software packages. My aim of the session was to give an unbiased review of both companies solutions for cloud computing and how they each have gone about it. My aim was not to have a Xero or MYOB focused session but to outline the strengths and weaknesses of each.

I feel they each significantly have their own benefits to offer users and that there is not necessarily a one fit all solution.

The issues from the session were:
  • Cloud can be many things to people. It can be storing and accessing data, accessing information, running application via the internet or running full computer systems remotely.
  • You need to evaluate the reliability of your internet. Speed may be important, but reliability is even more important.
  • If relying on the internet, what is your contingency should you lose access for a period of time?
  • Each program has it strengths and weaknesses, some simply have functionality that the others don’t. ie, jobs, quoting and bulk invoicing
The big points were:
  • Be prepared to pay for software on an ongoing basis. No longer will you buy a box of software. Everything is becoming subscription based.
  • Don’t just jump ship because something is new and different. The old dogs will not let the young ones take too much from them. In the long term I believe the established software companies such as MYOB will fight back.

And finally, ‘Old is new again’. Through listening to the marketing that a lot of the new software solutions mention, they are rehashing the past. Examples of this are:

  • Ability to email invoices etc.
  • Importing of banking data.
  • Sharing information with others.
  • Being able to manage your own finances through timely reporting.
  • Adviser fees decreasing because you are doing all the work.
  • You having more time to relax since your book work is less.

Many of these can be aided by good use of your software or have been available for many years in existing software. Many of the benefits being spruiked are no different to those that were being mentioned in the early 90’s when business software became common.

Certainly many of these benefits can be gained by using software, but the user must fully use the reporting and benefits of the software. For many business owners they simply use the software to maintain debtors systems, prepare for BAS and end of year work. Management of your business is still within the software as it has been for more than 25 years now.

If you would like to know more about the software solutions or how to get more from your software contact your Accountant at Green Taylor Partners.

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