Updating your accounting software

Kerry Schultz

There are a few common questions I’ve been asked lately like ‘do I have to update my software?’, ‘what should I update to’? and ‘What do you recommend?’

I wish there was a solution that fit everyone and I could give a simple answer however that isn’t the case. There are many software solutions out there and each have their good points and their bad points, it’s really about looking through the features and working out what suits you and your business the best.

With most modern accounting software packages there is a monthly subscription which is direct debited from a nominated account. Each provider has their own pricing guide however generally what you pay is based on the features you require.

What all good software packages offer are bank feeds – this is where you will find your major time saving. No more entering bank transactions and doing bank reconciliations, with bank feeds the date and amounts come through and all you have to do is tell the software what it is i.e. sales, telephone, interest, etc. These will also save you a lot of frustrations!

Internet access is always a major factor to consider when choosing your software package. There are both cloud based and desktop based software packages available so the quality of your internet connection and speed is very important.

If you require payroll this will limit your software choices along with the number of people you employ. With changes to payroll reporting being implemented by the ATO this is becoming a common reason why people are updating their software.

Integration may also be important for some businesses, along with portability and multi-user access.

There is also the ability to have add-ons which provide extra features which the software itself doesn’t, these add-ons are an additional cost to the software.

Choosing your new software can be a big decision so do your research and ask plenty of questions of friends, colleagues and our team at GTP. Just remember that the best choice for your business may not be the same as your neighbour.