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How online bookkeeping makes business bookkeeping clean, simple and easy!

Friday, April 20, 2018 - by Max Business
Bookkeeping made easy. 

That’s what cloud bookkeeping services like Xero and MYOB promise! 

We think we speak for everybody when we say anything that simplifies the bookkeeping process is a good thing! 

Many business owners out there loathe the thought of doing their bookkeeping come reporting time.

There’s nothing wrong with that - the problem arises when business owners neglect to look at their business's financial health due to the sheer difficulty of it. 

This is where Maximum Business Solutions comes in. As an official partner to the two most popular online bookkeeping solutions in Australia, our Melbourne bookkeepers are here to explain how cloud-based services can make your life easier. 

Online bookkeeping partners

Bookkeeping is an ancient profession, with archaeologists finding financial records of businesses dating back to 2600 BCE! 

It’s only in the last couple of decades or so that it’s seen rapid development. Chief among them, the development of online bookkeeping solutions starting at the turn of the millennium, with leading online bookkeeping solutions like Xero and MYOB revolutionising business finances.

What is Xero?

Founded across the Tasman in neighbouring New Zealand, Xero is one of the most popular online bookkeeping solutions for small and medium businesses. 

In its own words, Xero aims to “make small business easier”. 

Online bookkeeping software in general makes it easier for you and your team work on your books whenever, wherever. 

What Xero does differently is offer completely automated data entry. Every transaction (in and out), pay slip and all your bank accounts is updated in real-time. 

And with its free API, external applications and like your ordering system can be easily integrated into the system, making your bookkeeping more efficient and effective.

What is MYOB?

Established right here in Australia, MYOB is another leading online bookkeeping solution partnered with Maximum Business Solutions. 

As one of the most popular one bookkeeping services in the region, with approximately 1.2 million business owners across Australia and New Zealand trusting it with their finances. If you’ve done business bookkeeping, chances are you’ve used it already! 

Xero may have pioneered online bookkeeping, but as one of the most established and prolific platforms on the market, MYOB is able to offer fantastic customer support:

  • A huge network of established MYOB partners (including us!)
  • Live support and 24/7 help hotline
  • Huge online resource library

And while it took a while to join the cloud bookkeeping revolution, MYOB is now firmly on board with MYOB Essentials offering a full range of online bookkeeping services.

Why choose an online bookkeeping solution?

If you were to conduct a survey of business owners about their least favourite parts of brunning a business, we’re willing to bet bookkeeping is at the top of the list (unless they’re bookies like us!)

There’s a lot to wrap your head around when it comes to business bookkeeping:

  • Entering data
  • Filling out spreadsheets
  • Organising meetings with your bookie
  • Reconciling different bank accounts
  • Payroll and super
  • Calculating tax owed

And if you’re still doing all of this manually, we understand where your loathing for bookkeeping stems from! 

Fortunately, those days are behind us now, thanks to online bookkeeping platforms. 

Let’s take a look at some of the unique features that come with the cloud:

Multifunctional system

If you were to ask us what these online bookkeeping solutions can do for your business, the answer is - A LOT! 

Online platforms are the “jack of all trades” when it comes to bookkeeping. These solutions roll together every bookkeeping function and account under the sun into the one easy-to-use interface, including:

  • Invoicing
  • Expense claims
  • Purchase orders
  • Accounts payable
  • Fixed asset depreciation
  • Business reporting
  • Quote management
  • GST tracking
  • Payroll
  • Profit and loss reporting

Platforms like Xero and MYOB are designed with simplicity at the forefront. This doesn’t just save you time... it also lets you focus on the parts of your business that matter!

Online bookkeeping helps keep your financial data secured

Internet safety is a B-I-G deal nowadays. And with privacy scandals making headlines around the world, we understand your anxiety about leaving your business finances on someone else’s server! 

With cloud bookkeeping services like Xero and MYOB however, this isn’t a concern! 

Both online bookkeeping solutions can be trusted to protect your financial data, with both using the latest in encryption software and a 24/7 security presence to keep your data secure at all times. 

Best of all, since it’s all hosted on the cloud, your vital financial info are immune from fire, flooding, break-ins and any other type of disaster. Your data is backed-up regularly, so you don’t need to worry about your numbers getting lost.

Bring costs down with cloud bookkeeping

It’s 2018 now: it seems like almost anything can be obtained through subscription instead of an up-front purchase! 

Yet for many businesses, their bookkeeping is stuck firmly in the 90s, with expensive accounting software and ongoing bookkeeping support to make sense of it all. 

Fortunately, most online bookkeeping solutions are subscription-based, meaning you only pay for the services you need. Both Xero and MYOB offer businesses 
the power to look after all their bookkeeping needs on a subscription-based premise. 




Are you a SME looking for an online bookkeeping solution?

Let Maximum Business Solutions’ Melbourne bookkeepers help your business with effective online bookkeeping!

If you’re a business owner having a hard time dealing with your bookkeeping, don’t worry - we’ve got you covered! 

With cloud bookkeeping front runners Xero and MYOB by our side, Maximum Business Solutions can help you implement systems that look after all of your bookkeeping requirements.

Need a little bit more info? Learn more about our bookkeeping services. 

If you have any questions, don’t hesitate to give us a ring  - call us on (03) 9589 0128 or fill out this form to arrange a catch-up over a coffee.