Melbourne bookkeepers explain the best cloud bookkeeping packages

Bookkeeping is an important yet often time-consuming and stressful task for any business. To make the process easier, many bookkeepers are turning to cloud-based packages as a way to quickly manage finances and streamline their workflow. 

In this blog post, our Melbourne bookkeepers explain what you need to know about the best cloud bookkeeping packages on offer – from the features available to tips for finding the right package for your business.

Whether you’re just starting out or already have experience with online accounting software, we’ve got insights that will help you choose a setup perfect for your unique needs.

The future of bookkeeping

Cloud bookkeeping is the future.

Our Melbourne bookkeepers have helped many of our clients reclaim huge amounts of time and enjoy more accurate records through the power of cloud bookkeeping.

Many have come back to us to say thank you, and wonder why it took them so long to take their bookkeeping to the cloud!

Cloud bookkeeping comes with a host of advantages, and almost no downsides.

However, it also comes with an almost overwhelming range of options. There are many cloud bookkeeping options on the market, each with a range of different packages tailored for different businesses.

At Maximum Business Solutions, we believe that good information is crucial to making the best decision for their business (that’s why we went into bookkeeping!)

To help you choose the best cloud bookkeeping package for your business, we’ve put together a quick list of some of the most popular bookkeeping packages on the market.

Bring single-touch payroll into your business

Need to make your business compliant with your new Single Touch Payroll requirements? If so, a payroll only package is for you.

As of this year, single-touch payroll is now mandatory for all businesses in Australia.

This new system uploads pay runs, as well as information about superannuation contributions and income tax to the ATO.

This allows your employees to track all of this information in real-time, and helps you save considerable time processing payroll.

Both Xero and MYOB offer basic, stripped-down plans for businesses who are happy with their current bookkeeping scheme, and only need to add single touch payroll compliance. 

Whichever one you choose, you’ll enjoy:

• An affordable monthly fee
• STP for four payees

Cloud bookkeeping for sole traders

Are you a sole trader who’s tired of managing your bookkeeping on paper or in clunky spreadsheets? Do you want to access your financial records wherever and whenever you need?

Cloud bookkeeping may be the perfect solution for busy solo entrepreneurs like you!

By embracing cloud-based bookkeeping, entrepreneurs can quickly and easily access their accounts, manage expenses, generate invoices, track transactions and more – all from the comfort of their laptop or mobile device.

Cloud bookkeeping for small businesses

Managing your business finances and keeping up with bookkeeping can be overwhelming for small businesses.

You need to track all incoming revenue and outgoing expenses, analyse key financial metrics, and comply with government regulations… just to name a few! 

Luckily, you can now utilise cloud-based bookkeeping solutions that provide powerful tools that simplify the entire process. Cloud bookkeeping is ideal for small businesses and how it empowers them to focus on growing their operations rather than being bogged down by tedious paperwork. Cloud bookkeeping is a beneficial product for businesses of any size, including new or small businesses.

With unlimited invoices and bank reconciliations, these “middle” cloud bookkeeping plans might be just what you need.

Cloud bookkeeping for power users

Designed for larger businesses, each of these bookkeeping platforms offers premium plans that unlocks additional functionality for larger businesses.

In addition to unlimited everything, you’ll also have the power to automate superannuation – a huge time-saver for businesses with lots of staff.

Additionally, you’ll also gain the power to handle multiple currencies in your bookkeeping, which can be quite useful for businesses that ship overseas.

Xero also allows for payroll for up to 200 employees, allowing you to scale your bookkeeping to keep up with your growth, but without having to change to a completely new plan.

Which one’s best for your business?

As you can see, Quickbooks’ basic package includes quite a few extra features compared to Xero and MYOB.

Of course, the numbers don’t tell the entire story. Our Melbourne bookkeepers know that better than anyone – you can’t break down your entire business into a handful of numbers, after all.

Likewise, you can’t choose a cloud bookkeeping package based solely on the numbers either!

While the numbers may make it look like Quickbooks offers the best bang for your buck, the truth is that the number of invoices or payees included in a plan aren’t the only things you should look at.

Add-ons

One of the best things about Xero is the huge amount of add-ons and plug-ins available.

Since Xero was the first to market, a healthy ecosystem of addons has developed. There are hundreds of unique additions available to Xero, allowing you to customise your bookkeeping to match whatever it is that your business needs,

If you have specific bookkeeping needs, the flexibility offered by Xero might edge out the advantages offered by MYOB or QuickBooks.

Integrations

It’s not just add-ons that can be used to enhance your bookkeeping – integrations are another thing you’ll want to pay close attention to.

One of the most powerful features of cloud bookkeeping is its ability to “talk” to your other programs, accounts and systems. By syncing with your bank account, MyGov account, CRM, inventory software and more, cloud bookkeeping minimises the amount of work that goes into bookkeeping.

When choosing a cloud bookkeeping package, it’s important to check whether or not your existing systems and accounts can be integrated into your bookkeeping software.

Support

While each of these cloud bookkeeping systems are designed to be easy-to-use, there may be moments where you simply need help, and your Melbourne bookkeeper isn’t available.

In these cases, you may have to use your cloud bookkeeping platform’s support network.

Each of the 3 cloud bookkeeping platforms discussed today offer robust customer support:

• Xero offers online support, forums and tutorials
• MYOB offers online tutorials, forums and a dedicated phone support line
• Quickbooks offers video tutorials and webinars, as well as forums

Choose our Melbourne bookkeepers for effortless cloud bookkeeping solutions

Bookkeeping doesn’t have to be a difficult, time-consuming task anymore.

In addition to looking after your books, our Melbourne bookkeepers can also set you up with cloud bookkeeping solutions that make handling your day-to-day transactions and expenses almost effortless.

We know there are a lot of different options out there. Our team will help you choose a cloud bookkeeping platform that perfectly matches your needs.

What’s more, we’ll even help implement your new system, and provide training to help with the transition to cloud bookkeeping!

Find out how we can turn your bookkeeping into a breeze – give the team from maximum Business solutions a call on (03) 9589 0128. Alternatively, click here to get in touch online.