There is a sweeping change to bookkeeping that hasn’t been seen since the introduction of the GST 12 years ago.
If you are not using a cloud accounting system with automatic bank feeding data within the next 12 months you will be behind the curve and will be wasting time and money.
The cloud accounting part means the file is kept “online” and is constantly backed up and can be accessed more easily remotely (connect to the file online rather than via an internal server). The bank feed part means that the data from your bank statements and credit card statements automatically feeds into your accounting file and you then code the transactions. This is an enhancement on its own but the real power is in the fact you can setup rules to allocate income / debtor payments and also expenses / creditors payments. The process becomes much more automated and after 3 months you should be saving 60-80%+ of your data entry time.
MYOB, Xero and Quicken are some of the better-known software brands offering these new features. We can work with them all however we usually recommend MYOB due to their market share and the fact bookkeepers are easier to find for this most common package. It’s also our personal perference for user friendliness.
For MYOB it costs $29 p.mth for the simple version and up to $65 p.mth for the full version with payroll etc. Have a lookÂ to compare products and features.
3D will be proactively assisting its clients over the next year to choose and implement the right system upgrade but if you would like any other information in the meantime feel free to contact us.
PS: For this of you already on MYOB this will probably be your only option in 12 months time anyway as software updates and payroll tax table updates will only be available via a “Live” type subscription.