Whether it is a one-man lawn mowing service or a tiling sub-contractor or your local convenient store owner, one thing these small businesses probably have in common are a small number of staff and limited starting capital. Some might even be operated and run by only one person…the business owner himself. Yet, they still have to do the other things that big businesses do if they want their businesses to thrive and make a profit, such as
Clearly, there is much to be done even to operate a small business. However, you don’t have to go it alone. There are many services that you can partner with to help you run your business efficiently and effectively, so that you don’t have to do it all yourself and run yourself ragged and burning out, as a result. One such service is online accounting (e.g. Xero, MYOB), which are small business accounting software.
If you are currently using MYOB and would like to convert from MYOB to Xero, there are several online accounting services that can facilitate this conversion free-of-charge or at a discounted rate.
Xero is the first company to develop accounting software that can be run in the cloud. That means you can store all your financial data online and access it anywhere, anytime from any device with an Internet connection. Xero doesn’t use a CD-ROM, so you don’t have to download, install or update software to your computer and all files are stored securely in servers, so your data is always backed up. Because Xero runs in real time, your data is always up-to-date.
Xero provides users with a single platform where they can collaborate easily online with their advisors whilst viewing the same figures. Some of Xero’s features include bank reconciliation, financial reporting, invoicing, payroll and many other features that are designed to make small business accounting easier. To take it a step further and help you manage all aspects of your business, Xero can integrate with other add-on applications which include point of sale, inventory management, time tracking, jobs systems, invoicing and other specialised software.
MYOB, on the other hand, started as a desktop based accounting software that you had to install to your computer via a CD-ROM. In recent years, MYOB has caught on to the popularity of cloud accounting and now has its own cloud base accounting software; however it is not yet at the level of Xero.