Accounting Software Small Business Intuit Essay

Question:

Discuss About The Accounting Software For Small Business Intuit.

Answer:

Introduction

MYOB is used for medium and small sized firms and is in existence from 1980’s. During the 2014 it released its cloud solution. Various advantages of the software are –

  • The interface of the software is same as desktop version and it reduce learning curve for the long-term users.
  • It allows the application for quick payment against bunch of invoices at once
  • It can be used to apply discounts to the customers automatically who marketing the payment within specific terms. On the contrary XERO needs manual ticking (Business Software & Solutions | MYOB Australia, 2018)

QuickBooks –

Various advantages that are provided by QuickBooks against XERO are as follows –

  • GST functions – GST reports can be generated through online QuickBooks that is required by the taxation authority
  • Timesheets – QuickBooks has built-in functions for time sheets that can be use to re-bill the customer easily
  • Pricing – though both XERO as well as QuickBooks have unlimited uses if signed up with 3E accounting, pricing of QuickBooks online packages are cheaper as compared to XERO.
  • Cost effective – QuickBooks online is cost effective for the long run as compared to XERO as almost all the functions are built in. Further, it is simple and will suit for less complicated accounting system (Accounting Software for Small Business - Intuit QuickBooks, 2018).

SAASU –

Various advantages those are making the software popular are as follows –

  • Value for money – this software can handle large level of complexity in business that can be handled by expensive software solutions. It offers best value in the market and better functionality against the payment
  • Viewing the position of business in real time – it automates the collection of debt that gives various benefits to the business like reduced days for debtors, improved cash flow and most importantly the peace of mind.
  • It removes all the awkwardness and discomfort that exists between the software and its clients (Saasu Online Accounting Software, 2018).

The above mentioned all three software supports various accounting features like –

  • General ledger
  • Accounts payable
  • Account receivable
  • Payroll
  • Reporting
  • Inventories
  • Digital dashboard
  • Secure bank feeds

The company is using XERO as their accounting software. However any other most appropriate software is to be used against XERO then the company shall go for MYOB. The reason for choosing MYOB is that before introduction of cloud accounting in Australia MYOB was the dominant player. Over the past few years they released their own offerings for cloud based for small to medium business owners. Further, MYOB AccountRight and MYOB Essentials can well compete with XERO juggernaut (Online Accounting Software – Free Trial, Free Support | Xero, 2018). MYOB AccountRight can cover additional features required by small to medium level business that includes job tracking, purchase order and inventory tracking. Therefore, if Action Sports is searching for more appropriate accounting software as compared to XERO they shall choose MYOB. It will assist them with additional features apart from that are provided by XERO

Reference

Accounting Software for Small Business - Intuit QuickBooks. (2018). Quickbooks.intuit.com. Retrieved 4 April 2018, from

Business Software & Solutions | MYOB Australia. (2018). Myob.com. Retrieved 4 April 2018, from

Online Accounting Software – Free Trial, Free Support | Xero. (2018). Xero Accounting Software. Retrieved 4 April 2018, from

Saasu Online Accounting Software. (2018). Saasu Online Accounting. Retrieved 4 April 2018, from

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