SME Business
Accounting
We help you by streamlining financials, managing your accounts and submitting tax returns.
Considerations to make when conducting your small business annual accounting software review
The role of an accountant is more than crunching numbers; it requires an ability in maths and numbers, understanding production, accounting systems and business processes. It also requires skills and knowledge of legislative accounting and tax practices and some expertise in economics, persuasion and interpersonal skills.
Technology is the leading influence in how business processes and operations are shifting. With the rate at which technology improves, based on AI and machine learning, it’s important to conduct an annual accounting software review to ensure that the accounting software you’re using meets the needs of your business.
The best type of accounting software for small businesses and not-for-profit organisations
More than simply processing numbers and dockets, accounting software for small businesses and not-for-profit organisations needs to comply with the necessary accounting and tax standards and financial compliance rules. It needs to offer seamless accounting functionality with minimal human interaction, which allows for operational and business efficacy with tasks like digital leave applications, payroll and tax compliance and audit preparation.
For not-for-profit organisations, the software needs to comply with financial and board reporting obligations, manage multiple forms of funding, allocate donations, conduct annual audits and offer a layered approval process to facilitate a team that extends beyond an office or city.
Time to put your head in the clouds
Cloud based technology is no longer a newbie buzz word. It is the way we live. The way we work. The way we do almost everything. It should also be the way you choose to tackle your accounting needs.
Cloud based software allows you to store your data securely online. It offers a digital ecosystem that connects various applications and business accounting data and, using advanced technology, interprets the information about your business.
Cloud-based accounting software, in fact any respected cloud based application, uses solid security encryption technologies to protect your data. It’s the same type of security banks use. Using cloud based platforms also means that if your hardware device like a computer or phone is stolen or lost in a disaster, the information is still accessible via secure access credentials and authentication.
Let the data flow
One of the most exciting parts of online accounting software products is the ability to integrate various online business operations into a seamless and efficient workflow. The cost and time saving of a system being able to do this is possibly one of the most attractive benefits of any digital software solution.
There is no manual data entry required, which is especially enticing for SME business owners and not-for-profits as they can better optimise these physical efforts elsewhere within the organisation.
What’s our verdict?
Canstar conducted an annual accounting software review and New Zealand based Xero has taken top honours. We at Unity Accounting agree. Xero is a globally recognised accounting software provider that offers a range of subscriptions to suit your business needs and budget.
The beauty of Xero is how it’s able to customise reports that assist with the audit process – and it’s all done digitally.
We are particularly fond of Xero software for our not-for-profit clients where audits are an unavoidable obligation.
Using the Xero accounting system removes the stress of the administrative requirements the organisation needs to perform and enables individuals to spend time doing what their not-for-profit does best.
For help integrating your accounting software or advice on which one is right for your business, contact one of our professional accountants.
OUR EXPERTISE
EXPERTS IN BOOKKEEPING AND ACCOUNTING
We are backed by years of experience in compliance and audit preparations, taxation and accounting, and bookkeeping and business operations.
Our deep understanding of complex tax requirements for SMEs and compliance for not-for-profit organisations and Aboriginal Land Councils means we can sort out any numbers problem and streamline your business operations.
SME Business
Not-for-Profit
Accounting
We know what reports you need and how to keep you compliant, so that your organisation can flourish.
Aboriginal Land
Council Accounting
We manage all your community grant receipts in reporting to funding bodies, and we file your milestones correctly.
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