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yourvirtualboard, post: 81409 wrote:
I’m sure Rhys of Viridity will chime in regards Xero

With an intro like that how could I not? Thanks Harry.

Yes I think Xero provides a really good solution for smaller businesses, for both general accounting and payroll. Hard to know though if it is the best solution for you – I am seriously committed to the notion that one size does NOT fit all with accounting software.

You really need to think about (jot down a list of) what YOU need from your accounting software (and this might be different to what your accountant thinks you need). Think about things like how many employees do you pay, are you selling products or services, how do you sell (eg retail, ecommerce, etc), ease of use, ability to get support, do you have any specific reporting requirements, what else do you want from your accounting system?

Sorry that is a long list, but even if you only spend a few hundred dollars this is an important investment so it is worth getting it right. Cost of the software shoud be in the mix, but not top of the list – for what it is worth Xero is priced at $49 a month (so approx $600 a year, which is about the same as MYOB’s annual upgrade fee!)

But the real cost to you is in terms of the time you invest in doing your bookkeeping (ease of use) plus the time your accountant spends doing your tax less the quality of the information you get out of the system to help you run your business. From what I see with clients every day, Xero comes up #1 more often than not.

But you do need to do that analysis for your business. Happy to talk you through the various factors if you want, you’ll find contact details on my website.

Cheers, Rhys