Do I really need Accounting Software?

There comes a time that manual record-keeping no longer keeps up with your business needs. This may be day one, or several years in.

Bank statements, paper receipts and manually completing spreadsheets can get you by, but it can be well worth the cost and the learning curve for:

• automatic bank transaction importing and allocation,

• custom reporting,

• automatic reminders to get you paid sooner,

• reduced data entry,

• electronic storage of receipts,

• all your financial compliance in one place,

• cloud storage allowing secure access to live data, wherever you are

Especially when you have experienced advisors helping you in real time!

Our advice is always tailored to the specific situation, but here's a guide to when you may need to make the switch.

The next question is, of course, which system to choose. Chromatic staff are proficient with the "big three", but also willing to work with your choice of compliant alternate software.

The features offered at the various price points for each platform do change from time to time. Always look at the regular pricing, not the current special offer!

Take note of whether sufficient payroll and superannuation functions are included, and if there are limits to the number of users, employees, bank account feeds, invoices or expense bills you can have.

Also consider if there is compatibility with other platforms you use or are considering for online shopfronts and payments, time tracking, specialised inventory management, etc.

Think twice about a platform that forces you to use their bank account (rather than your chosen or existing bank), can't grow with your business, and/or does not offer access to (or reporting that can be shared with) your trusted, independent Registered Tax or BAS Agent.

Talk to us today, if you're unsure on how to get started.