I've commented on a couple of blogs recently regarding Xero.com. The latest one here has some great conversation basically comparing Xero.com to MYOB.co.nz.
Not that Xero should be compared to MYOB. Just like Quicken doesn't need to be compared to MYOB. They all cater to different markets. There are similarities but they each do something specific very well.
Xero is a fantastic cashbook with invoicing ability. MYOB has a suite of simple products that cater to many industries. Quicken is an advanced business user program that offers more complex reporting abilities. These are just some generic differences and there are many more.
If you need inventory, Quicken and MYOB can do this, Xero doesn't offer this but may do so in the future. If you want automated daily bank feed, Xero can offer this. If you need multiple currencies, MYOB can offer this and so on and so on.
So list what you need and start eliminating those programs that don't fit.
If you are motivated by price, this is very important as MYOB and Quicken charge a purchase price once whereas Xero you pay a monthly fee of $49. MYOB BBO (business basics online) is approximately $25 per month. Although Xero and BBO don't charge for updates. To add to the mix CashManager will be rolling out their online version shortly too.
So, do your homework and work out what is important to you, they all do a fantastic job.
Not sure what to do? Email or call us 0800 ADMINC and we'll do a free assessment report for you outlining your options.
Want even more information, check out Ben Kepes Blog here.
Mike Chisolm from Acclipse is looking to fill the gaps in New Zealand and Australian accountancy firms by helping them outsource work to India. He's formed a partnership in India and has a team of aprpoxiamtely 30 accountants working already [THE PRESS, Christchurch 24.01.09].
I think its brilliant thinking like this that really shows New Zealanders that we can be techno-savvy and come up with bright ideas.
So now that the economy has taken such a bad turn how about we turn the tables. Setup partnerships here in NZ to sell our services overseas? Believe me there is a market.
And with the credit crunch shouldn't we buy and sell services within NZ as much as we can?
We all know that skill is a rare commodity in NZ, and as a virtual administrator, all I can say to Accountants that can't find that skill.... try outsourcing to quality NZ Virtual Administrators, it really works.
Small business owners need to understand their accounts. Sure you can delegate it to a staff member or outsource it to Admincorp or even leave it in the capable hands of your accountant.
Whatever way you chose to do your accounts, you still need to have an up to date overview of your creditors, debtors, bank balance, cashflow and upcoming budget.
An ideal relationship between business owner and accounts person is where the accounts person enters the date, reconciles the data and reports on debtors, creditors, reconcilations and profit and loss amongst other reports needed for specific companies, projects or business climates.
This is where things come back to the business owner. Your accounts person (whether its a staff member, outsourced solution like Admincorp or your accountant) cannot do the job if you haven't given all the information required. So ensure you pass on the information; banks allow dual secure access to accounts; creditors and debtors can email; mail can be managed; etc to allow for this.
Now that have ensured all information is going to your accounts person, you can see at a snapshot how good or bad the company is doing, who owes you money, how much money you owe, how much money you need to stock up for christmas etc.
Here are some ways of working better;
for larger companies, employ a full time accounts person to manage this section and report to you for smaller companies, outsource the accounts to companies like Admincorp so the accounts can be maintained daily or weekly and the company reports back to you and also reports on any anomolies or suggestions
Admincorp does not recommend business owners leave accounts up to their accountant or outsourcing company totally. Business owners have to have this knowledge within the company at least weekly so high's and low's can be managed effectively.
Book keeping is now a global enterprise and MYOB are making it easier. MYOB have a fantastic new product for small businesses... ONLINE business basics. Like other online collaboration accounts software this provides a easier platform to work between client and contractor. Client can view their accounts at any time, no file mix ups, contractor can complete the work as soon as they are ready.
No reason to be stuck in the dark ages when virtual assistants can now do your books online.
Think about it, an experienced book keeper can complete your accounts in no time. So you don't need to worry about it being completed or worry about employing someone.
RSS Feed