AAT chief executive Stuart Norman said the accounting software market has become increasingly competitive, resulting in falling prices. This, he said, combined with the generous small business tax concessions in last month's federal Budget, provides the perfect environment for businesses to upgrade their accounting software.
“Especially with the end of financial year approaching,” he added.
However, Mr Norman warned businesses to find the right software to suit their needs, calling for accountants to help their clients in making this decision.
“While there is some very attractive pricing and offers around, small businesses need to be careful they choose the most appropriate software solution for their needs and their type of business,” he said.
"Small business’ BAS Agents who are members of the Association of Accounting Technicians, Australia, are best placed to advise small businesses of the merits and appropriateness of the competing software options."
“While there are savings to be made in the present competitive environment, businesses need to be careful they do not make their decisions on price alone. They need to carefully consider how the software will be used, whether it is suited to their needs, their BAS Agent’s familiarity with it – and the training offered by the supplier,” Mr Norman said.
Nicolette Maury, managing director of Intuit Australia, also encouraged business owners to upgrade their accounting software and move to the cloud now for a fresh start on July 1.
“According to the Intuit Financial Fitness Startup Study, more than six in 10 (66 per cent) start-ups use spreadsheets, manual methods or pen and paper to manage their finances. Half (56 per cent) of established small businesses also rely on time-draining, error-prone ledgers and spreadsheets,” she said.
“With cloud accounting software like QuickBooks Online, transactions are always up to date, compliance is simplified, payroll is automatically calculated and integrated, invoicing elements are captured, and debtors and creditors are a breeze to track. You can work on the move, accessing your data anytime, anywhere and on any device, and make smarter, more informed business decisions based on real-time insights.”
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