While there are many accounting software systems, for the purpose of this course we will look at XERO and MYOB.
Xero
Welcome to Xero, a cloud-based software application that seeks to simplify complex financial transactions to make the accountancy journey more enjoyable.
According to the website allaccountedfor Xero is a New Zealand designed and owned cloud-based accounting system. Its ability to securely support many users, with access anytime, anywhere, makes it the perfect choice for managing your financial information. Financial information is truly real-time – with daily bank feeds that capture bank transactions within the system.
Xero is a subscription-based application. This means there are no annual costs associated with upgrades, or system changes. Xero generally updates or enhances the system every 12 to 16 weeks. Xero customers have access to online support that is provided free of charge.
There are no infrastructure changes required – Xero hosts both the application and data securely. As a cloud-based platform, there is no software to install, no data files to transfer, no backups required (Xero has six backup servers to store data). Once customers sign-up, all they will need is a web browser and an internet connection. And being cloud-based means that monthly upgrades are easily and quickly rolled out to every user.
Xero has relationships with all the major banks, such as ASB, ANZ National Bank, BNZ, Kiwibank, TSB and Westpac who provide automatic daily bank feeds using real time data. This makes it easier to stay on top of the financials on a day-by-day basis.
Also, customers of Xero can run monthly management reports that include the option to export data in a variety of ways from applications such as Excel, PDF and Google Docs. And being design-led means that Xero is easy to use.
Xero Resources
Watch these initial videos
Review these videos for an introduction to Xero. Xero is an online accounting software that has been designed for small to medium-sized businesses. It makes managing the financial health of your business more transparent, straightforward and fun.
An Overview Of Xero (1:16)
Intro To Xero: Small Business Accounting Software
then, Watch these videos
Review the following videos while you learn the features and benefits of Xero.
- Cloud Accounting Basics
- Xero accounting software - connecting accountants to small business clients
- Xero TV
Check out some of the Upcoming Live Events/Webinars That Xero Promotes
MYOB
MYOB is short for Mind Your Own Business, an accounting software product. It is different to XERO in that MYOB requires software, whereas XERO works in the cloud.
Different sections of the business are collated into one programme allowing a multifaceted view across business operations, e.g. stock control – how much stock is on hand, what is on order or needs to be ordered, payments, staff, etc. MYOB has many functions to aid the smooth operation of running a business, e.g. automatically calculating how much businesses need to pay their staff, from normal hours to penalty rates (i.e. working a public holiday).
Snapshots of trends within the business operations are another great function of MYOB. Thinking about tourism industries, MYOB can provide overviews of:
- What is selling well within the business, e.g. sales are up 50% for tours to The Bridge to Nowhere.
- What is not running efficiently or at capacity, e.g. sales are down 30% for skiing at Whakapapa.
Businesses can use this information to set goals, project the amount of revenue for the coming year, etc.
MYOB Resources
