There are over 60 accounting software packages available in Australia, so how does a small to medium size business owner decide on which one is best?

“A decent accounting system will help you keep track of your cash flow and make completing GST returns easy, but choosing the right system for your business can be difficult,” says Matthew Hazlewood, Principal of Balanced Business Accounting. “We ensure we are up to date on the latest offerings and requirements so we can recommend the best accounting software solution for you.”

A current top product is Xero, a cloud based, all in one accounting system that can meet the needs of a growing SME in Australia today. Xero meets multiple needs with one simple and intuitive package that is also highly customisable to business requirements.

Xero allows business owners to track their cash and get a full up to date picture of how the business is performing from one unified dashboard. Daily automated updates from bank accounts and credit cards track cash flow, but Xero also provides an at a glance overview of fixed assets and inventory along with cash, asset and inventory management tools.

With a real time record of how the business is performing, Xero enables an accountant, bookkeeper or business owner to tailor smart financial reports and budgets easily. The customisable features mean that stakeholders can track and understand what matters most.

“Areas where small businesses struggle often include daily financial management tasks, such as creating and maintaining invoices, expense records, claims and purchase orders. This is all possible on the go with Xero and the Xero app for iOS and Android. Paying bills and employees is simple and a Single Touch Payroll, in accordance with new ATO requirements, is on its way.

Xero is capable of managing multiple currencies, automatically tracking gains and losses across currencies. It also allows businesses to get paid sooner through integration with online payment services like PayPal and Stripe. Bank connections mean transactions flow automatically into Xero each business day.

“Information security is a top concern with business migrating to cloud based accounting systems,” says Hazlewood. “Xero provides multiple layers of security for business informations including two step authentication. Files can be stored on the system and accessed from anywhere without worrying about a data security breach happening.”

The mobile app for iOS or Android takes accessibility to a new level, allowing expenses to be captured, invoices to be sent and reconciliations to be completed, all on the move. Global updates to the iOS and Android app have recently been rolled out, enhancing the user interface and increasing capabilities for mobile business.

“Businesses need to track the money they're spending on jobs so they can find where they can be more profitable,” says Hazlewood. “Xero Projects is a simple, real time project accounting tool within Xero. It's perfect for small businesses who need job costing and time tracking to manage billable work more efficiently. You have visibility of all your project financials from anywhere.”

Balanced Business Accounting knows one size doesn't fit all. For more complex projects, WorkflowMax is a highly customisable, end to end project management solution. “Granular user permissions, powerful reporting and highly configurable fields make it the perfect tool for businesses with more complex requirements,” says Hazlewood.

Balanced Business Accounting understands there is a lot to learn in a small business and expert guidance is essential to growth and success. BBA offers a holistic solution. They review existing systems, discuss and suggest the best accounting system to further the business, health check computerised accounting data, and configure accounting software to suit business purposes.

“We also train clients to be self-sufficient users of a range of accounting software applications,” says Hazlewood. “We're happy to do a full assessment to find out if Xero is right for all your business accounting and project management needs.”

Balanced Business Accounting (BBA) is operated by professional tax accountants in Brisbane and provides client focused services. BBA believes an accountant should understand the financial position of the business, provide assistance in monitoring its financial position and offer proactive advice. The firm is Capalaba based and staffed by a team who want to provide innovative accounting solutions, advice and assistance, not just processing of taxation information. All BBA Tax Accountants are qualified and experienced in assisting small and medium businesses with a great range of accounting and taxation solutions. Contact Balanced Business Accounting for professional tax, advisory and audit services, management consulting services, or bookkeeping services in Brisbane, Australia. For more information, please visit: http://www.businessaccounting.com.au/our_services/online_software/xero