Just What IS Cloud Accounting?
MYOB IS THE DOMINANT software provider in Australia for accounting software. This global company started creating their software in Australia and is now owned (since 2013) by a large US Private Equity company called Bain Capital. After software version 19.5, the company had to re-create their software from scratch because the code-base it was previously built on was no longer going to be supported. MYOB is now built on a Microsoft Programming Platform called .NET.
Our MYOB Training Courses have been online since 2006 and we are proud to offer our Lifetime Membership option when you enrol into this course. MYOB has been very popular with accountants, and as a result, it was widely recommended to small business owners as a way of better managing their financial and compliance requirements.
MYOB’s founder, Craig Winkler, sold out of the company when Archer Capital took over. Winkler is now a major shareholder in MYOB’s largest competitor in Australia and New Zealand, Xero.
Xero is currently listed on the NZ stock market and has always had a number of competitors in the online accounting space.
Here are the popular cloud accounting software choices:
- Xero (part owned by MYOB’s founder) – see our Xero Online Training Course
- Intuit Quickbooks (formerly distributed by Reckon as computer software, now directly as cloud based software)
- MYOB Essentials and AccountRight Live (the traditional MYOB software is a hybrid cloud/desktop program)
- SAASU (Australian privately owned)
- ZoHo Accounts (they have a suite of other cloud-based programs)
- Wave Apps (Canadian)
As part of our commitment to bookkeepers in Australia we are steadily developing new training content to help you understand how these programs and software services work. To read more about the courses that we have currently created please click on the hyperlinks above.
Reasons to Use Cloud Accounting Software
- Most small businesses realise the benefit of both their staff and their accountant (who often works remotely from his/her own office) can see the information and make entries and modifications at the same time.
- Backfeeds have arisen which remove much of the data entry by entry-level bookkeepers.
- Having a hosted solution means that the software provider ensures the highest level of security and storage (most of them seem to be using Amazon’s AWS) which means you don’t need to worry as much about having a backup and moving files around.
- Interaction between your accounting software and other programs like quoting, workflow management, project management and MANY others means you can have a more comprehensive system that all works together using what is called API (Application Programming Interfaces).
- Live data means it is up-to-date and you can get instant reports about profitability, cashflow and credit management.
- Machine Learning and Artificial Intelligence means that the software will learn about your transactions and the coding that you use (or should use).