The Accounting Technology Ecosystem in Australia can be viewed as complicated, however, with more and more firms making the move to the cloud, it is important to understand what options are available and how you can ensure the long-term success of your practice.
Who are the “big wigs” in Cloud Accounting Software?
The main accounting software provider for small to medium businesses in Australia is Xero. If you are Bronze Partner status or higher, this software comes with a free practice management, tax and workpapers suite, enabling accountants to increase efficiencies when preparing tax.
- Intuit – Quickbooks Online (QBO)
Intuit’s product, Quickbooks Online (QBO) is quickly becoming known in the market for being a strong alternative to Xero. It does not have a practice management, tax or workpaper solution for Australia at this stage.
- MYOB Essentials
MYOB Essentials is also an alternative to Xero and QBO. MYOB also has a practice management solution for accountants including tax software.
So how do you navigate the ecosystem?
- Choose Your Add-On Apps Wisely
Pick add-on apps that can be easily interchanged between the above accounting platforms, such as Receipt Bank, Practice Ignition and Spotlight Reporting.
Why? Because your client’s circumstances might change and one of the other accounting platforms might be a better solution for their business. You need to be able to create efficiencies for your clients that won’t change if the accounting software is changed.
- Future-Proof Your Firm
- Build Strong Relationships With Your Chosen Vendors
I know I’ve harped on about relationships a lot in previous blogs, but it is imperative that when you have chosen the apps you want to work with, that you build strong relationships with your account managers. These relationships are critical as they will enable you to gain early access to product updates, enable you to negotiate on price, be involved in advisory boards for the different companies, and help to shape the future of the products they offer.
I hope the above has been useful. If you have any queries, please send me a message!
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