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Paul Martin Chartered Accountant Ltd :: Accounting, Taxation and Business Advisory :: Auckland, New Zealand
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How to Determine the Best Accounting Software for your Business

Paul Martin • July 10, 2016

Cloud accounting is a revolutionary way to efficiently manage your business, and even personal, financial transactions. It is a great tool to keep your books accurate and up to date. But how do you choose the best cloud accounting software for your business? With the many cloud accounting products out there, it can be challenging to decide which is the best tool to assist your business financial management.

So whether you are a small or medium enterprise, or a big business, or a professional, here are some questions that you need to consider when finding the best cloud accounting software for you. 

 

1. What are your accounting needs?

Analyse your business and figure out what you need. If you are a small enterprise, chances are, you'll only need simple accounting processes and services. On the other hand, if you are a big business, you will have more complex business processes that need comprehensive accounting assistance. Knowing your business needs will help you match to the most appropriate cloud accounting tool in the market.

 

2. What do you know about accounting processes?

Know your skills and capabilities. If you plan to be hands-on with your business accounting tasks, you need to have a wide understanding of finance and accounting processes. Knowing your ability and capacity will help you find the tool that you will be most comfortable to use for your business.

On the other hand, if you think you don't have enough skills, you can always talk to an expert like a chartered accountant and ask them for advice and recommendations.

 

3. What is your budget?

Cloud accounting software is not free. It is very cost-efficient however considering the benefits that it can give to your business. So it is important to allot enough budget for it. Cloud accounting tools on the market vary in price. The more generic ones are available at a lower rate while the more specialised tools are more expensive.

 

4. What add ons would you like to include?

All accounting software comes with different add ons that could further maximise your use of the tool. So once you figure out what kind of accounting tool you want for your business, be mindful of the add ons that you may need. Add ons are not free. Make sure to pick the right ones for your business and allot appropriate budget for it.

 

These are just some of the questions that you need to ask yourself before deciding what cloud accounting software to use. But if you can't answer these questions, or are lost on which to software to choose, you should talk to an expert like your chartered accountant for recommendations.

We, at Paul Martin Chartered Accountant Ltd, have knowledge and experience using different cloud accounting products. You can talk to us about the right software to use for your business and assist you to set it up properly.Just request for an online appointment for assistance or call our cloud accounting experts today on (09) 576 4166!

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By Paul Martin • December 4, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.
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