As a small business owner and accountant for many SMEs, I have tried many accounting softwares. I used Simply Accounting in 2000 for a couple of years before it was not compatible with the new computer system. Thereafter, I started using MYOB desktop version which needs to be upgraded every now and then with a fee.
A forward-thinking, tech savvy client introduced Xero to me a few months ago and this is how I started researching on Cloud Accounting Software. Finally, my tech savvy client hooked me up as their Cloud Accountant and arranged a meeting with fellow add-on application technician. As we worked on the new project together, I realised that software-as-a-service (SaaS) is changing how businesses of all sizes manage their workflow.
With the adoption of cloud services, we take away the process of hiring a professional accountant, a qualified HR manager and the need to drill out Statement of Accounts on a timely basis. Paperwork is greatly reduced when expense receipts are attached into Xero. With Wave accounting, clients get routine updates on debtors aging via email. This is particularly important as new entrepreneurs will need to stay on top of its finances.
However, my colleague and I are afraid of ditching the current method of working with my clients, because we didn't want the hassle of switching softwares. As a professional accountant, I shortlisted two software-as-a services (SaaS), Wave and Xero and did a few beta test. The result is significant and this has provided us an opportunity to review and assist clients in preparing the full set of accounts in accordance to local regulations on a timely basis.
I am so glad that I took the first step and moved on with the new softwares!
More information: Wave Accounting \ Xero Accounting