Your Business Accounting Software: Is it Working Best for You?

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Last week from Steve Slisar's Twitter via LinkedIn



Is your business accounting software - and your business bank account - saving you time? It should be!
Is your business accounting software – and your business bank account – saving you time? It should be!

In a previous post we wrote about business bank accounts. Some banks, even though they offer business accounts, aren’t actually all that business friendly, and this can sometimes add hours to your bookkeeping and reconciliation processes.

Not all Business Accounts are Created Equal

If you’re starting a new business and going to open a business account, we recommend you do your research and shop around, because not all accounts are the same.

Some business accounts integrate nicely with your accounting software, while others, like a Bank of Queensland account, for example, does not because they transferred their credit card service to Citibank, preventing integration with the Banklink feature of MYOB.

Other business accounts don’t allow businesses to have a Visa or MasterCard debit card attached to their business account and only allow businesses to make online purchases using their own money.

Business owners can only use a linked credit card to make online purchases or a separate debit card. Either option still results in additional journal entries in your accounting software.

End of Financial Year – Best Time to Get Business Friendly

If you’ve been battling with your current bank, now that we’re approaching the end of the 2013/14 financial year, it might be the time to consider moving your accounts elsewhere so you can start afresh come July 1.

Or perhaps it’s not your bank that’s playing havoc with your bookkeeping – perhaps it’s your bookkeeping software. As we approach a new financial year, it might be a good time to consider switching your account keeping software to MYOB, or something simpler, like Xero (we have written in the past comparing the two).

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At EzyLearn, we provide a range of training courses for a number of different accounting programs from the basic Reach Accounting to the more sophisticated MYOB. For more information on our training courses, visit our website.

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Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.