Introduction

In recent time, as the globalisation has taken place, it can be seen that the accounting and financial sector has seen several growth regarding their operations. Thus, in this fast pace society, the organisations need to cope up with the speed and technology for supporting their operations effectively. Hence, online assignment help Perth is to maintain their activities within the short time period, those organisations are required to utilise advance technology through which they can maintain their account books or recording any kinds of financial transactions. In this way, they can become more advance. But in this regard, the key question is that what kind of software can be best for maintaining accounting and financial activities for the companies. Thus, this report will focus on this particular area and tend to find out the best option which can be chosen by the organisations for maintaining their financial and accounting works.

Concept of Accounting Software

However before identifying the best accounting software, this is necessary for the researchers to discuss about the concept of the accounting software. Hence, accounting software defines a computer program through which account books on the computer which further includes recording transactions as well as account balance can be maintained (Putra, 2019). Therefore it can be seen that considering the organisational purpose and objectives, accounting software can manage the budgets, perform different accounting tasks as well as payroll along with managing customer relationship management. Furthermore, do my assignment Hobart and the organisations can prepare their financial reporting for that particular financial year. As the accounting software helps the organisations to maintain their day-to-day financial transactions including all the financial and accounting activities, the importance of this accounting software is undeniable. In this way, accounting software allows the CFOs, treasurers as well as controllers immediate access to the accurate and real time financial data. In accordance with this discussion it can be stated that accounting software can be considered as a key component for the ERP or “Enterprise Resource Planning system” (Raewf and Jasim, 2020). Hence, by using this accounting software, the organisations can perform real-time accounting and can support all the processing as well as reporting in this context. On the other side, cloud accounting software also helps the organisations to perform all their accounting and financial activities through the internet.

Benefits of Accounting Software

It has already been identified that accounting software is one of the crucial tools for helping the business to run their day to day operations. Hence, diploma of accounting assignment help benefits of accounting software are undeniable (Cai, 2021). These different benefits in this context are as follows, such as,

By using accounting software, both journal entries as well as sub ledger entries can be maintained automatically which further allow the CFOs or other controllers to have a real time presentation of the financial data
Accounting software helps the organisations to decrease their redundancy and deliver better budgeting as well as forecasting system (Zhang et al. 2020). Furthermore it enables the properly and thorough categorised expense management
This accounting software always provides the seamless integration into the overall banking system which allow accurate audits and keep the detail tracking records of all the assets as well as liabilities
The position of the accurate cash of any organisations can be provided by the accounting software as they have the cash management capabilities where they can automatically reconcile the cash transaction to the bank statements (Demirkan et al. 2020). Thus kind of capability also allow the companies to make proper and timely investment decisions as well as other cash decisions along with borrowings and automated cash forecasting
Apart from these above activities, the accounting software can help the organisations to maintain asset management, collection as well as revenue management along with providing the process through which risks can be managed (Moll and Yigitbasioglu, 2019)

Discussion on Different Accounting Software

There are different types of accounting software which can be used by the organisations according to their needs. Hence, this is essential to discuss about these different accounting software for better understanding and whether these are appropriate or not (Putra, 2019). Hence, the discussion is as follows, such as,

QuickBooks Online

Most of the small business uses this software as this software helps the accounting professionals very easily and there are endless online training resources regarding this are available. The users also can get access to several forums to get ultimate support when it is required. The features relating to the accounting are convenient for the organisations and they can easily access those in their main dashboard (Moll and Yigitbasioglu, 2019). In this way, bookkeeping becomes more efficient and fluid. However this software has several advantages and disadvantages, such as,

Advantages	Disadvantages
Frequently used by accounting professionalsThis is scalable and cloud basedMobile app applicabilityIntegrate with third party applications	Up gradation requires for more usersSyncing issues occurred occasionally with credit cards and banks (Akpan et al. 2021)

Xero

Most of the business organisations choose this software as this one has clean interface and it can integrate with the third-party payroll service. Businesses can collect online payment easily from the customers through the integration of Xero with the GoCardless and Stripe. The advantages and disadvantages of Xero are as follows, such as,

Advantages	Disadvantages
It is cloud based and has mobile app accessibility (Akpan et al. 2022)This software has payroll integration with the GustoIt has third party app marketplace and simple inventory management	Xero has limited reporting and limited customer serviceIt charges fees for ACH payments

FreshBooks

This kind of software offers more customised services for the invoice purpose compared to other accounting software. The primary key function of this software is sending, receiving, paying and printing the invoices, but for the time being this software can also maintain the needs of the basic bookkeeping (Asuquo et al. 2020). This kind of accounting software is more special for service based business as it helps those businesses to send the proposals, track time on the projects as well as receive the payments under different situations. Followings are some advantages as well as disadvantages of this accounting software, such as,

Advantages	Disadvantages
This has user friendly interface and it is cloud basedThird party app integration is easily availableIt is affordable as it has advanced invoicing features	This software has limited accessibility in relation to mobile app (Thottoli, 2020)

Comparing Different Accounting Software and Final Verdict

Therefore, based on the above discussion and considering overall situation, it is essential to compare different accounting software in order to select best accounting software in this context (Raewf and Jasim, 2020). Hence, the comparison of this different accounting software is as follows, such as,

Accounting Software	Price	Cloud-based	Integration	Mobile App
QuickBooks Online	$30 Per Month and Up	Yes	Yes; multiple	Yes
Xero	$13 Per Month and Up	Yes	Yes	Yes
FreshBooks	$17 Per Month and Up	Yes	Yes	Yes; Limited

Now based on the above comparison, it can be seen that QuickBooks Online is the most appropriate one in this context (Bowman and Spence, 2020). This is because, this particular software has proper scalability, flexible accessibility to the mobile app as well as training resources which can help the users in different ways, so that they can find it more usable one. Though compared to other two accounting software, Xero and FreshBooks, the monthly price is high still the users can ge multiple integration which cannot be availed by using other two accounting software (Singh and Best, 2019). Hence, for the small and medium businesses, this accounting software can be the best option.

Recommendations for Choosing Best Accounting Software

Based on the above discussion, it can be found out that accounting software always helps the business organisations to reduce their time which can be spent on the data entry. This can be possible by allowing the users to sync the bank accounts of their businesses as well as credit cards with the accounting software (Alsharari, 2022). At present, most of the accounting software is the cloud based which works efficiently for the business. This makes the overall business more convenient while using the software as they can access their accounting information and books properly and simultaneously. Hence, the business organisations should consider this matter while choosing the accounting software.

Conclusion

It can be seen that accounting software has been evolved for meeting the demand of the digital world and cloud can be considered as the key for this kind of transformation. As the present world is entering into the phase of new disruptive forces as well as competitive pressured, these kinds of cloud accounting systems which are agile and adaptable can allow them to accomplish the financial strength for the future. Hence, this is the responsibility of the management of the organisations to properly choose the appropriate accounting software through which they can avail all the accounting information automatically. On the other side, this is not an easy task for the management of the organisations to spend more on the training of their staffs regarding this accounting software. But at present, this should be noted that the users are not required to get professional training separately for this as they can easily get training session and modules by using this accounting software.

Reference list

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