Why Online Financial Software is Becoming the New Business Standard

Why Online Financial Software is Becoming the New Business Standard

Imagine how much easier your business would be to run if you could automatically share your tax and financial information between your bookkeeper, accountant, the ATO and accounts staff. Even better, that you could receive automated updates to your tax and payroll data; assisting you in keeping tax compliant. By utilising online financial software systems this is exactly what you can do.

What would this mean for your business? The ability to remotely access, share and update your financial data in real-time. This can be done from within the office or from anywhere in the world! It is no wonder online financial software is becoming standard for businesses large and small who are looking to compete on a global scale.

Invoicing on the go

Online financial software drives a powerful range of accounting facets, furnishing businesses with the ability to generate online invoicing from desktop and laptop computers but also smartphones or other mobile devices -  enabling ‘at-a-glance’ real-time invoice status. It also offers the ability to register when the invoice has been viewed by the customer along with a notification when payment is made - no more ‘the cheque is in the mail’ excuses!

Likewise, customers are equipped with the facility to make instant payments using platforms such as BPAY or Paypal. This technology is a boon to tradespeople working off site as they are now able to:

● View customers outstanding invoices

● Generate new quotes and invoices

● Receive and receipt payments immediately

Data sharing

Online financial software is is now making teamwork and collaboration simpler and more effective than ever. Staff working remotely across the city or overseas are able to access real-time stock levels, meaning sales staff with inventory data their fingertips are equipped with far more accurate information. This translates to confident quoting and the power to generate sales.

So how does it work?

Cloud based software can work with an existing company file or allows you to create a new one, and save it online. When this is done, discretionary invites can be set up to allow other users to view and work on these files. Security access permissions can be easily implemented to enable you to limit the range of data which users can access to only that which is relevant to their position level.


Traditionally, reporting software has been isolated to specific departments, preventing a clear picture of a business as a whole. With the advent of Enterprise Resource Planning (ERP) all this has changed by integrating into a single system such diverse areas as:

● Human resources

● IT

● Supply chain management

● Logistics

● Inventory

By integrating ERP software, business productivity is increased by creating a centralised software solution; combining all business data and processes into one manageable system. Studies have shown that by implementing ERP software, order to delivery times can be sped up for customers by 23%. If you can see the advantages of managing and coordinating all your business processes through a single entity which can be accessed anytime, anywhere and which can provide clear insights into the health of your business, then ERP may be worth looking into.

Which financial software is right for you?

According to a recent unbiased comparison by GetApp between the two major players in the Australian accounting software arena, Quicken and MYOB, MYOB Essential provided clients with a number of key ingredients which were missing or fell short in the Quicken offering. These included:

● Web based platform

● Android app ability

● Stronger after-sales support including video tutorials and a greater knowledge base.

Using the recent government legislation changes to mandatory payroll reporting as a prime example, remaining compliant and competitive will become increasingly tougher for those who fail to keep abreast of technology. Cloud based, online financial software has changed the way we do business forever. For those lagging behind in embracing this technology, the time to act is now.

Alison Morgan