Accounting Software for Small and Medium Sized Businesses

RUNNING HEAD: ACCOUNTING INFORMATION SYSTEM
Accounting software

Accounting information system 2
Executive summary
This report provides insights about different accounting software which can be installed in a
small and medium sized business. It recommends the best suitable software for the client in
which they can make investment and earn benefits. The first two parts of the report provide a
brief introduction about client that is MICRvision, a sole trading company engaged in the
business of distributing new and used equipments, spares and all consumables. Its core activities
include supplying binding tape, thermal ribbons and stitching wire. In the third part, the features
and functions are discussed which are required to be processed by the software so that the
objectives of the business can be accomplished. The features include reporting, analysis,
automation, customization and many others. In the later parts, the software and vendor selection
are explained containing the differences between XERO and MYOB, explanation about different
software and comparison of the same. It has been observed that for MICRvision, XERO is best
suitable as it offers more advanced functions and easy to use. Moreover, it is less costly as
compare to other software and is very much appropriate for a medium sized company. The same
recommendation is provided in the conclusion section of the report.

Accounting information system 3
Software Selection
 XERO: It is a domiciled public software company in New Zealand that offers cloud
based accounting software for all the medium and small sized companies. The products
of XERO are based on software as a service (SAAS) model and are sold through
subscription. It provides wide range of accounting procedures that which makes the data
reliable and protects it at the same time. It offers smart accounting tools that can be easily
pact with book keeping, reconciliation of balances and many more. On a whole it
connects people from anywhere, anytime and from any device. Thus, it is best suited for
small sized business (XERO. 2018).
 MYOB: Mind Your Own Business is the multinational corporation operating in
Australia, providing tax, accounting and other business software services. It is also best
suited for medium and small sized companies. It has different type of products for the
businesses with different sizes. For SMEs, it has MYOB essentials, MYOB Account
Right, MYOB Account Edge and others. For the companies operating at large scale, it
offers products like MYOB Exo, MYOB Advance, MYOB Pay Global and others. It
automates the accounting process and makes the organization efficient. With greater
speed and high accessibility, it has been highly used by many Australian companies
(MYOB. 2018).
 QuickBooks Online: It was founded in 1983 after the launch of IBM first personal
computer. It is designed for small businesses only. It is pretty much reliable but it has its
scope limited to bookkeeping and accounting only. It is cheap and simple to use. It
provides various innovative tools of accounting which assist in recording transactions