History of Accounting Systems

Prior to computers businesses would adopt the old Shoebox method, where a client would store all of their receipts literally in a shoe box and hand to their accountant at the end of financial year. The more organised clients would adopt the Pen & Paper method using a paper-based ledger together with a bundled pile of receipts and a copy of their bank statements.

Desktop Accounting Software

Since computers become mainstream and affordable many businesses transitioned to a computer-based software to help stay organised. The most accessible and popular software was an Excel Spreadsheet, Cashflow Manager and MYOB.

Evolution of Cloud Accounting Software

Since the evolution of the Internet a new accounting concept has emerged, where accountants and business utilise a single ledger with integration into the business systems and bank feeds to provide the ultimate efficiency and information.

Cloud Accounting Software

While there are a few options when it comes to cloud accounting software, our preference is Xero. In our experience, in comparison to the other solutions, Xero is more user-friendly, better built with more features, integrations and reporting.