Accounting Software

Yi Guo-1353708

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

 

Part A

 

Type of Software

Accounting

Name of Application

Xero

Pandle

Cashbook Complete

Developed in New Zealand

Developed in New Zealand

 

Developed in New Zealand

Developed outside New Zealand

 

Developed outside New Zealand (UK)

 

Installed on a Desktop Computer

 

 

Installed on a Desktop Computer

Cloud Based Software (SaaS)

Cloud Based Software (SaaS)

Cloud Based Software (SaaS)

 

Mobile Application (iOS or Android)

Mobile Application (iOSand Android)

Mobile Application (Android)

 

 

Xero

 

Xero is a web-based accounting software typically created for growing businesses. Xero was founded in 2006 in New Zealand, and is one of the world’s fastest growing SaaS now (Xero software, n.d.). It has a world-class team of more than 1,800 people in 20 offices across the globe. As it is web-based, people can get access to Xero from anytime, anywhere, on any device as long as it is connected to the Internet. It is easy for small businesses to use this software and view their cash follow, transactions and bank information in a timely manner. Xero automatically import and code any bank transactions and online bill pay helps trace any spending. Xero offers unlimited user support and integration with a variety of systems, including ADP, Bill.com and Vend (Xero software, n.d.).

As Xero is cloud-based so it uses subscription as its pricing model. Different price levels allow users to use this software fully and save cost to the largest extend. The starter monthly fee is NZ$27.5 which allows user to send 5 invoices and quotes, enter 5 bills and Reconcile 20 bank transactions (Business plans and pricing, n.d.). The standard monthly fee is NZ$55 which has unlimited invoices and quotes, bills and bank transactions (Business plans and pricing, n.d.). The premium monthly fee is NZ$70 including all the functions of the standard plus allowance of handling multiple currencies (Business plans and pricing, n.d.). In addition to that, it gives customers a 30 days free trial version with unlimited users.

One feature to distinguish Xero from other accounting software is multi-currency which allows users to track gains and loses for more than 160 currencies (Multi-Currency Accounting, n.d.). Users could set a default currency to a contact so that every bills and transactions related to this contact will default to that contact. This is very helpful for businesses that are dealing with overseas transactions.

 

Pandle

Pandle is a cloud-based accounting software for small businesses in UK. Just as what is stated on the official Pandle website, their mission is to develop a simple to use and blazingly fast bookkeeping system that changes the way small businesses tackle their bookkeeping (About us, n.d.) The platform helps streamline accounting activities including invoicing, quotations, receipt uploads, payroll services and tax estimations (Pandle Software, n.d.).

Pandle supports various currencies and exchange rates for currency conversions (Pandle Software, n.d.). Pandle has a strong feature of connection with bank systems allowing users to upload any bank transactions to the software system.

Pandle also uses subscription as its pricing model. It has a free version which has basic functions of an accounting software and a Pro version which allows users to have much advanced functions such as unlimited users, bank feeds, accepting payments with Stripe etc., and the Pro version costs only £5 per month (Pricing, n.d.).

One feature to distinguish from another is that the Pandle Pro has unlimited users and its subscription fee is very low compared with other types of software. Pandle’s reporting functions allow users to view financial statements and analyze business health (Pandle Software, n.d.).

 

Cashbook Complete

Cashbook is a complete New Zealand made accounting software. As it is stated on the website, they are mainly focusing on providing “keep-it-simple accounting” software (About, n.d.). It is a software installed on PC. There are no other versions regarding web-based or mobile apps.

Cashbook is different with the above two software regarding pricing model. It uses perpetual license which means users pay a certain amount of fee for once, and they can use the software forever. Cashbook also has several versions catering for different users that have different needs. Cashbook Home is a complete free version which contains very basic standards (Cashbook Complete Pricing, n.d.); Cashbook Lite costs NZ$ 170 and it has advanced features such as contacts management and tracking bills to pay (Cashbook Complete Pricing, n.d.); Cashbook Complete is the highest version which costs double the price of Lite and it has complete functions of this software has (Cashbook Complete Pricing, n.d.).

One feature needs to mention is that this software has a 90 days trial version which is not simply a demo but gives user to use Cashbook Complete fully so that they can decide better if this software suits them well or not. Also, if user wants to upgrade from Lite to Complete, they only have to pay additional NZ$170, instead of buying a Complete for NZ$340 and throw the Lite away.

Part B

Price

Price is the first element that a company may have to consider before purchasing. Small business may not need an accounting software which has very strong functioning because it may have huge cost. Big companies would not consider to buy a software which is cheap but with limited functionality. So, companies need to be clear about what their budget is then they would be able to choose the right software with exactly the right price.

 

Accessibility

Users need to know the ways to access the software. It would add points if there are multiple ways such as through desktop installation, mobile apps or web to access which would make it really convenient.

 

Functionality

Regardless of price, more functions often means better software. Sometimes users do not actually know when they would be needing a certain function before they actually need it. So, when buying an accounting software, users not only have to consider the standard daily functions they need, but also to keep those additional functions in mind in case they may need then when their business expand.

 

Stability

As users are dealing with a huge amount of data, especially with money, stability becomes rather important for an accounting software. This come with two aspects. One is the stability of the software itself. Users need to be clear of the history of the software regarding customer feedback of this software because it is quite annoying when a software occurs error when it’s running. The other is the stability of the database. Make sure the software has a strong backup system. This could ensure any important data is saved in a security place and users do not have to worry about the data lost.

 

Security

Make sure the software has a security system to ensure the data is protected. Accounting data is confidential to a company, no one is allowed to see the data without any authorization. User access should be controlled so that any access, deletes, modifications etc. can be tracked to make sure any data is security to the largest extend. 

 

Dashboard

Friendly Dashboard or UI, makes working more enjoyable. This is reflected not only in the appearance of the software, but also user experience. It would add points to a certain software if the software is professional designed and easy for users to use.

 

Bank connections

Because accounting is always involved with bank transactions. A strong function to connect with bank system is really important. When bank information could be automatically uploaded to the software, it would be much easier for users to track the money going in and out from your business.

 

Advanced search

Basic search engine is not enough for a good accounting software. It should have advanced search engine which makes the software more intelligent. Users could be able to find whatever they need through just one type and one click which would make their more efficient.

 

Customer support

Users are not as professional as the designer of the software so there would be some problems occurred during their use, and also sometimes the software itself would occur some unexpected errors. So, having a customer support is really important. Companies should consider these before purchasing so they do not have to worry when problems appear.

 

Part C

The company I chose to evaluate is my former company I worked for. It is a manufacturing firm established in 2014 producing motors and selling them from China to US. So basically, the main business of my company is international trade business with a small piece of business of local trade in China and I would consider my former company to be a start-up business company. It has two big customers taking up 70% of all sales and several small customers with small orders. The company is expecting to have 5 big customers as their 3-year goal. It has now around 50 workers with around 15 office employees. The business is expanding and there is increasing Capital investment. It has only one location right now but in the future, it may have overseas offices in US when it grows bigger. It has now about $4 Million of annual turnover.

 

I will first provide a table with the findings of each software regarding all the attributes and then provide another table with a 1-5 type score system (1 means bad, 3 means average, and 5 means excellent) to evaluate each attribute of different software performance.

 

Attributes

Xero

Pandle

Cashbook

Price
 

NZ$27.5-NZ$70
per month

Free-£5 per month

NZ$ 170-NZ$ 340
one-off cost

Accessibility
 

Web+ Mobile APP

Web+ Mobile APP

PC only

Functionality
 

Professional functionality

Standard functionality

From standard functionality to higher levels of functionality

Stability
 

Positive feedback from users’ perspective

Positive feedback from users’ perspective

Positive feedback from users’ perspective

Security
 

Online storage in several locations

Not enough evidence

Only version Complete has mentioned security

Dashboard
 

Good UI and easy to use

Very friendly UI and easy to use

Easy to use but the UI is not very beautiful

Bank connections
 

Connect to multiple banks but some feedback says not all banks trust it

Connect to multiple banks

Connect to multiple banks

Advanced search
 

Very professional

Not strong

weak

Customer support
 

Very large customer service team. 24 hours 7 days help service via phone and email.

Help service is available through email.

Help service available through phone from Monday to Friday within limited working time.

 

Attributes

Xero

Pandle

Cashbook

Price
 

2

5

3

Accessibility
 

5

5

2

Functionality
 

5

4

5

Stability
 

5

5

5

Security
 

5

2

2

Dashboard
 

4

5

3

Bank connections
 

4

5

5

Advanced search
 

4

3

2

Customer support
 

5

2

3

Average Score

4.33

4.00

3.33

 

Part D

Xero

Pros

Various ways of access to the software makes it very easy for users to work efficiently. In today’s business, accountants may not always sit in their office doing paper work. They might visit different banks during working time. Xero could be installed on no matter iPhone or Android based mobiles which allow every user to use the software at anywhere, anytime.

 

Strong stability and security back up users to the largest extend. Users do not have to worry about the loss of data or any information stolen because the system. It has professional functionality giving almost everything users may need. The UI is not excellent but still very friendly. It has excellent advanced search which benefits users greatly.

 

Customer support Is quite excellent. They have a strong overseas team waiting for solving any problem users may have and the service team operate 24 hours 7 days a week so whenever users have issues, they would find solutions from the professional team.

 

Cons

Expensive software. Even the starter version costs $27.5 per month.

Some users say not all banks support this software.

 

Pandle

Pros

Price is a good factor to consider. It has a free version with limited functions but the subscription version is still very cheap. It can be accessed through web and Android based app. It is stable regarding the software itself and the data base.

 

The UI is very beautiful which can be an advantage. The dashboard is very friendly and designed to be as simple as possible so that users would be easy to be get used to this software.

 

Positive feedback regarding bank connections. 

 

Cons

There is no evidence found on their website regarding security. It is supposed to be secure but as security has to be an important factor for an accounting software but they do not highlight it, this should be considered to be a disadvantage.

 

Not very good advanced search which may lead to bad user experience. Although it has basic search tool which allows users to address what they need, without advanced search may to some extent drag their work efficiency.

 

Bad customer support. It can only be found on their official website of some service support through emails.

 

Cashbook

Pros

Regarding the prices, it is one-off cost which should be an advantage compared with many other accounting software. Small business could benefit from it since this has no additional cost and users can customise their needs and chose what version best fit their needs.

 

Stability and security are good.

 

Very strong bank connections.

 

Cons

Low accessibility. As it can only be installed on PC which is out of fashion compared to other software. Rather small business does not need to consider it but big business would suffer from it when data base is becoming big and work has to be done from different places, not limited in one office.

 

Low security. This is also not mentioned on the website which could be considered to be a disadvantage.

 

Dashboard is quite normal without very good user experience.

 

Bad advanced search engine which does not affect really small business.

 

Customer support is not very good. It only offers help through working time in NZ.

 

Part E

As a start-up manufacturing company mainly doing international business, the availability of viewing of different currencies is quite important. Xero is quite professional regarding this aspect compared with other two software.

 

In terms of accessibility, functionality, stability, security, advanced search and customer support, Xero scores higher than each of other software. In China, the accountants might not always be in his/her office because there is much work that should be done with different banks. When the software could be accessed through not anywhere from any device, then it would be great benefits to the accountants. As your company is expanding in a fast speed, it is advised to use a professional software that have various functions and strong advanced search. Xero is with a high reputation of stability and security and it has a big customer support team to back up your accounting system to operate in an excellent way.

 

Dashboard is with a score of 4. The reason for this is that when the software is becoming quite professional, it would be a bit hard for users to get used to it. And because the functions are really strong, it would have many buttons displayed on the screen which at first glance would affect user experience. But overall it is not excellent but still good.

 

Price is to be considered when your budget is limited as this is a software that is much more expensive than most of other accounting software. But as your company is growing very healthily and with more investments coming, an excellent accounting software is highly recommended to support your future business.

 

Overall, we would recommend to purchase the premium version of Xero.

 

 

REFERENCES

 

About us, (n.d.) Pandle Retrieved from https://www.pandle.co.uk/more/about-us/

About, (n.d.) Cashbook Complete. Retrieved from http://www.acclaim.co.nz/about.htm

Business plans and pricing, (n.d.) Xero. Retrieved from https://www.xero.com/nz/pricing/.

Cashbook Complete Pricing, (n.d.) Cashbook Complete. Retrieved from http://www.acclaim.co.nz/pricing.htm

Multi-Currency Accounting, (n.d.) Xero. Retrieved from https://www.xero.com/nz/features-and-tools/accounting-software/multi-currency/.

Pricing, (n.d.) Pandle Retrieved from https://www.pandle.co.uk/pricing/

Xero Software, ((n.d.) Software Business. Retrieved from https://www.softwareadvice.com/nz/accounting/xero-profile/.

 

 

 

 

 

 

x

Hi!
I'm Erica!

Would you like to get a custom essay? How about receiving a customized one?

Check it out