The standard accounting processes most organisations employ are based on practices developed hundreds of years ago, before the Industrial Revolution, when the only tools that existed for balancing a merchant’s accounts were a quill pen and paper ledger.

When revenues exceed expenses, you’re profitable. Sounds simple enough, but as any business leader knows, the current economy has many finance pros carefully watching their financials to see if revenues really are exceeding expenses.

Delivering organisational visibility, mission- critical data on a single platform and supporting collaboration across remote workforces, cloud-based software helps companies make quick decisions in today’s unpredictable business environment.

As small business applications such as Xero, MYOB and QuickBooks have grown in feature sets and capabilities, it has become more difficult to tell the difference between accounting and ERP (Enterprise Resource Planning) software.