Why Xero and MYOB Can’t Replace Statutory Trust Accounting Software – And What to Use Instead
Introduction Xero and MYOB are widely used accounting platforms in Australia. But there is an important distinction between general business accounting and statutory trust accounting. The question is not whether a general accounting platform can record a bank transaction. The question is whether it provides the specific controls, records, workflows and audit trail required for statutory trust-account management. For tax practitioners, the [...]