Bookkeeping and record keeping alike take a lot of time, effort and patience. That’s time, effort and patience invested into maintaining your business instead of growing it.
Thankfully with today’s new age range of accounting software you can now safely prepare your records online. This means your records are available to you on your phone, tablet, laptop, desktop and the reception computer in Cairns so you can complete your bank reconciliation & BAS on time. It also means all your bank account & some credit card data can be sucked into the software slicing hours off your data entry & bank reconciliation process.
The common question in regards to cloud accounting packages is; which one is right for my business? Unfortunately there is no straight answer for this as every business & user is different. Ultimately what you as the owner are looking for out of your software will direct you. If you’re simply looking for a cashbook each of the packages below covers your needs. However some owners will be looking for greater reporting capabilities and inventory tracking functionality.
Cloud accounting has 4 main contenders for on-line supremacy;
Personally the Reckon & Xero packages are streaks ahead of Saasu & MYOB Live. Through simple functionality differences and some bad connectivity issues working with these products leaves 2 recommendations.
Both Reckon & Xero offer multiple plan options covering from the subcontractor tradie through to 20 employee business. For me the Reckon products are number 1 for small business accounting, and that’s based on 2 key differences;
1. Xero is the equivalent to Reckon One, however Reckon One provides greater subscription flexibility. Xero has 4 plan offerings that increase based on transactions per month, employees & foreign currency use. ‘Reckon One’ allows the user to only pay for what they use, with no lock in to any part of the subscription allowing for upgrade, downgrade or other add-ons to the original selections.
2. Reckon Hosted is the Reckon Accounts package moved online. For me the winning factor is Reckons inventory management and job tracking functionality. Xero has a far inferior system that’s inventory reporting is limited to a list of items sold or purchased without tracking stock on hand or to a further extent gross profit on sale of particular items for a period.
What can you take out of all of this?
1. Decide what you want from your software; simple cashbook or more?
2. Use the free trials that all products offer; yes it takes time but well worth your while to find out which product functionality suits you best
3. Consult your accountant for further advice
4. Engage your accountant to set up your subscription to ensure all settings, prior year trial balance & accounts are set up properly
All of this seeming too hard?
Adams Accounting offers bookkeeping services for cloud and desktop based accounting software. All services can be completed on or offsite from;
• General bookkeeping maintenance including data entry and account reconciliations
• GST and PAYG withholding recording
• BAS preparation and lodgement
• Payroll maintenance including wages processing, workcover declarations and payroll tax; and
• Software setup
• Payment of accounts
At rates on par with other local bookkeepers you can have your records maintained by the person who will ultimately complete your BAS, yearend accounts & tax return. Contact us today for a free quote and to discuss further.
Furthermore we will be hosting our first seminar covering Bookkeeping Essentials on 29th October. The seminar is FREE and bookings are essential. To book your place please phone (03) 5147 1525
Like many I was left disappointed by the blowout that was the AFL Grand Final. Expecting a repeat of 2012 where the game was won in the final minute we were all let down by a disorganised and nervous Sydney that never showed up. Now to face the next month with no AFL or NBA, on the up side we may, I repeat MAY finally see the end of the Essendon supplement saga.