Accounting Software for Small Business
One of the most important decisions a small business needs to make is your choice of accounting software.
One of the biggest mistakes small business owners make is that they purchase accounting software beyond their business needs and level of accounting skill. This can lead to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’.
With so many software options available it is easy to become confused, and they range in functionality and sophistication with a price tag to match. To assist you we provide the following guidelines:
- If you don’t understand double entry accounting (i.e. debits, credits and journal entries) then avoid sophisticated accounting software programs. If you need to use such a program then consider a training course at a local TAFE that runs for around 14-20 hours at a cost of around $350.
- Don’t buy software beyond your business needs. If you don’t need inventory or a fully integrated general ledger system don’t buy a ‘Mercedes’ when you only need a ‘Holden’.
- Your software should be compatible with our general ledger system to allow easy transfer of electronic data. This can save time, money and assist with meeting the various lodgement deadlines.
We recommend that you talk about your needs with us before selecting an accounting program for your business.
Let’s briefly have a look at the options that are available:
Xero: Xero is a cloud accounting program. In other words, you access it over the internet. It has a lot of flexibility and is quickly growing in popularity.
MYOB: MYOB is another very popular program and could be ideal if your business needs a full general ledger or point of sale solution. MYOB has a ‘hybrid’ program so it operates both in the cloud for when you have internet access, and on your desktop so you can continue doing your accounting when the internet is down and sync it to the cloud when the internet is restored.
Cashflow Manager: Cashflow Manager is another popular accounting software program in Australia as it is very easy to use. You can track your receipts, payments and GST as well as create sales invoices with the standard program, and also process wages, superannuation and manage your supplier invoices with Cashflow Manager GOLD.
If you do not want to do the bookkeeping yourself there are other options we can also assist you with.
We can assist you to obtain the right software for your business and we urge you to contact us regarding your choice of accounting software because the wrong choice can prove both frustrating and costly in the long term.
- Australian Taxation Office (ATO)
- ATO For Individuals
- ATO For Business
- ATO Superannuation
- ATO Rates & Calculators
- ATO Tax Topics Explained
- Aust. Securities & Investment Commission
- Australian Business Register
- Australian Stock Exchange
- Financial Planning Association
- Cashflow Manager Support