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  • #991515
    MickB
    Member
    • Total posts: 19

    Hi all, trying to find a suitable package to move away from trusty excel. I hate excel, such a chore to use and my accountant hates it even more when he has to duplicate all my records into his system.

    Looking for a new accounting package. Cloud based, or OS X (Mac) based.

    Looked up Xero – seems crazy expensive. Looks like a good package but don’t feel like shelling out that much per year for something. Same with Myob.

    Gets expensive as I want to split my business into two lots of books so I can see what each business is generating. Currently ABN with two different style business under the one ABN, two trading names. Speaking to my accountant about maybe breaking them down into two companies – which means to books.

    Was looking at Reckon1 but there is no reviews out there on it. $5 a month is not too bad, I take it I need to licenses so thats $10 a month. Better than $100 a month.

    Anyone point me in the right direction?

    #1181879
    My Guy
    Member
    • Total posts: 47

    I used MYOB and from someone who doesnt do book work it was shit to use.

    I now use Xero, costs me $30 a month or $60 if you have employees.

    It automatically reconciles for me, it has automatic email templates.

    It has Ipad and iphone apps which are piss easy to use.

    Seriously $30 a month is only $7.50 a week?

    If you have two businesses you log into the one account and click on which want you want.

    You also get 15% of the 2nd business.

    #1181880
    SmallBusiness Accountant
    Member
    • Total posts: 19

    Hi MickB,

    If you have two separate businesses operating under the one ABN, Xero and other providers allow you to use tracking/ jobs. This means that you can separate out the income and expenses for each business and account for each business in the one file. The software can provide you P&L’s for each different business once it is all setup correctly. There are a few youtube videos which explain the concept should you wish to look into it further.

    Regarding setting up two separate companies, I wouldn’t necessarily do this if the primary reason is to make it easier to account for the each business separately. If I was going to do something like that, I would want a good reason, as your accounting costs are only going to increase with two companies.

    Cheers

    #1181881
    MickB
    Member
    • Total posts: 19
    My Guy, post: 212195 wrote:
    You also get 15% of the 2nd business.

    So when you say log in two the one account and choose the business you want to add things in as expenses, do you need two memberships and get 15% off the second one, or under one membership you can setup two lots of books?

    #1181882
    My Guy
    Member
    • Total posts: 47

    So I have two business I run under My Guy

    Both have a Xero account under my user login.

    I call them

    My Guy Pty Ltd – $46 a month

    My Guy Aust – $46 a month

    – Minus 15%

    – Plus GST

    the 15 % is applied to the whole account which has two businesses under it like me.

    but it’s taken off the net sales not gross sales.

    #1181883
    accommodating host
    Member
    • Total posts: 2

    I use Xero and it has saved a lot of time for the bookkeeper. Get your bank feeds and build up your transaction rules. After a while it’s almost automatic. $50 a month = ~1 hr of bookkeeping. Can you manually input your monthly transactions in an hour?

    XERO also calculates and prepares BAS statements and performs a host of other time saving actions.

    I have a question about Xero. How can I use it to reduce my accounting bill? Do I need to find a Xero accountant?

    #1181884
    Neil Inns (AUZi)
    Member
    • Total posts: 13

    Mick,

    I am total agreement with everyone else that Xero is the way to go (I use it for my business) however, there is another cloud based system that might be worth considering.

    https://www.waveapps.com/

    I have also used this system for my wife’s small business and what’s good about it is its free! Even my Xero based accountant was quite impressed with it for zero money! I’m guessing at some point they will start charging but if you are looking for alternatives, might be worth checking them out?

    #1181885
    MickB
    Member
    • Total posts: 19

    Wow that looks pretty good – and Free! Love it. Might check it out against some of the others. My worry is it looks US based which Im normally 100% for but not sure if that means it won’t be as optimised for the AUS tax system. My accountant has said I will need to register for GST next year, which could add another layer of complexity to everything.

    #1181886
    Neil Inns (AUZi)
    Member
    • Total posts: 13

    Thought you would like it Mick :) To be really honest I use Xero but have recently had to bring the wife’s accounts up to date using Wave. I think its a great alternative for no money! She is not GST registered only being a small part time business but my accountant had no issues with using it to create financials and a tax return.

    There is absolutely no risk in trying it out for a few transactions and see how you get on.

    Wave really should be shouting this from the rooftops as its a great alternative and FREE!

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