Home – New Forums Money matters Accounting Software for 2 businesses – 1 ABN

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  • #988458
    amghp
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    Hi everyone,
    we are currently starting a new business venture (2 actually) but both will operate under the same ABN.
    Can anyone recommend an accounting package to use that can allow separate invoicing etc. We haven’t set up a company – just a sole trader.

    Thanks :)

    #1167231
    KP2014
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    Hi amghp,

    Are you trading as a partnership with the same ABN? If one of you has applied for the ABN and you will be both trading with this under either one of you, it may not be the most appropriate structure to use. I’m hoping you have gone with the partnership option.

    With the accounting package, i would probably be using myob as this is the easiest package to use.

    Cheers

    #1167232
    Rhys
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    amghp, post: 193714 wrote:
    Hi everyone,
    we are currently starting a new business venture (2 actually) but both will operate under the same ABN.
    Can anyone recommend an accounting package to use that can allow separate invoicing etc. We haven’t set up a company – just a sole trader.

    Thanks :)

    Hi there, I would suggest you look at Xero. Very easy to use. Feel free to contact me if you want any assistance or advice.

    Cheers, Rhys

    #1167233
    Karen Chow
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    Personally I would prefer MYOB, it could be slightly more complex than xero but it does keep things neat and tidy. In long run I would suggest using it. However the price for using MYOB could be higher.

    Relatively, if you are expecting small and easy transactions, probably xero would do. It gives you a simple glance of reviewing transactions and easy on bank reconciliation. Otherwise, you can start off with xero, and when your business turnover gets higher, you can switch to MYOB in the next financial ear. Hope that helps.

    #1167234
    Past-Member
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    I like and use Xero.
    But, have you talked to an accountant or the ATO?
    By it’s very nature, a sole trader has an ABN attributed to that person’s name – not to two people. All income will be counted to that one person’s income tax. One ABN can have more than one business name, but the income is still tied to that one person.

    If it’s two businesses, then register another trading name with the other person who will have a different ABN.

    Otherwise, there is a Partnership or Company.
    I would encourage you to get legal advice before you go any further so that you don’t run into problems by tax time.
    All the best.

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