Accounting software

[ellissac]

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I’m looking at purchasing an accounting software package and was interested in what other people are using. One program that I am contemplating purchasing is XERO found here at http://www.xero.com/. My only question is what are peoples thoughts on using a web based program as opposed to stand alone? I am a bit worried that there might be a possibility of losing data or the company goes broke and you can’t retreive it.

It looks pretty impressive though

[Peitro]

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I would not worry about the losing data with Xero.com, the company has not made any shortcuts in building this product. (Public listing with open transparency)

SaaS is the future of software, the benefits that come with it, plus the user friendly nature of Xero make the transfer from a local boxed software package the best back of house business decision I have made.

I save so much time and it is so easy to use!

[whateverbusinesssolution]

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Hi Ellissac,

What were you looking at using the accounting software for? Is it to run your own accounting business?

[ellissac]

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No, I’ve taken over a canvas repair business and looking for a simple easy to use bookkeeping software. The other thing I was contemplating was outsourcing my bookkeeping, do any others do this?

[gregpritchard.virtualcio]

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Hi Ellissac,

I agree with Peitro that SaaS is becoming a dominant model for software delivery. For the larger, well-established SaaS providers the risk of folding is reasonably low, but never zero. One thing to consider when choosing a SaaS solution (in your context) is to ensure that you can get the data out of the system periodically – all the data; preferably in a standard, non-proprietary format. If you regularly dump down this data on your own storage; your risk of Xero going broke is mitigated.

We outsource our bookkeeping. It works wonders, and finding the right bookkeeper is well worth the hunt. I would very much consider what accounting package the bookkeeper is using (or more generally, the bookkeepers you shortlist). By using the package they are, your bookkeeping fees will be kept to a minimum as they are proficient in the software, and can process your accounts efficiently. If they need to use a third party solution that they have no experience in; you are effectively paying for their learning curve.

Lastly, with any product you’re evaluating you need to be clear in your mind (and document it) what features you are looking for. You need to be able to use that criteria and feature-list to objectively compare possible solutions. The decision over desktop vs SaaS will generally be a second order concern once you’ve identified a shortlist of solutions which fit your needs.

Once again, if you’re not actually sure of what features you yourself want in a accounting package – talk to a recommended, qualified bookkeeper and/or accountant. (when considering their advice though; make sure they’re not a reseller/partner for that package – otherwise, you’re not getting impartial advice).

Best of luck in your search

[Dardee]

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gregpritchard.virtualcio, post: 5515 wrote:

Lastly, with any product you’re evaluating you need to be clear in your mind (and document it) what features you are looking for. You need to be able to use that criteria and feature-list to objectively compare possible solutions. The decision over desktop vs SaaS will generally be a second order concern once you’ve identified a shortlist of solutions which fit your needs.

Once again, if you’re not actually sure of what features you yourself want in a accounting package – talk to a recommended, qualified bookkeeper and/or accountant. (when considering their advice though; make sure they’re not a reseller/partner for that package – otherwise, you’re not getting impartial advice).

Best of luck in your search

This is very true, but something that most do not think about. You need to have clear thoughts on what you want to get out of it. For instance if you want to want to get good reports on jobs I wouldn’t choose MYOB. Instead I would go with Quickbooks as it has a much better jobs function. That would be my choice out of the 2 dominant programs on the market.

If you chose to go with a different program there will more than likely be a learning curve for the bookkeeper but if they are any good, this will be a small one. Most accounting systems for small or medium businesses are similar in feel.

[tildavirtual]

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In addition to what has already been said, your bookkeeper should be manually (old school bookkeeping) trained and therefore able to pick up any software package with ease. Steer clear of the ones who’s only training has been a 2 day MYOB course at the local community college and look for the one who is willing to give you the names of two or three current clients happy with their work in addition to evidence of their qualifications.

[linkman]

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XERO is a great product – I am really blown away by the functionality. It has a limit in that it doesn’t do payroll – or at least the last time I looked so that is the only downfall.

Otherwise it is a great product.

Have a look at http://www.saasu.com as well. Whilst not as prettyy as Xero it does a great job. And payroll is pretty easy to deal with.

Good luck.

[McAdam Siemon]

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Hi Ellissac,

You also need to discuss this important decision with your accountant. All products listed are great and there are also a number more alternatives that would do the job for you no worries, however it is important that you choose a program that is compatible with your accountant. If your software is not compatible with you accountant or your accountant is not familiar with the software it could cost you $$$, due to them needing to spend more time processing the job. It is purely a time issue, the simpler you can make your information for your accounant the less time processing takes and the less it costs you for their tax services and the more you can spend with them on growing the business.

Clients and especially soloist business owners are constanly asking how they can reduce costs on accounting/legal/professional fees. The answer is get your information into the most compatible form you can to transfer to your accountant, so they can spend the minimum amount of time to process the work and the maximum amount of time helping you grow and consolidate your business.

Use your advisers time so you will derive the greatest benefit, everyone has to do a tax return you do not generate any income from it and it is of no real benefit to your business apart from compliance. Use your advisers as mini managers, they have a wide range of experience and can draw from many situations to give you great business advice.

Business owners should go to their accountants for ideas, use their knowledge!!

Good Luck

[@HeatherSmithAU]

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I agree – please have this discussion with your accountant. There is no point getting a product they can not integrate with.

I have dealt with accountants, who ask you simply to sen the reports they can not even open a data file.

I have spent the last two days working on QuickBooks and I hate it – people like it because it is easy to use – but they ends up not doing things properly in it – sweeping stuff under the rug – it also performs badly on Vista.

I guess you operating system does not matter if you are going online.

One of those programs gives you free access for under 15 transactions doesn’t it?

[beanydc]

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MYOB, post: 5859 wrote:

I have dealt with accountants, who ask you simply to sen the reports they can not even open a data file.
?

It’s often not a question of whether or not we can open the data file. Provided we have the necessary reports, and can read the detailed general ledger, then a trial balance take on is all that is required, and takes a fraction of the time compared to figuring out what version of what platform they are on, getting all the passwords sorted out, making sure the chart mapping and GST treatment is correct for the newly added codes, importing the data, trying to work out why it wasn’t a clean import, and then clogging up our files and making it difficult to identify our end of year adjustments.
For the same reason we often do not attempt to make the clients cash book equal to ours. Naturally we will do it if asked, but most of our guys are using a computerised system to keep track of their debtors.

[Dardee]

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Exactly right Denise. If you have confidence in the information provided there is no need to get the file.

[divapromotions]

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I use quickbooks and I love it – it’s so easy to use and shows you the steps you need to take. The interface is what makes it so good, whereas MYOB doesn’t really have an interface – it has 3 different sections, but if you are a newbie to it all, it’s not user friendly!!

I’ve not actually looked at the one you have suggested, but I do agree with the others on not having to worry about losing your data – as long as you have the functionality to download/backup offline then you are fine.

I am going to outsource my bookeeping once I know how to do it. Sounds a bit silly, but I need to know what is going on in my business and I’ve had too many people close to me been burnt by outsourcing their books to a dodgy bookeeper – who at the end of the day isn’t responsible!(in the eyes of the law)(apparently)

let us know how you go with it!

[@HeatherSmithAU]

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Denise and Dardee,

Do you advertise the fact that you do all the work without even having to open the business owner’s data file?

[Dardee]

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I no longer work in practice so I’m one of those preparing the information for people like Denise. I’m not sure what you mean by “do you advertise the fact”? You make it sound like a dodgy shortcut, but in fact it is far from it. Think of it on a different level. Does the accounting firm working with BHP get their data file?

Just because a business is using MYOB does not mean that they cannot produce a set of accounts the accountant can be happy with to prepare a final set of accounts and tax return from. If all the entries are in and everything balances then there really is no need for the accountant to get the file. All they will be doing is printing the same reports.

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