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  • #967278
    hkot
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    Hi All

    Have posted this in “Starting a business” but thought it might be more suited to this section.

    I am in the planning mode of my business, which involves acquiring distribution rights for goods and importing them from the US to Australia, then and selling them wholesale and possibly also retail.

    I am looking for software (free or not too expensive) which allows me to keep track of income and expenses and also create invoices.

    Any recommendations? I have come accross Quickbooks, MYOB but dont know if they are any good and want to know if there are any others out there which are better.

    I havent yet discussed this with an accountant!

    Thanks

    #1025136
    exstatic
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    I am a huge advocate of Freshbooks (http://www.freshbooks.com).. I have been using it now for over 4 years. Its fairly inexpensive, I think about $30USD for up to 100 clients and free for a small number of clients

    The thing I like about it is it is software as a service.. hosted in a cloud environment.. (nerd talk I know)

    What that basically means is it is hosted online and is presented to you as service rather than you having to go out and pay thousands for a CD that you need to install.

    The benefit of this is, not only can I do my invoicing from anywhere in the world, but when the system is upgraded or features added, the software gets automatically updated without having to re-install anything.

    It has all the usual accounting stuff, such as invoicing, estimates, timesheets, expenses, reporting, taxes.. and best of all its easy to use.

    #1025137
    hkot
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    Thanks so much for your response – I will check it out. I notice its not an Ausstralian product – is that a problem? Does it work with Australian accounting standards and GST stuff (I dont know much about this)?

    #1025138
    CruzAccountant
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    Freshbooks looks more like a billing & invoicing program rather than accounting software.

    You can use this to do your billing and manage your sales / receivables, and then pass off your information to a bookkeeper to look after your accounts. Between a bookkeper and an accountant, they can look after GST requirements and tax matters.

    #1025139
    TheBusinessAccountant
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    hkot, post: 29692 wrote:
    Hi All

    Have posted this in “Starting a business” but thought it might be more suited to this section.

    I am in the planning mode of my business, which involves acquiring distribution rights for goods and importing them from the US to Australia, then and selling them wholesale and possibly also retail.

    I am looking for software (free or not too expensive) which allows me to keep track of income and expenses and also create invoices.

    Any recommendations? I have come accross Quickbooks, MYOB but dont know if they are any good and want to know if there are any others out there which are better.

    I havent yet discussed this with an accountant!

    Thanks

    Hi

    I would say the majority of my clients use MYOB. Once the program is installed and correctly set up, it is fairly user friendly. If you are not intending on getting a bookkeeper at this stage, then it may be a good option for you to start with.

    Hope this helps.

    #1025140
    lukew
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    I will soon be at the stage of making a decision on what programme I’m going to use.
    Saasu is looking good so far. Will this give me everything I need (invoicing / accounting / BAS)so I can do my bookwork myself or would I be better sticking with MYOB Accounting package ?

    #1025141
    DKhoury
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    • Total posts: 1
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    hkot, post: 29692 wrote:
    Hi All

    Have posted this in “Starting a business” but thought it might be more suited to this section.

    I am in the planning mode of my business, which involves acquiring distribution rights for goods and importing them from the US to Australia, then and selling them wholesale and possibly also retail.

    I am looking for software (free or not too expensive) which allows me to keep track of income and expenses and also create invoices.

    Any recommendations? I have come accross Quickbooks, MYOB but dont know if they are any good and want to know if there are any others out there which are better.

    I havent yet discussed this with an accountant!

    Thanks

    Your best bet is MYOB Accounting which is not expensive and easy to use, if your business picks up and you employ staff and need to track your stock, upgrading is easy and you will get some credit back for your existing software.
    David
    MYOB Certified Consultant

    #1025142
    TheBusinessAccountant
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    lukew, post: 29753 wrote:
    I will soon be at the stage of making a decision on what programme I’m going to use.
    Saasu is looking good so far. Will this give me everything I need (invoicing / accounting / BAS)so I can do my bookwork myself or would I be better sticking with MYOB Accounting package ?

    Hi

    I haven’t had any experience with Saasu so I can’t really comment on the system. I can say that most of the clients I have that use MYOB are relatively happy with the program.

    The other consideration is the usability of any data and reports that come from whichever program you decide to use. You need to make sure your accountant is going to be able to get reports that are easy to turn into a tax return and/or financial statements – otherwise it may end up costing you a lot more in accounting fees…

    Hope this helps.

    #1025143
    akagrp
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    As you are going to be importing and selling goods, this will indicate you will be holding inventory, I would be recommending to starting with an accounting package that can grow with you and manage stock straight away.

    Freshbooks from my understanding is designed for very small operations, and is limited to business with sales of less the $300,000.

    We currently have a client that has moved to Saasu and at present all good, it is quite a cheap software, and starting off if you have less then 20 transactions a month its free, so worth having a look, and the good part is will give you inventory aswell as reports to track where you are heading, ie how the business is doing.

    Happy to chat on the phone if you like to ask specific questions, I also have experience in import/export, so feel free to pick my brain.

    All the best with it.

    #1025144
    Virtual Call Centre
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    Hi hope this helps.. I use this lady and she is really good and also cheap

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    #1025145
    Dardee
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    If you plan on running an inventory system in your accounting package I would strongly recommend you have a bookkeeper look after the file for you. It will save you a lot of pain and heartache.

    If this is a serious business venture then don’t just look for the cheapest solution. Look for the solution that will best suit your needs. If you opt for something that is cheap, but not suitable, you will end up spending more time and money on getting what you want than if you had just opted for the best alternative initially.

    #1025146
    lukew
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    Thank you for the responses,
    Yes I certainly will need inventory control, this is one reason why I would be choosing Saasu over Xero, even though the layout of Xero seems better.

    What I was getting at comparing the likes of Saasu/Freshbooks to Basic MYOB accounting, was to those that know the programmes are they essentialy the same apart from ones a web based and the other disk/programme based.

    MYOB Accounting:
    Track the goods you buy and sell MYOB Accounting adjusts inventory as you buy and sell items, so your stock listing is always up to date and accurate.
    It weems that the basic MYOB package should cover all my needs.

    #1025147
    Maria
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    TM Accounting, post: 29751 wrote:
    Hi

    I would say the majority of my clients use MYOB. Once the program is installed and correctly set up, it is fairly user friendly. If you are not intending on getting a bookkeeper at this stage, then it may be a good option for you to start with.

    Hope this helps.

    Hi I must agree with the MYOB, 80% of my clients use this software. It is suitable for payables and receivables as well as tracking the GST for BAS purposes. Happy to assist if you need.

    Kind Regards

    Maria

    #1025148
    hkot
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    Thanks everyone for your response!

    As I will have inventory – I guess that narrows it down to Saasy, MYOB or Freshbooks…

    I will look through them. I still don’t know how big this business venture will end up so I don’t know if its worth investing hundredes in a softwarre during this first year.

    I have another question re importing and customs, but will post in new thread I think.

    Thanks again!

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