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  • #998805
    valentlau
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    I’ve been using accounting.waveapps.com for the past year. It’s great because it’s free, it imports bank feeds from yodlee so no csv files. Problem is it doesn’t understand inclusive tax like GST. They are from Canada and only do US type sales tax. It makes it unusable and faster to use excel.

    Anyone know other free alternatives, or other ways of doing this for a small solo? The only thing I really like is import bank feeds so I don’t forget/miss items. It doesn’t even remember categories properly.

    #1216130
    James Millar
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    Reckon one is pretty cheap and quite solid as a cloud solution. I would like to think most businesses could afford $100 for accounting software of that type.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1216131
    FionaH
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    Rounded is awesome. A fraction of the cost of Xero etc and design especially for Australian sole traders. Calculates BAS and PAYG, has accountant portal so you can share read/write data with them. It does invoicing and expenses and has bank feeds and stripe payment capabilities, and has a very attractive and simple dashboard so you can see where you are at immediately. they also have a link to Airtax so you can do BAS online quickly and simply. Price for rounded is only $169-229 annually, compared to about $50 per month for Xero. Their online chat is great and you get the same people answering your queries and they are real people – they answer within minutes usually. Well worth checking out.

    #1216132
    SME Design
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    Some good info. I have MYOB, $50a month. I have decided that I do not need invoicing, and I do not have stock that Reckon will be the simple viable option

    #1216133
    Redlands Accounting
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    Quickbooks online is great for small business. We can provide it at a reduced rate of $15 per month for the Quickbooks Plus. Please email me if you want more details

    #1216134
    bb1
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    Just remember if subscribing to any package via your accountant, they should be asked the benefits to them, and what happens if you no longer wish to use their firm. This applies when buying or subscribing to any software via a3rd party.

    #1216135
    James Millar
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    bb1, post: 261172, member: 53375 wrote:
    Just remember if subscribing to any package via your accountant, they should be asked the benefits to them, and what happens if you no longer wish to use their firm. This applies when buying or subscribing to any software via a3rd party.

    Yep. We are a Xero Gold Partner and are offered discounts if we hold the subscription and pay for it. However we decided not to go down that path. It probably amounts to many thousands of dollars each year but our thoughts are

    1. Its small beans in the scheme of things. If your firm needs to make an extra $100 in rebates from a client – for all the admin hassle of recovering payments and perceived conflict and data ownership issues. In my view pointless for everyone.

    2. Third party rebates can have a bad vibe. We endorse Xero for most SMEs (not all) because its the the best in market. Not because of any kickbacks. Our opinion is not influenced by anything other than the quality of the product. The recent royal commission into financial planners demonstrates very clearly what happens to “professional” objectivity when commissions and side deals are in play. A big fail.

    3. Subscription data ownership and associated litigation can be a major problem (generally occurs if a client leaves). If your business strategy is to retain clients or customers be creating administrative barriers to them leaving then you have failed massively. Some of the big telecos and banks have this down to a fine art. I tried to close an inactive empty bank account last week (inactive except for $10 per month fee for 3 years). Online banking let me do anything and everything except close the account – for that I had to call them, ID checks, 15 mins on hold. Simple process made deliberately complex.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1216136
    Redlands Accounting
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    I agree and disagree. We recommend QBO, Xero and MYOB depending on the clients circumstances. And yes we pass on some of the discount available however we also receive a small commission to cover our admin. If a client can get software cheaper through an accountant…then why not. We dont restrict clients to staying with us, however if they remove the file from us then they have to pay the retail subscription, unless they transfer it to another partner. We dont restrict access and they can use another accountant or bookkeeper if they wish. What is the benefit to us?? We often become the first point of call hence it has grown our business. It improves our partner status, which opens up marketing opportunities. It doesn’t cost us so why not??

    #1216137
    James Millar
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    Redlands Accounting, post: 261249, member: 19202 wrote:
    I agree and disagree. We recommend QBO, Xero and MYOB depending on the clients circumstances. And yes we pass on some of the discount available however we also receive a small commission to cover our admin. If a client can get software cheaper through an accountant…then why not. We dont restrict clients to staying with us, however if they remove the file from us then they have to pay the retail subscription, unless they transfer it to another partner. We dont restrict access and they can use another accountant or bookkeeper if they wish. What is the benefit to us?? We often become the first point of call hence it has grown our business. It improves our partner status, which opens up marketing opportunities. It doesn’t cost us so why not??

    You are clearly in the category of firms (the 80%) that does the right thing when it comes to transferring clients. When it goes wrong this is what happens https://www.smh.com.au/business/small-business/my-20000-mistake-20140417-36u7a.html

    We have taken on many clients that are on cloud platforms with other accountants and on many occasions the outbound firm seem to make things problematic. All the excuses come out. ..”the personal who handles that is not available”….”the partner hasn’t approved it and is away”…”we are issuing a final invoice and it needs to be paid before we transfer” etc etc. They have all the leverage and in too many cases that position is misused.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1216138
    Paul – FS Concierge
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    All good points….the other big hairy monster in the room is who owns the data that is input.

    I was with a major player and closed my account on 30 June.

    I had auto-invoicing set up and the invoices kept going out. post my account closure date They asked me for over $100 to access my own account so I could stop the invoices that their system was sending to my customers – some weekly, some monthly.

    They were very firm – they wanted the $$$ and on principle, I didn’t want to pay.

    The resultant mess was that a lot of my customers were receiving multiple invoices – some from the old system and some from the new.

    I even had a good customer threaten to leave my service due to this problem.

    It was all very stressful.

    In the end, I send them a notice to quit pointing out that me or the Trustee for my company, nor any of my customers did not authorise them to send emails to 3rd parties (my customers) and that there was no way my customers could “unsubscribe” and that they were in contravention of the SPAM Act.

    In this light, they fixed the problem.

    I was livid at the time as you can imagine the problem shone a big light under the rock of cloud accounting – who owns my data?

    It gives rise to the question of what Soloists should do to protect their data as well.

    #1216139
    RunicConvenience
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    has anyone tried using GNUCash vs using a cloud based alternative for managing own bookkeeping?

    #1216140
    David
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    BAS-I.C is a basic cheap (free) online option with Australian GST http://bas-i.com.au/ ?

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