Good accounting software

[mgs4]

A query on good accounting and bookeeping software for small business owners and property investors. I've been having a look at QuickBooks prices (http://quickbooks.intuit.com/signup/), I note Xero has become increasingly popular and is a bit more expensive?

Do any accountants, small business owners or investors have feedback on preferred accounting software?

Thanks.

 

[Terry_w]

Just use excel. Make lists of expenses and incomes - that is all you need unless you are running a complex business.

 

[mgs4]

Just use excel. Make lists of expenses and incomes - that is all you need unless you are running a complex business.

Thanks, and then keep multiple folders on one's PC for receipts and invoices?

 

[Jamie M]

I use a simple old excel spreadsheet for properties - and have a folder on the PC (in Dropbox) for each properties invoices, etc

The business isn't as easy to track - I have a bookkeeper that uses a xero bank feed to keep up with my finances.

Cheers

Jamie

 

[GaryT]

Just use excel. Make lists of expenses and incomes - that is all you need unless you are running a complex business.

Sorry cannot agree with you on this one. Excel is might be OK for property investors but I cannot recommend it for small business unless you know the program very well.

Ask your accountant but I would recommend Xero.

 

[coastymike]

Agreed Gary. XERO is a great product and you do need something a little more complex than excel to manage cashflows. I think Terry meant a micro business i.e. turnover less than $100k with very few invoices maybe 12 a year and a few minor expenses.

Otherwise XERO is much better suited for cashflow management purposes.

 

[Paul@PFI]

I cant recommend Xero or any other software without understanding what you seek from the software. Inventory, sales invoices, tracking receivables, payables, payroll and much more. A spreadsheet may suit some small businesses with low activity but is unsuitable in most "businesses".

There are many subscription software options and the costs and benefits vary. Xero is not used by all accountants and their pricing model doesn't encourage adhoc use. Its also pricey for payroll as its priced per employee where MYOB is a set monthly charge with some good and poor aspects. Changes to MYOB in the past year or so have improved their online product and it can be taught rules that avoids the need to think like an accountant.

Simplicity is the key. A good accountant should assist and guide you by identifying your needs and also considering how growth may impact this. You want accounting to be less a chore but be diligent and reliable.

QuickBooks ? Never. Its appalling.

 

[jward101]

I've been using Waveapps for Personal use and have added some IP related accounting codes to track expenses and income against our connected accounts (Offset/Credit Card).

The overwhelming advice on here for IP holders is to use a spreadsheet. I'm hoping my 'hack' to the personal version of Waveapps (Free) and its (fairly generic) reporting is enough to minimise my time spent bookkeeping / paperworking.

For receipts/invoice & paperwork storage I'm using Google Drive.

 

[coastymike]

I had one client using wave and my opinion was it was useless for a basic business.

 

[Terry_w]

Sorry cannot agree with you on this one. Excel is might be OK for property investors but I cannot recommend it for small business unless you know the program very well.

Ask your accountant but I would recommend Xero.

Yes, point taken - a very small businesss.

 

[Tony3008]

... QuickBooks ? Never. Its appalling.

Why so? I've used it for 20 years in UK and Australian versions and - if one can love accounting software - love it.

 

[Blacky]

Xero is $25/month if you have no staff.
A bargin at twice the price.

For small business I don't think you can go wrong with it. It is very intuitive and the help section is fantastic.

I have used MYOB, quickbooks and several others (though noting it was years ago) - and Xero is far easier to manage and learn.
Depends a lot on the purpose of your accounting system too. As from what I have seen Xero is quite simplistic. Not sure how it would go with a larger business.
But you don't need to know accounting 101 to use it either.

For personal finances I use excel and pocketbook.com.au.

Blacky

 

[Paul@PFI]

Xero is $25/month if you have no staff.
A bargin at twice the price.

For small business I don't think you can go wrong with it. It is very intuitive and the help section is fantastic.

I have used MYOB, quickbooks and several others (though noting it was years ago) - and Xero is far easier to manage and learn.
Depends a lot on the purpose of your accounting system too. As from what I have seen Xero is quite simplistic. Not sure how it would go with a larger business.
But you don't need to know accounting 101 to use it either.

For personal finances I use excel and pocketbook.com.au.

Blacky

MYOB can be cheaper and pricing is unaffected by staff numbers. MYOB has really changed and with banklink data feeds daily it can be taught rules and its a no brainer. eg : It just processes those transactions. Days of data entry ended long ago.

 

[Redwood]

I use Xero and now all small business clients of our use Xero, blows the others out of the water in my opinion.

Cheers, Ivan