Which Software?

[Bricks & Mortar]

Please HELP........MYOB?, Cashflow Manager?, Quickbooks? or Quicken?

I know everyone probably has a preference to the one they have purchased to run their accounts, but has anyone had access to more than one, so I can better ascertain the pros & cons of each.

I'm probably looking for a software package which is both user friendly for both me and my accountant. I'm currently working with property tracker and exporting into excel then revamping the excel spreadsheets.

I'd prefer to use just one for all the account to keep acurrate records


Thanks in Advance


cheers
Timm

 

[Mry]

There's nothing wrong with a good Excel Spreadsheet. I'd use those.

PROS
You already have it or you can download a free "excel" equivalent at http:\\www.OpenOffice.org.
It won't become incompatible or inaccessable in the future. For example, Quickbooks version 7 files from 4 years ago cannot be updated with the latest Quickbooks. Excel spreadsheets from the original Excel can be read easily.
It is very powerful and record any information you want in whatever manner.

 

[coastymike]

I agree with Mry. Excel if you know how to use the product. Cashflow Manager is also very good.

My personal advice to clients is unless you employ a bookkeeper or know some basic accounting keep away from MYOB or Quicken. They are great products but its like giving a Porsche to a 20 year old. They are powerful tools which in unskilled hands can be very dangerous. Unfortunately my office is constantly correcting client mistakes made in MYOB, doing correcting journal entries, reversing some journal entries, etc to clear up the errors. This then gets added to the bill and us and the client have that classic (as all accountants have experienced) why is my bill soo high when im doing them myself.

So stick with something simple like Excel or Cashflow Manager and leave the rest to the accountant.

 

[Programmer]

I've use MYOB for about 7 years and it's OK. I've also use Quicken - which I didn't like because when I used it it had not been 'Ozzieized', i assume its different these days.

MYOB is OK for my uses (running a small Co), and suits the Accountant. However, unless you have 100 properties I'd still use Excel. As Mry said, it's portable and importable/exportable almost everywhere. The problem with most packages is that they're proprietory. MYOB can export to most formats (even Excel and PDF), but you'd need help setting it up for property financial management to get the most out of it. MYOB is also quite expensive (for what it is). MYOB 'forces' you to belong to their 'Cover Plan' outside the initial period. It's ridiculous, and honestly not worth the cost. I really hope that MYOB change their ways here. They won't... If you'd like some details regarding on-going costs PM me and I'll send you a list, together with why each item on the list is almost worthless.

MYOB (and I assume Quicken) are not 'geared' for properties. So, as I said you might be better off sticking to that spreadsheet. Then again, maybe someone else on SS has already set-up MYOB (or Quicken) for this purpose and might be able to help you out. Please ensure you check both of these products for the 'on-going' costs before making a commitment. IMO MYOB is a reasonable up-front cost, and ridiculous on-going costs (for what you receive for your money). I can't comment on Quickens costs.



Cheers,

 

[pjb89]

Hiya Mry

Do you have the link to OpenOffice...pretty please

Pedro

 

[Programmer]

Oh pjb89! Naughty!

Step 1: Browser->Google->Type "Openoffice.org"
Step 2: Click on link to OpenOffice.org
Step 3: Download (or read, or order a CD or....)

if all else fails click www.openoffice.org

 

[pjb89]

Hiya

I did that...truly woooooly.....

thanks a mill

Pedro

 

[Sim]

From an accounting point of view - Quicken will do what you need. I also use Quickbooks - much more powerful, but overkill.

 

[twodogs]

I've used Quicken Personal for years and it's working for me, but not property friendly. Quicken is to finances as Microsoft is to operating systems: do it our way.... what is there another ? And their registration and support is outright arrogant. I'm sure there is better property software, but I would have to enter property transactions in two systems.

Excel does the bits not done in Quicken....

 

[skater]

I use MYOB which was originally set up for me for my accountant. Have been using it for years now. Ongoing costs are zip as I don't update it. It is easy, just use a different job number for each property & can send the completed files via e-mail to the accountant at the end of the year.

 

[iKwak]

From an accounting point of view - Quicken will do what you need. I also use Quickbooks - much more powerful, but overkill.

How exactly do you use Quickbooks for your property management portfolio?
Any tutorial guides online? Books?

 

[redwing]

Excel

has anyone had a look at www.excelaustralia.com.au ?

REDWING

 

[tony100]

Bricks & Mortar,

I agree with Coastymike and say keep it simple. I use Cashflow Manager but find it has a big drawback in that you cannot assign notes to transactions. I.e., in Microsoft Money or Quicken you can assign transactions to a category and call also add a reminder in the Memo section. So, if you settle on a property and have say, seven debits from your bank (valuation fee, application fee, LMI etc, etc..) you can add a reminder for each and every transaction. With Cashflow Manager you cannot do this so all transactions will be lumped under "Loan costs" or whatever you name it. You can always add notes afterwards in a variance report but it takes time.

Apart from that drawback I do like Cashflow Manager.