When it comes to finding the accounting software that’s right for your business, let’s start at the very beginning.
Yep, the trusty shoe box and ledger. If you’re a one-person show and your preference is to stash receipts in your glovebox for a quarterly cleanup and calculator session, good for you.
BBB has worked with many clients at this stage with their companies. As long as you can keep clean records of your income, costs and expenses going, your bookkeeper can fill in the gaps by collating, recording and reviewing your GST and income tax. A shoebox setup will require a minimum quarterly team effort to keep your finances healthy and compliant with Australian regulations.
So if you’re a small enterprise and an Excel spreadsheet is your happy go-to, stick with it. But if you’re finding that you don’t actually know if you’re making money, who owes you money and who you owe money to, then this system isn’t really enough to keep up with you anymore.
It’s also important to note that if you employ someone or wish to pay yourself through a payroll function then these options are not for you. The ATO has implemented STP and your software needs to be enabled to stay compliant. It might be time to consider upgrading to a more comprehensive accounting software in the near future.
There’ll be more from us next week on the other options available to you, but don’t wait around if you’re already tearing your hair out. Call or message us at BBB today to find the solution that is right for your business’ financials.
MYOB, Xero, Quickbooks, Freshbooks, Zoho Books, Rounded, Saasu… There are a LOT of accounting software packages out there these days. Even with some thrifty googling, it can be hard to know which one is the right choice for you without some accounting insight.
When it comes down to it, most of these programs are much of a muchness. They will all have slight variations and interfaces, but ultimately they will cover your invoicing, bills, allocations, reconciliations and reporting.
The best part about living in the era of the cloud is that most of these software options are remotely accessible and offer subscription based use- no more huge upfront costs like the olden days. If you have the patience, you can cycle through the free 30-day trials of a few of the options that stand out to you the most before committing to a longer subscription when you find the layout you’re most comfortable working with.
It’s possible to get subscriptions to something like Xero or MYOB for less than $30.00 a month, but unlikely that setup will be sufficient for very long if you have a healthy business that you plan to grow. In that case, the larger ongoing outlay may seem like an ongoing hit to your expenses account, but it’s best to see spending on accounting software as an investment in the financial health and longevity of your business. You wouldn’t expect a hairdresser to give you a cut and colour with her kids’ craft scissors and poster paints, and you shouldn’t put the same pressure on yourself to run an SME without your own adequate tools.
If all of this sounds like a lot of work that you just don’t have time for, don’t sweat it. Better Business and Bookkeeping is here to help. Call or DM us today to talk through the pros and cons of your different options, and point you to the best solution for your business needs.
Jim 2
Maybe you’ve been in business for quite some time and you’re considering expanding your team, adding a new line of stock or two, or even upgrading your facilities and moving into a larger scale venue. If this is you, it’s likely that you’re finding that your old-faithful accounting software is a bit of a tight fit for operations, and you need to consider an alternative that is more comprehensive.
Jim 2 is an all-inclusive ERP that manages complicated stock structures, project management and procurement with ease as well as detailed user functionality along with all the other A-Z needs of a solid accounting software program. Although this system packs a punch it is very user friendly and has some great tricks up its sleeve to make processing that bit quicker. A system like this one means that you have full manufacturing functionality, kit building, multiple locations and attribute performance at your fingertips.
Happen Business, the developer of the Jim2 Business Engine, have built their software from the ground up in Australia for Australian and New Zealand businesses. Clients who love Jim2 come from across industries including plant sales and service, information technologies, retail sales, wholesale distribution, manufacturing, managed print service, industrial and other service industries.
If you are experiencing stock limitations or frustrations with app add-ons to your current accounting software, Jim2 is a logical choice as it is a one stop shop for all your project, job and inventory management with full accounting functionality.
Don’t be daunted at the prospect of making a switch. Better Business and Bookkeeping is the preferred national supplier for Jim2 accounting in Australia, as our bookkeepers have been working in Jim2 for over 15 years and are specialists in this software. If moving to something like Jim2 is a possibility for your company, BBB would be more than happy to discuss what that would look like for you. DM BBB if you’re curious about how Jim2 software would work for your business and what that transition process would entail.