Monthly Archives: July 2016

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Online Accounting Software in Australia

Category : Services , Xero

Man Working in the Office Regarding Accounting

Every business, regardless of the goods and services offered, needs good bookkeeper professionals to make sure that all financial activities are properly recorded and organised. Compiling financial report is a major part of company activities in relation to revenues, loss, tax, and planning. Start-ups probably cannot afford to hire professional accountant, but there are always some reliable applications or online accounting software to help them manage. These are some of the best online accounting software or services that work seamlessly in accordance to Australian legislation.

 

  1. Xero

 

Xero is the giant in online accounting industry, not only in Australia but also many other countries. Mobile and desktop applications are available and compatible with all major operating systems including Mac, Windows, Android, and iOS. The real benefit is that you can access, process, and analyse data on-the-go as long as you have Internet connections. Advanced reconciliation process also allows for importing and categorising bank transactions at ease. All business financial activities including but not limited to recent banking, PayPal payment, and credit card expense can be imported and categorised too. Xero also offers comprehensive payroll management. Basic Xero package is available from $25 AUD per month.

 

  1. QuickBooks Online

 

All the basics of bookkeeping are covered very well by QuickBooks Online. Business owners can track and manage income, expenses, and profits with no hassle. The service also allows for processing of unlimited amount of invoices. All data are stored online and accessible from both mobile devices and desktop computers. Its cloud computing platform offers an excellent security protocol in the same level you get from modern banks. Apart from the comprehensive set of features, QuickBooks is also popular for its competitive price starting at $13.50 AUD per month.

 

  1. Saasu

 

The only reason that Saasu is not currently a mainstream accounting cloud accounting platform in Australia is that the company has not invested heavily on marketing. In terms of features, however, Saasu stands in the same level (if not higher) than any competitor in Australia. The service even provides international transactions management with over 50 foreign currencies. All transactions using foreign currency accounts will be automatically converted to local currency. There is an automatic scheduling for recurrent expense and sales, minimizing the possibility of human error in reporting. Smart bank fees are provided to perform reconciliation in more time-efficient manner. Invoices are customizable. You can set Saasu to prompt customers for payments and automatically enquire overdue accounts. Pricing starts at $15 per month.

 

  1. JCurve

 

The product of a home-grown Australian project, JCurve comes in two different packages: standard and advanced. For small to mid-sized business, the standard package is likely to cover all the basics of accounting related to invoices, statements, purchase orders, sales, accounts payable/receivable, and automatic reminders. Bank feeds are included in the standard package as well, and you can set it to download the statements on regular basis such as daily, weekly, etc. Credit card authorisation for both online and offline sales are available, too. The advanced package stretches the functionality to enterprise level with CRM, e-commerce, marketing, inventory, order managements, and more. Price starts at $49 AUD per month.


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Start the New Financial Year with a New Bookkeeper

Category : Services

Time To Change

Business start-ups do almost everything with strong sense of Do-It-Yourself mentality, and they thrive on that. Completing every task yourself from marketing and accounting saves money because you don’t have to pay for any professional service. For the first few years when money is not flowing-in as smoothly as expected, it can indeed be difficult to justify hiring professionals such as a bookkeeper.

When business starts slow and financial transactions never exceed the amount you can handle, all accounting tasks are relatively easy. As the company expands and gets bigger, doing financial bookkeeping on your own will probably lead to more troubles. Many tasks including credit card usage tracking, payroll posting, and account reconciliation can be tricky; when a pile of transactions are waiting to be processed, it is always easy to make rookie mistakes.

Bookkeeper Makes Everything More Organized

 Basic accounting is not actually very difficult, especially when you use reputable accounting software on your computer. While you can do this in your own, bookkeeping tasks certainly keeps you away from doing something else for your business. After a couple of years of business, tax planning and accounting become more complicated that you simply cannot afford to take the idea of hiring professional for granted.

Timely Accurate Information

A bookkeeper is not an accountant. The former is the one who does accounting jobs on daily basis for examples paying bills, filing paperwork for payroll, submitting invoices and following up on them, credit card usage tracking, reconciling accounts, and more. Company’s expenses must be tracked and every cost should be entered properly as well. When the time comes for taxation and financial reports, your company is ready.

Informed Decision

 On the other hand, an accountant helps you see the bigger picture of your financial situation. Based on the files/reports compiled by bookkeeper, the accountant can generate reports concerning profit, loss, and tax. If needs be, an accountant will offer advices to reduce operational cost and increase profitability.

One thing that prevents many small business owners from hiring professional bookkeepers is the invasion of user-friendly accounting software; those applications are good on themselves since they provide an easy way that even someone without any accounting educational background can use them for basic accounting. However, throwing data into the software without good understanding of bookkeeping can lead to disastrous results which will affect tax return. The safer bet is to hire qualified bookkeeping service filled with professionals who know what they’re doing. To get in touch with a 360 Consultant click here or call 1300 360 749