Choosing the right accounting software
The accounting software package you choose depends on the nature and size of your business. Does your business interact with overseas customers and suppliers? Do you have an e-commerce business that requires integration with financial processes? Or perhaps you just want more control, with real-time access to critical financial information.
Matthew Addison, Executive Director of the Institute of Certified Bookkeepers, recommends accounting software to all new businesses.
“A new business should be setting up software from day one. It helps with business processes, as well maintaining your accounts,â€ he says. “Anyone going into business plans to sell something to someone, so you need to be able to invoice people, and this is a simple tool that software can help with.â€
QuickBooks Simple Start is ideal for sole traders and other small businesses that don’t carry inventory or handle multiple currencies. Simple Start can track your income, expenses and profits, send quotes and invoices, manage payroll for up to 10 employees, complete your BAS forms and manage your GST. Depending on your bank, it can also download transactions from your bank and credit card accounts. QuickBooks Plus offers even more, such as tracking billable hours by customer and tracking inventory.
QuickBooks Essentials offers all these functions plus others, such as handling multiple currencies and comparing your sales and profitability with industry trends.