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Australia Bookkeepng - MYOB or QickBooks

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I have to say I hate bookkeeping. But I know enough about accounting to do it myself (at least for my first financial year). Keeping in mind that I am from Australia and our tax laws are probably the most complicated in the world......what program is the easiest to use...MYOB, Quickbooks or is there somthing even easier?

 

Cheers

 

Fiona

Samurai Office Services

www.samuraiofficeservices.com.au

Edited by BusiMum

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I have to say I hate bookkeeping. But I know enough about accounting to do it myself (at least for my first financial year). Keeping in mind that I am from Australia and our tax laws are probably the most complicated in the world......what program is the easiest to use...MYOB, Quickbooks or is there somthing even easier?

 

Cheers

 

Fiona

Samurai Office Services

www.samuraiofficeservices.com.au

 

Fiona,

 

I've not worked with MYOB before, but I just took a quick look at their website. It appears that their system is very robust and geared to medium to large size companies with need for full-range accounting needs. Maybe they have a slimmed down version for the small business owner, but I didn't readily see it. And I wasn't able to get to any of their pricing, either. Maybe somebody who uses MYOB on this Board can comment?

 

I know Quicken is widely used in the US and is the common software for most smaller businesses. If that is also the case with Austrailia, then I would lean that direction. You can check out the free version online to test it out and then decide. I know that version isn't full functionality, but it would give you a trial period of their software before purchasing it.

 

In terms of Austrailian taxes, no small business accounting software is going to meet your tax needs 100%. You'll need to plan on using either a tax preparation service or purchasing a Tax program specific to Austrailian rules to use at yearend. So, I encourage you to focus on building your chart of accounts to capture any specific revenue or expense accounts that receive special tax treatment. For example, if your services have varying sales tax rules, then take a close look at the invoicing capability to make sure you can apply different tax rules/rates to the various services you provide.

 

All this to say, I think you'll be in good hands if you make sure that your accounting software (MYOB/Quicken/or whatever you select) has the flexibility in its chart of accounts to capture any tax-specific items that you may otherwise not need to capture seperately. If you isolate these items at the "data capture" stage, then any tax software/prep service will be more efficient come tax time. Re-builidng this data at a later date will only cost you valuable resources (time, money, or BOTH!) later.

 

I know this didn't answer your question, per se, but it may have given you more direction as to how to evalute your options in light of your needs. If Austrailian tax law is as complicated as you state (I'm not familiar with it), planning and building your system accordingly from the get-go to capture this data will be time well spent.

 

Best of luck to you.

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I'm a bit late responding to this post - you have probably made a decision and gone out and purchased something by now.

 

I have used MYOB and Quickbooks. MYOB is probably more commonly used in Australia, however I did really like some aspects of Quicken and Quickbooks when I used their software. I have heard a lot about a software called 'Cashbook' of late for small businesses. There are professionals that specialise in Cashbooks out there as well (in case you want to outsource later on down the track), so this might be a good one to look at.

 

You might like to check what your accountant predominantly uses as this might help your decisions along.

Edited by proactive admin services

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