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How do I determine best accounting and payroll software?

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How do I determine best accounting and payroll software?

Jef LippiattOwner at Startup Chucktown
I would also add a different perspective. I think there are 3 things that help boil down a choice for this decision.Cost - are you looking for free (there are options), low cost, high cost. Obviously high cost solutions usually have much more flexibility and can be custom fit to your needs. However, if you are just starting out you may not have a large budget. Do you want to be a 1-time license or are you okay with a host option that has a recurring monthly fee?Integration - not all products are equal if you need your accounting system to integrate with your CRM or your e-commerce system or HR. Consider what you really need to make your operations seamless. A system with integration flexibility can definitely save you time and double entry.Bookkeeper or Account - if you already have a trusted accountant what software are they familiar with? Which do they prefer to use and why? How will it fit your business? If you have a trusted person in mind, it may be easier to use what they already know, but still ask about options. Hopefully they can guide you to the right solution if you are unsure.
Melanie GrayOwner at MyCL (My Computer Lab)
The bigger the business, the bigger the task.If you have minimal transactions, off-the-shelf systems designed for small businesses will do the job. If you are savvy with Microsoft Excel, I recommend to use that so you have a lot of flexibility with running your accounts and payroll.If you are a medium sized business, it might be worthwhile investing some time in a Business Analyst that can help guide you in the right directionIf your business is large enough, it is definitely worthwhile engaging a Business Analyst first to help you define what problems you are solving and help with defining a solution. During this initial phase, start to create a project team with external people to help choose the best way forward and implement the new systemIt is important to understand that an off-the-shelf accounting and payroll system is not going to do exactly what you want it to do because all businesses run differently. This is more of a problem as a businesses grows. The only way you will get exactly what you want is by having it built custom for your business. For larger businesses, off-the-shelf systems can cost just as much, if not more than having it custom built.
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George Grimekis CPAAccountant at Giannakos & Co Pty Ltd
That's a very general question Daniel. Can you be more specific?
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What is the relationship between marketing and accounting?

Steven FreemanOwner at Evolved Sound
Among many relationships your marketing spend needs to be viable enough to return a justifiable accountable profit. By keeping a close eye of the two, can help you stay on track.
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What is the difference between an accountant and a bookkeeper?

 What are the benefits of using each one?  Is one better? read more

Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
LindsyAs Lauren said bookkeepers deal with the day to day accounts processing. They process all receipts,expenses and reconcile you bank account.They might prepare your monthly or quarterly submissions to the tax authorities too. Generally bookkeepers give basic GST and payroll advice but they cannot give tax advice in Australia unless they are a registered tax agent. An accountant will generally reviews the work of bookkeepers and prepare year end taxes.If the accountant is good they will also provide tax minimisation advice and also business advice too.
Lauren JuneBusiness Development Strategist at Lauren June
The easiest answer if the accountant details with your whole company tax and financial requirements.A bookkeeper details with the day to day accounts processing.There is also a BAS Agent who deals with BAS related processing eg GST. In Australia you are not allowed to complete BAS work as unless you are a employee without a BAS Registration.
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Jef LippiattOwner at Startup Chucktown
Definitely all great insights!
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Is it Illegal to not pay super ?

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Melanie GrayOwner at MyCL (My Computer Lab)
Not all employees need to pay super.It is illegal not to pay super to those entitled for super in Australiahttps://www.ato.gov.au/business/super-for-employer...
Shaun FarrugiaDirector at Optimised Accounting
Hi Uttam,Businesses need to pay employees super at least every three months. Whilst you could not physically pay super for 6 months it is against the law.The official time frame is as follows:July - September - Payable by 28 OctoberOctober - December - Payable by 28 JanuaryJanuary - March - Payable by 28 AprilApril - June - Payable by 28 July.The penalties for not paying super by these dates are fairly stiff. With SuperStream becoming mandatory from July 1 I'd be expecting that the ATO will start monitoring this a lot more carefully in the very near future. Hope this helps,Shaun
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What are your experiences with free accounting software?

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Jef LippiattOwner at Startup Chucktown
There are two free accounting apps that I've tried and liked. Currently using a spreadsheet because one doesn't have integration with my current bank.Wave Apps (https://www.waveapps.com/)More than just accounting is available (invoicing, receipts, payroll [not free], and more) but it is free and very intuitive. Again the only let down with them at the moment is that my current bank (small local/region) isn't supported within their API.Manager (http://www.manager.io/) - the self-hosted (downloadable) version is completely free. Something else that is a nice surprise with this program is that is really is cross platform (available on Windows, Mac and Linux) - great bonus points. They also do offer a cloud version that has some cost associated with it (unless your accountant is already using it).Not sure if either have the needs for the Australian crowd, but if you haven't heard of them before you should at least check out how they stack up against what you currently use.
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good practical advice
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Thanks Matt! Yes, this is a common error made by many small businesses. When we access a new client's accounting data file either for the first time or to review and correct their transactions for a BAS, insurance transactions are always reviewed for this reason.
Matt Dell
This is a very good summary Carmen I am in the insurance industry and we repeatedly have to explain how state based Stamp Duty effects the GST charge on many insurance premiums (it is not 1/11th of the total bill) I bet lots of small biz owners just put it in as standard 1/11th and might be in for a nasty surprise if they get audited :)
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I find BitCoin and other crypto currencies so interesting. From a legal view point I have no idea how to classify them - are they currency? goods? something else? Are they subject to GST? Income tax? FBT (as Katherine mentioned above, in some circumstances, yes). I also find people's motivations for using cryptos intriguing. Personally, I find the wild fluctuations in the 'value' of each unit worrisome and woudl not agree to be paid in BitCoin.
Ananda Raj PandeyCTO at SavvySME
Thank you Katherine. It will help.
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