Accounting for Small Business

One of the most important decisions a small business needs to make is your choice of accounting software.

One of the biggest mistakes small business owners make is that they purchase accounting software beyond their business needs and level of accounting skill. This can lead to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’.

With so many software options available it is easy to become confused, and they range in functionality and sophistication with a price tag to match. To assist you we provide the following guidelines:

  • If you don’t understand double entry accounting (i.e. debits, credits and journal entries) then avoid sophisticated accounting software programs. If you need to use such a program then consider a training course at a local TAFE that runs for around 14-20 hours at a cost of around $350.
  • Don’t buy software beyond your business needs. If you don’t need inventory or a fully integrated general ledger system don’t buy a ‘Mercedes’ when you only need a ‘Holden’.
  • Your software should be compatible with our general ledger system to allow easy transfer of electronic data. This can save time, money and assist with meeting the various lodgement deadlines.

Xero, MYOB and QuickBooks are very popular programs and could be ideal if your business needs a full general ledger or point of sale solution. Xero, MYOB and QuickBooks offer a range of packages each with different features.

The MYOB product range stretches from Business Basics to powerful multi-user products such as Premier and Enterprise. Business Basics gives you the ability to track job costings and profitability, prepare your BAS and automatically reconcile your accounts. You can also customise the content and look of reports to suit the needs of your business. Other packages in their extensive product range include Accounting Plus, Retail Ready and Retail Manager.

Similarly, QuickBooks offers an extensive range of programs including general ledger, invoicing, basic stock control and a report generator. QuickBooks EasyStart is their entry level program and although the word ‘easy’ is part of the product name you will need to have some basic bookkeeping or accounting knowledge to use the program. Their product range includes Quickbooks Accounting, Plus, Pro, Premier, Retail Point of Sale and Retail Starter Kit.

If you do not want to do the bookkeeping yourself there are other options we can also assist you with.

We can assist you to obtain the right software for your business and we urge you to contact us regarding your choice of accounting software because the wrong choice can prove both frustrating and costly in the long term.
Some useful resources
Links to the most used software and accounting websites
Checklists and Forms
Useful checklists and forms

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219 Beach Street
Frankston VIC 3199
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Marc Gilbert & Associates

For over 30 years we at Marc Gilbert and Associates have made the process of getting tax returns and financial advice easier and more cost effective. We have succeeded in doing this by developing a friendly and professional team of Accountants who go out of their way to assist you.