Accountancy

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Accountancy

You need to decide on the Instant tax write off now

POS SOFTWARE

The Instant tax write-off allows you to write-off something for the business immediately. The obvious benefit is that it generally reduces the cost of the items that you need to buy for your business. Due to COVID-19 the terms are particular generous now, and I doubt that you will get as good a deal as this next year.

So if you are planning to upgrade your point of sale system, you need to move now as the cutoff date for the instant asset write-off ends in a week. 

As a minimum, consider getting a new server with the latest windows software so it will speed up your operation and save you a lot of time.

Or if you sell product by weight what about a scale?

Scale integration to point of sale software

Anyway I would suggest that you speak to your accountant about it ASAP because you need to move now.


 

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MYOB integration Free

POS SOFTWARE

MYOB software is the most popular accountancy system in our market space, and our point of sale software integrates into MYOB Essentials and AccountRight. 

This is available free to our clients. 

Using this integration will save an MYOB user saves our clients time as it removes manual data entry; this reduces errors and is quicker in transferring the information.

Having worked extensively with MYOB for many years and is one of the first software companies to have done the integration, we have gained much respect for this accountancy program. 

One function they have that I like is the "smart bills", where a person can drop an image of an invoice into MYOB, and it can often read all the information even if the invoice does not have an ABN number. This function is not available in many other accounting programs.

If you are interested check out the automatic MYOB Data Transfer section in your POS software.

MYOB

Once set up, all you need to do is select the dates to go.


By doing this both your point of sale software and MYOB will work together to bring businesses like yours, an integrated point of sale and accounting platform to helps you better manage your business.

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Having your accountant do jobkeeper paperwork

POS SOFTWARE

 

I understand that now times are tough and more draining then the actual work is the stress that we are all feeling today, so many people are confused and looking for professional help.

Part of the problem now is the ATO have switched systems from Auskey to the myGovID and like always when the system changes we have problems. The myGovID system has heaps of problems, with heaps of complaints on social media, I think this is partly as the government support on myGovID has been terrible. 

In any case, people wages need to be paid just like any other operating costs and there is some paperwork that needs to be done so you can claim it.

I thought I better warn you about how much it could cost if you use an accountant rather than do it yourself.

Say you employ two workers, and there is you and your partner so its four (4) people for jobkeeper.

These costs EX GST were quoted to one of my clients today who assures me that his accountant is on the low side of fees.

1) Employer Eligibility Assessment      $100 to $250 

This is actually easy to do yourself, but the problem here is that no accountant would put their name on this task until they do this. 

So we are looking for this item of $100 to $250

2) Employee Nomination Notices $50 each   

Everyone has to be nominated and emails and/or notifications have to be sent and since its the accountant that you have given the authority to do this and monitor this, as there are four (4) employees.

So we are looking at 4 x $50 = $200

3) Enrol for JobKeeper with ATO  $100                        

This is one cost I do question, it is not hard to register for the JobKeeper, you do not need an accountant to do that but if you did ask them to do it, then fair enough.

So we are looking here at = $100

4) Apply for JobKeeper $100 to $250 

This seems to me to be way too cheap, every employee has to be listed on the ATO website, info has to be collected and noted, still they quoted this and have to live with it..

So we are looking here at $100 to $250 

Total setup cost is $500 to $800 EX GST

5) The monthly fee which will involve the documentation required by the ATO is $100 to $250 

Since JobKeeper is going to last till September we are looking at six (6) months 

So we are looking here at $600 to $1,500 

Total costs are between $1,100 to $2,300 EX

However, any extra work is charged out at a standard hourly rate of $150 EX. This may be important if the ATO ask questions. If the ATO in this scenario does ask questions, please refer them to your accountant immediately as there is very little an accountant can do for you once you say something plus you may lose the benefit of their professional indemnity if you do say something stupid.

This here should give you a first-level approximation of costs and I hope this helps.

 

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Accounting software in retailers today

POS SOFTWARE

While we do is every year survey, our clients to see what they think of our performance. In our marketplace, over the years it has become the point of sale survey. A few years ago, we decided to introduce a new question asking our clients about what accounting systems they use.

If you have not yet filled out our annual Support and Customer Perception Survey and you are a client of ours, please do so, I would appreciate it.

The first point to notice is that about 95% of retailers are running some accounting program, which is effectively everyone. If your part of the 5% that does not use an accounting package, I do recommend that you start. If you are small and want a free one, although I do not know it one of my clients used waveapps and it did a good job for them, until recently when they went to Quickbooks so you may want to look at it.

Although there are many accounting software packages out there, most retailers in our market space use one of four systems. 

Overall they are all outstanding programs. As Australian standards in accounting software have not changed much in 30 plus years, all are well tested and work well. The difference, I think, tends to be, user preference, requirements and ease of use.

Running through them in order of popularity

MYOB historically and now is by far the most popular system by retailers, although its popularity has dropped in our chart. No sure why but I suspect as people switch to the cloud, the cost of MYOB has gone up. I find it too rigid in use for my taste, but many would consider this rigidity a definite advantage. As I said, it depends much on your taste.

Quickbooks/Reckon is a little cheaper then MYOB, and that is why I suspect is part of the reason for its rise in popularity. Also, I think because their software is very flexible. It does, however, require more training than other software packages and seems to cause more problems.   

Cashflow Manager is an excellent and popular accounting program. I am surprised there is a drop in the product.

Xero is the most expensive and is also very good. Now it is facing pressure from other vendors that others can do cloud as well, so I think that is why people are moving away from it. 

Overall nothing changed in the rankings for this to last year.

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Full service bookkeeper

POS SOFTWARE

Most SMB companies cannot justify internally because of cost a full time financial controller, however, they often feel a need for a part-time full service bookkeeper who has the responsibly for looking after the accounting operations within the business, and as they are not charging like an accountant, the costs are affordable. What they do is much more complex than a regular bookkeeper and they also sometimes include the preparation of interim reports and snapshots, which lets you know how you are going. This is a section from a sample report from BAS and More which is one that we do recommend to our clients which come online through an API in their software.

These Full-service bookkeeper also handle the accounting cycle duties and supervise others in the basic tasks, code the accounts, check the payroll, do spot checks and ensure that the correct ledger accounts are being debited or credited and monitoring cash flow. As well, they produce the figures for the financial statements and general ledgers for your accountant at the end of the year, although some do produce these for their clients say quarterly. No doubt there is much more that I have not mentioned.

The information they use comes from a range of sources, including our point of sale software, bank statements, etc.


 

 

 

Managing Customer Accounts new flexibility

POS SOFTWARE

One problem we all have is that customers, accountants, bankers, etc call all the time, demand information about their accounts on a range of dates such as current account information, last financial year, the financial year before last, last month, three months earlier, two weeks ago, it can be anything. Not only that but they often change their mind, they say this date, and once you give it to them, they can say oh no, I meant the date a week earlier.

So what our clients need from their POS Software is the ability to find out at any time what a client or the total clients owed on this nominated date.


So go to main menu.

Register reports


Now normally, I would recommend using Trial Balance(excel) but for this example, I just wish it to be simple, so I selected Trial Balance.

 

 

 

 

Now select the date that the client or whoever requested, just to show you the power of our system, I picked a random date five years ago.

I also selected by order by Surname as I think it makes it easier to find, and I ignored the "More Criteria" because I do want to keep it simple, but I urge you to experiment later with these options.

 

 

Now out pops among other details a page like this one below Although for security reasons, I blanked out the names, you can see all the relevant information is here.

 

A Grand total will be printed at the end for say a banker or accountant.


This is another example of just how flexible our system is in practice.