Accounting

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Accounting

Accounting software in retailers

POS SOFTWARE

Every year we survey our clients to see what they think of our performance

Accounting systems in retail shops

While we do this, we ask a few questions about what our clients are doing and what they want to do with the software.  So we asked them about what accounting systems they use? 

The first point to notice is that about 95% of retailers here are running some accounting program, which is effectively everyone. Interestingly although there are many accounting software packages, most retailers in our market space use one of four systems.

In my experience, as Australian standards in accounting software has not changed much in 30 years, all these programs can do the same job. All are good, and the difference tends to be, I think user preference, requirements and ease of use.

Running through them in turn.

MYOB historically and now is by the far the most popular system by retailers. Recently as they introduced their cloud version, you can see its popularity has continued to grow in our chart. I find it too rigid in use for my taste but many would consider this a positive advantage. 

Quickbooks and Reckon, a few years ago had a terrific deal going, over half price so we told our clients and many of my clients jumped on this deal, obviously, Quickbooks has lost much market share as the deal died out but as their cloud version comes out they are slowly building up their market share. This one is my personal favourite but I do accept that this flexibility comes at a price that a user does require more training than other software packages.   

Cashflow manager is an extremely solid and popular accounting program, I am not surprised there is a growing interest in the product. Its simplicity is I am sure part of its appeal.

Xero is expensive but very good. Now it is clearly facing pressure from other vendors now that can now do cloud as well so my clients are moving away from it. 

Finally, interest in what is many other smaller accounting software packages are dropping off. I think that this might be the effect of the growing interest in cloud computing. The other problem is that if you adopt a system with few users, it can be hard to get help if you require help. 

 

 

 

 

 

 

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Get the $20,000 instant asset tax write-off

POS SOFTWARE

 

If you are seriously planning to upgrade your computer system soon, it would be a serious loss not to take advantage of this year, immediate $20,000 tax write-off if your business turnover is less, then $2 million dollars. If so you are running out of time, for this year's deduction. I would suggest that if you are in a position to take advantage of this concession, you should do so. Note you can always get another $20,000 next year, and then it ends.

It’s a great opportunity to spend on something that will help you work smarter and more efficiently, improve your shop and allow you to offer better customer service. We are currently sending out some good offers for our clients.

I would suggest that you speak to your accountant about it ASAP.
 

Customer receivable on 30 June 2014

POS SOFTWARE

Question:

How do we get the Accounts Receivable Balance for Customers to ensure that you produce the report after the deliveries for Monday have been charged?

Answer:

Since round cards tend to run automatically at 10:30pm by the scheduler so not to waste newsagent's time, you need to run this report, the Customer balance report until after your rounds have run for the day. The easiest way to do that is after the 30th June, in the criteria of the report in the From date select the 30th.