Sep 20

MYOB vs Xero

Not sure whether to go with MYOB or Xero for your bookkeeping needs?

We find it really depends on your individual requirements so would not say straight out which one is better for you without some initial consultation. Whilst we now prefer Xero software for our bookkeeping practice and our clients are mostly on Xero, we do still have a few clients who work on MYOB Essentials or MYOB Accountright Live. MYOB is trying to move all of its customers away from the old desktop versions onto the newer more expensive current live versions so eventually the desktops versions will no longer work. It does make sense to move to the newer versions of any accounting software as they have better options and bells and whistles. However, you may not need all that the newer versions have to offer and may decide now is a good time to switch over to Xero which is purely a cloud based software which you can log into on any device and does not need any software which needs to be updated continuously. We still think MYOB is a better option if you have inventory and need to build inventory items whereas Xero uses various add on partners to deal with this type of inventory. Xero does have a basis inventory or stock management system which may suit a lot of small or medium sized businesses.

With Xero, you can invite your staff into their payroll function where they can enter timesheets and allocate their time against certain jobs plus they can request annual leave or sick/carers leave and you get to approve it.

There is a whole lot more so if you wish to see if Xero or MYOB is the right software for you, please contact Coralie on 0423 879 056 or send us an inquiry via our contact form.

Jan 27

BAS – Small Business

If you are a new small business, you can start using the simpler BAS ahead of the full implementation date of 1 July 2017.

To start reporting GST using the simpler BAS, you need to have:

  • Started your business and registered for GST on or after 19 January 2017
  • An annual turnover of less than $2 million.

With the simpler BAS, you only need to report:

  • GST on sales
  • GST on purchases
  • Total sales

Why not take advantage of this option and simplify your GST bookkeeping and reporting before simpler BAS becomes the default GST reporting method for all small businesses.

Next steps:

  • See Simpler BAS to find out how to take advantage of this offer.

For all your BAS assistance, give Northern Beaches Bookkeeping Solutions a call.

Jul 12

Now is the time!

If you are struggling with getting your accounts in order for year end, why not start off this new financial year differently. We can assist you to get setup on either MYOB Essentials, MYOB Accountright Live or Xero. Each of these different software options offer different benefits and different pricing. They are generally based on the number of employees you currently have.

We can advise you on which would suit your business specifically as no small business is exactly the same.

Depending on who you bank with, we may be able to get your accounts up to date and in order for the last two years in a relatively short period of time. We love doing catch up bookkeeping for small business.

If you don’t think you want to spend between $45 to $70 a month on cloud based accounting software, just think about one hour of your time saved a month. I guarantee you will save that time plus a whole lot more once you are setup correctly.

Why not give us a call at Northern Beaches Bookkeeping Solutions and discuss which option is best for you.

Jan 25

Superstream

If you are paying your employees’ Superannuation Guarantee quarterly, it is due before this Thursday 28 January 2016. You probably should have paid it by now to make sure the funds were deposited into your employee’s superfund before the due date so that you make sure you are eligible for the tax deduction in your year end tax return.

If you are not sure how to keep track off and pay the Superannuation, we can assist you at Northern Beaches Bookkeeping Solutions. The new Superstream legislation comes into effect on 1 July 2016 for small business with a turnover of less than $2 million and/or under 19 employees which means you must pay your super through some type of clearing house electronically. For larger business’ you should already be complying with this legislation.

The accounting software companies have risen to the occasion so if you are currently using MYOB (Essentials or Accountright Live) or XERO (at least the $60 monthly plan), then we can show you how to easily setup your super and pay it with one click.

For more information on your Superstream requirements, follow this ATO link – https://www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/SuperStream/

SuperStream – https://www.ato.gov.au/Super/SuperStream/ – from the ATO website

SuperStream is a standard for processing superannuation data and payments electronically. It must be used by:

SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

This means:

  • employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
  • contributions and rollovers can be processed faster, more efficiently and with fewer errors
  • people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.