Hello,I am a sole trader and a micro employer with up to 4 casual employees. I wonder which accounting software is free and includes all features a sole trader needs, such as invoicing, bookkeeping, payroll, activity statement, etc?I consulted this to the ATO officer, they said they won't recommend it. This is good, embodying the market is open and fair. I know Xero but it is too expensive for me. I know the ATO app can do bookkeeping, but that cannot insert income and generate an invoice. Also, I cannot upload the receipt in pdf format, only images are allowed.Secondly, I am issuing my client with self-typed invoices, is this ok? Since I am exporting software and software services to China, the GST is 0%. I confirmed this with the ATO officer. But I registered GST and wrote GST 0 in the invoice. Is this OK? Since I got some income from an iOS App. Apple suggests me to register GST voluntarily or they won't give the money to me.Thank you!!Kind regards,Shark
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5 replies
Hi @sharkdeng,
You may find the time you save is worth the cost of an accounting softeware such as Xero. I am unaware of an accounting software which offers all you have listed below for free. If you are wanting free software you will likely have to use a couple of different software.
Free software:
Accounting (invoices, GST reports, bookkeeping) : Wave.
STP compliant payroll (free up to 2 employees): freepay
As long as your invoices meet the following it doesn't matter how they are generated.
Being registered for GST and making a supply which is not a taxable supply is fine.
Hope this helps,
TombRadyr
All replies
Hi @sharkdeng,
You may find the time you save is worth the cost of an accounting softeware such as Xero. I am unaware of an accounting software which offers all you have listed below for free. If you are wanting free software you will likely have to use a couple of different software.
Free software:
Accounting (invoices, GST reports, bookkeeping) : Wave.
STP compliant payroll (free up to 2 employees): freepay
As long as your invoices meet the following it doesn't matter how they are generated.
Being registered for GST and making a supply which is not a taxable supply is fine.
Hope this helps,
TombRadyr
Dear TombRadyr:
Thank you so much!!
Kind regards,
Limin
Check out
Quickbook, ZOHO, Rekon
They do provide 30 days free trial & are cheap too, I beleive the basic or essential subscription would provide payroll for up to 4 employees.
However you will need an accountant to complete your intial setup (Some initial set up is required for trading & retail businesses, also you will need to complete starting balance, for which your accountant can help you)
I was running my own restaurant for 4 & a half years, was using Quick book, my accoutant did the initial set up & couple of BAS, then I managed every thing except the annual tax returns via quickbook.
Once you get hand of it, it is easy to manage, you can do the reconsilliation,Payroll management & reporting, GST management & reporting. The other benefit I found was that it gave me sales, Profit & Loss reports, on weekly, monthly , Qrtrly, Yearly etc, which allowed me to better manage my business, it gave me clear insight as to where do I need to pay more attention, manage costs, increase sale, pattern of sale, gosh it can do so much if utlised to it's full potential, However I agree Xero is too expensive for small business
All the best
Dear @Logical_smsf :
Thank you for your advice!!
Kind regards,
Limin
I am a big fan of Thriday [link removed by moderator]. I have tried Xero and Hnry in the past, but Thriday easily takes the cake. It's simple, automated, affordable and provides banking, invoicing, payments, card, BAS, tax, reporting and everything else in between.
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