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Re: which accounting software is good

Initiate

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Replies 4

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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Most helpful response

Champion

Replies 1

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

 

 

4 REPLIES 4

Most helpful response

Champion

Replies 1

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

 

 

Initiate

Replies 0

Dear TombRadyr:

 

@TombRadyr 

Thank you so much!!

 

Kind regards,

Limin

Devotee

Replies 1

@sharkdeng 

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

Initiate

Replies 0

Dear @Logical_smsf :

 

Thank you for your advice!!

 

Kind regards,

Limin