Taxes - Small Biz - what do you use?

[woodPixel]

For the Australian woodworkers out there who happen to run a small business, what solution/s do you use for taxes/BAS, etc?

I've been running my small biz in woodwork now for quite a few years. Accounting wise, it's a very simple affair.... But I despise working for the government.

For the next year I thought to improve upon my home grown solution. My solution isn't too shabby, but it doesn't do things for me auto-magically. I was hoping there was a simple solution out there that would let me:

-- scan/photograph receipts
-- allow me to categorise them
-- record GST
-- generate invoices
-- input payments from sales (from markets, events, Etsy, etc)
-- submit the BAS when required (but after I tell it to)
-- not cost my blood/kidney/firstborn

So, are there other people with small businesses that can recommend a solution/software they are happy with?

[Junkie]

Xero (https://www.xero.com/au/)

I have used/admin-ed MYOB and Quickbooks in the past (as well as ERP's i.e. SAP, MS Great Plains etc.), and I really like the simplicity of Xero as well as the ease of integration with so many other apps (if you desire).

[code4pay]

I use quick books online, works great on phones etc as well. Cheaper than Xero.

Sent from my SM-T530 using Tapatalk

[Beardy]

Have a look at what a couple of local bookkeepers are charging, you don’t have to pay for software subscription as they have the commercial version and they do all the crap paperwork for you which is the best bit.
Their fees are quite reasonable for the benefit of not having to deal with it yourself

[Simplicity]

We use wave accounting,find them on line.
I will edit this, my wife uses wave accounting to do all our quotes and can then turn them into invoices extra.

I’m quite lucky that Sally does all this boring stuff.

Cheers Matt,

[Mr Brush]

Xero here as well. Does everything I need, no bookkeeper required. Easy to reconcile purchases, reads bank feeds automatically, and I can generate an invoice from laptop or mobile in about 60 seconds. BAS taken care of, and all reports generated at tax time.

[woodPixel]

Thanks everyone. I'll look at all these.

I find it pretty amazing that the simple solutions out there actually even exist. Its remarkable that the ATO doesn't offer a basic package themselves. Seems simple enough.... it doesn't need to cater for complex or exotic businesses... just 80% of them. I'd reckon most are pretty basic really (its just receipts, invoices, costs, capital assets, depreciation, blah blah blah... all very basic)

[Optimark]

Its remarkable that the ATO doesn't offer a basic package themselves. Seems simple enough.... it doesn't need to cater for complex or exotic businesses... just 80% of them. I'd reckon most are pretty basic really (its just receipts, invoices, costs, capital assets, depreciation, blah blah blah... all very basic)

Can you imagine the uproar if the government started supplying software that competed with private enterprise?

Mick.

[woodPixel]

Can you imagine the uproar if the government started supplying software that competed with private enterprise?

Mick.

Yeah. Wouldn't want to take the free gravy from those snout stuffing trough munching parasites.

85% of all businesses must be basic beyond belief. To pretend that these ticket-clippers somehow offer some sort of arcane capacity or advantage is BS.

if the ATO wants compliance, then making it less troublesome seems like a good start.

My business is very simple, as must be most people's.

[Optimark]

When the GST system of taxation started in this country, many small businesses had very little or no computerised accounting in place to help them.

With the introduction of GST, small businesses, in fact, almost all businesses, either introduced a computerised accounting system, or upgraded their existing accounting system; thereby making their accounting and as a result, their business(es), far more efficient in letting them know if they were trading profitably or not.

The introduction of a Goods and Services Tax to this country was a blessing in disguise. As a manufacturer prior to the introduction of the GST taxation system, I was a Wholesale Tax collector. I would suggest you have no idea of just how complex and dodgy that system, compared to the current GST system, was.

A fact of life in most countries, is taxation. Like it or not, if you run a business, you are enmeshed in the country taxation system where you do business.

As for part of your opening statement, “But I despise working for the government.” That is fine, but if that is the case, then you cannot expect the government to supply you with decent infrastructure that enables you to conduct your business. Without collection of taxes, governments can do nothing for you or your family.

Our business eventually ran M.Y.O.B Premier Version. This allowed us to multi-build items we manufactured from a reasonably vast array of individual stock components that we manufactured into sellable items. Prior to GST arriving, we could never have afforded software like this.

As far as I understand it, M.Y.O.B was the first software generally available where you didn’t need to purchase each part of the software individually. In short, M.Y.O.B was about 15% of the price of an equivalent software package for our manufacturing concern. Subsequent software now available over the intervening 19 years, has lowered that pricing structure and at the same time, added complexity to allow super small businesses to compete almost identically, with quite large concerns.

You operate in good times to run a small business.

Mick.

[Beardy]

Well said Mick, when the GST came into play in Australia I was already running accounting software which by shear fluke was NZ made and they already had GST in place so it was a very simple transition for us.
MYOB was the buzzword at the time as they were marketing heavily and seem to have grabbed the lions share of the market. I thought it must of been good so I bought the software and found it more complex than our current system so got a full refund under their 30 day money back guarantee and stayed with the system we were using.

I dont like paying tax any tax any more than the next bloke but I think it is the best and fairest system available

[Simplicity]

Can you imagine the uproar if the government started supplying software that competed with private enterprise?

Mick.

And remember that private enterprise pays tax too,(well meant too lol).
So if we used the ATO software that would be far less business paying the tax(business software accounting groups).

Cheers Matt

[Sturdee]

Thanks everyone. I'll look at all these.

I find it pretty amazing that the simple solutions out there actually even exist. Its remarkable that the ATO doesn't offer a basic package themselves. Seems simple enough.... it doesn't need to cater for complex or exotic businesses... just 80% of them. I'd reckon most are pretty basic really (its just receipts, invoices, costs, capital assets, depreciation, blah blah blah... all very basic)

Well there is of course the free ATO app (https://www.ato.gov.au/Business/Managing-your-small-business-records/Electronic-and-manual-record-keeping-systems/Electronic-record-keeping/) if all you have is simple requirements.


The ATO app is free and suitable if you have simple requirements. It can help:

individuals or sole traders
record and manage car trips, expenses, and other deductions on the go using myDeductions
upload financial year deductions within the ATO app myDeductions tool to the ATO for pre-filling your tax return or email it to a tax agent.

check Australian business numbers (ABN) using ABN Lookup.


A simple but free system provide by your ATO.:2tsup:

Peter.

[Graeme]

Have a look at Zoho invoice, if you only have a few clients details to enter it’s free, or for more it’s $90 ish per year. Obiously it does invoicing and keeping track of GST, but it’s got a pretty good expenses tracking side to it, works in the cloud so available from any device conected to the internet, there is also android and apple apps. Ive been using this for years, I have only about 30 invoices per month and it suits me fine, it’s got everything I need and a few things I don’t and really the most user friendly I have found.