Useful Australian Bookkeeping Software Tips (2018)

Here are some useful links to news on Australian bookkeeping software and bookkeeping tips for 2018.

The most popular systems used by Australian businesses include Xero, MYOB Essentials (cloud), MYOB AccountRight, QuickBooks (QBO) and SageOne (cloud).

Bookkeeping software pricing (in Australia)

The monthly subscription pricing to those bookkeeping systems seems to change very often – they are all in massive competition with each other to win market share.  So it’s useful to check their latest pricing, especially if the business has payroll requirements:

QuickBooks Online (QBO)

QuickBooks Online (QBO) direct bank feeds news – more accurate feeds

I noticed that the ordinary QBO bank feed can sometimes feed in the same transactions twice (on different dates).  If you or your client clicks to [Add] these all in over time, the duplicate transactions will throw off your bank reconciliations, so look out for this.  I think the direct feeds will be more accurate and hopefully will reduce the duplicate transactions in QBO.

GST free suppliers

List of GST free suppliers – useful when entering expenses (for all bookkeeping software)


Business Thought For The Day

THIS A HUGE MINDSET BREAKTHROUGH and one of my favourites.
From my research, Stephen Covey first coined “…begin with the end in mind”. What does this mean exactly?
Well, during my time as a business coach at Kinetic for over 11 years now I was amazed to see so few business owners having any specific plans for growth. It was always, “…it would be great to get our turnover to X figure”. Being non-specific and not detailed as a plan, it was often never achieved for them.
It then became one of my most important tasks to help them define achievable business goals with a concrete, well-detailed plan to get there.
Being almost the new year you can certainly take Ryan Allis and Stephen Covey’s advice to begin 2017 with the “end in mind”!
bookkeeping business thought of the day

Is It Better To Void Or Delete An Invoice?

Okay so either you have a problem with a particular invoice, either it’s:

  • A duplicate invoice
  • An invoice that will not be paid by the customer (for various reasons) or
  • You chose to cancel the invoice (you gave the service or product to the customer instead of them paying it)

As it is good business practice to keep a complete record of all transactions, invoices (and their numbers) should also be retained.  Because of this,  it’s better to void invoices instead of deleting them.

If you delete the invoice then someone at some point will say “What happened to invoice #1234?”.

If they were able to lookup invoice #1234 and see that it has been voided, preferably with a note to say why it was voided, that’s better than having a completely missing record.

If you’ve already received payment against that invoice, don’t void the invoice. Instead, issue a credit memo or a refund to adjust the transaction.

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