Hi Team,
I have just started a new business of Mortgage Broking. I'd like some help with accounting software which is either free or not too expensive. Something that also gives me GST reports.
Any help will be much appreciated
Thank you
Best Accounting Software for Micro Business - Free or Cheap Too
accessdenied on 21/07/2023 - 16:28
Comments
I'd do it in Excel them import the data into a custom design into PDFs with Adobe software. Designers like to over complicate things.
I wish there was. Currently the borrowing capacity for everyone has taken a massive dip. I have people approaching me for an $800k loan but can now only borrow $500k. And they expect me to get their loan refinanced because their current MB said its not possible anymore. Will check out MYOB thanks.
Probably Xero would be the industry standard today for small businesses. I know some still using MYOB but they have nothing but complaints. Xero doesn't cost zero, but being familiar with Xero is a plus on your CV.
I use Quickbooks, having come from Xero (consulting business) and find them much of a muchness. Might be more than you want to spend (starting at $270 per annum undiscounted depending on what features you need), but thought I'd bring it up as a lot of people just go for Xero (which I also think is good), but you can save a bit of money with an alternative. Calculating, reporting and submitting GST for me (BAS reporting) is just a click of a button.
Saves me from fiddling around or needing an accountant.
Ask what your accountant is willing to work with.
I am my own accountant :D
Excel Spreadsheet - but i mainly deal with superannuation/investment funds etc. You need some macro/vba skills and your set.
I use Manager(https://www.manager.io/) for my bucket company and secondary trust accounts that I do my own bookkeeping for and it works fine for that and it’s free
My main business that I work and invest through, I use Myob essentials(and have also tried Xero) because that’s what my accountant uses so I can share my books with him for review, etc. However, that has a monthly fee that I’m not too keen on.
You are better off just using Xero/Quickbooks. The ~$300p.a. is well worth it for the features and will make any interactions with accountants so much easier.
You're running your own business. Your time is money. Just pay for Xero/MYOB/Quickbooks. It's less than 1% of what you should be turning over.
I use Wave Apps for my small businesses, one of which is mortgage broking, and also my personal finances/accounting. Doing personal finances with it is a bit overkill but I have an accounting background so I'm fine with it. Totally free if you have no payroll. Handles Australian GST well.
I use waveapps for one of my not for profits. but they do not accept new accounts anymore. They redirect the traffic to Zoho books.
Oh sorry, I didn't know that. Been using them for many years. Thanks for the heads up
Standard is MYOB/Xero however something free which I've been using and like is Zoho Invoice/Books.
🤔 I thought there would be big money involved…
I mean you could just do it in excel if you wanted…. I have some customers who do that. I’d rather just do it in myob though - even if it is a joke of a software. Monthly fee is reasonable and a tax deduction 🤷🏻♂️