News and Blog
Tips for Hard Working Businesses
Accurate Information = Better Business Decisions
At the end of March, we will be three quarters through the financial year. Nine months financial information provides:
How are we going compared to this time last year?
What do we need to fix or change, over the next three months, prior to 30 June? What are the KPIs telling us? What markets are changing? What new markets should we be moving to? Do we look like we are making a profit, but we have no cash?
ALL the above questions affect the outcome of a business. Businesses don’t generally thrive on luck. Working ON the business, not just IN the business, is vital for any business owner.
You need ACCURATE financial information to be able to make decisions. Then you need to be prepared to MAKE those changes and implement them. Sugar coating issues, in the hope they go away, is not the answer.
If your Accounting Software isn’t providing financial data you can measure, then ring and book one of our Cost and Management Accountants for help.
If your business needs direction and guidance on the key points: Finance (including profitability, cash flow, managing debt, KPIs, direct and indirect costing), plus Staffing and Marketing, then book Business Development for your business with Carol or Scott, on a monthly basis, over 6 or 12 months on a fixed price plan.
Xero or Moneyworks
Xero cloud accounting software is still offering free migrates of data from MYOB Accountright to Xero, so you keep financial history when moving to Xero. Xero accounting is very easy to use, and comes with payroll, cash flow reports, customisable general ledger reports and a fixed asset register– for plans between $50 per month to $80 per month (depending on the number of employees).
Xero also is automatically multi user, you don’t pay extra, and provides management reports that allow you to add notes and summaries (just like accountants do). The Xero model promotes having multiple add-on options, depending on the type of operational needs your business has. The links from Xero with these add-ons is seamless and automatic. No more days of clunky push and pull information! Xero is great for small to medium businesses, where you are not trying to manage multiple entities in the one file. It can, of course, manage multiple P&L reports in one Xero file, by way of department or branch segregation. Those businesses considering moving to Xero, please ring to discuss.
Moneyworks manages multiple entities in one database, which can be very large. Medium and large businesses, that need onsite OR hosted accounting, with the options of multiple control accounts, segregated balance sheet reports, multiple levels for general ledger segregation, i.e account code AND departments AND branches AND analysis etc and full report writing options – need to seriously look at Moneyworks. It has 40,000 users worldwide and 8,000 in Australia. It is set up for BAS in Australia and also for VAT requirements world wide. MoneyWorks might be for medium to large businesses, but it is very user friendly. Please ring Jennifer for an online demo.
If you require quality stock control, manufacturing or jobbing and project management, then Ostendo is a very solid solution, that links via API (automatically), to both Xero or Moneyworks.
Happy New Year and happy business running!
MoneyWorks is a large ERP accounting system that is integrated with Ostendo. MoneyWorks can be 100% cloud (the software and file is fully hosted by MoneyWorks). It can be loaded on a terminal server, and the file can be local OR the file can be hosted by MoneyWorks (all backups done for you). Or MoneyWorks can run directly from PCs or MACs (yes MACs). MoneyWorks will run on a fully MAC environment.
MoneyWorks offers the following features:
International accounting options with VAT/GST for multiple countries
Multi levels of general ledger – for departments, profit centres, locations etc –plus all budgeting options
Fully integrated report writer and API for customising
Fully customisable system – yet easy to use
Either Rent for $75 per month per user (for 100% hosted, which includes the hosting costs as well) OR purchase for $2995 for 3 users- annual licence fee is 20% (extra companies are no charge).
ABC Business Solutions will be setting up MoneyWorks for those needing a robust ERP accounting program. If you need operational systems i.e. stock control, manufacturing or jobbing, we will set these up in Ostendo, with an automated API link to MoneyWorks.
Please contact 07 3207 2560 to discuss.
Xero, Xero and more Xero
Xero accounting in the cloud, gets better and better! For those looking for an easy to use, robust application to manage accounting and payroll – Xero is definitely best in show for small to medium businesses. Xero now offers free migrates from the classic version of MYOB Account Right to Xero , so your historical data is moved to Xero, if you move with a Xero partner.
Xero has a HUGE variety of add-ons, to give you a perfect front end experience for your business. ABC specialise in Ostendo and Workflow Max – both jobbing add-ons for Xero. Ostendo is a fully complete option, with stock control, manufacturing and jobbing plus mobile option. Workflow Max, is a small jobbing and time tracking solution.
Single Touch Payroll
New legislation has been passed that requiring small businesses (19 employees or less) to report their employee's:
Pay (salaries and wages)
to the ATO every time you complete your payroll.
This legislation starts from the 1st of July 2019, but it doesn't have to be expensive! ABC Business Solutions makes this process easy by setting-up your Single Touch Payroll within your already existing Payroll software.
Get a head start on Single Touch Payroll, contact us today to learn how! After contacting us you can nominate us as your software provider with the ATO.