Friday Five – Choosing bookkeeping software

Friday Five

Friday Five – Bookkeeping software

The last two days I’ve been at the Reckon Conference, learning a lot about bookkeeping, accounting, and aspects of business. Did you know that bookkeeping is one of the few words to have three double letters in a row?

One thing that stood out was a comment from one of the presenters who said “Choose the right tool for the job”.

I’ve written before about accounting software and how I chose what I did. Here are five things to help you choose the right accounting software for you and your books/writing.

  1. Price – how much do you want to spend on your software? How many books do you need to sell in order to cover the cost? When looking at software, work out how many books you need to sell or speaking engagements you need to do to pay for it. This is worth doing regardless whether the software is an annual fee or a monthly fee. You don’t want to use all your income to pay for your software!
  2. Entering details – income and expenses will need to be entered. Have a look at how you operate. Do you need the ability to enter details on the go via your phone or tablet, or are you happy to enter details when you get home to a computer? Or will you employ a bookkeeper to do all this for you? Once you’ve worked this out, it may help you decide between a desktop or cloud/app solution.
  3. Invoicing – do you need to create or send invoices for speaking, book sales or to receive any other money? If you do, make sure your accounts software creates invoices that are compliant with your local tax rules. (ie if you are in Australia, invoices must have an ABN and a statement about whether or not it includes GST)
  4. Tracking tax – do you need to track tax such as GST in Australia? If so, make sure your accounting software can do this to make your life easy whenever you need to produce reports.
  5. Stock control – some software can help with your stock control by keeping track in the system. Do you want your accounts software to track your stock for you? If so, find one that will do this for you.

What other things would you add to this list? If you already have accounts software, what things did you consider before signing up?

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