We get asked a lot: Xero or Saasu. Finally I have put together an overview.
It often depends on your specific needs, so this overview shows large and small differences. Pick what is important to you and ignore the rest and make a decision based on that.
If you are in a hurry, here is a quick decision overview:
Continue reading “Xero vs Saasu” »
Acclipse and BankLink have just announced the expected launch of a new online accounting package with integrated bank feeds.
It does not include payroll or inventory, but invoicing & GST is promised to be part of it.
The most outstanding feature is its price at $5 per month. That is without bank feeds though. While the website iBizz only talks about additional costs for bank feeds, there are rumors of an additional $5 for that.
It comes at a time when Saasu is preparing for its first price rise in 3 years.
How to make a decision?
Bank feeds are great and a real time saver. But the key is how well the automated coding works. Xero has the most advanced self-learning bank feed data entry algorithm I have worked with. Entering the correct account for a transaction once will automatically prepare the same coding (including contact and description) when a similar transaction comes up again.
So we’ll have to see what iBizz is going to offer in that regard.
Saasu is great at automating things. All emails and statements are emailed out (either fully automatically or as soon as you create one). But one of our client has clients who do not have an email address and cannot receive emails. Here are two options of what to do: Continue reading “Email to Snailmail Automation” »
Two main objectives should drive any decision whether to implement new technology or in the case of bookkeeping: software.
- Will it reduce operating expenses?
- Will it increase the relevance of output?
The costs are made up of the software itself, the time it is going to take to enter data and any once-off costs to make the transition.
Continue reading “Cloud-based bookkeeping – is it worth switching?” »
Once you have reconciled the bank account and checked your debtors and creditors are correct, now you can look at your Balance Sheet.
The balance sheet which can also be referred to as the ‘statement of financial position’ shows a detailed listing of the business assets, liabilities and equity.
The assets show the list of what the business owns and liabilities are what the business owes to others such as creditors, taxes and payroll liabilities. The equity shows the retained earnings of the business and the amount invested by the shareholders.
Continue reading “Business Intelligence – Balance Sheet” »
The profit and loss report is an important report that shows a summary of income less costs and expenses with the ‘bottom line’ being your net profit or loss during a specific period of time. Understanding the income and expenses can help determine what makes the business profitable.
Preparing the profit and loss statement can help you understand how much money you are making, if any. It can also help you to compare your actual performance against your projected performance which can assist you in planning for the future. The profit and loss report also shows your business growth over time and helps you to detect any problems with sales and expenses It can also provide you proof of income if you need a loan or are looking to sell the business. Finally it will assist with preparing your tax return – showing the summary of income and expenses.
Continue reading “Business Intelligence – Profit and Loss Statement” »
There are a couple of ways of reporting for your BAS in Saasu. You need to know if you pay your tax based on Cash or Accrual – if you are unsure please contact your Accountant.
Provided that all your data is correct, this report will advise you of your tax liability or refund for the quarter
Continue reading “BAS Reporting” »