Best Accounting/Book-Keeping Software for IT Consulting Business

getk on 17/12/2024 - 10:50
Last edited 17/12/2024 - 10:57

hi, planning to start an IT consultant business and looking into cloud based book-keeping softwares. The only requirement than usual is a 'multi-currency' option in our case

Was planning to finalise the XERO "Comprehensive" package which is bit costly at $90/m. Any feedbacks/other options available from your experience?

These were researched
- Xero
- quickbooks (second preffered. Seems good, but some reviews made me to put below Xero)
- Zoho Books (confused about multi-currency as per website as adding the contact seems OK, but transactions per account for multiple-currency is costly package)
- Saasu (Not sure about the reviews)
- myOB (Quite costly for multi-currency option)

Any feedback welcome

PS: Although not sure from a accounting perspective if 'multi-currency' is required if some invoices are paid in another currency? Can we convert into AUD manually and show?

Financial Accounting Software Bookkeeping Software Software

Comments

  • bemybubble on 17/12/2024 - 11:02
    +3

    Xero is costly but it's familiar and their support is quire good (albeit all online).

  • netjock on 17/12/2024 - 11:17
    +2

    You looking for features to invoice in foreign currency?

    Or you looking at actually have accounts in foreign currency that can go into your software?

    You making payments in foreign currency?

    You should really ask your accountant about this or borrow a copy of the master tax guide that might give you some direction.

    • getk on 17/12/2024 - 15:37

      I want to just invoice in Foreign Currency. Can do conversion in bank to AUD. So not sure if multi-currency is required in accounting software itself. (But my accoutant hasn't dealt with foreign invoicing !!)

      • netjock on 18/12/2024 - 06:53

        So your invoice just need to be in say in USD? When you receive payment it will be converted into AUD then go into your bank feed?

        Xero you need a plan that has multi currency https://central.xero.com/s/article/Create-a-foreign-currency…
        That is $90 a month.

        If you have low volume of foreign currency invoices you could just have a template and manually issue it. Then just reconcile it on the bank feed when it comes in.

        There isn't much difference in paying ultra cheap like Thriday vs Xero. You might save yourself trouble in the long run.

        I am a business consultant and also registered tax agent (I worked for a long time in global companies with complex FX and treasury functions). Your accountant should know better.

  • geekcohen on 17/12/2024 - 11:31
    +1

    As much as Xero is expensive, god it is great. I use it for my SMB and its just super easy. Pulls in bank accounts, tag transactions and products accordingly. When it comes to Tax time, it is just here are my earnings, here are my costs/deducations and done. Made life super simple last FY compared to previous years.

    Everyone I know who has used another invoicing system eventually moved to Xero.

    In terms of Multi Currency. You should just charge AUD and let the customer know worry about the conversion.

  • freefall101 on 17/12/2024 - 11:53
    +1

    You might not need Xero from day one, but make sure you have a plan to migrate to it. Plus if you have an accountant or ever need a bookkeeper they'll thank you.

    I'm a former tax accountant, I help a few people do their books still. Zoho is unintuitive, I've had to "fix" the setup some people have done in there because they got it all wrong. If you don't understand accounts payable/receivable and prepaids it's not going to help you.

  • daft009 on 17/12/2024 - 13:56
    +1

    tried zoho books for 3 months… nope… now using xero
    stay away from zoho books

    xero with air wallex bank feeds for EUR/USD etc for me

  • getk on 17/12/2024 - 15:38

    thanks for lot of feedback. I read about 'easybusinessapp' which seems good. (albeit the issue with multi-currency need to find a way)
    Trying out a month free to see how it goes and will migrate to 'Xero' if its not fit for purpose

  • Clickbait on 17/12/2024 - 19:32

    The expensive multi-currrency ones can revalue your currency every day if you want.
    I found Reckon Enterprise excellent. set up Debtors, Creditors and Bank Accounts in any currency
    It was a bit clunky processing currency variances during payments. but easy enough to follow.
    It is a mature product (once quickbooks),
    If you are running industry software, look for API integrations, and single user.may be all you need.

  • thirtysixd on 17/12/2024 - 21:04

    Are you a sole trader?
    Do you need payroll functions?

    • getk on 18/12/2024 - 20:01

      Yes, need payroll functions for salary for Director.

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