The next step was to find a suitable accounting package, I wanted to find a package that allowed me to share the accounts with other people including accountants, book keepers and allow me to integrate other systems with it.
The only real solution to this is a web based system but the problem with this is how do I get my data back, I worry that one day I will click on web page and i find out that they havent paid their hosting bill and things have been shutdown. Mr Tax man then will come and say hello and I have no records left.
There are a few of options out there: saasu, xero were the two I looked at as they seemed designed for the Australian Markets.
The costs are saasu is free for 15 transactions per month but it would not take long to fill that as a transaction is invoice or an expense. xero is free trial but its then $50 ex GST per month while saasu is a very reasonible $20.
What I really wanted was a simple bank reconcilation, Xero looks like it does a great job at this while Saasu seems average. Its something I will need to explore more … since I havent choosen the right bank for us yet.
The company will be in the service industry so producing invoices with lots of line items for the completed tasks would be needed, saasu relies on a third party tool to create timesheets while xero has none. I dont see this as a big problem as I will be using a bug tracker work system and from that I will produce timesheets so as long as there is a API things would be ok, of which there is for both of them.
The other issue is what will your accountant say, if you outsource then your accountant my charge you extra to handle this but they do allow an export facility so your accountant should be able to upload that.
Do you use an online accounting system ? If so what do you use and how have you found it ?