Do I need an accounting package for my startup?
You are on the Startup Journey and you mind is running at 100 miles per hour. How do you do this, how do you do that? Its exciting and you can’t wait to get going.
You are imagining what its going to be like when you actually take it to market and people start to purchase your product or service and you start getting paid ………………. wait, then it hits you. You actually have to be able to create an invoice and then account for the money coming in.
How do you do THAT! Do I need an accounting package for my startup?
With the advent of cloud based system it is easy to get yourself a decent accounting system for a reasonable price and have it up and going in a heartbeat.
So back to your question, “Do I need an accounting package for my startup” the answer is YES!
The main reason why is because you should always start with the end in mind. What that means is start running your business as if it is already successful. So don’t be a tight a**e, and invest in an accounting package.
Here are few you can get that are cheap and easy to operate.
The go-to Accounting package these days seems to be Xero. It is easy, clean, inexpensive and after using it for 8 years, we have never had a problem with it. What we love about Xero is its usability. It is so easy any startup can use this as their accounting package. It comes with a iPhone/iPad and Android apps, so you can do your accounting including invoicing when you out and about. The only problem people may have is if they are running a payroll of more than 200 (say a temp employment agency), as it caps out at 200. If you are paying more you probably should have a more robust system anyway.
For $60 per month you can’t go wrong.
The old boy who has owned this space for some time is MYOB.
MYOB is the package that everyone used in the past. It is robust and able to handle anything you throw at it.
We have personally had some problems with MYOB as at the time of writing we do not feel it is a true cloud based solution (MYOB stalwarts would argue against) as MYOB relies on a file that is held separately and accessed via software. So you are always tied to a certain machine or server, and that file is not interchangeable between a PC & Mac.It is also fairly clunky and not as intuitive as the other systems available.
On the plus side is it can handle massive payrolls.
For $40 per month, it is a good solid solution
Saasu is a relatively new player in the Saasu Accounting packages.
It is a true cloud based system just like Xero. It has automated bank feeds just like Xero. It is user friendly just like Xero, in fact, this product is very similar to Xero. One difference when it comes to payroll is apparently, the Saasu product doesn’t have an employee portal. Not a massive problem given that most Startups do not have to many employees, however as your business grows this is a feature you may find useful.
The cost of Saasu is around the same as the others at $40-50 per month per user.
To us, the clear winner when it comes to Accounting packages for startups is Xero. As we said earlier, we have never had an issue with it in the years that we have been using it, the price is more than reasonable, the support is amazing and we can access it anywhere.
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