We all need to reconcile payments regularly. For many retailers, matching POS reconciliation data with bank statements becomes time-consuming.

Our innovative Payment Type Breakdown Report offers a powerful solution to streamline this essential process.

Understanding the Payment Reconciliation Challenge

Accurate payment reconciliation ensures your financial records match actual transactions and that you see what is happening and what you think is happening.

The biggest problems besides the work, and its a lot of work

-Figuring out how the payment processing fees work when accepting card payments

-Dealing with delayed payments and settlement issues

-Businesses Doing third-party payment processors face time

Simplifying the Payment Reconciliation Process for Retailers

Our Payment Type Breakup Report is explicitly designed to address your reconciliation challenges. It provides retailers with a comprehensive breakdown of payment data organised intuitively.

Where to Find the Report

You will find it here.

See Reports> Sales - Register > Payment Type Breakup.

This report summarises payments for the bank's particular period broken up by days. The totals by payment type are listed on the report, with a Grand Total at the bottom. The report can be produced for any period on a daily, weekly, monthly, or even yearly basis.

Key Features and Benefits

The Payment Type Breakup Report offers several advantages that streamline your financial management:

-Daily payment summaries broken down by payment method

-Flexible reporting periods (daily, weekly, monthly, or yearly)

-Comprehensive payment type categorisation for detailed analysis

-Total calculations for quick reference

-Easy comparison with bank deposit records

How the Payment Type Breakup Report Works

Report Structure

The Payment Type Breakup Report presents a clear, organised view of your payment data with the following elements:

Column Headings and Organisation

The report includes these essential columns:

-Date: Transaction date

-Total Amount: Sum of all payments received

-Payment Type Columns: Individual columns for each payment method (Cash, Credit Card, EFTPOS, etc.)

I find this daily breakdown particularly valuable. Banking systems often split deposits across different days. With organised data, you can easily match your POS records with bank deposits despite timing differences. 

The Reconciliation Process Made Simple

The Payment Type Breakup Report makes reconciling your sales with bank deposits significantly more efficient.

Here's a step-by-step approach:

Generate Your Report

Select your desired date range to view payment activities during that period comprehensively.

Compare with Bank Statements

Match the payment type totals from your report with the corresponding deposits in your bank statement.

Pay special attention to:

-Credit card batch totals

-Cash deposit amounts

-EFTPOS settlements

-Third-party processor deposits

Identify and Investigate Discrepancies

When differences appear between your report and bank statement:

-Look at transaction fees deducted by payment processors. They often do not match what you think they should be.

-Verify all refunds and chargebacks

-Ensure all sales are in your POS system. It is a worry if they do not.

Check for timing differences in deposits.

The most important thing is that payment providers have held up in their settlements. After being processed through your POS system, it can sometimes take up to 3 business days for the money to settle in your bank account. This is particularly problematic if you or your customer are not in the major banks. 

Public holidays can be a problem.

I hate this one. Different systems close at different times. For example, some payment providers batch out at 11:00 PM, and transactions after will be counted on the next day.

Manual payment processing: Sometimes, a transaction is flagged, and then it needs to be processed manually rather than automatically. If so, you will see a delay.

It is for these reasons most professions do not perform daily reconciliations. 

Leveraging POS Reconciliation Data for Business Growth

Leveraging Data for Business Growth

The Payment Type Breakup Report delivers value beyond essential reconciliation by providing actionable business intelligence.

Tracking Payment Trends

By analysing your payment data over time, you can identify valuable trends in customer payment preferences. This information helps you:

-Adjust your payment acceptance methods based on the charges levied.

-Forecast cash flow more accurately

Implementing Your Payment Reconciliation Strategy

To maximise the benefits of the Payment Type Breakup Report, consider these implementation steps:

Establish a Regular Reconciliation Schedule

Set a consistent schedule for reconciliation activities. I suggest daily or weekly. You do not want to leave it too far away. It gets hard to find out what someone did three weeks ago on Tuesday.

Integrate with Your Financial Systems

Connect your POS data with the bank records when possible for maximum efficiency.

Ready to Transform Your Financial Management?

Our clients use our Payment Type Breakup Report to save time and report discrepancies in their financial records.

Industry Insights

The Payment Times Reporting Scheme started in January 2021 and offers valuable insights into payment practices across Australian industries. According to the official Australian government source here, while primarily focusing on how large businesses pay small suppliers, the data reveals ssential trends relevant to retailers:

-Standard payment terms average around 30 days across most industries -Education and training businesses pay approximately 65% of invoices within their standard payment period -Long payment times (over 30 days) significantly impact small business cash flow and growth potential

Conclusion

This tool is handy for effectively managing and reconciling your POS Software with the bank.

Just another example of how our POS System gives you something you can use.

Written by:

Bernard Zimmermann is the founding director at POS Solutions, a leading point-of-sale system company with 45 years of industry experience. He consults to various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

I've seen firsthand the challenges people face with GST auditing. That's why I ensured that someone could audit their GST when we designed our POS system.

The GST Auditing Dilemma

We've all been there—trying to reconcile figures, often scratching our heads over what our accounting software tells us. It's a headache we could all do without.

Our Built-in GST Compliance Tools: Your New Best Friend

Our POS software has a powerful GST auditing tool. This makes your life easier. Here's why it's a game-changer:

1. Integrated Solution: No more jumping between programs.
2. Speed and Accuracy: Powered by Microsoft SQL for lightning-fast results.
3. User-Friendly Interface: Designed with retailers in mind, not tech gurus.

GST reconciliation method

What you are trying to do is find a mistake.

Let me walk you through how simple it is to use:

1. Go to Register Reports > Sales > GST Summary
2. Select your desired period
3. Review the detailed report, including a comprehensive GST breakdown.

This will give you a detailed report that includes this.

It's that straightforward. There are no complex procedures, just precise, actionable data at your fingertips.

When Numbers Don't Add Up: Your Problem-Solving Ally

Even with the best systems, discrepancies can occur. Here's how our POS software helps you track them down. What you are trying to do is find a wrong transaction. Then, study it.

1. Narrow the time frame: In your accounting program, do the first half of the period and then compare the same period with your POS System.
2. Compare Systems: Easily check your POS report against your accounting software for this period.
3. If it is okay, go to the next period. If it's in error, half again go to 1

Keep going until you have a day; if both periods are wrong, pick the period with the most significant error and return to 1.

If both are okay, you are in the wrong period.

Dive Deep: Once you've identified the day, scrutinise individual transactions.

A Real-World Example: The $2000 Mystery

I couldn't determine why $2000 was missing from our GST. Using this software's auditing process, I discovered it was an insurance claim wrongly recorded as a sale in the accounting software.

Embrace the Future of GST Auditing

Don't let GST auditing be the bane of your existence.

It's not only compliance; it's about running your business more efficiently and profitably.

Common Questions about GST Reconciliation

Q: How can I reconcile GST at the end of the year?

A:  Do the following steps

• Gather all financial records for the full year.
• Check the GST report in your accounting software from the start to end of the financial year.
• Compare filed GST to collected and paid GST.
• Research any differences in reported and actual GST amounts.
• Make adjustments to ensure accuracy.

Q: How do I match GST to my balance sheet?

A: Do the follwing steps.

• Generate both a Balance Sheet and a GST Summary report.
• Compare the GST liability on the Balance Sheet to the liability on the GST Summary.
• Investigate any discrepancies.
• Check for unpaid invoices or unclaimed GST credits.
• Make changes as required so the liability amounts match on both reports.

Q: What does GST reconciliation involve in Xero?

A:  For some reason, I get a lot of questions about GST in Xero. It is easy in Xero to do GST reconciliation:

• Compares filed returns to actual collected and paid GST

• Make a report showing the differences

• Review of potentially missed or miscoded transactions

• Helps ensure accurate, compliant GST reporting

Q: How can I reconcile GST in Excel?

A: To reconcile GST in Excel:

• Export GST data from your POS system

• Create separate sheets for each return type

• Set up columns (Invoice Number, Date, Taxable Value, GST Amounts)

• Use formulas to calculate reported vs actual GST differences

• Highlight discrepancies with conditional formatting

• Review and research highlighted differences

Q: What are some best practices?

A: Some best practices:

• Reconcile regularly - monthly or quarterly

• Document process and findings

• Use accounting software features to automate and streamline

• Review reporting trends and investigate variances

• Have manager oversight for large deviations

• Keep a clear audit trail of adjustments

Follow these FAQs and best practices for accurate GST reporting and compliance.

Please consult a tax accountant for business-specific advice, as I am not an accountant.

Now, it's when people look at the financial year's end. I can tell you that many are now doing the sums of their taxation requirements this year. This is my experience. 

Is your computer feeling sluggish? Are the long queues and slow checkouts frustrating your customers and costing you? Then maybe it's time to turbocharge your business with a new computer using an ATO's $20,000 Instant Asset Write-Off!

This lets you immediately deduct the cost of eligible computers (up to $20,000) from your taxable income. In the past, this has saved thousands of dollars for many of my clients and most likely can save you money, too. 

Here's why a new computer and the write-off are a winning combo for your business:

Unleash the Speed Demons! 

• Faster Checkouts: Upgrade to the newest lightning-fast computer to get faster speed. A new computer can improve the speed of your POS software performance.
• Boost Staff Productivity: Their time on the computer costs you money and reduces their time for money-making work.

Here's how it benefits you:

• Improved cash flow: This deduction allows you to immediately deduct the full cost of the computers that you would otherwise have spent on depreciation over several years. This can free up much cash flow.
• Simplified tax time: No need to track depreciation schedules for your computers. Just claim the deduction and move on.

Real Business Owners, Real Results! ️

"Since upgrading our computers with the write-off, checkout times have plummeted! Customers are in and out in a flash, and our staff are so much more efficient." 

"The tax savings from the write-off were a huge bonus! We used the extra cash to invest in a top-notch inventory management system"

Don't Miss Out! 

This opportunity ends June 30, 2024. The computers have to be in the shop and working by then, to claim this year so if you are interested you need to move immediately

Here's a win-win solution: Upgrade your computers with the ATO's $20,000 Instant Asset Write-Off, boost your business, and save thousands on your tax bill!

Contact us today for a free consultation and discover the perfect computer to boost your business and save with ATO's Instant Asset Write-Off!

Please Talk to your accountant first to check whether you meet the eligibility criteria. This information is for general purposes only and shouldn't be taken as tax advice.

The Importance of Accounting Software in Retail

Handling your accounting effectively is vital for store success. Accounting software programs perform critical functions in tracking expenses, invoicing, payroll, and ensuring compliance with tax guidelines.  Today, with the ATO requirements for payroll, it has become a necessity for a business to have such software.

Xero is one of the most popular options among Australian retailers, mainly because of its comprehensive capabilities and cloud interface.

However, for some reason, Xero's recent price increase has raised many complaints, with several wondering about the platform's affordability. I am not sure why this year, as it was last year that the big price rise occurred, yet last year I heard nothing, and today I hear much. Maybe it's been the straw that broke the camel's back for some.

Xero price increase

I decided to investigate, so I went to the Xero website and decided to work on the Premium 5 plan, which is the most popular with my clients. I then used this website to convert the figures into 2024 dollars. 

Then, I made a column for price rise in percentage.

Check the above graph to provide a clearer view of these rate hikes. While the growth from 2021 to 2022 is less than inflation, there was a big leap of 15.44% in 2023. For some reason, this did not raise eyebrows amongst my clients, but in 2024, when faced with another 4.78% increase, I got some enquiries.

Addressing the Rationale Behind the Price Hikes

I have not heard or seen anything from Xero that states the reasons for those fee increases. I do know that it appears that the shareholders on the ASX like them. A company like Xero that can pass the costs on to its users is desirable to its shareholders. Looking at the ASX share price, it appears that the price rise is positive news, and it shows that Xero is a company that can pass on its costs.

Retail accounting software Australia

If you use Xero, the price hikes did upset you. Well, it's unlikely to get better for you next year. There are several others in the marketplace that offer comparable software. Reckon and MYOB are most popular with my clients, both of which, in my experience, can do your business. Our POS software integrates with these accounting software, saving time and effort. 

Most accounting software also offers a free trial to test it out. This should make it easy to examine based on your business needs, ease of use, reporting capabilities, and integration with existing structures. 

Most allow you to switch from Xero to them fairly quickly. However, you will get a copy of your information in Xero and make all relevant reports before stopping your subscription. Once it's cancelled, the data contained within that subscription is archived and held by Xero for 7 years, but you need to pay for access.  Most people who switch run to the end of the financial year and start the new year with another accounting system. 

Conclusion: Prioritising Your Business Needs

Ultimately, it is crucial to evaluate your alternatives cautiously, seek expert advice, and leverage community insights to make an informed choice that aligns with your business desires, budget, and long-term achievement. By prioritizing your specific desires and carefully weighing the pros and cons of diverse accounting software solutions, you can navigate this venture and discover the proper fit for your small retail enterprise. 

In my experience, the most crucial consideration is your ease of use, as most major accounting software in Australia do the same tasks and give the same reports.

Accountancy Software for Retail Businesses

Running an efficient retail business requires keeping careful track of your finances. With the right accountancy software, you can organise expenses, track inventory, simplify payroll, gain insights into your profit margins, and prepare for tax time. Here, we explore the most popular accounting platforms Australian retailers use today and key factors to consider when choosing a solution.

Our Annual POS Software Survey Reveals Downward Trend

At our company, we survey clients annually to gauge satisfaction with our point-of-sale (POS) system and understand their broader technology needs. Over the years, the survey has evolved into a broader barometer of retail technology adoption.

A few years ago, we introduced a new question asking retailers about their accountancy software usage. The results revealed a worrying trend - many retailers do not use an accounting package, and the number that do is decreasing. This trend has continued over the past few years.

Now if you have not yet filled out our annual Support and Customer Perception Survey and are our client, please do so - we appreciate your feedback.

Why Accounting Software Matters for Retailers

Tracking financials using spreadsheets or paper receipts alone is cumbersome. When records exist across disconnected systems, it is easy to lose track of transactions, miss recording expenses or payments, and encounter hassles at tax time.

Accounting software centralises all your financial data into one accessible system. Features like mobile invoicing, automated bank imports, and reporting dashboards save retailers significant time. Most importantly, these platforms provide real-time visibility into the fiscal health of your business.

From cash flow analysis to profitability insights to streamlined tax preparation, accountancy software delivers immense value for retailers of all sizes. Continue reading to learn about the most widely used programs in Australia.

MYOB Still Most Popular Despite Dropping in Adoption

MYOB has long been the dominant player in Australian small business accounting. However, its popularity has waned amongst retailers in recent years.

I suspect MYOB's decline is tied to transitioning from standalone desktop software to a cloud-based subscription model. For some retailers, shifting to paying a monthly platform fee per user is a turnoff.

 Many retailers appreciate its highly structured, ledger-like interface. 

MYOB remains the top choice.

Xero Soaring in Popularity

Cloud accounting specialist Xero has rapidly risen in Australia's online accounting landscape. More retailers are using it as shown by our survey.

As a fully cloud-native solution, Xero simplifies real-time collaboration across locations and external accountants. 

Xero does come with a higher monthly cost, depending on your needs. 

QuickBooks/Reckon - Popular But More Complex

QuickBooks and Reckon One have long competed neck-and-neck for the second spot behind MYOB in Australian retail accounting but no longer, but its popularity in our survey is down. I think this is due to its complexity, meaning it demands a steeper learning curve than the others. It does, however, I feel give much more in terms of advanced reporting and everything in between. In the hands of an experienced operator, few can match its capabilities.

Cashflow Manager Surprisingly Overlooked

Cashflow Manager has simplified accounting and cashflow management for Australian small businesses for many years. I have regularly recommended it to retailers because of its approachability and neatly designed interface.

Yet surprisingly, Cashflow Manager did not tally a single mention amongst retailers in our survey.

I am not sure why.

Key Factors When Choosing Accounting Software

With so many options on the market, selecting the right accounting platform can feel overwhelming for retailers. Keep these factors in mind while evaluating solutions:

Cost

Pricing varies widely based on the size of your business, number of users, complexity of needs, and add-ons required. Be sure to understand the total recurring costs plus any upfront license fees.

Ease of Use

Look for simple dashboard designs that allow managers an accessible financial snapshot and detailed tracking for accountants. Prioritise solutions so you can learn them quickly.

Integration 

Our POS Software can integrate into many accounting systems, and so can your bank. Using these integrations will save you a lot of time.

Mobility

The big question here is do you need cloud? Cloud means it can be used anywhere in the world. As a rule, the cloud is dearer.

I hope this all is of help.

How Small Businesses Can Get Paid:

Introduction

As a small business owner, receiving payment promptly to maintain cash flow and ensure smooth operation is essential. Getting some of your customers to pay their bills on time can be challenging. Many need an account to deal with you; some are a problem. You can speed up payment and improve cash flow through a collect strategy.

In this blog post, we'll talk about ways to help small business owners get paid faster.

Debt Avoidance

Is it essential to offer debt to get the business?

By providing many payment options, you can avoid debt. You have many options, like credit cards, PayPal, and Afterpay. 

Yes, they cost money, but bill collection is also expensive. 

So transferring the responsibility for collection to someone else is a great way to improve customer satisfaction. It will also make doing business with you easier.  By accepting various forms of payment, you can also attract a broader range of customers. This includes those who may need access to non-traditional payment methods.

Check to see that your customers aren't confused by your company's name:

Most people almost always review their debit and credit card statements. We've all heard about fraudulent transactions. So customers inquire about transactions with the bank if a merchant's name on their statement looks strange. Then the bank often cancels all these transactions and the affected card, resulting in an unnecessary argument. You might lose time and money as a result.

Check to see that your credit card's merchant name matches your company.

Choose your creditors.

Another crucial step is to choose only those to whom you provide debt. When you take on new customers, you should be cautious. 

Set appropriate credit limits

Immediately on making a new customer, set up a credit limit. People should be given small credit limits and increase them over time.

If the debt exceeds a certain amount, management must decide. Our POS software will only allow purchases on the account to that credit limit. The account is then maxed. Then to trade, the customer must pay some of the debt, or you must make a management decision to increase the credit limit.

Select customer maintenance from the main menu in your system and then call a customer by clicking Other Details. ( See the green arrow below)

I want to go over two options with you. 

You can set a credit limit for a certain amount of time. Majors have a big problem because they have money but take a long time to pay it back. In this case, you should give them a big credit limit, but be careful if they go over the limit.

The next choice is whether the operator should be notified so you can be notified or whether the account should be stopped if it exceeds the credit limit. The most cost-effective and efficient time to collect the debt is when the customer is in front of you and wants some goods.

Additionally, I recommend reviewing your credit limits annually.

Regularly check on outstanding debts.

You can only do something if you know what's going on.

At least once per month, look over any outstanding debts to ensure everything is on track. Try and spot any potential issues early. Many use it once a week.

The client trial balance is one of the system's most important reports for many small businesses.

Registry Report>Client Trial Balance is where you'll find this report.

It shows the outstanding balance for each of your customers.

Looking at the image above, you'll like how you can select any date and see the values for that date to show you I put in a date years ago. This function is useful. This can be useful in talking to the debtor.

You can select the date range for the breakup, which is another excellent feature. The majority of people prefer weeks for individuals yet use months for businesses. 

If you examine this image, you will notice that almost everything occurred within 90 days. It will be a red flag if it is actual data, not from four years ago.

Issue statements regularly

Your statements ought to be issued regularly. Your criteria used can be automatically set up.

Using the email option here can help you save both time and money. Details here 

Communicate your payment terms clearly 

To help ensure you are paid on time, clearly communicate your payment terms. Be open and honest about when payment is due and how much. Make it easy to pay by including all necessary information about all accepted payment methods on the statement.

Expressions like "the end of the month" are not as good as a specific date. If your terms are "end of the month" and the debt is in January, the end of the month is January 31, 2023. If the debt drags into February, it matures on February 28, 2023.

Consider settlement discounts

Consider giving customers or clients who pay on time incentives like discounts or loyalty programs. They might be more likely to prioritise repaying your company's debts.

Send regular payment requests.

A business asking for money that is owed is acceptable. Customers who still need to pay must be contacted—then given the information they need to pay and told when their payments are due. 

This can be done automatically by our POS software. 

You need to call if it gets worse.

Talking with the customer to find out why there is a payment issue is the best way to resolve the problem. Professionalism and politeness are essential. Avoid using obscene language or threatening customers with legal action. Instead, be friendly and professional when talking to customers and remind them how important it is to your business if they pay on time. Be understanding and respectful, and your chances of getting paid will increase.

I print an invoice on the back of the invoice and make a running journal on the back of the invoice. I write the date, time, who I spoke to and a description of what was said for each communication.  I do not recommend writing it on a computer note electronically.

Do you still need to get paid?

Well, this customer eventually becomes a delinquent debtor.

It's essential to remember that sometimes it's better to take something than nothing and drop them as a customer. Give them to someone else to handle. 

The debtor cannot pay.

You are now in trouble. It makes no difference what you do if they cannot pay. Only if they have it will you get your debt. 

Consider negotiating a partial payment.

Debor won't pay.

Would you like to pursue it?

If the answer is "YES," then keep track of all attempts at payment and communication with customers or clients. As if you were going down this path, you need the proper paperwork. If it goes to a judge, everything needs to be documented.

It will be up to you to prove that you are entitled to these funds.

It's perilous. Don't think your case is a sure thing. It is impossible to predict how a case will progress. Law is so complicated. It is often erratic in execution; you do not know what they will say - consumers have rights too, and judges have their thoughts.

It would be best if you had a debt collector. They cost a lot.

You will also need a lot of time. The debt collector will contact the other party to clarify the situation, after which they will contact you to explain the situation. Preparation is required for the case; it takes time.

Then, bringing a case to court can take a long time. Besides, if the case is scheduled for today, but the court runs out of time today, you may be informed that they will reschedule it. You've lost a day; the court does not care. 

Conclusion

Some important takeaways from this post are as follows:

> Using alternative payment methods

> Clearly stating your payment terms and deadlines

> Sending regular requests for payment

> Being selective about the customers you work with

> Offering your customers options

> Being willing to negotiate

What you can do in your POS System is set a budget for each department? Now here is a quick way that works well how to calculate such a budget in a typical shop which will take you less than five (5) minutes to do. Of course, no shop is standard, but what do you want for less than five (5) minutes of work.

Divide the shop into nine segments, as I have done above.

Now on the top in black, you will see the scores 3, 2 and 1. This is because, in Australia, people tend to go to the left when they go into a shop, so the left of the shop is more valuable.

Similarly, on the side, you will see the scores 3, 2 and 1 in black. This is because the front of the shop is more valuable than the rear.

Now when you add them up, you will see in red the totals, which is the addition of the top and side scores.

Now, add another 4 to that area segment where most of the front counter is.

If you are setting a budget, you take the total shop budget. Your call whether you do it as profit or sales. Divide by forty (40) and multiple by that segment total, for example: if the shop's budget was $800,000 a year. For the bottom front segment, see green arrow its budget would be $800,000 / 40 x 6 = $120,000

Now there is one caveat: the very front of the shop is used for display and is a decongestion zone where people often walk through without thinking. This part varies so much in different shops that you must make your own value.

The quickest way to proceed is to run a totals report for the past twelve months. Now take your total sales and divide it by 40. Now multiple by its total above for each area segment giving you a figure for each area segment.

Now for each department, look at its area segment and note its figure. If three departments share a segment, divide it by three and use this figure on the report. If a department is in a few areas, add the figures up. Now see how its sales figures compare to these figures. Maybe you have some rearranging to do?

Now here are some key points using this analysis.

1) On the right of the diagram, you will see a thick line in blue. Once people enter your shop, most shoppers will turn to the left. Count the right (4+5+6=15 points) and compare it to the left value (2+3+4= 9 points)—a big difference in score. 

This left side is what we call your power wall, as this is where customers naturally end up. It is where much of a shop's sales occur, so make sure it looks attractive. Style it up. Have your high-margin items there.

You can see why large suppliers, e.g. card companies, want you to put their product on the right side of the shop. They have done this maths too.

2) Why do most retailers prefer the front counter on the left of the shop? The space is less valuable there.

3) Why do many retailers like counters on the back. Well, the area there is less valuable.

Have a go; I am sure you will find these five (5) minutes of work helpful.

Picking the right bookkeeping programming is important for a business. So we closely monitor what accounting programming, in our yearly review see what programs the vast majority of our customers are using. In our marketspace, these results are most likely the best ones in Australia. What we found interesting is that in some ways the marketplace has gone backwards more are not using anything, this is not good.

In my view, all have their devotees, you will talk to someone, and he loves one. Then he will tell you that it is so much better than the other they have used. Then you meet someone else that uses a different accounting program and hear a similar story.

Reckon big plus is that it is the cheapest but it can be chunky and difficult to use. Support is good. After a while,  you learn what you need to know. 

Xero is more user friendly so making it easy to use. Yet it can be slow, and in use, you will get a lot of downtime/non-responsive clicks, which can become frustrating. I have been told their support has issues. MYOB can undoubtedly do the job. I find it too regimented, but many people like that, including accountants.

They are all exemplary systems. Use whichever one is easier for you. They all have their quirks, and they all will take getting used to whichever system you choose.  They all can do the job. 

I will warn you to make sure that what you use is in your name. If it is in your accountants name your bookkeeping program, well there can be problems if you move accountants as some of our clients have found.

The problem here is that missing an ATO deadline can often, in fines and cause problems. Now our software was paired with ATO software, so giving our clients warning of the ATO key dates. Unfortunately, this ATO software was discontinued. Now we can no longer do this.

So it is advisable to check the ATO's key date page here manually and regularly. Then write down these dates in your diary with a date when you have to go back to this site. I would not suggest just trusting your bookkeeper.

If you will be late, my advice is to notify the ATO in advance as often they are helpful.

If so, make sure you get a reference number from the ATO.

Click here for a webinar on End of the Financial year reporting from your point of sale software. It discusses in detail

Sales reports
Stock Valuation (you will need to do this after your stocktake)
Customers Outstanding
Creditors Outstanding
Subagents Outstanding (use only if applicable)

Although not required from our software, I do recommend that you do make a special End of Year Backup to store in case you need to refer to it. The 30/June this year is Wednesday.

The Instant tax write-off allows you to write-off something for the business immediately. The obvious benefit is that it generally reduces the cost of the items that you need to buy for your business. Due to COVID-19 the terms are particular generous now, and I doubt that you will get as good a deal as this next year.

So if you are planning to upgrade your point of sale system, you need to move now as the cutoff date for the instant asset write-off ends in a week. 

As a minimum, consider getting a new server with the latest windows software so it will speed up your operation and save you a lot of time.

Or if you sell product by weight what about a scale?

Anyway I would suggest that you speak to your accountant about it ASAP because you need to move now.

MYOB software is the most popular accountancy system in our market space, and our point of sale software integrates into MYOB Essentials and AccountRight. 

This is available free to our clients. 

Using this integration will save an MYOB user saves our clients time as it removes manual data entry; this reduces errors and is quicker in transferring the information.

Having worked extensively with MYOB for many years and is one of the first software companies to have done the integration, we have gained much respect for this accountancy program. 

One function they have that I like is the "smart bills", where a person can drop an image of an invoice into MYOB, and it can often read all the information even if the invoice does not have an ABN number. This function is not available in many other accounting programs.

If you are interested check out the automatic MYOB Data Transfer section in your POS software.

Once set up, all you need to do is select the dates to go.

By doing this both your point of sale software and MYOB will work together to bring businesses like yours, an integrated point of sale and accounting platform to helps you better manage your business.

I understand that now times are tough and more draining then the actual work is the stress that we are all feeling today, so many people are confused and looking for professional help.

Part of the problem now is the ATO have switched systems from Auskey to the myGovID and like always when the system changes we have problems. The myGovID system has heaps of problems, with heaps of complaints on social media, I think this is partly as the government support on myGovID has been terrible. 

In any case, people wages need to be paid just like any other operating costs and there is some paperwork that needs to be done so you can claim it.

I thought I better warn you about how much it could cost if you use an accountant rather than do it yourself.

Say you employ two workers, and there is you and your partner so its four (4) people for jobkeeper.

These costs EX GST were quoted to one of my clients today who assures me that his accountant is on the low side of fees.

1) Employer Eligibility Assessment      $100 to $250 

This is actually easy to do yourself, but the problem here is that no accountant would put their name on this task until they do this. 

So we are looking for this item of $100 to $250

2) Employee Nomination Notices $50 each   

Everyone has to be nominated and emails and/or notifications have to be sent and since its the accountant that you have given the authority to do this and monitor this, as there are four (4) employees.

So we are looking at 4 x $50 = $200

3) Enrol for JobKeeper with ATO  $100                        

This is one cost I do question, it is not hard to register for the JobKeeper, you do not need an accountant to do that but if you did ask them to do it, then fair enough.

So we are looking here at = $100

4) Apply for JobKeeper $100 to $250 

This seems to me to be way too cheap, every employee has to be listed on the ATO website, info has to be collected and noted, still they quoted this and have to live with it..

So we are looking here at $100 to $250 

Total setup cost is $500 to $800 EX GST

5) The monthly fee which will involve the documentation required by the ATO is $100 to $250 

Since JobKeeper is going to last till September we are looking at six (6) months 

So we are looking here at $600 to $1,500 

Total costs are between $1,100 to $2,300 EX

However, any extra work is charged out at a standard hourly rate of $150 EX. This may be important if the ATO ask questions. If the ATO in this scenario does ask questions, please refer them to your accountant immediately as there is very little an accountant can do for you once you say something plus you may lose the benefit of their professional indemnity if you do say something stupid.

This here should give you a first-level approximation of costs and I hope this helps.

While we do is every year survey, our clients to see what they think of our performance. In our marketplace, over the years it has become the point of sale survey. A few years ago, we decided to introduce a new question asking our clients about what accounting systems they use.

If you have not yet filled out our annual Support and Customer Perception Survey and you are a client of ours, please do so, I would appreciate it.

The first point to notice is that about 95% of retailers are running some accounting program, which is effectively everyone. If your part of the 5% that does not use an accounting package, I do recommend that you start. If you are small and want a free one, although I do not know it one of my clients used waveapps and it did a good job for them, until recently when they went to Quickbooks so you may want to look at it.

Although there are many accounting software packages out there, most retailers in our market space use one of four systems. 

Overall they are all outstanding programs. As Australian standards in accounting software have not changed much in 30 plus years, all are well tested and work well. The difference, I think, tends to be, user preference, requirements and ease of use.

Running through them in order of popularity

MYOB historically and now is by far the most popular system by retailers, although its popularity has dropped in our chart. No sure why but I suspect as people switch to the cloud, the cost of MYOB has gone up. I find it too rigid in use for my taste, but many would consider this rigidity a definite advantage. As I said, it depends much on your taste.

Quickbooks/Reckon is a little cheaper then MYOB, and that is why I suspect is part of the reason for its rise in popularity. Also, I think because their software is very flexible. It does, however, require more training than other software packages and seems to cause more problems.   

Cashflow Manager is an excellent and popular accounting program. I am surprised there is a drop in the product.

Xero is the most expensive and is also very good. Now it is facing pressure from other vendors that others can do cloud as well, so I think that is why people are moving away from it. 

Overall nothing changed in the rankings for this to last year.