Filing GST, banklink, accounts and credit card.

[Rosco]

MYOB is another option. Often has discounts and deals if you look around. Not as user friendly as Xero but a more budget friendly option.

MYOB owns Banklink.

Generally MYOB don't fix or update anything. Whereas Xero has constant upgrades and changes.

If starting out new, I wouldn't touch MYOB.

For example they have online MYOB, but often you need the software to use it on your own computer. So everytime I try to go into a MYOB clients affairs, I have to work out which software, generally update the MYOB and then overall struggle to get in. Whereas with Xero I'm in, in under a minute.

Ross

[jack2016]

thank you all, for your input. much appreciated.

[DaveW]

Why not get a debit card with your business account, instead of a separate credit card.
Debit cards can be used for your online transactions.

Store copies of your receipts online. Paper copies can fade.

Send an Xcel summary of your receipts to your accountant every 6 months. Why every 2 months it's just more time?

having a property accountant on your team is advisable. They do your end of yearaccounts anyway and answer any questions you have during the year. Why not have them file your GST also?

[jack2016]

thanks for the immense knowledge base. I need to confess that I'm not in a property business, otherwise I would have gone with Rosco! it's just a small business, but i'm trying to basically get it right with IRD more than anything!

With Xero, will I be able to file GST with it?

[Rosco]

yes, xero calculates your GST. You still need to check it!

[jack2016]

Just spoke to another person and they said they do none of the above and just enter stuff in the ird website. Is that not recommended?

[Rosco]

Hi Jack2016,

How knowledgeable is the other person? I'm would say that they are not great with accounting, GST and tax, and have therefore given you some pretty crap advice.

But if you keep asking enough people, sooner or later someone will tell you to just accept cash, don't pay any tax or GST and you will be fine! Note this is NOT my recommendation.


If you just enter the stuff in the IRD website, then how will you collate this stuff? If you file say 2 monthly GST, how will you collate all the 6 returns together? How will you see what your profit is every month, so that you can monitor how your business is going?

Any accountant is likely to hate just getting a print out of what you entered in the IRD website!

Lastly, you would still need excel, xero or some other program to get the figures to enter in the IRD website!!


Ross

[jack2016]

yes sir, will do that

[Beano]

I looked at the Xero website today
Is the growth of Xero mainly in the field of small businesses where invoices can be easily generated by the business person and expenses downloaded directly into the system (all the while in the cloud).
Sort of eliminating the accounts person who would tradionally have a integrated accounting program on the desktop back in the office ?

[PC]

Can you get your data out of Xero if you change your mind?
What privacy do you have if all your info is on someone elses computer? I doubt it is encrypted.