Question Paid Accounting software vs Free excel

[troubled soul]

How you do accounting for your business ?
Do you use any paid software ?
or Just use Excel or Google spreadsheet ?


Thanks

 

[Sols]

Outsource it. Add it as a cost of business in your business plan. Until one day your business is large enough it's time to in-house it and begin hiring.

If you're using Google Sheets or Excel for accounting, you're not doing accounting. You might be keeping track of the company's balances and receivables, but it's not accounting.

If you're going the DIY route, make sure you pick an app that is designed for your jurisdiction. An accounting app designed for one jurisdiction might not (and often does not) satisfy the accounting requirements in others.

 

[Forester]

Outsource it. Add it as a cost of business in your business plan. Until one day your business is large enough it's time to in-house it and begin hiring.

If you're using Google Sheets or Excel for accounting, you're not doing accounting. You might be keeping track of the company's balances and receivables, but it's not accounting.

If you're going the DIY route, make sure you pick an app that is designed for your jurisdiction. An accounting app designed for one jurisdiction might not (and often does not) satisfy the accounting requirements in others.

I agree at 200%. Nothing to add.
Perhaps just one remark: In the last ~10 years I was always checking what application(s) are our accountants (internal or external) using. There is an extreme danger of a vendor lock that can be devastating – the precaution is to use some application that is opensourced or is able to export all the data into an open format (it does not mean it must be for free, this is not the point).

 

[12345]

If you chose to outsource then learn the basics and check every month if its done correctly, can be costly if accountant makes a mistake, especially with VAT tax