Entrepreneurship & Small Business

Accounting Software for start ups

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  • Jan 5th, 2015 6:40 pm
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[OP]
Newbie
Oct 30, 2006
65 posts
4 upvotes

Accounting Software for start ups

What is the best software for a start up business? I would only need basic accounting features such as creating invoices, payroll and tracking revenue and etc.
11 replies
Deal Addict
Jun 9, 2003
4484 posts
600 upvotes
Have you checked out waveapps.com?
[OP]
Newbie
Oct 30, 2006
65 posts
4 upvotes
I am looking to start a recruitment agency which needs a really good payroll system part of the software. What does everyone think about quickbookpro online version.
[OP]
Newbie
Oct 30, 2006
65 posts
4 upvotes
Kohanz wrote:
Dec 30th, 2014 4:57 pm
Have you checked out waveapps.com?
no, i just checked it out now and it might not work for a recruitment agency where there will be many people on payroll.
Deal Addict
User avatar
Mar 23, 2008
3922 posts
354 upvotes
Toronto
Wave is good for start ups. Even my company with 25 employees it works Ok.
Deal Addict
User avatar
Mar 23, 2008
3922 posts
354 upvotes
Toronto
karan_9 wrote:
Dec 30th, 2014 6:00 pm
no, i just checked it out now and it might not work for a recruitment agency where there will be many people on payroll.
Sure it will. But I use Telpay for my payroll needs.
Deal Addict
User avatar
Mar 23, 2008
3922 posts
354 upvotes
Toronto
karan_9 wrote:
Dec 30th, 2014 5:36 pm
I am looking to start a recruitment agency which needs a really good payroll system part of the software. What does everyone think about quickbookpro online version.
Don't use the online version. There is no way (yet) to export data. If you use QB, then use the offline software.
Member
Feb 15, 2010
461 posts
285 upvotes
Surrey
I'd say go with Quickbooks. Its fairly widely used and has more capabilities. So although you may not need much now, you likely will in the future and won't have to bother with conversion.
Deal Fanatic
Feb 1, 2006
9550 posts
719 upvotes
Muskoka
I use QuickBooks desktop daily for many businesses I do work for, and there is a costly limitation with it...to use their payroll service, you MUST always have the latest version of QB! So you're paying $25-30/month forever, plus payroll costs.

I would suggest using QB Pro desktop ($200 one time cost), and then a 3rd party payroll provider. My current preference that I have 6 clients running is Payment Evolution, it is very low cost (ie. $20/month for 6 employees), and pretty user friendly. I have heard good things about Wave payroll as well, and am currently testing it, but can't recommend till done. I use QB payroll as well with many clients who already had it setup, and it is just okay, easy to make mistakes that stay hidden.

You can get a report from payroll provider that gives you info for a journal entry in QB to record it, then memorize it, so it only takes a minute every payroll.

Be VERY careful with your payroll! It is super easy to make mistakes, and as someone who sees a few different sets of accounting and payroll records weekly, I see problems all the time in this area. I recommend keeping a manual Excel master payroll file as well as using a provider for actual payroll, it gives a much better visual tool for error solving, and a double check on your payroll.

Even if you go with a 'premium' payroll provider like ADP or Ceridian, you are still responsible for accurate entry and error checking. Not worth the extra cost, in my opinion.
Newbie
Nov 26, 2014
1 posts
Etobicoke, ON
THis is very helpful. How could I learn on how to fill the Balance sheet, Income statement and Cost of Capital Assets to help me calculate the Taxable income??? IS there any guide for that - Can you help me? PM - Sridhar.s81@gmail.com


Bullseye wrote:
Jan 3rd, 2015 7:27 am
I use QuickBooks desktop daily for many businesses I do work for, and there is a costly limitation with it...to use their payroll service, you MUST always have the latest version of QB! So you're paying $25-30/month forever, plus payroll costs.

I would suggest using QB Pro desktop ($200 one time cost), and then a 3rd party payroll provider. My current preference that I have 6 clients running is Payment Evolution, it is very low cost (ie. $20/month for 6 employees), and pretty user friendly. I have heard good things about Wave payroll as well, and am currently testing it, but can't recommend till done. I use QB payroll as well with many clients who already had it setup, and it is just okay, easy to make mistakes that stay hidden.

You can get a report from payroll provider that gives you info for a journal entry in QB to record it, then memorize it, so it only takes a minute every payroll.

Be VERY careful with your payroll! It is super easy to make mistakes, and as someone who sees a few different sets of accounting and payroll records weekly, I see problems all the time in this area. I recommend keeping a manual Excel master payroll file as well as using a provider for actual payroll, it gives a much better visual tool for error solving, and a double check on your payroll.

Even if you go with a 'premium' payroll provider like ADP or Ceridian, you are still responsible for accurate entry and error checking. Not worth the extra cost, in my opinion.
Jr. Member
User avatar
Aug 15, 2010
167 posts
20 upvotes
Nanaimo
+1 for Wave Accounting. I use it for my business and it works great. Easy to use interface.
Garland Coulson, "Captain Time"

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