Keeping accurate accounting records can seem a little daunting to many small business owners. It is one of those things that you know you should do but many don’t. So you either leave it up to your accountant or try to use a more sophisticated accounting software package that takes a while to learn.
Cashflow Manager is designed for those of you who have limited accounting knowledge and want to get control of your bookkeeping records. I have been using the trial version of the software and I found it very easy to use. The setup process takes just a few minutes, and the design of Cashflow Manager makes it very simple to see what information you need to put in and how to do it.
The software is an Australian product and helps small businesses get control of their accounting records using what is called the single entry method. Using the software helps you keep accurate records, which is vital for a healthy business as well as ensuring compliance with the tax office. This is important as the Australian Tax Office no longer offers e-Record.
You can just do the simple things like keeping track of your payments and receipts, reconcile with your bank statements and when you need to, you can export the data straight to your accountant. The software is ideally designed for small businesses who use the cash based Goods and Services Tax method and do not have any inventory to control.
What I liked about Cashflow Manager
- It automatically calculates your GST and even produces a report that you use to lodge your Business Activity Statement online. This is a huge time saver.
- When you set up your business you can align it to the software that your accountant uses. This means they can do their reports easily saving you money and your accountant’s time.
- It has videos that you can access from the software to help guide you through any of the different sections as well as a comprehensive user guide.
- The software is particularly suited to small service based businesses
- You can tailor the columns to suit your individual business. This means that you can just have the accounts that are needed for your business.
What could be better?
These are minor suggestions as the software is well designed for most small businesses.
- Although in the guide it has an explanation of the terms, it would be good to have these as pop outs on the columns in the software. For example if you scrolled over a column a definition and examples would be quicker for someone new to the software.
- You can add columns for different accounts. However they are only at the top level. It would be helpful to have the ability to add sub accounts that could then be totalled to the higher level.
Cashflow Manager is particularly suited to small businesses with simple needs regarding accounting record keeping. The product has a free trial and more information can be found on the Cashflow Manager website.
Editor’s note: This review was done of the Australian version of Cashflow Manager. For the U.S. version, visit the Cashflow Manager USA page.