As technology continues to advance and businesses evolve in today’s digital world, it has become increasingly important for companies to have efficient and reliable accounting software. QuickBooks is a popular option for many businesses around the world, but the question remains: does QuickBooks work for Australians? In this blog post, we will explore the features and capabilities of QuickBooks in the Australian market to determine if it is a suitable option for Australian businesses.
QuickBooks in Australia
QuickBooks is a leading accounting software developed by Intuit, a US-based technology company. The software offers a range of features for businesses, including invoicing, expense tracking, inventory management, and financial reporting. In recent years, QuickBooks has expanded its services globally, including in Australia. In fact, the software has been tailored specifically for the Australian market, with features and functions designed to meet the needs of Australian businesses.
Australian Business Requirements
Before delving into the specific features of QuickBooks Australia, it is important to understand the unique requirements of Australian businesses. Australia has a complex tax system, with different tax rates and regulations for different industries and states. Therefore, any accounting software used in Australia must be able to handle this complexity and adapt to the local requirements. QuickBooks recognises this and has tailored its software to cater to these needs.
GST and BAS
One of the most important requirements for Australian businesses is the Goods and Services Tax (GST). All businesses registered for GST must lodge a Business Activity Statement (BAS) with the Australian Taxation Office (ATO) to report their GST obligations. QuickBooks has a built-in GST feature that allows businesses to accurately track and report their GST payments and receipts. This makes BAS reporting a seamless and stress-free process for Australian businesses.
Payroll
Another important aspect for many Australian businesses is payroll. QuickBooks offers a payroll feature that is compliant with Australian employment laws and regulations. This includes tax calculations, superannuation contributions, and reporting. The software also offers options for different types of leave, such as annual and sick leave, and allows businesses to print payslips and generate pay runs with ease.
Multiple Currencies and Languages
With Australia being such a diverse country, businesses often have customers and suppliers in different parts of the world. QuickBooks caters to this by allowing users to work with multiple currencies and languages. This is particularly useful for businesses that import or export goods, as they can easily manage their foreign transactions and invoices in the currency of their choice.
SuperStream Compliance
In 2015, the Australian government introduced SuperStream, a mandatory system for all employers to make superannuation contributions on behalf of their employees. QuickBooks is compliant with SuperStream requirements, making it a reliable and convenient option for Australian businesses to manage their superannuation obligations.
QuickBooks is a highly functional and reliable accounting software for Australian businesses. At Perth Mobile Tax, we are proud to be experts in QuickBooks, and we can confidently say that it works for Australian businesses of all sizes and industries. Let us help you navigate the complexities of the Australian tax system and streamline your accounting processes with QuickBooks. Contact us today to learn more about how QuickBooks can work for your business.