Why not Quickbooks?

• very awful softwares that mess up your books;
• its cheap - you pay for what you get - low quality accounting software
• reports are not in Australian format.
• very messy bank reconciliation

Why not Myob?

• expensive
• out dated
• we did myob before. Never again

Why must we go with xero or need it?

• alot of bank transactions and alot of bank accounts we need to reconcile
  • show them gst report, general ledger, account transactions

Payroll and super payments

• we have to pay super direct debit weekly
• staff need to access payslips to do loans, rent, etc. easier to have xero for them to retrieve payslips whenever they need

Smsf

• we need to prepare special financial reports for the auditor and ATO. Its not like your everyday business P&L and balance sheet. Theres 
  • minutes, 
  • member balance, 
  • investment strategy,
  • property/loan updates
  • tax reconciliation,
  • carry forward super schedule
• you can't use excels to do your smsf reporting. You need proper software.
• that is just the cost of running a SMSF. Had you been with an industry Superfund (australian super, AMP) they would have to do the reporting for you
• there aren't many softwares out there that do SMSF reporting suitable for your investment