I understand that there aren't any current plans to update the Reports available in LiveAccounts in the near future.
I PLEAD and BEG with you to make an exception to this and include;
1. Profit & Loss Report on a Cash Basis, and
2. Account Transactions on a Cash Basis
LiveAccounts would be the perfect solution for several of my clients except for these missing reports & hence I am hesitant to recommend they subscribe. LiveAccounts is aimed at Small/Micro Business and the majority of these run on a Cash Basis for GST reporting etc.. The reports requested above are integral in assisting the business owners with planning & Cashflow management.
They are also extremely important in BAS & IAS reporting to verify information. Determination of Cash Profit & verifcation of same is critical when determing variations to PAYG Instalments on a quarterly basis that some Accountants prefer/insist on to ensure a more accurate payment & reporting of PAYG obligations for the year, minimising the need for additional payments when the Tax Return is completed.
My clients need to record their Bills & Sales on an Accrual basis so that at any given time they can look into the Cloud (LiveAccounts) & see what is due, therefore, it is not practical to run LiveAccounts entirely on a Cash basis just to obtain the Cash reports, which is the only way I can see that they could be produced as it stands.
Please seriously consider including the above 2 requested Cash Basis reports in your next update.
Thank you
Ginetta Vacca GTV Bookkeeping BAS Agent, MICB, MYOB PPBK, Quicken PPBK, Certified Trainer & Assessor
