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In AR 2011 there are two reports under Accounts/Small Business Entity - Profit & Loss (Cash) Account Trainsactions (Cash).
Smaller businesses often report BAS on a Cash basis and therefore it would be useful to also to be able to report P&L on a cash basis.
As Live Accounts is targeted at the smaller businesses, who are most likely to report on a cash basis, I feel that this should be a high priority for LA as an additional report or two.
I would like to hear whether this is felt to be a good idea, or to understand why this would not be useful.
Thanks a lot
"Request to include Profit & Loss report on Cash Basis in Live Accounts"
I totally agree that this is needed. As mentioned it is based on small business owners therefore should have a cash reporting option.
It would be great to have some feedback on my suggestion of 25 May?
I think that is a very good idea. I will talk to Richard about when that can be done. At the moment our next 4 months is fully booked.
Thanks for the feedback - 4 months will soon pass!
I also agree that cash reporting is needed for small businesses.
Yes I too have put forward a case for this back on 16/2/12 & really need this feature. This has been a major stumbling block for not putting at least one client onto LiveAccounts. My request went like this.......
Cash Basis reports (P&L and Account Transactions)
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.
Re your previous email of 16/6/12.....
Any news from your discussion with Richard regarding a timeline for the P&L on a cash basis.
I notice that others having been asking for this passionately, for some time!
Look forward to hearing soon.
I would also like to add to this discussion by saying that it is riduculous that cash flow reporting is not included in the live accounts software. I am very happy with all of the existing features of the package, yet am contemplating unsubscribing from the service as it is missing this key feature! I will also ask like the others, WHEN WILL THIS BE RESOLVED!!
I note that another cloud program has just added this as an option in their July update, and it would be good to see it in LiveAccounts if feasible.
Re your email of 16 June and my follow up post on 6 July - any news on when from Richard?
I am not the only one chasing this one!
Thanks for your update
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