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Need a balance sheet report
A balance sheet report is pretty common in accounting software.
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Plans starting at $19/month
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Inappropriate?A balance sheet shows assets, depreciation, ownership equity etc, these are things we don't track and we have future plans to do this. The core of what you're probably trying to see can be found on the accounts summaries report.
I’m thankful for users
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Inappropriate?What's the ETA on this? LLC's need this report for the most part...my CPA is telling me to diss this program w/o it...I want to keep the program but he calls the shots...any thoughts?
I’m anxious
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Inappropriate?Hey Roy, I do not think we'll track asset depreciation in the near future. He probably needs the data from the accounts summary. The accounts summary is a balance sheet minus the asset tracking. Our accountant can track our asset depreciation in a few minutes, honestly all our business owns is our computers. So the computers are the only things that actually depreciate over time.
I’m thankful
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Inappropriate?I just got hit with a $1100 accounting bill from my CPA firm (double that of the year prior) for a 2008 tax return. They're blaming the bill increase on LessAccounting, saying it isn't a complete accounting solution and that the absence of a balance sheet made things extra difficult (and time consuming).
This is my desperate plea that you guys add a balance sheet before the end of 2009.
I’m broke
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We have all the data a balance sheet has minus asset depreciation.
What assets do you need to track? For our business, it's literally a 5 min task, I'd ask what the task was that made the charge. There's no way I can see they'd be able to justify that increased charge for LessAccounting not tracking assets.
Most accountants want you use to Quickbooks, why? So they can charge you consulting fees throughout the year for Quickbooks questions. -
My CPA said it was more than just asset depreciation. They said the balance sheet also tracks ownership equity (which changed for me this year) and something to do with my accounts (maybe invoices sent but not collected?). I subscribe to LessAccounting so I don't need to think about accounting or balance sheets. I don't want to have to create one manually and sent it to my accountant -- this is what my accounting software should do for me.
I am very happy with my CPA. I trust they are not over-billing me or want to get me "hooked" on QuickBooks so they can answer questions. They want me on QuickBooks because 99% of the world is on QuickBooks and it makes their job easier. I have told them that I do not want to use QuickBooks, because it's expensive and complicated. They are happy supporting me if I use LessAccounting, but have told me that I can expect slightly higher bills for tax preparation because they are unfamiliar with LessAccounting and it doesn't provide them with everything they need (e.g. balance sheet). -
I hate to think tracking ownership equity should cost $1100 extra dollars. It's just Asset Worth minus Liabilities. For us like many businesses, we have little assets (our computers) and little liabilities (a credit card we use for travel purposes). So instead of us, as lessaccounting users being concerned about tracking such transactions our accountant can do it in a couple of minutes.
Maybe this will help explain our vision for LessAccounting and why we picked this certain direction. -
It cost an extra $500, which is like 2.5 - 3 hours of my CPA's time getting familiar with LessAccounting and generating the balance sheet.
I'm a tiny company of 1. Can't get much smaller than that. LessAccounting works great for me -- I love it. I'm just passing along feedback from my CPA that it's a fine solution, just missing a balance sheet. I think adding this one little report to the rest of your reports would go a long way in helping your users, and their CPAs. -
Inappropriate?My CPA went ahead and did it without charging me extra but he said I have to get on QB for him to do it again based on the balance sheet report.1 Comment Add a comment
This is one of the best points
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What about the balance sheet report does he need?
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Inappropriate?Agree with JBitten. It's not that CPA's wrap consulting around QB (although some do, they are the crappy ones)...but they use 'work flow' products and have direct integration with other industry standard products, etc. I see this as a hurdle to LA gaining traction...but hey, somebody has to challenge them. I sell IT services to CPAs so I have this conversation in about a 1,000 different forums.1 Comment Add a comment
This is one of the best points
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Roy, our product isn't for a most businesses. A lot small businesses we've seen and worked with don't need a full balance sheet.
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Inappropriate?I think this is a funny conversation, a couple of users pass feedback from their accountants and then company says "its your CPA's issue and/or we may not be the right fit"....which is fine. But HEAR us...we are saying WE LIKE YOU and WE WANT TO STAY WITH YOU....but we are just passing word that our CPAs don't like you. Adoption on a large scale won't come unless you have the CPA....hence M$ SBA program who has gained no real share.
You guys do good work....you can come up with something :)
Also...other businesses are looking/wanting a reason to leave QB esp bc their online version sucks...someone needs to step in and take share but these types of forms are needed to take their share.
from: customer trying to help and one who talks to 1,000+ cpa's a year - xcentric.com -
Inappropriate?First, I/we really appreciate feedback and opinions. We value users' opinions a lot.
It's much more than a simple report, it's explaining to a user what assets are, what is depreciation. To learn Quickbooks you need to learn about accounting, we're trying not to teach a user about accounting. We very well might have a full balance sheet one day, I can't say for sure. But currently there is no plan to do this.
Roy, to take over the accounting world we'd need to make our app less elegant and more like sickbooks. We do however have many CPAs that love our app but it takes a CPA that wants to learn something new. Let's face it, CPAs aren't the best evaluation of software in general.
I’m thankful
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Inappropriate?Is there a list of these CPAs somewhere? I am starting a new LLC and could use a rec in the Boston area. If they were LA-friendly, so much the better!
I’m happy
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This is one of the best points
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Hi John, we've talked about making an accountant directory before. Unfortunately we do not have a list of LA friendly accountants. However any good accountant should just need a few reports generated from LessAccounting. Many people invite their accountant into the application as a trusted member so the accountant can retrieve the reports they need.
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Inappropriate?The ownership equity is very important to me. We have 4 owners with unequal ownership and unequal distributions. Is there any news on when that may happen? I can figure everything out but currently I am needing to track that in a separate spreadsheet and it gets frustrating. I love everything else about your product but a balance sheet would make it everything that I am looking for.2 Comments Add a comment
This is one of the best points
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We believe most businesses don't need a full balance sheet to meet their accounting needs. We have a balance sheet minus asset tracking. In our business, like many we had little assets (just a few computers). We leave asset tracking up to our accountant at the end of the year. The extra functionality of a balance sheet isn't worth the trouble of confusing most of our user base.
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We believe most businesses don't need a full balance sheet to meet their accounting needs. We have a balance sheet minus asset tracking. In our business, like many we had little assets (just a few computers). We leave asset tracking up to our accountant at the end of the year. The extra functionality of a balance sheet isn't worth the trouble of confusing most of our user base. Being that said some businesses need a full balance sheet for those who must have a full balance sheet LessAccounting isn't probably the best fit for them.
I'd evaluate your bookkeeping needs and really see if you need a full balance sheet, a lot of people don't. -
Inappropriate?I am using LA for our non-profit book keeping, but the accountant uses QB. This works for our particular situation because all we really do is keep track of P&L - like a subsidiary of a corporation. This is how I see the difference.
LA is great for book keeping,- not to mention LA has superior customer management & interface - but is certainly not accounting software Some businesses simply need accounting software.
Allan, I believe it is misleading to say that LA has a balance sheet minus asset tracking.
I’m indifferent
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This is one of the best points
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I like your explanation of our bookkeeping app.
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Inappropriate?Assets/deprecation/balance sheet is what is keeping us from paying you $24/month.1 Comment Add a comment
This is one of the best points
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thanks for your feedback.
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Inappropriate?I'm very disappointed to find that this critical piece of reporting is missing from LessAccounting. I went to some lengths to convince my accountant that we should use LA, and he was finally open to the idea. Once I invited him as a trusted member, he urged me to drop LA, pretty much saying it's a dealbreaker. The only reason that there is no balance sheet.
Yes, he is a good accountant and yes, he can pull together most parts of a balance sheet based on the existing numbers. But much like some other folks on this forum, I am not comfortable with the idea of incurring the extra expense for my accountant to work around this system.
Additionally, Alan, I want to comment on something you said, even though it was apparently 6 months ago. It is troubling to see a representative of the company would make a comment like "Let's face it, CPAs aren't the best evaluation of software in general." I'm a user experience designer. If they are your user group, and an important one, then you must reach a level of empathy with their opinions if you are going to make LA completely successful.
As you can see, excluding some tools CPAs are used to is negatively affecting a certain contingent of your customers as a whole, not just their associated CPAs.
I’m bummed
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