Wow, this is a pretty fun opportunity for you to learn some new skills for sure!
Disclaimer: I'm the Multiaxis Product Manager for MasterCAM, the largest (by installed seats) CAM programming package [Clarkson]IN THE WORLD.[/Clarkson] I've used a lot of other CAM systems, though, so I'm not just a corporate shill, I'm also an enthusiast corporate shill :)
1st step in this thing: Have you done any jobs with a manual lathe, and/or is someone going to stop by with the machine and teach you guys the basics of setting it up? That's the "hardest" thing about running these beasts, you have to be on top of your game about managing your tools, where they're touched off, what type of insert, etc. This is all "paperwork," so to speak, but it's what the computer running the show (the YASNAC Control) uses to figure how where the tool tip is and where your part zero is so it doesn't plow through the part. Learning how to set these up correctly is much more important than programming it at first!
Now, you've gotten that out of the way. There's a lot of different options for programming, let's start with free: Notepad or the editor on the control. The control may also have what's called Conversational programming where you can enter things as a conversation, "choose to insert a rough line, from X0,Z0 to X3,Z0," etc.
CAM is helpful, though, because you can actually see the part, you can see the way the machine will move around the part as it cuts and you can simulate the material being removed. Some of the more intelligent CAM systems will even allow you to control your cuts so you don't waste time on air or other things.
There's a couple of cheap programs, but you have to watch out for getting the output correct on your control. See, here's the big rub between CAD and CAM. With CAD, you only have to be able to figure out how to generate the geometry you want to cut, with CAM, you need to actually convert that into the G-Code that the machine can run! That's accomplished through a Post Processor. Your CAM Software needs to have one specifically for your control, and possibly specifically for your machine. One thing that a lot of our new customers tell us is that they weren't getting support with their previous product, so even if the thing could do what they needed, they couldn't figure out how to get it cut on the machine, so make sure whoever you partner up with is good to actually help you when you need it.
Any chance you can post the kinds of things they want to machine? I can give you the skinny on a few different strengths and weaknesses that they're going to see in some software. If it's simple lathe profiling programs, and you can get a good post, you can't go too wrong with any of them. If there's going to be lots of roughing or tight tolerances, some programs can shine with certain things, like ours is very, very strong in the lathe material removal area and we also have some toolpath options specifically for lower-torque spindles (like making shallow cuts further away from center, where the tool acts as a big lever-arm against the spindle).
Also, any chance you can tell us what options the machine has? That could also help direct you to a good software to choose if it has, for example, a programmable sub-spindle with upper and lower turret, that's a lot more complicated than a simple 2 axis lathe with a single turret.