Individuals and business owners use accounting software to track their accounts and record revenue and spending. It’s faster and less likely to make mistakes than manual processing. It can also save time because of features like automation, and it provides a secure location for the owner to store important documents and receipts that can be accessed at any time. If accounting isn’t your strong suit, or if it is and you want to save time, keep reading to find out which accounting software is best for your company.
Accounting software performs all of the functions that accounting software used to perform in businesses but in a digital format. Accounting software, in simple terms, assesses and manages a company’s financial situation. This software may keep track of:
- Your Accounts
- Invoices and bills
- Tracking sales
- Payroll Management
- Inventory Management
- Reporting tax
- Helping in Budget
Here are our top 10 recommendations for accounting software:
1. Intuit QuickBooks Online– Best for small businesses and Freelancers
QuickBooks accounting software is recognized as one of the top accounting software in Australia. It’s a web-based platform that can be accessed and utilised remotely. This tool has more than 4.5 million online subscribers and has received significant customer service awards in 2017 and 2018. It relieves you of all your accounting and bookkeeping concerns. As a result, your firm will flourish since you will be able to devote more time to its operations. Thereby, it is the best accounting software for modest enterprises in Australia.
Intuit QuickBooks Online also allows you to import data from similar platforms such as Xero and MYOB. Paybooks Payroll Cloud Application, Primaseller, TSheets Time Tracking, Greenback, Shopify, and others are among the integrations available.
Key benefits:
- Professional accounting management
- You obtain QuickFeatures access
- External assistance
- Multiple devices are synced
Cons:
- Reports are limited.
- Learning the tool is tricky.
- Inventory control is limited.
- Entries that are incorrect or missing
- Syncing issues
Pricing:
Simple Start
If you have staff, you can skip to the next tier because the Simple Start version of QuickBooks is only suitable for a single user. Simple Start is $12 per month, which is more expensive than QuickBooks Self-Employed ($7) and the QuickBooks Self-Employed Tax Bundle ($12).
Essentials
Essentials allow three people access to QuickBooks Online for $20 per month. It’s a definite upgrade from the Simple Start bundle, with more reports built-in and extra bill management features like tracking payment statuses and paying numerous suppliers at once.
Plus
Plus is the most popular online version of QuickBooks, according to Intuit. This accounting program supports up to five users and includes all of the capabilities included in Essentials and Simple Start, as well as the ability to track inventory and forecast profitability. A monthly Plus subscription costs $35.
2. MYOB– Best for larger / complex businesses
MYOB is a popular accounting program. You may shift your focus from accounting books to business activities using this tool. It’s a web-based software that allows you to access your accounts from anywhere. You can keep track of your business’s success in real-time and adjust your activities accordingly. It estimates your cash flow, gains, and taxes, and gives you a quick overview of everything.
MYOB has over 150 banking and financial institutions as partners. Commonwealth Bank, ANZ (Australia and New Zealand Banking Group), NAB (National Australia Bank), and Westpac are just a few of them. Tanda, Neto Commerce Platform, EzyCollect, ServiceM8, HR Central, and over 300 other apps are also integrated.
Key benefits:
- Professionally manage your accounts
- Effective tax management
- Exchange of multiple currencies
- Operate remotely
Cons:
- The package cost is more than a paper-based approach, although being minor in comparison to your other costs.
- Manual accounting is more versatile than computerized accounting and is often easier to set up.
- Your package’s maintenance and support will be purchased yearly.
Pricing:
Each MYOB Advanced Standard user license is $104 per month, for a total of $6,240 per year for your five users.
3. Xero– Best for bookkeeping practices and for small businesses who have limited accounting knowledge.
In Australia, Xero is professional and free accounting software. It is a safe and secure online platform that allows you to manage your accounts from any place. It allows you to see your cash flow. This program allows you to import bank transactions and send invoices. As a result, you have more time to focus on other elements of your business.
Xero also has a fantastic ecosystem of apps and features that may help you solve all of your business problems. In Australia, the Xero accounting software keeps track of your payroll and lets you file to the ATO (Australian Taxation Office) with a single click. You can keep track of your transactions and taxes with the help of Xero.
Key benefits:
- Organize your accounts like a pro
- Visible dashboard
- Supports a variety of currencies
- Stay updated, even if you’re not in the office.
- Constantly improving with new features that update automatically.
- It’s scalable, so it’ll expand with your firm.
- You will save both time and money.
Cons:
- It takes some time to learn how to use it, despite how simple it is to install.
- Its prices have recently increased, and its plans no longer have built-in payroll.
- The most expensive plan has fewer expense claims, projects, and multi-currency support.
- The most expensive plan has fewer expense claims, projects, and multi-currency support.
- Exchange-Traded Products are not supported (ETPs).
Pricing:
There is no free version of Xero, but there is a free trial. The premium edition of Xero starts at $13.50 per month.
4. Sage Business Cloud Accounting– Best for more complex and established businesses of all sizes.
Sage Business Cloud Accounting is the industry’s best accounting tool. It is a web-based software that can be accessed from any device, at any time and from any location. Its simple cloud invoicing makes it easier to get paid quickly. Best suited for small enterprises in Australia. It is simple to use, and no prior knowledge of accounting is required.
It simplifies data entry, bank reconciliation, reporting, and payroll, financial, and tax management. Among the add-ons available are Altec, Commercebuild, Datalinx Warehouse Management, iVend Retail, Profix, SPS Commerce, and EDM Document Manager. As a result, it serves as a one-stop-shop for all of your accounting and business needs.
Key benefits:
- Expertly Manage Accounts
- Ensured Safety
- Utilized collaborations
- Stay informed at all times and from any location.
- Because it is cloud-based, there are no downloads or installations required.
- Before you buy, you can get a free trial or sample.
Cons:
- Setting it up is extremely complex and time-consuming
- Staff will need to be trained because it is not straightforward to use. Users who are not accountants find it difficult to navigate the system.
- Many of the features are overly complex.
- If not customized, the homepage might grow congested, making the system appear overwhelming.
- When it comes to a journal entry, there is a lack of efficiency.
- It’s pricey and oriented at larger companies.
- Lack of customer service
Pricing:
The monthly cost of Sage Business Cloud Accounting is $12.00. There is no free version available but a free trial version is available.
5. Reckon One– Best for small businesses that need an easy and affordable way to pay their employees.
Reckon One is a popular accounting tool in Australia. It’s a cloud-based, online accounting program. It assists you in keeping track of your daily income and expenses. You can keep track of your cash flow, taxes, and other financial transactions. It allows you to create personalized online invoices, accept credit card payments, and keep track of paid and past-due invoices.
It is the most suitable accounting software for midsize firms in Australia because it allows for unlimited team collaboration and additional customer assistance. QODBC Driver, PayPal, Stripe, Excel Accounting, Shopify, Zapier, Halaxy, MailChimp, and other services are all integrated. It also comes with free feature updates regularly, allowing you to focus on your business management.
Key benefits:
- Organize your finances Professionally
- Ensured Safety
- Bank Feeds That Are Automated
- Anytime, Anywhere Optimisation
- Takes care of the payroll
- Templates are included.
- Purchase orders are created.
- Tax Management
Cons:
- There is no calculator on the screen.
- There are only a few integrations.
- Fund accounting is not supported.
- Can’t keep track of fixed assets
Pricing:
Reckon One does not have a free version, however, it does have a trial version. The premium edition of Reckon One costs $8.00 per month.
6. Saasu– Best for sole traders, contractors, startups and small businesses.
Among others in its league, Saasu is the greatest accounting software in Australia. It’s a web-based accounting program that can be accessed remotely. It was created with sole traders, startups, contractors, and other small businesses in mind. It oversees all financial aspects of the company from a single location. It also delivers real-time reports, allowing you to keep track of your company’s finances and make informed decisions.
On ‘Saasu Online Invoices,’ your customers can pay using credit cards. It also sends your debtors automated statements and reminders, allowing you to focus on your business. As a result, it is the most highly recommended accounting software for small businesses in Australia. PayPal, eWay, Stripe, Zapier, MailChimp, Shopify, Zoho, and many other add-ons are all integrated.
Key benefits:
- Professional Financial Management
- A dashboard that is simple to use
- Tax Management
- On-the-Go Work
Cons:
- There were no warning emails sent to the registered contact email addresses.
- Unsuitable for US companies
- Apps for mobile devices that aren’t really great
- The learning curve that slightly steep
- Invoicing is limited.
Pricing:
Saasu plans start at $7.50 per month and go up to $299.95 per year, depending on the plan.
7. Manager– Best Tool for Task Management
In Australia, The Manager is a free accounting program that serves as a personal accounting manager. It handles journal entries and gives a trial balance for profit and loss calculation. It generates a balance sheet and maintains track of all your income and expenses. It also takes care of your tax computations, such as VAT (Value Added Tax), GST (Goods and Service Tax), and Sales Tax. As a result, reporting it to the Australian Taxation Office is done easily (ATO).
You can manage payroll, orders, invoicing, inventories, bills, quotes, and more all from one place. Therefore, this online and offline application is the best accounting software for small businesses in Australia.
Key benefits:
- Accounting software that includes debits and credits
- This software has a lot of features and can be customized at all levels, but it’s still easy to use.
- Free users have access to all features.
- You can create numerous businesses if you want, and each one can have its own set of features.
- Available Online and Offline
Cons:
- The audit trail and user access levels in the server version could be improved slightly.
- The web version appears to be a little pricey.
- The user interface appears to be a little out of date. There is no automated bank connection.
- The process of importing transactions from banks is quite risky.
Pricing:
The manager does not make pricing information available to the public. For details on the starting price and available plans or tiers, please contact NGSoftware.
8. Zoho Books– Best for cloud-based small business accounting
Zoho Books is the greatest accounting software for building and running a successful business. This online program handles the tedious process of accounting so you can concentrate on the more exciting areas of your company. It keeps track of your funds and workflow, as well as calculating and reporting taxes like GST (Goods and Service Tax) to the Australian Taxation Office (ATO).
Zoho Books also analyzes your business in over 40 different ways to provide you with detailed profit and loss statements, cash flow statements, Balance Sheets, sales reports broken down by items and customers, payments, credit notes, and more. It is the best accounting software for medium and small businesses in Australia. It’s compatible with a variety of apps, including those from Zoho. Stripe, Zapier, PayPal, Dropbox, Evernote, Google Drive, One Drive, Box, Slack, and Office 365 are among the additional connectors.
Key benefits:
- Accounting Management Expertise
- Financial Dashboard in Detail
- Utilized collaborations
- Accounts can be managed remotely.
Cons:
- Restrictions are planned based on the user.
- There are no payroll services provided.
- In comparison to competitors, there are fewer integration choices.
Pricing:
Manager is full-featured accounting software for small businesses that is completely free. Manager, which is available in more than 70 languages and is regularly updated and improved, will take your small business to the next level. Download for Windows, Mac, and Linux for free.
9. Rounded- Best for Freelancers and sole traders
In Australia, Rounded is a free accounting program. Its layout, functionality, artificial intelligence, and UI (User Interface) were all designed with freelancers, solitary workers, entrepreneurs, and small enterprises in mind. This online tool keeps track of all of your earnings and expenses. It provides you with an overview of your money, including earnings and losses, using easy mathematics.
Rounded also allows you to deal with an infinite number of clients, issue unlimited invoices, track recurring invoices, and provide limitless quotations while collaborating with your team. It also keeps track of past-due payments and follows up with debtors by sending reminders and other means. It has an in-app chat feature that allows you to exchange ideas and conduct discussions with your team and partners, as well as communicate with the support team and get answers to your questions. These characteristics have propelled it to the top of the best accounting software list.
Key benefits:
- Organize your finances like a pro
- Support for several currencies
- Secure and Safe
- Always updated, even if you’re not in the office.
Cons:
- The time tracking area might need some improvement.
Pricing:
Rounded pricing begins at $15.00 per month per user. There is no free version available. Rounded offers a free trial.
10. Wave- Best choice for small-business owners looking for free software
Wave is recognized as one of the greatest accounting programs on the market. It’s a web-based software that keeps track of all of your company’s financial transactions in one place. It transfers all of your income and expenses to the appropriate accounts automatically. It maintains a double-entry bookkeeping system in your accounting. It includes a simple user interface (UI) that makes accounting simple and accurate.
It allows you to collaborate with your colleagues, partners, and accountants. As a result, information sharing and work efficiency are made easier. You can also reach out to the team of professionals for help by email and live chat. It’s pre-loaded with Wave Financial’s proprietary tools to help you build your business. Wave is the most popular and recommended accounting software for small businesses in Australia.
Key benefits:
- Professional Accounting Management
- A dashboard that has been styled
- Optimal Safety
- Stay Connected, Even When You’re Away
- Keeping track of your expenses
- Sending and tracking of Invoices
Cons:
- Hours of support and efficacy
- Timelines and support difficulties are communicated.
- Reconciliation is horrible.
- Payment services were changed/cancelled without notification.
- When compared to other systems, it might be fairly slow at times.
Pricing:
There is no monthly fee for Wave Invoicing. However, any money collected through the program will be subject to a processing fee of 1% for bank payments and roughly 3% to 3.5% for card payments.
8 Factors to Consider While Choosing Accounting Software
Do you keep track of your company’s expenses? If you haven’t already, now is the time to get started. This is because your firm will require accounting at some point. And if you don’t, there’s a good risk your company won’t be able to survive in this competitive market.
Consider the following aspects while choosing the best option for your company:
- Scope of Business
The most important thing for business owners to consider is the extent of the solution they are considering. They must consider the major functions that the software can do.
- Modules Included
Determine which modules are included in the standard pricing and which modules have an additional cost for each accounting package that covers your scope. Some software companies, for example, charge an extra fee for a payroll feature. Make a list of the total cost of each software package so you can compare them accurately.
- Training
Ensure that all of your staff are properly trained as soon as the solution is implemented. This will assist employees in getting the most out of the solution, resulting in a more efficient and productive workforce.
- Cloud Hosting
The adoption of cloud-hosted accounting systems has also had a significant impact on the accounting sector. This is because desktop-based accounting systems have limited functionality, need manual installation, and require more storage, among other things.
- Cost
The pricing of the software packages is the final consideration. Consider expenses for updates, annual licenses, and support when calculating costs. Consider technical support packages and additional charge support packages when calculating the total cost of accounting software. If you are unable to install and establish the accounting software yourself, obtain installation and setup estimates and include those costs into the overall cost.
What is accounting software used for?
Accounting software is a computer program that helps bookkeepers and accountants record and reports financial transactions for a business. Accounting software features differ from one product to another. Larger companies may opt for a customized system that integrates a large amount of data from many departments. Small businesses frequently opt for an off-the-shelf option.
Advantages of Accounting Software
Accounting apps have evolved into business assistants by executing basic procedures in complex areas. Let’s look into why it become so significant.
- Increases productivity
It saves time, produces reports quickly, improves job quality, and increases a company’s total productivity.
- Makes recommendations for you
Accounting software uses all of your financial documents to make recommendations and assist you with budgeting.
- Forecasting
Accounting software can not only assist you in creating a budget, but it can also provide you with a forecast of forthcoming events.
- Keeping up to date
The system makes it simple to keep track of your data. This keeps you up to date on key areas of your business.
- Tracking Your Progress
All of these tools assist you in keeping track of your progress and making it easier to build a road to victory.
Conclusion
Accounting software is becoming increasingly popular. When individuals consider getting rid of heavy paper books, it appeals to them. Even so, a new system tends to fascinate individuals. This is why it’s crucial to talk about the advantages people are likely to get from the system, as well as how it might be useful in business and what challenges they can encounter.
More and more businesses are switching to accounting software to manage their finances; there must be several compelling reasons for this. If you’re thinking about installing this system in your company, one of the first things you should evaluate is how it can assist you with your accounting and bookkeeping responsibilities. The following is an overview of why accounting software is beneficial to businesses of all sizes.
- It eliminates the need for repetitive tasks by automating them.
- It assists in the payment of taxes.
- It generates electronic invoices.
- It is in charge of cash flow.
- It does all of the calculations for you.
- It saves money.
- It allows for a wide range of accessibility