There’s a lot to consider when choosing accounting software for your business. The most important thing is to find something that is compatible with Australian accounting standards and requirements.
It’s likely that you will stick with your choice of accounting software for years into the future. When approaching this long-term investment, it pays to understand exactly what’s available on the market, and what will be most suitable for your business. Other factors to consider include price, features, ease of use, and support options.
To help you make the best decision for your business, we’ve put together a list of the top accounting software options for Australian businesses.
Before we take a look at some of the most popular choices for accounting software for Australian businesses, let’s first understand what we should be looking for.
What to consider when choosing accounting software
There are many things to consider when choosing accounting software for your Australian business. The most important thing is to find software that is compatible with your accounting system and meets your specific needs.
Some other things to consider include:
- Ease of use: Choose software that is easy to use and navigate so you can get up and running quickly.
- Customer support: Make sure the software provider offers excellent customer support in case you have any questions or run into any problems.
- Pricing: Compare prices to find the most affordable option that meets your needs.
- Features: Consider the features each software package offers to find the one that best suits your business needs.
Your considerations for the above can help you determine which accounting software is best for you.
The top 5 accounting software options for Australian businesses
Now that you know what to look for, let’s take a look at some popular accounting software options for Australian businesses. We’ve made our picks based on popularity, functionality, and cost. If you’d like to know more about the options listed below, get in touch with our friendly team.
1. MYOB AccountRight Standard
MYOB AccountRight Standard is one of the most popular accounting software options for small businesses in Australia. It’s affordable, easy to use, and comes with a range of features to help you manage your finances.
MYOB AccountRight can lack some of the features of the other, more expensive accounting software options, but is still a good choice for small business owners.
2. QuickBooks Online
QuickBooks Online is another popular option for small businesses in Australia. It’s cloud-based, so you can access it from anywhere, and it comes with plenty of depth, flexibility, and extensibility.
Unfortunately, QuickBooks can be expensive for smaller businesses and sole traders. If you’re looking for more features, it is a good solution.
3. Xero
Xero is a cloud-based accounting software that is popular among small businesses in Australia. It’s easy to use and has brilliant tools for reconciling accounts, tracking the performance of projects, and managing sales and purchase transactions,
Xero can also be rather expensive for certain businesses, but its new setup process can help you save time.
4. FreshBooks
FreshBooks is a cloud-based accounting software that is popular among small businesses in Australia. The platform is an excellent solution for freelancers, self-employed professionals, businesses with contractors, and businesses with a small number of employees.
FreshBooks is cheaper but lacks some of the functionality of some of the more popular accounting software brands.
5. Wave Accounting
Wave Accounting is a free, cloud-based accounting software that is popular among small businesses in Australia. It’s free, but lacks some of the management tools and tracking features of the accounting software options listed above.
Making a choice
Keeping track of your finances is one of the most important responsibilities you have as a business owner. Quality accounting software can mean the difference between proper organisation and growth, and disorganisation and potential illegality. You owe it to yourself, your business, and your employees to choose the right accounting software.
Fortunately, you don’t have to make this decision alone. The team at Clear Tax is here to help you understand your rights and responsibilities and exactly what your business needs. Our small business tax experts can take a look at your business and your situation and advise you on the best course of action.