9 Best Accounting Software For Small Business In Australia (2024)

Let me start by crushing your dreams. The perfect accounting software doesn’t exist. Don’t waste your time looking for it. Some options are best for specific business types (e.g., tradies), working styles (e.g., sole traders) or sizes (e.g., revenue under $5 million).

But the brutal truth is that any modern cloud accounting tech solution will satisfy 80-90% of your business needs.

This review will help, however, if you want to nail the remaining 10%-20%. This is where competitive advantage often lives.

The SaaS accounting software industry has matured to the point where most providers cover the foundational features very well.

Key Takeaways:
The cloud accounting software industry has matured to the point where most providers cover the foundational features very well.
Almost all providers offer core (e.g., expense tracking, invoicing) and peripheral (e.g., time tracking, payroll) features – often at the lowest pricing tiers.
The battle between brands comes down to scalability (i.e., will the software grow with your business?) and usability (i.e., how well are the features implemented from a UX perspective?).

1. MYOB.

Best for businesses with $0-$5m in revenue and plans to scale.

MYOB At A Glance.

Like all top-tier accounting software in this review, MYOB offers a solid baseline of accounting features.

More importantly, MYOB wants you to manage all of your company’s information and resources by means of an integrated software package.

It can handle inventory management, project management, purchasing and debtors, as well as Customer Relationship Management (CRM) and Human Capital Management (HCM).

You will start with friendly and cheap MYOB Business, upgrade to MYOB AccountRight when you grow past about $7m in revenue, and step up to enterprise-grade MYOB Advanced Business above $10m.

I just wish the apps had user ratings to help separate the wheat from the chaff.

Pros	Cons
Easy to use, especially at the entry-level MYOB Business Lite and Pro levels.	MYOB AccountRight is a hybrid cloud/desktop product. In-browser experience doesn’t offer the full functionality of the desktop software.
MYOB Business Pro is all the accounting software most Australian businesses will ever need for only $55/month.	Multi-currency support is only available on the $170/month MYOB Business AccountRight Premier plan.
You can bolt on a (rebadged Tall Emu) CRM with two-way sync for only $85/month.	Phone support is available, but can be hit-and-miss. Long wait times are common.
The CRM is not the best-looking, but packs a lot of punch for the price – and doesn’t lock you into a contract. (A $600+GST onboarding fee applies).	Apps in the marketplace don’t have user ratings.
MYOB’s base plan allows unlimited invoices and bills, while Xero’s offers only 20 invoices and 5 bills.
Phone support is available (but isn’t always great – see below).

Is MYOB Right For Your Small Business?

I suggest you think of MYOB as 3 products. You’ll graduate to each as your business grows:

It is a solid and complete offering.

But the standout plan is the MYOB Business Pro.

Your business can stay on this $55/month plan until you need time tracking, multi-currency support, huge inventory management, or to run payroll for more than about 30 staff.

I don’t love that the MYOB AccountRight product is a hybrid web /desktop solution; this remains the product’s main Achilles heel.

The company is rumoured to move 100% into the cloud in 2025, but for now, you’ll have to use the two interfaces in tandem.

Despite the shortfall with the MYOB AccountRight tiers, MYOB remains an industry-leading business accounting software and my top pick for Australian SMBs.

How Does MYOB Stack Up?	Score
Scalability	5/5
Features	5/5
UX & UI	4/5
Value	5/5
Reporting	4.5/5
Support	4/5
Integrations	4.5/5
Mobile App	4.5/5
OVERALL	4.6

2. FreshBooks.

Best for sole traders, freelancers, and micro-businesses (sub $250K in revenue).

Freshbooks At A Glance.

FreshBooks is a budget-friendly accounting software that sole traders can use to track billable hours, manage their interactions with the ATO, create professional-looking invoices, streamline expense tracking, and handle online payments.

The UI is the most friendly and intuitive of all the Big Four (MYOB, Xero, Quickbooks and Freshbooks) accounting software packages.

Unfortunately, FreshBooks isn’t the best accounting software for detailed reports.

While Xero, for example, offers 30, 60 and 90-day cash flow reports (albeit via a paid upgrade for the longer timespans), Freshbooks offers none.

It’s good for selling T-shirts through an online store, but not for running a warehouse.

(Related: 7 Best E-Commerce Platforms For Small Businesses).

Pros	Cons
Simple interface with exceptional user experience. The learning curve is very gentle, and you don’t need any experience with accounting software to get up and running.	Payroll is not part of the FreshBooks ecosystem. You’ll need to integrate it using an external HRIS.
Unlike MYOB and Xero, includes multi-currency support and time tracking across all plans.	Cash flow forecasts are not available and require an external app.
Pricing takes into account the number of clients your business bills. Freelancers love this, as it scales the costs in line with revenue.	Additional users are charged at $16/month. This adds up quickly and erodes the software’s price advantage.
Cheapest among the Big Four (MYOB, XERO, QB and FreshBooks).

Is FreshBooks Right For Your Business?

Let’s start with the bad news – if you want built-in payroll or cash forecasting, FreshBooks isn’t for you.

You’ll need to integrate the former via a dedicated platform like EmploymentHero (for the former) or CashFlowFrog (for the latter) to get those features.

The cheap monthly fees, the ability to track time, and the ability to work in multiple currencies across all pricing tiers will appeal to this crowd.

However, larger businesses must not rule Freshbooks out altogether. If, for example, your existing tech stack already has a great HRIS that includes payroll, Freshbooks becomes more attractive.

One of mine, for example, has very predictable revenues and expenses (plus we take payment upfront), so monitoring cash flow via the accounting software isn’t a huge priority.

How Does FreshBooks Stack Up?	Score
Scalability	3.5/5
Features	4/5
UX & UI	4.5/5
Value	5/5
Reporting	3.5/5
Support	4/5
Integrations	4/5
Mobile App	4.5/5
OVERALL	4.1

3. Xero.

Best for small businesses that don’t plan to grow above $10m in revenue.

Xero At A Glance.

Xero is cloud-based accounting software that offers a huge number of features out of the box.

You get all of the fundamental accounting features you’d expect (e.g., expense tracking, invoicing, quotes and bank feeds), robust reporting tools plus optional bolt-ons I’ll talk about in a moment.

Some of the apps are generic (e.g., integration with Square POS), while others have very niche uses (e.g., increase the security of your Xero data with biometric logins).

You’ll pay extra to send more invoices and bills (Starter tier) and the number of people using payroll, time tracking and projects (all tiers).

Pros	Cons
Easy and intuitive to use. For the most part, the UX is simple and clear.	Hubdoc is not a native feature and is a bit clunky to use.
Excellent set of basic accounting features, strong reporting and automated bill and receipt capture through Hubdoc.	A lot of apps that expand Xero’s capability are mediocre at best. Expect a lot of trial and error.
Includes basic inventory tracking on all four tiers.	Low limits on bills and invoices on the Starter plan.
Advanced features (90-day cash flow projections, project tracking, time tracking) are available for extra cost. You don’t pay for features you don’t need.	The payroll module doesn’t allow file upload to an employee’s record (e.g., to store doctors’ certificates and contracts) – you’ll need to store those in Dropbox, which is clunky.
Suggested matches help with reconciliation. While not always accurate, Xero allows you to set custom rules that will improve the matches.	Support is via ticket only, which frustrates many users. Slow responses and lots of back-and-forth are common.
Standard and Premium plans give you the option to group transactions and reconcile them all at once.

Is Xero Right For Your Small Business?

Xero caters to the micro and small end of the market. It is a good fit if you are:

It doesn’t scale as well as MYOB Business, Zoho or Wiise, so if you have very ambitious growth plans, it’s not the best choice.

A hairdressing salon in Sydney, for example, may add a few extra chairs or an extra location) but probably doesn’t think about interstate expansion or franchising.

Xero is a fantastic option for this type of business.

A SaaS startup that just nailed product/market fit and raised a Series B round, meanwhile, is likely shooting at the big leagues and would be better served by MYOB Business.

How Does Xero Stack Up?	Score
Scalability	3.5/5
Features	4.5/5
UX & UI	4.5/5
Value	4.5/5
Reporting	4.5/5
Support	3.5/5
Integrations	4.5/5
Mobile App	4.5/5
OVERALL	4.2

4. QuickBooks Online.

Best for businesses with complex inventories.

Quickbooks At A Glance.

Quickbooks Online is a good all-rounder, geared toward small and medium businesses that manage a lot of physical stock.

All pricing tiers include a robust set of features, including invoicing, record management, expense tracking, and receipt management via a simple mobile app.

Like MYOB, Freshbooks and Xero, the company offers a comprehensive app store, with user ratings to help you find the best ones quickly.

I was surprised that bill management isn’t included in the cheapest ($25/month) Simple Start tier, and the number of users is capped at 1.

This will force many users to upgrade to the $40/month Essentials package, making Quickbooks Online effectively more expensive than the other accounting software packages I’ve covered so far.

Pros	Cons
Excellent user interface (albeit with a steeper learning curve than MYOB and Xero).	Capped number of users at every tier (1, 3, 5 and 25).
Outstanding 90-day cash flow planner that allows you to mock up future financial scenarios.	Learning curve is steeper than that of MYOB, Freshbooks and Xero.
Best-in-class inventory management features with sync to Amazon and Shopify.	No bill management on the entry-level Simple Start tier.
Payroll is available via native integration with (excellent) Employment Hero.	Payroll is a paid add-on on all tiers.
Phone and live chat support with generous hours (830am-630pm Mo-Fri for phone, 8am-10pm Mo-Fri and 8am-8pm weekends for chat)	Can be intimidating at first.
No cap on the number of clients you can invoice.
Multi-currency feature is standard on the relatively cheap Essentials price tier.

Is Quickbooks Right For Your Business?

Quickbooks’ pricing structure is slightly different to that of MYOB, Xero and Freshbooks.

While the company offer best-in-class inventory management features, it stings you for payroll across all pricing tiers ($5 per head).

The company’s decision to include multiple currency management on the cheap ($40/month) Essentials plan is also a nice touch that will appeal to e-commerce businesses that ship overseas.

However, the low user limits will become an issue for businesses that expect more logins per license.

How Does Quickbooks Stack Up?	Score
Scalability	3.5/5
Features	4/5
UX & UI	4.5/5
Value	4.5/5
Reporting	4/5
Support	4/5
Integrations	4.5/5
Mobile App	4.5/5
OVERALL	4.2

5. Zoho Books.

Good all-rounder accounting software.

Zoho Books At A Glance.

Yes, Zoho Books allows you to manage your invoices while keeping expenses in check.

Yes, it allows you to reconcile your bank accounts through integrated feeds.

Yes, it offers excellent reporting features that give you detailed insights into the financial health of your business.

Zoho People, for example, can become your HRIS – and share data with your accounting software.

Meanwhile, Zoho’s CRM, Desk and Mail software packages can handle your contact management, support and communications.

Will every business take advantage of this potential? Probably not.

A hard switch to “everything Zoho” would cause a lot of short-term disruption, and not every small business owner is willing or able to upend their business to this extent.

Is Zoho Books Right For Your Business?

Zoho will appeal to businesses that already use other digital tools in the Zoho inventory, like its CRM, HRIS, project management or invoicing software.

Unusually for a premium accounting software provider, it also offers a reasonably well-featured free tier.

Aimed at micro-businesses with less than $50K in annual revenue, it offers a good taste of what paid versions of the software can offer.

How Does Zoho Books Stack Up?	Score
Scalability	5/5
Features	4/5
UX & UI	4/5
Value	4.5/5
Reporting	4.5/5
Support	3.5/5
Integrations	4/5
Mobile App	3.5/5
OVERALL	4.1

6. Wiise.

Entry-level ERP with accounting built-in.

Wiise is a cloud-based ERP software that consolidates business processes, including accounting, into one platform.

The company started with a mission to provide small-to-medium businesses in Australia with the same valuable tools that larger enterprises have, but at an affordable price.

With Wiise, your business gets management tools for the following:

Wiise provides speedy transaction processing, even with an extremely high volume of entries, saving you lots of time while maintaining your accounts.

The platform has effective workflow solutions, too.

This reliability is especially valuable for companies expanding and looking to improve their procedures.

With this link, the dashboard is intuitive and easily customisable to accommodate your preferences and needs.

The software company also receives many compliments for its excellent customer service, providing a dedicated partner who gets to know your company and provides personalised support.

The Wiise reporting feature is basic and lacks the depth needed for thorough insights. However, integrating your preferred analysis software, such as PowerBI, is a simple task.

As one of the best Australian accounting software options for small businesses, your experience with Wiise will hinge on the level of support from your Wiise partner, particularly with setup.

If you don’t get the right person, you could struggle implementing the platform into the business process.

Verdict.

Overall, Wiise offers great software for streamlining your business, but it might overwhelm solo business owners or freelancers.

However, with some practice, you can use its extensive business management features to increase the efficiency and productivity of your business. 

And while you can use it alongside various programs to enhance its capabilities, the out-of-the-box product is suitable for some small businesses.

You can even link accounting firms, bank accounts, customised invoices, and credit card payment options.

How Does Wiise Stack Up?	Score
Scalability	4.5/5
Features	4/5
UX & UI	4/5
Value	3.5/5
Reporting	4.5/5
Support	3.5/5
Integrations	4/5
Mobile App	4/5
OVERALL	4

7. Oracle Netsuite.

Enterprise-level ERP package for large multinationals.

As the final choice, Netsuite presents an all-inclusive online ERP software that allows you to automate central processes.

You’ll get a comprehensive picture of your business’s finances and operations to manage the following with ease:

Netsuite offers far-reaching business solutions for small to large businesses, but it might not be the best accounting software if you don’t handle inventory or production.

The platform primarily improves the supply chain’s efficiency, order management, and warehouse processes.

Netsuite has a wide range of features that benefit small businesses and enterprises alike. It’s a highly versatile software with great features you can customise to fit your company’s needs.

Why not use Netsuite to send and track invoices and automate many of your accounting processes, such as accounts payable? It makes payments quick and secure.

Despite its depth and complexity, Netsuite is relatively easy to use and features intuitive navigation.

Learning how to use the software is also simple, so you can quickly grasp the Netsuite tools for use in your business tasks.

Although, compared to similarly elevated brands with even lower price points, the user interface is a bit outdated.

Netsuite is pricey compared to some software options out there. Small business owners searching for a simple accounting solution might also struggle to use the software—it is well-designed but takes time to learn.

While Netsuite has many options to tailor its features, it lacks a few quality-of-life features that many other accounting software options include, such as bulk bank reconciliation features for transactions of the same type.

When you implement Netsuite, you will notice a surprisingly arduous process requiring you to follow their specific document requirements.

Verdict.

Do you want to monitor, analyse, and optimise every aspect of your company’s accounting? Netsuite could be the way to go. 

On the other hand, small businesses rapidly evolving into more complex entities might find Netsuite a great option when switching from some previous accounting software.

Online accounting platforms like QuickBooks offer amazing solutions for Australia’s small businesses but lack the advanced capabilities of Netsuite.

How Does Oracle Netsuite Stack Up?	Score
Scalability	5/5
Features	4/5
UX & UI	3.5/5
Value	4.5/5
Reporting	4.5/5
Support	4.5/5
Integrations	4.5/5
Mobile App	4.5/5
OVERALL	4.4

8. Thriday.

All-in-one banking and accounting software package.

Thriday is an Australian accounting software provider that combines banking, accounting and tax.

Despite its commitment to simplicity and budget-friendly pricing, Thiday packs a decent punch on the features front. You get:

Because the company is based on Australian shores (in Melbourne, to be exact), it knows exactly what Aussie small businesses need – and what they don’t.

Integration with the ATO and major banks is included, as is the ability to send gorgeous invoices (with customisable templates) scan receipts on the go.

Support, meanwhile, is excellent, and offered via email, live chat, and phone.

The company tries to position this as a benefit (no need to set up bank feeds – hooray!), and this may be somewhat true for brand-new businesses, but established operators will find this frustrating.

The company offers a free plan that lacks BAS and other pay-as-you-go lodgement features, making it pointless.

I recommend you sign up for the (very competitively priced) $29.95/ month Timesaver plan to test-drive the software. A 30-day trial is included (and you won’t get charged until you start receiving funds).

How Does Thriday Stack Up?	Score
Scalability	3/5
Features	3.5/5
UX & UI	4/5
Value	4.5/5
Reporting	3/5
Support	3.5/5
Integrations	4/5
Mobile App	4.5/5
OVERALL	3.75

9. Reckon.

Budget-friendly small business accounting software.

Reckon is a simple and affordable Australian accounting software.

Although intended as a budget alternative, it nonetheless allows you to monitor your income, forecast budgets, and track expenses.

Despite its humble offering, the company itself is huge. Listed on the ASX, it employs over 300 staff worldwide.

While the Internet is full of upset customers feeling neglected by top brands (not always the company’s fault, BTW), Reckon has a loyal customer base that raves about its support.

While the company offers an entry-level $12/month Accounting Essentials tier, I’ll skip right past it, as its quite thin on features.

Your small business is likely to start with the $20/month Accounting Plus tier, which includes everything except timesheet and project management and advanced reporting.

Payroll is available as an add-on for between $12 and $50 per month, depending on your company’s size, with the sweet spot at $25/month.

A fully-featured small business accounting software package with payroll for $45? Not bad at all.

How Does Reckon Stack Up?	Score
Scalability	3.5/5
Features	4/5
UX & UI	3/5
Value	4.5/5
Reporting	4/5
Support	5/5
Integrations	4/5
Mobile App	3.5/5
OVERALL	4.9

Why Did I Write A Review About Accounting Software?

I’ve been running small businesses for the past 15 years.

I have first-hand experience dealing with the ATO, bookkeepers and accountants while keeping my businesses’ financial health on track.

I have trialled, bought (and migrated away from) many accounting software packages below in search of the best one for my business needs. Hopefully, I can help you find yours.

My Scoring Criteria For Best Accounting Software In Australia.

Years of experience have taught me that these are the most important attributes.

1. Scalability.

Yes, this is #1. You need a software package that will grow with your business.

And if you do, the cost is not insignificant.

While the software provider often covers the cost of migration itself, the time involved (and the need to retrain your team on new software) is very costly.

2. Features.

Ensure the software is a good fit for a business of your scale and type.

If you’re a part-time hairdresser who makes $20,000 per year and has no plans to grow, you don’t need all the bells and whistles of Xero or MYOB.

Meanwhile, Thriday offers a bundled integrated bank account with a Visa debit card. This is nifty because it makes your bank feed more reliable, but clunky if you already have your banking processes set up.

Hnry has a strict focus on tradies, and goes as far as handling their taxation obligations.

I suggest you go through the list of features below and rank them in order of importance.

This is another reason I love the extreme flexibility of MYOB.

You can choose between a $5/month bare-bones version, the fully featured MYOB Business AccountRight Premier version, or the enterprise version that can handle global payroll and workforce management needs.

3. UX & UI.

Accounting is boring and arduous enough.

Don’t make it more so by buying an accounting software package that looks like it was made in the 1990’s. If you learn to tolerate it, your staff won’t.

‘Nuff said.

4. Value.

The prices of all software packages are fairly comparable at the lowest tiers. The range is between $24 (Freshbooks) and $32 (Xero) per month.

Expect to get lured in with heavily discounted introductory periods, with MYOB Business being the most generous ($5 per month for a surprisingly well-featured MYOB Business Lite plan).

For example, the MYOB AccountRight plan includes unlimited payroll and expense tracking for $136/month, whereas the comparable Xero plan starts at a much lower $85/month, but only includes payroll for 5 people and charges extra for expense tracking, projects and improved analytics.

5. Reporting.

Can you check the financial health of your business in real time?

Most accounting software providers offer foundational reports that show who owes you money, which of your products are selling well, and how much you owe in taxes.

Be sure that your provider also offers more sophisticated reports that allow you to understand your business:

You’ll need them once you start growing your business – especially if you start seeking capital from banks or outside investors.

6. Support.

Accounting software packages simplify your life, but every now and then you’ll have questions.

Ideally, the software should offer an instant (live chat or phone) and overnight (ticket or email) support option. It’s also important that the former, if offered, is in the Australian timezone.

When you Google your question and combine it with the brand name (e.g., Freshbooks how do I set up inventory tracking) – does a useful, actionable answer show up?

7. Integrations.

Contrary to what accounting software providers want you to believe, accounting software will not likely become the epicentre of your business operations.

On a daily basis, you and your team are likely to rely on other parts of your SaaS toolkit:

To grow their annual recurring revenues, accounting software providers started offering features that can handle some of these tasks.

This creates a lot of redundancy in your tech stack.

For example, MYOB, Xero and Freshbooks include inventory tracking on all their plans, while Quickbooks offers it on Plus and Advanced plans only.

The catch is – your POS will likely have (more advanced) inventory management features included for free, as is a payment processor like Stripe.

MYOB and Zoho, meanwhile, want to become a legitimate “single source of truth” for your business operations.

Zoho is a fully integrated ecosystem of bona fide, enterprise-grade tools that freely share data, while MYOB is a collection of both in-house tools (e.g., Advanced Workforce Management) and integrated acquisitions (e.g., MYOB CRM, which is a rebadged Tall Emu CRM).

8. Mobile App.

Mobile is important – to an extent. For example, the ability to quote and invoice on the fly is a huge plus, especially for tradies and freelancers.

But the more your business grows, the less you’ll rely on mobile.

Freelancers and tradies like to do everything on the run. They pride themselves on allocating transactions while waiting for the bus.

Reconciling bank accounts and allocating transactions becomes a fortnightly recurring appointment in their diary, and something they do via the software’s desktop app.

Compare Specs Of The Best Accounting Software Packages.

Here’s how the top four packages stack up side by side.

	MYOB	Freshbooks	Xero	Quickbooks	Zoho Books
Bill tracking	Y	Y	Y	Y	Y
Expense management	Y	Y	Y	Y	Y
Online invoicing	Y	Y	Y	Y	Y
Quotes	Y	Y	Y	Y	Y
Inventory management	Y	Y	Y	Y	Y
Project accounting	Y	N	Y	N	Y
Bank feeds	Y	Y	Y	Y	Y
GST management	Y	Y	Y	Y	Y
Multi-currency invoicing	Y	Y	Y	Y	Y
Purchase orders	Y	Y	Y	Y	Y
Time tracking	Y	Y	Y	Y	Y
Budgeting / forecasting	Y	N	Y	Y	Y
Online rostering	Y	N	Y	Y	Y
Native CRM option	Y	N	N	N	Y
Mobile app	Y	Y	Y	Y	Y
Ticket / email support	Y	?	Y	?	?
Live chat / phone support	Y	?	N	?	?

Should You Consider Desktop-Based Accounting Software?

You can no longer purchase 100% desktop-based accounting software packages in Australia.

Cloud-based accounting software is superior when it comes to:

But this was not always the case.

For decades, desktop-based accounting packages have been considered the “big boy” tools for serious businesses. They were expensive, cumbersome, and not user-friendly.

But rich in features.

Meanwhile, cloud-based accounting systems were viewed as nothing more than cute and friendly invoicing apps.

In recent years, we have seen a convergence towards the middle, with all providers except MYOB building out 100% of their offerings in the cloud.

MYOB	MYOB Business Lite and Pro are 100% cloud-based. MYOB Business AccountRight Plus and Premier offer a web and desktop version.
Freshbooks	100 % cloud-based
Xero	100 % cloud-based
Quickbooks	100 % cloud-based
Zoho	100 % cloud-based
Wiise	100 % cloud-based
Oracle Netsuite	100 % cloud-based

MYOB is rumoured to become 100% cloud-based in 2025. What I think of the current web/desktop product is listed under “Cons” of the MYOB section above.

Should You Consider An Enterprise ERP Instead?

It depends, but probably not yet.

This is a difficult question to answer precisely without insight into your business’s size and structure, as well as knowledge of your industry, budget, and growth plans.

In case you’re unfamiliar with the Australian accounting software landscape:

	Accounting Software	Hybrid Accounting / CRM / Payroll	Enterprise ERP
Ideal Business Size	<$5m	$5-10m	>$10m
Example Of Product	MYOB Business, Xero	Wiise, Zoho, MYOB Business	Oracle Netsuite MS Dynamics 365
Ease Of Use	Excellent	Good	Acceptable
Flexibility	Good	Good	Excellent
Cost	Low	Medium	High
Implementation	Easy	Acceptable	Complex
Single Source Of Truth?	Rarely	Sometimes	Always

You will trade off ease of use and some features for the ability to:

What are the downsides?

Yes, you do miss out on the holy grail of having your CRM, inventory, HR, and finance under one roof, but this is why I think that MYOB Business is the best choice for most businesses under $5m, as it offers a (relatively good and cheap) Tall Emu CRM within its ecosystem.

And when (or if) you’re ready for big boys leagues, you can stay on brand and upgrade to MYOB Enterprise.

Why Small Businesses Need Accounting Software.

Contrary to the popular opinion of many Australian small business owners, accounting software isn’t just an invoicing tool.

From simplifying payroll to providing business intelligence, the best-fitting accounting software package will help your small business thrive. Here are the top three benefits.

1. Save Time On Accounting And Bookkeeping.

Reduce repetitive data entry (say goodbye to spreadsheets) by automatically tracking your income and expenses.

2. Quick Invoicing And Payments.

Say goodbye to manually issuing invoices at 6pm, after a big day on the road. With accounting software, you can send invoices on the fly after each job.

3. Insights Into The Financial Health Of Your Business.

Get visibility into your cash flow, profitability and tax obligations of your business with accurate reports, and share them with the right stakeholders.

Why You Must Avoid Free Accounting Software.

Nothing in this world is free. Haven’t you learned this yet? Instead of looking for the best free accounting software and hoping to save a few bucks, ask yourself – “what’s the catch here”?

Because there’s always a catch.

But as your business grows (or you start running multiple businesses), you will need advanced features that even the best free accounting software won’t provide.

Don’t be so sure.

Left unchecked, it suffocates a business through inefficiency and interpersonal frustration.

The problem is that it competes for your finite time with a hundred other things you must tackle.

You will avoid getting choked under a mountain of operational debt by investing in cloud-based software that can scale with your business.

This applies to all software – not just accounting.

Yes, it will add a monthly subscription cost to your overheads. But in net terms, it will cost less than moving your entire accounting system to another provider during rapid growth.

Frequently Asked Questions About Accounting Software.

If you’re a small business owner, you’re probably unsure about the following.

Does Your Accountant’s Opinion Matter?

Yes, but only if you run a small business (roughly less than $5m turnover, 15-25 staff).

Your accountant will likely have a firm preference for accounting software they want their clients to use, for two reasons:

If you find a great accountant who has a firm preference for accounting software that isn’t your first choice, choose the accountant over the software.

You’d be a fool to break a relationship with an outstanding accountant to gain some extra software features.

By the time you get to enterprise level (roughly more than $10m), you’ll expect accountants to adapt to your processes, rather than the other way around.

How Do I Switch To MYOB?

MYOB offers a free migration service that will move your data away from Xero, Quickbooks Online or Reckon.

After setting up your account, submit your migration request to MYOB’s conversion partner, MMC Convert.

Can You Get MYOB For Free?

Yes, but there are limitations. The 30-day free trial is available on the more expensive MYOB Business AccountRight Plus and Premier tiers.

You can cancel your MYOB account on any tier at any time.

Can You Get Xero For Free?

Yes. Xero offers a legitimate, fully featured 30-day trial – without asking for your credit card.

Enter your name, email and phone number, and you’re ready to test all the features the software offers.

Which Transactions Do Accounting Services Support?

All accounting software providers offer the ability to track invoices and bills.

They offer you the ability to customise their templates, too, to ensure you only capture data that’s relevant to your business.

How Safe Is Cloud-Based Accounting Software?

Very safe – as long as you take reasonable precautions.

This means making 2FA mandatory for all users, using cryptic passwords and resisting the urge to log in when connected to public Wi-Fi networks (e.g., in cafes and airports).

Is Wave Accounting Still Available In Australia?

Unfortunately, no. Wave is a very impressive accounting and invoicing app that allows you to send invoices and receive payments from customers.

The company announced in 2020 that it will cease offering services in Australia, and focus solely on serving its North American customers.

What Is The Best Small Business Accounting Software In Australia?

MYOB and Freshbooks are my top picks for the best accounting software for Australian SMBs.

They allow you to forget about accounting and focus on what matters most (i.e., making sales and delivering products).

They waste hours on account reconciliation and chasing invoices, refusing to spend a few hundred dollars each year on a modern, streamlined accounting software package.

Don’t be the owner of that business. Pick one of the accounting software packages recommended in this review and use it to streamline your operations.

You will need to accept compromises. The best accounting package is one that fits your business best – not one that has the most features or the least flaws.

Steven