Accounting Software, Tools & Packages 

Spending hours painstakingly tracking down invoices and expenses and manually entering data in a spreadsheet is probably not what you envisioned for yourself when you started your own business. 

The good news is, this doesn’t have to be your reality. There are plenty of great online accounting software options to do the job for you. 

Browse and compare a range of product offerings on our site to find the best accounting software for your business today.

What is accounting software?

Accounting software stores a business’s financial data and does a variety of bookkeeping and accounting tasks. It’s also used to perform business transactions.

What is the use of accounting software?

Some examples of what accounting software can be used for include:

  • Invoicing
  • Payroll
  • Bill payment 
  • Monitor account balances
  • Purchase orders
  • Manage vendor/customer contacts 

What are the benefits of using accounting software for small businesses?

The biggest trap that some small businesses fall into is failing to keep on top of their financial situation. Business accounting can be complex and time consuming and small business owners may struggle to answer key questions like, “Is my business making a profit?” and “Am I making the required tax payments?”

Online accounting software streamlines this process and can answer these questions instantly based on your financial data. 

What are the benefits of accounting software packages?

Accounting software has many benefits, including:

  • Generate reports which provide insight into how your business is performing
  • Set up a bookkeeping system with select features 
  • Limit repetitive data entry, e.g. once you create a customer record it can be reused without needing to enter it again
  • Allow you to easily create invoices and bills
  • Track income and expenses from bank and credit card accounts

This list is not exhaustive and the features and level of functionality you will require in your accounting software depends on the needs of your business.

What is the best accounting software for small businesses?

There are so many options available when it comes to small business accounting software. Some of the best and most popular accounting software packages for small businesses include:

  • Xero
  • Quickbooks
  • Reckon
  • MYOB
  • Microsoft Accounting
  • Wave
  • Saasu
  • ePayroll
  • OskoPayment 
  • Sage 
  • Zoho Books
  • Pabbly
  • FreshBooks
  • GoDaddy Bookkeeping 

Other online accounting solutions include invoice generators and payslip templates.

We’ve summarised the pros and cons of a few popular business accounting software products below. 

Xero

Pros:

  • Offers inventory and expense tracking 
  • Ability to send custom invoices and get financial performance reports
  • Excellent integration with other operational software 
  • Preferred by many accountants and bookkeepers

Cons:

  • Payroll feature not as comprehensive as other features

QuickBooks

Pros:

  • Income, expense and invoice tracking
  • Friendly mobile app and excellent user interface
  • Comprehensive payroll features
  • Automated bill/expense entries and recurring transactions

Cons:

  • One of the pricier software packages

MYOB

Pros:

  • Offers automated bill/expense entries and debtor reminders
  • Good customer support

Cons: 

The mobile app is not as user-friendly when compared to competitors

Keep in mind that this list of popular products is by no means exhaustive and there are many other popular business accounting software products out there for you to explore, e.g. FreshBooks, Sage, ZohoBooks, Saasu, Rounded and ReckonOne. 

Which accounting software should I choose for my business?

It’s hard to go wrong with any of the well-known business accounting software products which have been tried and tested by many businesses. Consider both your current and future business needs when choosing a product. 

For example, if you are planning to grow your business and have a long-term outlook, market-leading products like Xero and Quickbooks might be the way to go. However, if you’re on a tighter budget, you might want to consider products from ReckonOne or ZohoBooks. 

When you first start your search for the right accounting software, identify your business accounting needs and prioritise from least to most important. For example, you might think, “Do I need software that tracks inventory and offers payroll support?” or “What is customer support like for this product?” 

That way, when you search through features, you ensure that you are only paying for features that you need and will add value to your business. 

How much does accounting software cost?

Accounting software can range from $9/month to $25/month depending on the features you require for your business. 

Browse our special offers to find and compare the best accounting software to suit your business needs.

You can also reach out to a professional accountant to get expert advice.

Accounting

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