Bookkeeping
Find the best bookkeeping software, courses and packages curated with small businesses in mind. Take the burden out of bookkeeping and keep your finances in check with these smart bookkeeping solutions.
Continue Reading Continue ReadingXero (pronounced Zero) is all about making accounting fun. This online accounting software packs a punch and is widely used by small and big businesses globally. Manage bills, cash flow, payroll and comply with ATO’s rules and guidelines when you go with Xero. Why should you use Xero? Xero accounting software is designed with small businesses in mind. It aims to help you take control of the numbers to make your life as a small business owner easier. What are the benefits of using Xero: Reliable and secure data Simple and beautiful interface Automate your accounting processes Import bank transactions and reconcile accounts Integrate with 800+ apps Add-ons inlude Xero Payroll and Xero Projects Global award winning company 24/7 support What types of businesses use Xero? Xero is the accounting software of choice for small businesses in a diverse range of industries, including: Retail Ecommerce Hospitality on-profit Startups Cafes Construction Healthcare Tourism Real estate
From $25/month
QuickBooks Online is an online accounting software by Intuit, one of America’s largest accounting software company. It is built for small to medium businesses that are just starting out or growing. Keep all your accounts and financial data in the cloud, do tax return and work with your accountant or bookkeeper easily. The cloud accounting software easily integrates with other apps for payment, inventory and web data. Examples include Shopify, PayPal, WooCommerce, Square and Receipt Bank.
From $20/month
Time is precious for small business owners. You don’t have time to waste entering data and processing things manually on paper ledgers or spreadsheets.
Bookkeeping software can do it all - from live cashflow data and invoicing to providing information on tax liabilities.
Take our word for it - a good software makes tedious bookkeeping much less of a chore.
Bookkeeping software lets you carry out general tasks related to your business finances and accounts.
There’s a bit of a cross over between accounting and bookkeeping software, and many have the functionality of both. Just be wary that different platforms focus more on certain things.
Nowadays, all businesses should be using accounting and bookkeeping software, together with their bookkeepers. Software such as Xero, MYOB and QuickBooks and Reckon are great at digitising your accounts, reducing paper and saving time. They are connected directly to your banks to show all your transactions and balances.
If you want to make your life much easier and spend less time doing the books and more time doing what you love - using bookkeeping software is the answer.
Here are some of the benefits of using bookkeeping software:
You can improve your efficiency - software automates things so you don’t have to worry about wasting time doing things manually
Bookkeeping software can do everything that a trusted human can do, and (dare we say) more.
Even professional bookkeepers use software to streamline their processes and workload.
Here are some of the things you can achieve with bookkeeping software:
Here’s a snapshot of the best bookkeeping software for small businesses:
MYOB, Xero and QuickBooks are three of the biggest names in bookkeeping and accounting software, and it can be difficult to determine which is the best option for small business bookkeeping.
MYOB | Xero | Quickbooks | |
Price | $29 | $25 | $15 |
Free Trial? | Yes | Yes | Yes |
Inventory tracking | No | No | No |
Invoicing | Unlimited | Until 15 | Unlimited |
Payroll | Unlimited | One | Add-on |
Bank tracking | Yes | Yes | Yes |
Customise invoices | Yes | Yes | Yes |
Support & Help | Extensive | Extensive | Extensive |
Multi-Device? | Yes | Yes | Yes |
Use this guide to compare the best features in MYOB, Xero and QuickBooks for sole traders.
There are a number of free bookkeeping software packages you can use.
Many of the software packages listed above also do a free trial or a limited version to test the waters before you decide to purchase a package.
Some of the best free bookkeeping and accounting software for small business owners:
The purpose of double-entry bookkeeping is to create two entries for every business transaction. Why? Because this will allow you to track the effects of every transaction you make and reflect them in your other business accounts.
Some of the best software for double-entry bookkeeping include:
Payroll software can automate your payroll and take the stress out of ensuring pay is correct and on time. It can also be much cheaper than hiring a bookkeeper to manage your payroll.
Here are some of the best payroll software options for small business owners:
Bookkeeping and accounting software ranges from free, up to hundreds of dollars per month.
Most programs have a free trial period or package to test the waters before you purchase a program, and this is always a good idea to see if the bookkeeping solutions suit your needs.
It’s important to take the time to weigh up the options and do your homework when choosing the best bookkeeping software for your business.
Here are some key questions to help you choose the best bookkeeping software:
If you decide to do your own bookkeeping and purchase new software, there are various courses you can study as a small business owner to get the hang of bookkeeping software and how it works.
Some of the best bookkeeping courses include:
We have some great bookkeeping and account software offers right here on SavvySME.
You can also reach out to a professional bookkeeper and get expert advice on all things bookkeeping.
Open source bookkeeping and accounting software can be modified to suit your exact business needs. With open-source software, you download the source code and tailor it to your ideal accounting system.
This means open-source bookkeeping software does require some level of knowledge and development expertise, but you can also hire a third-party developer or to install this system for you.
A double-entry accounting template is one of the features offered in most accounting software and can be easily customised to make double-entry bookkeeping quick and simple.
Double-entry bookkeeping is usually more effective than single-entry bookkeeping for monitoring cash flow and maintaining accuracy. For this reason, it also involves more work and can be trickier to set up in Excel.
A chart of accounts groups specific transactions together and allows you to generate detailed reports on certain areas of the business and its finances. A chart of account typically has at least three columns:
You can set up a chart of accounts in all bookkeeping software. Some software allows you to automate certain transactions and produce more accurate financial reports.
Financial record keeping software allows you to collect, store and maintain your records digitally or on cloud-based software. Financial record keeping software can help your business run more efficiently and mitigates the risk of losing important information as the records are backed up by digital servers.
Enrolling on a bookkeeping and accounting course is a good option for small business owners who want to manage their own books. The TAFE Certificate IV in Accounting and Bookkeeping is a great course for those who want to gain a clear and thorough understanding of how to manage business finances and the overall financial health of your business.
You can also take shorter bite-size courses through bookkeeping software providers like Xero, MYOB and QuickBooks to get to grips with particular software and how to maximise its features for your business needs.
The MYOB Academy provides a range of courses for small businesses. MYOB Essentials and MYOB AccountRight provide small business owners with everything you need to know to go from bookkeeping novice to master.
Microsoft offers an accounting and bookkeeping software called Financial for Office 365 which integrates with a range of Microsoft Office applications for seamless use.