Top Easy-to-Use Accounting Software for Small Businesses

Are you a small business owner in Australia looking for user-friendly accounting software? Managing finances is crucial for the success of any business, but it can often be overwhelming, especially for those without a background in accounting. Thankfully, several easy-to-use accounting software options can simplify your financial tasks and help you stay organised. This article will explore the top accounting software solutions specifically designed for small businesses in Australia.

So, whether you're a solopreneur, a freelancer, or a small business owner, join us as we explore the best accounting software options that can simplify your financial management tasks in Australia.

Let's get started!

The Benefits of Accounting Software

Employing an accounting software platform will mean you will need to spend less time handling and chasing up financial transactions or information, ultimately saving you significant time, money, and worry.

The fact that most platforms include reporting and analytics, which can provide fresh insights into your company's financial aspects and assist you in making more informed decisions moving forward, is an added benefit.

The following is a list of the primary advantages that will result from installing accounting software for your company's financial transactions:

• Entry of data that is straightforward, speedy, and computerised
• Fewer mistakes and discrepancies in the accounting information
• Compliance with tax laws is made easier by the incorporation of tax codes and calculations.
• Access to real-time data instead of waiting for processing at the end of each quarter or year.
• Integrated sophisticated analytics and reporting to assist you in making sense of your data and arriving at more well-informed decisions.
• Your accountant will be relied upon less to provide and evaluate financial data.
• Fees for accounting services are reduced due to access to integrated, current, and accurate financial records.
• Cost savings in operations are achieved through the automation of processes.
• It is simple to adapt to expanding needs as your company expands.

What Kinds of Accounting Software Platforms Are There to Choose From?

There are a few primary choices regarding accounting software appropriate for small- to medium-sized firms in every sector of the economy. Yes, there are a lot of other options available.

1. MYOB

MYOB, one of the first businesses to provide accounting software for users who were not CPAs, was sluggish to adopt the increasingly popular cloud-based software model. However, to catch up to the competition, they made significant investments, and as a result, MYOB currently offers three packages geared towards small and medium-sized enterprises.

• MYOB AccountRight is an all-inclusive piece of accounting software that has been developed for use by small to medium-sized enterprises that require the option to function online or offline. Windows is the only platform supported; a Mac version is not available.

• MYOB Essentials is a web-based accounting application that can only be accessed online and is developed specifically for new and smaller enterprises. Essentials can be utilised on either a Windows or a Mac computer because it is browser-based.

• MYOB Essentials Payroll is a payroll-only solution that allows for Single Touch Payroll processing for a maximum of four employees. Also based on browser technology.

You might not be familiar with the solution known as MYOB, which is an acronym that smartly stands for "Mind Your Own Business." It is another possible accounting alternative for many small to medium-sized firms, particularly those operating out of Australia, where the company's headquarters are located.

MYOB provides tools that guarantee compliance with the Australian Taxation Office.

Even for companies that aren't based in Australia, MYOB provides plenty of additional features worth appreciating, such as the ease with which you can link your bank accounts, send invoices, and manage contacts directly from your phone.

The prices for the plans are affordable. If you upgrade to the AccountRight level plan, you can run two distinct businesses using only one account to handle them both.

2. Reckon

Based in Australia, Reckon was the first to supply Quickbooks to its customers. Reckon and Intuit went their separate ways in 2012, and that same year, Reckon introduced their cloud-based accounting software known as ReckonOne.

In addition to this, they provide Reckon Payroll as an independent Single Touch Payroll processing solution. Both of these systems are web-based and accessible through a browser.

3. FreshBooks

One thing that sets FreshBooks apart from its competitors is that it is hosted in the cloud (regardless of which subscription level you choose!). This enables you to access your information hassle-free and protected, regardless of where you happen.

What are some of the FreshBooks features you are almost certain to find useful? For instance, you can automatically programme yourself to get late payment notifications and fees if you want to. You also have the opportunity to check when a customer has viewed an invoice, which means that you do not need to worry about the possibility that it has been lost in cyberspace.

FreshBooks was originally just a straightforward invoicing programme. It has evolved over the years, gaining new capabilities while enhancing those it already has. It is now a complete online accounting solution for small businesses with double-entry bookkeeping that can be accessed anywhere.

The management of accounts payable and receivable, inventories, and payroll are all handled collaboratively by Gusto and FreshBooks. Integration with Microsoft Outlook, an Income Importer, project profitability reporting, and accounts payable tracking are some new features FreshBooks has introduced to its platform.

The application will begin by inquiring about your company to personalise different aspects of the website. These inquiries will cover topics such as the nature of the work performed and the method by which customers are billed.

You must provide your contact information and are strongly encouraged to encourage other team members to create accounts. After that, you will be brought to the primary page of FreshBooks, where you will find a box with three setup options. These options are Add Your Clients, Add Items and Services, and Send an Invoice.

FreshBooks offers a comprehensive, user-friendly, and double-entry accounting experience for small businesses, complete with all the necessary tools for such an endeavour. Because of its superior user experience and well-thought-out combination of features, it is a fantastic option for solo owners and freelancers.

Because there is such a wide choice of plans from which to choose, you will likely be able to discover one that will assist you in streamlining your accounting and releasing additional time for other tasks.

4. Xero

Xero was the first platform hosted in the cloud to debut on the market. It soon gained ground against the more traditional MYOB and Quickbooks/Reckon solutions by emphasising the linking of bank accounts seamlessly. In addition, Xero has made significant investments in developing more than 800 business apps to encourage the seamless integration of data between accounting processes and other activities within a company.

Xero is yet another well-liked accounting software choice for many different companies. It provides many of the same capabilities as QuickBooks and places high importance on mobility and accessibility. This means the Xero app can be downloaded for iOS and Android devices.

You will find the features, reports, and tools you expect to keep your business running well, like with any other accounting software.

If you have several different people (such as a certified public accountant and a variety of employees) who would need to get their hands on that software, one of the many great advantages of Xero is that it provides the functionality to have numerous different users access your account at no additional charge. This is great if you want to avoid paying extra for the privilege.

When contrasting Xero with QuickBooks, it is essential to remember that because Xero isn't quite as well-established as QuickBooks, there are fewer consultants who can assist you with using Xero. Therefore, this is a vital point to consider, particularly if you're looking to receive significant assistance in getting up and running.

Although Xero plans begin at a lower price than QuickBooks, you must pay additional fees to access features such as payroll if you choose to use Xero. Those interested in putting Xero through its paces can use the software's free 30-day trial version.

Xero provides an all-in-one accounting solution in addition to a solution that is focused solely on payroll processing.

5. Quickbooks

Quickbooks Online was Intuit's first release of its cloud-based accounting software following its break with the Australian company Reckon. They also provide Quickbooks Payroll and Quickbooks Self Employed, a more fundamental solution for sole proprietors and only accessible through an app; there is no internet functionality.

QuickBooks is probably one of the first accounting programs that come to mind whenever "accounting software" is discussed. And for a good reason - QuickBooks provides an abundance of features and tools that will assist you in always staying on top of your accounting and invoicing.

You can keep track of and manage all of your financial transactions in a centralised location with the help of Quickbooks. The best aspects of flexibility, convenience, financial functionality, and extensibility are all rolled into one with QuickBooks Online.

To begin using QuickBooks Online to create transactions for your business, you will first need to complete a speedy setup procedure to provide the service with some basic information regarding your organisation.

You simply offer answers to a few straightforward inquiries as they are presented, after which the website modifies some of the basic settings in the background to suit better the particular kind of enterprise you run. After you have finished everything, you will be sent to the main screen of QuickBooks Online.

The accounting software Quickbooks may fit your requirements well if you run a small business or wish to grow it.

QuickBooks offers a variety of plans, ranging from those designed for the self-employed to those designed for small businesses or enterprises. You should aim for the enterprise plan if you do not work as an independent contractor.

The programme performs all of the functions that you would expect it to accomplish, such as keeping track of income and expenses, processing payroll, and creating helpful reports so that you can gain a better understanding of how the firm is doing financially.

QuickBooks indeed has many functions that will be useful for you. However, the degree to which it is easy to use is undoubtedly one of the most impressive aspects of this software. The tool is comprehensive without being cumbersome, cluttered, or challenging to navigate. Instead, everything is intuitive, ensuring every team member is clear about where and how to obtain the required information.

Using Quickbooks will benefit you if you require assistance with accounting, inventory, payroll, tax filing, invoicing, tracking and reconciling of bank accounts, budgeting, payment processing, and spending management.

The capability to synchronise bank information with your prefered applications, the ability to view your data on several devices, and a secure online database are the aspects that stand out the most.

You also can access your essential accounting data from virtually any device, not just on your laptop, thanks to solutions such as mobile apps and online versions of accounting software such as QuickBooks.

6. Sage

Many business owners worldwide have acknowledged Sage as a useful resource because the company's business solutions have won several awards and successfully made the management of accounting operations more convenient.

The firm's primary focus has been creating a platform that will hasten the growth of smaller businesses, reduce the amount of work needed in accounting, and free up your time to concentrate on enhancing your brand's growth. They are among the most advanced and trustworthy accounting software options available.

Sage Business Cloud Accounting and Sage 50 Accounting Peachtree are examples of accounting software developed specifically with the needs of micro, small, and medium-sized businesses in Hong Kong in mind.

The fact that it is connected with Microsoft 365 is the primary point that distinguishes it from other similar tools, in addition to its extensive collection of features. Although you may access some of the data stored in Sage 50cloud Accounting remotely, the program must be installed on a local desktop to use its capabilities fully. This robust and innovative connection helps compensate for this limitation, which helps compensate for the fact that Sage 50cloud Accounting must be installed on a local desktop.

Sage 50cloud Accounting is, in many ways, more complicated than even the most recognised low-end accounting websites. On the other side, because it is so strong and needs a membership, it may not be as tempting to firms that are not as large.

It is perfect for companies who want more comprehensive features and customisability, are reassured of desktop software, and have their remote employees install the program so that they may share corporate data via Sage's Remote Data Access. This type of firm is the best candidate for this solution. Additionally, it is an excellent choice for companies who are comfortable with desktop applications.

How Do I Pick The Best Accounting Software Platform For My Company?

In all honesty, each choice will cover the essential accounting functionalities you require, such as the balance sheet, taxes, and accounts receivable and payable. However, there can be a great deal of variation between the various solutions regarding their advanced capability, how simple they are to use, their mobile capabilities, and the cost.

According to our previous work, there are four primary considerations that you need to give attention to before deciding which solution would serve your needs the best and provide the most return on investment.

1. Your Individual Interests and Actions

Your qualities are a very significant factor to consider when selecting the appropriate software, even though this may not be the first thing that comes to mind when you think about it.

• Does mentioning "accounting" make you want to bolt for the hills? Xero is easier to use for folks who need to be accounting professionals.

• Do you have certain "old school" values, and are you familiar with basic accounting principles and computerised ledger systems? MYOB might fit you better

• Do you require the ability to record and access data when you are on the move? The most effective mobile features can be found in Quickbooks and Xero.

• When it comes to the interpretation of your finances, do you plan to rely on your accountant or bookkeeper? Or do you wish to have a more personal relationship with the financial aspects of your company? Xero and Quickbooks have the best user interfaces and reporting and analytics capabilities, respectively.

2. Your Cost Range

Pricing is one of the most important factors differentiating this market's many competitors. And the whole set of features provided is reflected, to some extent, in the price.

Reckon and Quickbooks are two options worth considering if your requirements for accounting software are quite simple and your financial capacity could be improved. Xero is where you should look if you are searching for a comprehensive accounting solution that provides additional functionality and is easy to scale up as your business grows. The cost of MYOB is high in relation to its features.

QuickBooks can become more expensive as you move into more advanced plans. Reckon's suite of features is less complete than the other accounting software packages, which could present a problem if you plan to grow and expand your business soon. If you are interested in less expensive options, keep in mind the information presented here.

3. You Wish to Link Your Accounting Data With Other Software Programmes

The days are long gone when your accounting system was the most important instrument for day-to-day operations. Today, your business will likely be managed through a point of sale, booking/scheduling, or online commerce system.

Suppose this is the situation for your company, either now or possibly in the near future. In that case, you must select accounting software that facilitates the seamless integration of accounting data with data from other business systems. Xero is now the industry leader in integrations, even though MYOB and Quickbooks focus on increasing and strengthening their connectors.

It would make sense to connect the data from your accounting system with those from these other systems.

• Inventory
• Bookings/scheduling
• Gmail/Outlook
• Point of Sale
• E-commerce
• CRM (customer relationship management)
• Email marketing

4. Who Else Needs to Access or Utilise the Information?

Most systems provide multi-user access, allowing you to govern who may view and modify data and what data each user can view and edit. The following categories of people might use your accounting software in the future:

• Employees
• HR/Admin
• Acc Receivable/Payable Officer
• Accountant
• Bookkeeper
• Business Partners

Suppose there is nothing else that stands out as an apparent alternative. In that case, go with the same accounting software that your accountant uses so that they can access the data more readily without having to export or import it. Although many accountants still use MYOB or Quickbooks, Xero is becoming increasingly popular among the profession.

It is best to double-examine the particular elements of any plans you are considering before committing to one. Some services or plans may impose additional fees for permitting multi-user access or limit the number of others who can view your data.

Getting Started

We provide a comprehensive range of assistance solutions to assist you in getting your financial matters in order, whether you are beginning from scratch to transition from manual processing to automated online accounting software or migrating from one platform to another. Using your accounting software, we can carry out the following tasks, among others:

• Considerations to be made regarding which accounting software is the best fit for your needs
• Creating your files and setting up your account from the ground up
• The process of moving information or files from one program to another
• Instruction and training for both you and your staff so that the software can be installed and used properly
• Keying in data, billing, checking accounts, and doing regular maintenance
• The processing of payrolls
• Preparation and submission of the BAS
• The production of reports
• Providing interpretations of reports and analyses, as well as teaching you to make use of this data in your planning and decision-making processes

It is a significant undertaking to improve your company's bookkeeping and financial management; the associated technology and needs may need to be revised and more manageable. The good news, however, is that we have assisted a large number of owners of small businesses just like yourself in taking that step.

And sometimes, all you need is a little direction and counsel from someone who has been in your shoes and completed the task in the past. Investing in accounting software so that you may streamline your bookkeeping responsibilities in terms of financial savings and increased productivity and alleviating the mental strain that comes with handling it manually is well worth the effort.

Wrap Up

In conclusion, when finding the top easy-to-use accounting software for small businesses in Australia, several options can streamline your financial processes and help you stay organised. These software solutions are designed to be user-friendly, allowing business owners with limited accounting knowledge to manage their finances effectively.

Whether you are looking for basic bookkeeping features or more advanced functionalities such as invoicing, payroll management, and inventory tracking, the Australian market offers a range of accounting software options to meet your specific needs. By leveraging these tools, small business owners can save time, reduce errors, and make informed financial decisions.

To make the right choice for your business, it is essential to consider factors such as cost, scalability, integration capabilities, customer support, and user reviews. Look for software that aligns with your business goals and offers a user-friendly interface, ensuring a smooth transition and ease of use.

In this dynamic digital era, having reliable accounting software is crucial for small businesses in Australia to stay competitive and focus on their core operations. Take advantage of the diverse range of easy-to-use accounting software available and empower your business with efficient financial management.

Are you ready to take your small business to the next level with Australia's top easy-to-use accounting software? Which features are most important to you in an accounting software solution? Share your thoughts below!

Content Summary

• If you're looking for the best easy-to-use accounting software for your small business, check out the list below.
• There are a few primary choices regarding accounting software appropriate for small- to medium-sized firms in every sector of the economy.
• MYOB AccountRight is an all-inclusive piece of accounting software that has been developed for use by small to medium-sized enterprises that require the option to function online or offline.
• If you upgrade to the AccountRight level plan, you can run two distinct businesses using only one account to handle them both.
• It is now a complete online accounting solution for small businesses with double-entry bookkeeping that can be accessed anywhere.
• Integration with Microsoft Outlook, an Income Importer, project profitability reporting, and accounts payable tracking are some new features FreshBooks has introduced to its platform.
• After that, you will be brought to the primary page of FreshBooks, where you will find a box with three setup options.
• FreshBooks offers a comprehensive, user-friendly, and double-entry accounting experience for small businesses, complete with all the necessary tools for such an endeavour.
• Xero is yet another well-liked accounting software choice for many different companies.
• It provides many of the same capabilities as QuickBooks and places high importance on mobility and accessibility.
• This means the Xero app can be downloaded for iOS and Android devices.
• If you have several different people (such as a certified public accountant and a variety of employees) who would need to get their hands on that software, one of the many great advantages of Xero is that it provides the functionality to have numerous different users access your account at no additional charge.
• Although Xero plans begin at a lower price than QuickBooks, you must pay additional fees to access features such as payroll if you choose to use Xero.
• Xero provides an all-in-one accounting solution in addition to a solution that is focused solely on payroll processing.
• On the other hand, if you want your company to grow quickly, you should invest in accounting software that is not only more expensive but also more comprehensive and scalable to match your company's needs as it grows.
• The best aspects of flexibility, convenience, financial functionality, and extensibility are all rolled into one with QuickBooks Online.
• To begin using QuickBooks Online to create transactions for your business, you will first need to complete a speedy setup procedure to provide the service with some basic information regarding your organisation.
• The accounting software Quickbooks may fit your requirements well if you run a small business or wish to grow it.
• You should aim for the enterprise plan if you do not work as an independent contractor.
• However, the degree to which it is easy to use is undoubtedly one of the most impressive aspects of this software.
• The capability to synchronise bank information with your prefered applications, the ability to view your data on several devices, and a secure online database are the aspects that stand out the most.
• You also can access your essential accounting data from virtually any device, not just on your laptop, thanks to solutions such as mobile apps and online versions of accounting software such as QuickBooks.
• They are among the most advanced and trustworthy accounting software options available.
• Sage Business Cloud Accounting and Sage 50 Accounting Peachtree are examples of accounting software developed specifically with the needs of micro, small, and medium-sized businesses in Hong Kong in mind.
• Although you may access some of the data stored in Sage 50cloud Accounting remotely, the program must be installed on a local desktop to use its capabilities fully.
• Additionally, it is an excellent choice for companies not intimidated by desktop applications.
• According to our previous work, there are four primary considerations that you need to give attention to before deciding which solution would serve your needs the best and provide the most return on investment.
• The most effective mobile features can be found in Quickbooks and Xero.
• Reckon and Quickbooks are two options worth considering if your requirements for accounting software are quite simple and your financial capacity could be improved.
• The cost of MYOB is high in relation to its features.
• Reckon's suite of features is less complete than the other accounting software packages, which could present a problem if you plan to grow and expand your business soon.
• It would make sense to connect the data from your accounting system with those from these other systems.
• Suppose there is nothing else that stands out as an apparent alternative.
• In that case, go with the same accounting software that your accountant uses so that they can access the data more readily without having to export or import it.
• Some services or plans may impose additional fees for permitting multi-user access or limit the number of others who can view your data.
• In conclusion, when finding the top easy-to-use accounting software for small businesses in Australia, several options can streamline your financial processes and help you stay organised.
• Whether you are looking for basic bookkeeping features or more advanced functionalities such as invoicing, payroll management, and inventory tracking, the Australian market offers a range of accounting software options to meet your specific needs.
• Look for software that aligns with your business goals and offers a user-friendly interface, ensuring a smooth transition and ease of use.
• Take advantage of the diverse range of easy-to-use accounting software available and empower your business with efficient financial management.