Cheerful Business Woman Taking Notes In Cafe
24-Aug-2020 By - ewmaccountantsadmin

What is the best small business accounting software?

Among the many potential culprits for this widespread demise is the lack of effective money management and bookkeeping. Small business accounting software can do a lot to prevent your business from falling into this trap, keeping you on the right side of that grim statistic.

Financial bookkeeping is complicated and time-consuming. Business owners find it challenging enough to cover the basics—paying the bills and tracking incoming revenue—let alone answer critical questions such as: Are we profitable? Why or why not? Can we make the required tax payments? Should we invest in new equipment? Do we need to explore financing? Will, we hit our budget numbers? Where can we cut expenses?

Blog Verticle Cta Img
Get started today

Got questions? We have answers

03 9568 5444

A good small business accounting tool can answer these questions in seconds, based on the input you provide. Once you have populated a tool with information about your financial accounts, your customers and vendors, and the products or services you sell, you’ll be able to use that data to create transactions. These feed into reports, which can provide critical insights. Instant search tools and customisable reports help you track down the smallest details and see an overview of how your business is performing. Android apps and iOS apps for the tools give you access to your finances anywhere that you have wireless connectivity.

We get contacted a lot about what is the best accounting/bookkeeping software to use in Australian businesses. The standard consultant and right answer are always “it depends”. It depends on so many things:

  • What industry are you in?
  • What business goals you have (an exit, growth, status quo, etc.)?
  • Who is going to drive the system and what experience/skills do they have?
  • How big is the company?
  • What problems are you trying to solve?
  • Do you have an existing system, and what is it?
  • Does your bookkeeper or external accountant have a preference?
  • Do you need mobility in your business around data entry and reporting?
    …and the list goes on

You can focus on what matters to you most; building your business, saving you time and money, plus giving you peace of mind with right Business Bookkeeping.

Best Accounting Software for Small Business

Intuit QuickBooks

When it comes to accounting software, QuickBooks has been a household name for many years, offering businesses a wide range of software options and features to suit their specific industry, size and financial goals. Whether you’re on the road or well-established in an office environment, QuickBooks will have an option for you.

Including key features such as customer invoicing, payment alerts, payroll capacities and automatic BAS generation, QuickBooks software could be a handy addition to the office, with the software also capable of recording receipts for expenses and building reports to track how your business is performing financially over select periods of time.

Providing a 30-day free trial, QuickBooks has some of the cheapest monthly deals around, with prices starting at under $10 a month for the Self-Employed package. Other packages include the Simple Start, which will set you back $15 per month, the Essentials package which costs $30 a month, while the Plus package will cost $40 a month. With each price jump, businesses will gain access to additional features, with the Plus version containing functions such as inventory and project tracking, while also offering budgeting tools to help you stay on track towards your financial goals.

Whether you’re looking for Business Accounting Services, or need a start-up business accountant to set up your books, we are here you can rely on.

MYOB

Founded in Australia, MYOB has been a staple in the accounting industry, with the company offering a variety of products to assist businesses with keeping on top of their finances. In addition to the basics of accounting software, MYOB has plenty of additional extras through partnerships with other companies, helping to make the software more personalised to your business.

Features include payroll for employees, invoicing for clients, reports and budgets for team meetings, as well as a variety of functions that help with tax time, inventory, bank reconciliations and even cash flow management, making it worthwhile regardless of your financial needs.

Split between the ‘Essentials’ and ‘AccountRight’ packages, the Essentials software is priced between $10 and $60 a month, while the AccountRight range costs between $70 and $140 a month. Features of MYOB plans include invoicing, payroll, BAS and GST statements, as well as helping you to manage bills and expenses to help you keep on the ins and outs of your business.

In addition to accounting software, MYOB has software for all areas of your business, including business management and partnered software to suit specialised areas, such as eCommerce, with packaged deals available for those after multiple services.

Taking top spot in our 2019 accounting software review, MYOB has rated five stars for ease of use, reporting, ease of integration, functionality and overall satisfaction, while scoring four stars for value for money and customer service.

Sage 50cloud

Sage works well for small- to medium-sized businesses. You’ll spend less time on administrative tasks, since Sage sends invoices, tracks payments and expenses, and calculates what you owe come tax season. Time tracking and collaboration tools are two things you won’t get with Sage, and payroll is a separate product.

Formally known as Sage Peachtree, Sage 50 is an accounting program commonly used by small to mid-sized businesses. The program offers accounts payable and accounts receivable services, bank reconciliation, and cash management. Users can also bill and invoice directly to customers through online services. Payroll and employee management is another feature of the program and is widely used by smaller and mid-sized businesses.

The program also allows users to create and maintain a general business ledger. Sage comes at a monthly cost of $29.95 per month, with customer service being a part of this cost.

Xero

Founded across the ditch in New Zealand, last year’s winner Xero has grown to be a globally recognised accounting software provider, with the cloud-based system available in a range of subscriptions to suit all business sizes and industries.

Starting at $25 a month for the Starter pack, Xero also offers the Standard pack for $50 a month, and the Premium line is beginning at $65 a month, with each price point increase unlocking additional features for businesses to utilise. The larger packs will suit larger businesses, allowing more employees to be added to the software (at an additional cost), while the Starter pack should suit owner-operated businesses.

Depending on which pack you purchase, features such as invoicing (including reminder emails for those forgetful clients), inventory and payroll are available for all packages, with additional features such as automatic bank transactions and bank reconciliations also available. If you’re looking to make the most of your accounting software, it’s best to research Xero’s website for a full comparison of capabilities and extras or sign up for a free 30-day trial to get a feel for how the software works.

Rated four stars for overall satisfaction, value for money, reporting and customer service this year, Xero also scored five stars for ease of use, ease of integration and functionality.

EWM Accountants offer a range of Business Taxation Services to stay up to date with their tax-related matters.

Workflow Max

WorkflowMax enables you to track and record every detail to do with every job, so that you experience one single source of truth. Locate jobs in seconds, and everything else you need to know about them, in just a few seconds more.

Gain efficiencies by using the inbuilt task manager. Tasks on WorkflowMax’s jobs enable you to specifically allocate staff to appropriate tasks, and then provide those staff with a checklist of to-dos, estimated task times, and due dates, so that it is clear to everyone who is meant to be exactly working on what and for how long.

Schedule work to manage staff capacity and meet milestones. WorkflowMax enables you to assign start and finish dates for jobs and for every task on every job as well. In addition you can create other milestones independent of project and task due dates. Quickly and easily adjust all of these milestones, dates and deadlines in the Schedule Manager, and run reports on them.

Use recurring jobs to reduce your admin time. The recurring jobs feature enables you to automatically create a new job in your job manager on a recurring basis, complete with appropriate start and due dates, job name, job template, job category, job state, description and with staff already assigned. Great for those who do repetitive work for the same client on a regular basis.

Capacity planning made easy. The staff capacity planning feature can provide an overview of how much work individual staff members have been allocated at a glance. You will easily see where there are gaps or overloads for every staff member in the upcoming work schedule.

Never miss another deadline. Get an overview of all your jobs and apply one or multiple filters as needed. Choose to view by deadline, job state, important dates or staff allocation. See start & finish dates plus ‘percentage complete’ for jobs and track milestones and get notifications to get an accurate picture of upcoming deadlines.

Vend

You’re a retailer, not a tech wizard. Vend is designed to be so intuitive, anyone — from owners to managers to cashiers — can get the hang of it in minutes. You and your team can stop worrying about the tech side of things, and focus more on running and growing your business.
Vend offers the most feature-rich integration with Xero on the planet. By keeping your POS and Xero accounting platform in sync, you’ll keep your financials in check and streamline your business.

Track profitability in real-time – Cost-of-goods-sold (COGS) post to Xero and are tracked as your goods are sold. View your profitability against your wages, rent, marketing, and other expenses to understand your true performance.

Automatically sync daily totals – Save time and money. Daily sales, account sales, payment totals, inventory orders, COGS and customer details sync to Xero. Remove manual data entry and eliminate human error.

Make bank reconciliations simple – Xero uses Vend daily totals to recognize merchant payments coming into your accounts. Account sales and stock orders can also post to Xero. Reconciling is as easy as hitting OK.

Report on financials across stores and channel – Vend maps your tracking categories into Xero, giving you the info you need to report on transactions by outlet. This lets you see and compare the performance of all your stores and sales channels.

Get all the reports you need – Vend supercharges your Xero reports. Track products, employees and customers and monitor your business health and profitability. Integrate with Tracking Categories to monitor performance by outlet and channel.

Handle cash securely – Reduce risk. Easily view any discrepancies between banked cash deposits and daily cash totals sent to Xero — including cash payments, petty cash withdrawals and float movements.

Easily manage customers & suppliers – Sync your contacts between Vend and Xero. Any changes you make to customer information in Vend will automatically update in Xero.

Sell in-store, online and on-the-go – Open up a shop window to the world with the omnichannel POS perfect for brick & mortar, ecommerce, and mobile retail.

Manage operations efficiently – Control products, prices and customer data across multiple locations, from any connected device.

Report on financials and take action – Track sales, revenue and profit margins by product, brand, staff, or store so you can make the best decisions for your store.

Accelerate your business growth. Scale easily by adding products, staff, registers and stores at the click of a button.

Enjoy award-winning support. From hardware to inventory to growing your business, Vend’s 24/7 global support team is here to help.

Get a real-time view of your cashflow. Log in online anytime, anywhere on your Mac, PC, tablet or phone and see up-to-date financials.

Run your business on the go. Use our mobile app to reconcile, send invoices, or create expense claims – from anywhere.

Reconcile in seconds – Xero imports and categorises your latest bank transactions. Just click OK to reconcile.

Get paid faster with online invoicing – Send online invoices to your customers – and get updated when they’re opened.

Receipt Bank

The best way for accountants, bookkeepers and businesses to fetch all paperwork to one place, sort it, categorise it and ready it for reconciliation in a fraction of the time.

Receipt Bank is the essential digital accounting platform to fetch all paperwork to one place and get your client’s business financially fit. Never miss an invoice or receipt, by connecting to thousands of suppliers, PayPal, and email to pull all the data you need into a single digital dashboard.

Capture, store and keep track of your business receipts, bills, invoices and bank statements with Receipt Bank’s award-winning technology. Start expensing more, paying less tax and saving vital hours in your week.

Wipe out tedious data-entry – for good. You didn’t get into business to hoard crinkled bits of paper and spend hours typing them into spreadsheets. Receipt Bank scans all the information on-the-go with pinpoint accuracy, storing and organising the data using a mix of AI and human sorting.

Effortlessly update your books with AI. Receipt Bank uses machine learning to tailor bookkeeping to your business needs. Connect with leading cloud accounting platforms – such as Xero, Sage and QuickBooks – to unlock automated publishing and automated transaction matching for quick-fire reconciling.

Stay on top of your finances. Thinking about your accounts doesn’t need to be daunting. Receipt Bank’s features and functions are designed to keep things simple and stress-free – meaning you can focus your energy on what you’re good at: running your business.

Unleashed

Achieve complete control of your products — and instant clarity across suppliers, production, inventory and customers.

Real-time inventory control and reporting
Take advantage of accurate, real-time stock visibility. Maximise your control and make data-driven decisions based on accurate reports.

The perfect companion for mobile sales teams. A mobile-enabled sales team is the future — empower your sales team with the freedom and flexibility to make sales, work efficiently and deepen their relationship with their customer outside the walls of your office. The Unleashed Sales App is an indispensable tool for your sales team.

Perfect for manufacturers. Accurately calculate the true cost of goods. Gain better understanding of your production costs and maintain healthy margins.

Track and trace products by monitoring your products through all stages of production with ease. Maintain visibility of perishables with our Batch Number Tracking and Serial Number Tracking features.

The right stock in the right place, every time. Have everything right where you want it. Manage your inventory seamlessly across multiple warehouses, in any location across the globe. Take advantage of inventory visibility to boost efficiency.

With plenty of options available for businesses to choose from, selecting the platform that best fits your day-to-day operation can prove a big decision. Ultimately the decision will come down to your requirements and budget, in addition to how you’d like to run your operation. With each brand offering additional features to help you reach your financial goals, setting aside some time to research what each has to offer will help you save both time, and frustration, down the line.

Guest post by : ewmaccountantsadmin Form -

Like this? Share it...