As a business owner, managing business finances and accounting systems can be a complex ask, especially for those who are unfamiliar with accounting tasks. From tracking expenses to managing inventory and invoicing, several accounting tasks have to be done accurately. Luckily, small business accountants know the best accounting software to help you manage your business finances and simplify your business operations. In this blog, we’ll guide you through choosing the best accounting software for your company.
4 Best Accounting Software for a Small Business
There are numerous accounting software alternatives accessible to small business owners. For many years, desktop software was the only choice, but cloud-based accounting practice management software has grown in popularity in recent years.
Cloud-based applications and bookkeeping software enable you to view your financial data from any location, at any time, and on any device with an internet connection. Your financial transactions are automatically linked with your online bank accounts, so you don’t have to bother about manual data entry.
MYOB is an Australian tax and accountancy software firm that offers a wide range of products from business, both small and large businesses. MYOB accounting software provides you with multiple features that best match your business requirements. Accountants for small businesses know how to use these types of software, so you can let them do everything on your behalf. MYOB accounting software can help you:
- track performance against budgets
- gain insights about all your tasks, so you can stay organised
- track bills and expenses and it creates a detailed budget from your expenses
- send invoices online
- track income and expenses with ease
- MYOB payroll offers features: leave entitlements, single touch pay, super contributions, and automatic tax obligations.
Another most commonly used accounting software is FreshBooks, which is suitable for small businesses. It offers invoicing, time tracking, expenses, project management features and payment tracking features. The intuitive interface of the software makes it easy to use and its mobile apps help you work from anywhere.
Another excellent cloud-based accounting software that most businesses use is Xero. It offers features such as project management, invoicing, inventory management, and bank connections. The dashboard of this accounting software offers real-time updates on the financial performance of your business making it easy to track the cash flow of your business and make informed decisions.
QuickBooks is one of the greatest small business accounting software options in Australia, and it is also well-known globally. What makes it so popular? Mostly because it is exceedingly simple to use even for those with no accounting background. Depending on the price tier of your accounting package, the online platform assists smaller firms in extracting financial data and managing their spending and income, payroll, accounting, and more.
What Features You Should Consider When Choosing an Accounting Software?
When selecting accounting software for your small business, seek features that will assist you in properly managing your finances. Expense and income tracking, expense management, inventory management and tracking, project management, invoicing and invoice management, bank reconciliation and transaction tracking, financial reporting, and sales tax compliance management are some of the vital aspects to look for. These features will help you manage your business spending, keep track of your financial flow, and prepare for tax season.
How much does an Accountant Cost for a Small Business?
The cost of hiring an accountant for a small business may vary from one state to another in Australia. The estimated cost could be $100-$400 per hour.
What is the Best Small Business Bank Account in Australia?
Take a look at the below-mentioned small business bank account:
- Airwallex Business Account
- ANZ Bank Business Transaction Account
- Commonwealth Bank Business Transaction Account
- NAB Business Everyday Bank Account
- Westpac Business One Low Plan
Do I Need an Accountant for My Small Business in Australia?
Your accountant can help you prepare and file tax returns on time and ensure you follow tax rules and regulations. Tasks performed by an accountant include:
- maintaining and preparing financial records
- conducting audits
- advice on tax matters
- financial forecasting and planning
- data analysis
Now, you know what accounting software you should choose and whether you need an accountant or not. Moreover, for accounting solutions for your business, you can also contact Reliable Melbourne Accountants.