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Here’s your guide to the latest accounting software in Australia

July 1st, 2019

accounting trends, automation, accountant, technology

As a small to mid-sized company, your accounting software helps the business keep track of all your finances under one roof. You can track the cash flow status of the company as well as the income you generate and owe. When it comes to completing monthly and quarterly financial tasks, accounting software with a good user-capabilities can keep things moving smoothly. In recent years, cloud-based accounting software has become popular as they can be accessed remotely.

What to look for in accounting software?

Accounting software can help a firm track all their revenue and income but given the number of software options available on the market, finding the right accounting software can be an arduous task. Here are the best ways to find the software that will meet all your business needs:

1. The accounting skills

If you are a sole-trader or a new company, you are likely to want software that can meet your end-to-end accounting needs. Therefore, you need to pick software that’s specifically designed for small to mid-sized businesses. In addition to this, you also need to gauge the level of financial literacy in your organisation as certain software requires technical knowledge.

2. Cloud-based software

There has been a rise in the number of remote workers in recent years and this has led to the need for cloud-based applications that can be accessed from anywhere. Cloud-based accounting provides numerous benefits for the organisation. For one, you don’t need a license to operate the server and any upgrades are performed on the server end so your business does not require IT staff to complete this process. All the data on the cloud is stored on a central server which ensures your information is secure

3. Budget

As a new company, you want to be mindful of where you spend your money so the budget plays a huge role in choosing your accounting software. If you are starting a new company then an accounting software with basic features should suffice. But as the business grows and expands, you want a software that’s more specialised and relevant to your niche. This type of accounting software comes at a higher price point.

Best accounting software

If your business is on the lookout for new accounting software in Australia, here are the best options to choose from:

1. Xero

Xero is the go-to accounting software for many companies as it is one of the pioneers in online accounting. This accounting software was founded in New Zealand over a decade and continues to grow every day. The software has become immensely popular among small to mid-sized companies because it was designed for businesses and not companies. This makes it easy for small business who don’t have knowledge in finance and accounting to enter transactions and reconcile monthly bank statements. In recent years, Xero has expanded its reach to create an efficient ecosystem between the accountants and the businesses. This allows an accountant to access information on the system so they can prepare and file tax returns. 

The Xero dashboard is user-friendly and easy to understand. The main functions such as bills paid, expenses incurred and payroll is all available front and centre. If your company is part of a specific industry or vertical there are extra add-ins present. 

Xero offers a free trial for first-time users and they are numerous payment plans you can choose from after the trial period. Xero also has mobile app capability that’s easy to use if you prefer a more portable experience. You can manage transactions and add invoices in a quick and efficient way while you’re on the go.

2. Intuit Quickbooks

Another trailblazer in the accounting software sector is Intuit Quickbooks. Like Xero, Quickbooks also has a dashboard that provides a great user experience. The software makes it easy to manage your revenue and expenses because it provides a snapshot of income received and due in the last 30 days. Additionally, new users of the software have the opportunity to customise invoices and connect with a virtual accountant who can assist with other start-up activities. 

As a mid-sized company, it is often a challenge to keep track of all the transactions in the business. To help ease this process, Quickbooks provides a bird’s eye view of the bank account balance and any unreconciled invoices or outstanding payments. You will also get instant access to the GST numbers to have a clear understanding of how much you will owe the government in your next BAS (Business Activity Statement).

If your business receives or sends invoices via Paypal, Quickbooks allows you to integrate the payment app with your account (you need to be aware of Paypal’s high transaction fee). This feature is useful for companies that have not set up a complete end-to-end payment system. 

3. Reckon One

Reckon One is a cloud-based software developed by the company Reckon, a pioneer in the accounting software industry. The software is efficient and has a dashboard that is easy to use and understand. When you open up the portal, the most important information pertaining to the businesses’ finances is available front and centre. This includes bills due, payments received and overdue. You also have the option to link your personal bank accounts and monitor the trend over the last few months. 

Although Reckon One leans towards a more premium-priced accounting software, the program is easy to use for a person who has no prior experience with accounting systems. With just the click of a few buttons, your monthly financial statements- Trial Balance, Balance Sheet and Profit and Loss can be generated. This makes it easier to find transactions pertaining to a line item. 

The three accounting software listed above can automate your transactional duties and provide useful features that help you save time and money. The software is also cloud-based so they can be accessed in any place at any time. 

The accounting software your company uses is an important decision because it impacts how you manage the company’s revenue and expenses. Hence, you need to take time and do your research before you make a decision. Make a checklist of all the financial capabilities that your business needs and explore accounting software options that can help you achieve these goals. At the end of the day, you want software that increases efficiency and reduces cost. 

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