5 Best Business Accounting Software To Use In 2022

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best accounting softwares in australia
best accounting softwares in australia

Small business accounting involves summarising, assessing, and making reports of all financial transactions related to the business. With digital technology advancements, small business accounting has become a lot easier. Business organisations can use business accounting software to manage their finances. Especially if you manage your business finances on your own, these software applications can be highly beneficial. 

From creating invoices and tracking and managing inventory to managing payroll services and business finances, these applications can help you perform a wide range of bookkeeping services.

Know the 5 best business accounting software to use in 2022.

FreshBooks

It is one of the most widely used accounting software in the market. It can help you manage all your accounting activities, such as time tracking, invoicing, making payments, etc., pretty easily. Above all, this tool is secure, fast, and easy to use.

The key features of FreshBooks include:

  • Invoicing: You can personalise your emails and create your invoice with your logo and signature on it.
  • Automatic Expense Tracker: You can link your business bank account with the software, which will help you receive updates about the money you spend on various purchases.
  • Track Your Time: You can also track how much you spend on business activities like completing a project or engaging clients.
  • Accounting: FreshBooks is popular for its double-entry and easy-to-use and accounting tools.

Some of the main benefits of using FreshBooks include:

  • Mobile-friendly software that helps the users stay connected with customers using the mobile application
  • User-friendly interface
  • Multi-currency and multi-language compatibility

However, there is no free plan on offer. Therefore, you should think twice before choosing it as your option.

QuickBooks

If you prefer using one of the newest accounting tools suitable for small businesses, you can go for QuickBooks. The best thing about QuickBooks is that it offers both on-premise and cloud-based versions. Various accounting activities, including business management, payments, payroll functions, and bill payments, can be completed easily using QuickBooks.

The key features are as follows.

  • Invoicing: You can create professional and customised invoices and sale receipts and send them to your customers in a few minutes.
  • Accounting resorts: You can check the business performance from the dashboards and customisable reports.
  • Cash flow management: You can enter vendor bills and pay only when needed.
  • Expense tracking: You can keep receipts saved in the QuickBooks Online mobile application, and tracking all the expenses will help you at the time of paying taxes.

Some major benefits of using QuickBooks are as follows.

  • You can use both cloud-based and on-premise versions.
  • Automatic backups are stored every day.
  • This software can suit any operating system.

However, two key downsides are that there is no free plan and the only language it supports is English.

Xero

Another common name that you may come across is Xero. When you use Xero, you will get the chance to use all the accounting tools needed to grow your small business. The key features include:

  • Asset management: With the asset management tool, you can keep track of every business asset.
  • Project management: Xero will help you finish all the project management activities like sending invoices to the customers, capturing costs and time, and monitoring financial progress.
  • Sales tax: With sales tax features, tax filing and preparing and submitting sales tax returns have become much easier. 
  • Business performance dashboard: Xero dashboard contains in-built graphs and charts that you can use to make data-oriented business decisions.

While using Xero, you can enjoy the following benefits.

  • Much reduced time to receive payment with online invoices 
  • Opportunity to send reminders to clients who have not cleared payments
  • Filing payroll tax return
  • A real-time view of the 
  • cash flow

However, Xero also does not have any free plan. Another point to note is that the software may slow down because of a large volume of transactions.

MYOB

MYOB stands for ‘Mind Your Own Business,’ mostly designed for locally-based businesses. This software can be a great option, especially for Australian and New Zealand businesses. 

The key features of MYOB include:

  • Offline working options: MYOB can be used for invoicing and account keeping, even in areas with no internet coverage.
  • Australian support team: It is available 24/7.
  • Budget planning: You can create a budget to grow your business. 
  • Invoicing flexibility: MYOB will also allow you to send invoices to your customers from any part of the world.
  • Automatic bank reconciliation: You can connect to more than 150 financial institutions. 

Advantages that it offers include the following:

  • A simple and fast data entry
  • Automation of reports and analysis related to profit and loss, customer accounts, inventory counts, and debtors and creditors
  • Reduction of major mistakes like incomplete or incorrect records of transactions
  • Easy integration with other systems like e-filing and online banking

MYOB is also quite costly and offers no free plan. So, for this software, too, you must make your decision based on your budget.

Accounting Seed

If your preference is a highly-customisable software solution, you can choose Accounting Seed, with which you can manage all accounting-related activities. 

Look at its key features.

  • Financial reporting: In this software, you can find many financial reports like balance sheets, profit and loss, cash flow statements, etc.
  • Automation: Event automation, scheduled job automation, batch automation, and automation of internal controls are some of the key features of this software.
  • Inventory and order management: You can use inventory and order management for purposes like ordering and replenishment.
  • Sales order management: The streamlined sales order process allows the user to create a sales order and allocate inventory to record packing, shipping details, and reserve products.

Significant advantages include:

  • User-friendly software
  • Easy setting up as it is a cloud-based software
  • Advantage of linking multiple customers and multiple banks
  • Powerful automation features

The Bottom Line

Before you make your final decision, check what you want to achieve through the software solution. For example, for better overall performance, MYOB and QuickBooks will be ideal for their extensive features. On the other hand, FreshBooks and Accounting Seed can be the perfect options of business accounting software for customised invoicing.

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