Which Accounting Software Is Best for Small Business?

Are you struggling to keep up with your bookkeeping duties? Drowning in a sea of paper and folders? Or looking to reduce the time you spend doing the books to spend more time running your business? If you answered yes to any of these questions, then it’s time you considered moving to cloud-based accounting software or perhaps changing your current accounting software to a solution that works better for you.

As small business accountants on the Gold Coast, one of the most common questions we’re asked here at Grow Advisory Group is, “Which accounting software is best for small businesses?”. Whether you’re paper-based or already using accounting software, it doesn’t hurt to look at the options available. Online accounting software will undoubtedly help reduce your bookkeeping workload and make it much easier to pull reports and get a true sense of how your business is tracking. But I’ll cover the full benefits in another article.

Today, we’re here to determine which accounting software is best for small businesses. Let’s start by reviewing and comparing the top accounting software in Australia: Quickbooks, MYOB, Xero, and Reckon. If you run a service-based business, like a plumbing business, we recommend you look at ServiceM8.

Xero

Our favourite accounting software for a small business has to be Xero (learn why Xero is our favourite software here), and we’re proud to be identified as one of the best Xero bookkeepers on the Gold Coast. In our opinion, it’s the easiest to use and is far less complicated than the other software options.

Xero is fast becoming the leading accounting software in Australia. It has over 2 million subscribers and is the best in terms of integration. It’s made for small businesses and offers everything needed to run a business; payroll, invoicing, project tracking, inventory management, expense claims, bank connections, bank reconciliation, reporting, quotes, and more.

Xero automates tasks, saving you time. It comes with a mobile app, so you can do your bookkeeping anywhere and at any time, and it integrates with over 800 third-party apps, including the leading CRM, eCommerce, inventory, and Payment apps.

Software Pricing

This great software is also affordable for small businesses. It offers a free 30-day trial and offers three pricing plans: Starter for $25/month, Standard for $50/month and Premium 5 for $65/month.

If you’d like to use Xero as your accounting software, contact Grow Advisory Group. We can set you up from scratch or move you from other software such as MYOB or QuickBooks.

QuickBooks Online

QuickBooks is notably one of Australia’s most popular accounting software options, with more than 4.5 million online subscribers; the stats speak for themselves. QuickBooks offers award-winning customer service, handy integrations with Shopify, Paybooks Payroll Cloud Application, TSheets Time Tracking, Primaseller, etc., and allows you to import data from other platforms.

The most prominent feature of this accounting software is that it offers professional management of your accounting, which is great for small businesses. In fact, the QuickBooks website states that you can save an average of 40 hours per month using their software.

QuickBooks Online does everything you would expect it to do; cash flow tracking, financial statements, tax management, etc. You can create customised invoices, accept payments on the go, and use your phone to file recipients electronically.

Software Pricing

Best of all is the ease of setup and price. There are three pricing plans: Simple Start for $20/month, Essentials for $35/month and Plus for $50/month. There is also a Self-Employed plan for just $15/month.

If you’re interested in using QuickBooks for your accounting software, get in touch with Grow Advisory Group. We can set you up from scratch or migrate you from another platform, such as MYOB or Xero.

MYOB Business

MYOB Business is another great candidate for small businesses. Like QuickBooks, it offers cash flow tracking, financial statements, tax management, etc., and allows you to import data from other platforms. It also allows you to manage your business from your mobile, manage invoices and customer payments entirely online, and pay and manage staff on any device. It can also integrate with several third-party apps, including Salesforce, Squirrel Street, eBay, and Magento, to name a few.

MYOB is incredibly easy to set up. Their own website boasts that it takes just a few minutes. However, suppose you’re not computer savvy or are moving from another platform, as with any accounting software. In that case, it will take longer, and you may need assistance from professionals such as Grow Advisory Group.

Software Pricing

MYOB Business has four pricing options to meet your requirements: MYOB Business Lite from $5/month, Pro from $8/month, AccountRight Plus from $70.50/month and AccountRight Premiere for $88.50/month.

If you’d like to use MYOB accounting software, contact the team at Grow Advisory Group. We can set you up from scratch or migrate you from another platform, such as QuickBooks or Xero.

Reckon One

Perhaps the lesser-known of the bunch is Reckon One, self-described as “easy & affordable accounting software with features to run every aspect of your business.”

Reckon One isn’t as user-friendly as the other options. It also has fewer features – but maybe you don’t need all the other platforms’ bells and whistles. It does all the essential things: cash flow and real-time reporting, invoicing, payroll, bank connections, time tracking, expense tracking, project management, etc. It also integrates with over 1000 third-party apps, including the leading inventory, eCommerce, CRM, and project management apps, and it will streamline your workflow, saving you time.

Software Pricing

The biggest advantage of choosing Reckon One over the other accounting software mentioned in this article is the price; it is the cheapest option. The Basics is $8/month, Essentials is $20/month, Pro is $28/month, and Premium is $42/month.

If Reckon sounds like the accounting software for your small business, get in touch with Grow Advisory Group. We can set you up from scratch or migrate you from another platform, such as MYOB or Xero.

Sage Business Cloud Accounting

Another contender in the accounting software arena is Sage Business Cloud Accounting. Like the other options, it claims to offer “everything you need to take care of business.” It’s designed for small business owners and sole proprietors and offers a user-friendly interface with features to increase efficiency and productivity.

Sage Business Cloud Accounting offers a swag of features, including the usual; invoicing, bank connection, third-party integration, customer management, reporting, credit card processing, BAS reporting, cash flow forecasts, payroll, and inventory.

Like the other options, Sage Business Cloud Accounting comes with a mobile app and can be used on the go. Accounting is $20/month and offers additional paid add-ons for time tracking, direct bank feeds, and other features.

If you’d like to use Sage Business Cloud Accounting, contact Grow Advisory Group. One of our software experts can set you up from scratch or migrate you from another platform, such as QuickBooks or Xero.

Conclusion

There is no shortage of choices when it comes to accounting software in Australia, but the leading options for a small business come from Xero, MYOB, Quickbooks, Reckon, and Sage. While Xero, MYOB, QuickBooks, and Sage are similar in features and pricing, we find Xero the superior choice for small businesses. Xero is the easiest to set up and use and integrate with third-party apps. However, it comes down to the features you need for your business. If you’re after the bare minimum, Reckon One may be a viable option; however, it is not as user-friendly.

Choosing accounting software shouldn’t be done hastily. You want to ensure you select the best option for your needs – you don’t have to start the process over in a month’s time.

For more information on the best accounting software for a small business, we recommend you look at Canstar’s comparison of their top four (QuickBooks, Xero, MYOB, Reckon). Capterra is another good resource for accounting software comparison; they provide user ratings so you can get a true sense of what people really think of each option. Alternatively, read our blog post, ‘How to Choose the Right Accounting Software for Your Business‘.

If you’re still unsure which accounting software to choose for your business, call Grown Advisory Group. We specialise in cloud-based accounting software and can provide advice on which we think will best suit your business needs. We can also set up your business or migrate your accounting from one software to another.

Contact Grow Advisory Group on the Gold Coast for all your accounting software needs. Phone our Varsity Lakes and Nerang offices on 07 5599 5700 or contact us to send an online enquiry.

Read our posts, Small Business Accounting Basics To Get You Up and Running, and 10 Accounting Tips Every Small Business Owner Needs to Know, for more helpful information to help your business grow.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.