How To Select Best Accounting Software For Small Business?

How To Select Best Accounting Software For Small Business?


How To Select Best Accounting Software For Small Business?

We Often get asked by our customers what is the best bookkeeping and accounting software for their business in Australia. We are an accounting and taxation firm based in Chatswood, Sydney.

Our standard answer to this question is “it depends” and some of the factors that help you make this decision include:

  • Your current industry
  • Your business goals.
  • The size of the company
  • Who is in charge of the system?
  • Is there a preference with your current accountant?
  • Do you need mobility for your business to use data entry?

Also Read – Why is Bug Free Software Important For Your Company?

The answers you give to some of these questions will help determine which accounting software is the best for you. The good news is that most of the accounting software options out there will do for your business and depends on your own personal preferences.

However, if you still need some ideas of which to use, some of the most popular accounting/bookkeeping software options to use in Australia include:

  • Quickbooks (both the online and self-employed options)
  • Xero
  • MYOB
  • Wave
  • Saasu
  • ReckonOne
  • Sage Business Cloud Accounting
  • ZohoBooks
  • Freshbooks
  • Rounded

These all meet the baseline requirements that most businesses in Australia will want for their business. If you have any specific accounting requirements, you will need to check into these in more details to see if they will work for you.

Another thing to consider is whether the software will still be around in five years. It is a lot of work to learn a new accounting software and then throw it out in a few years. This means you should look at the mobile-based options and which browser is preferred by the software.

To make sure that the software vendor is likely to be around in the future, pick one that has a decent client base in terms of new and a well-established brand. While some of the newer options may seem flashy and cool, they have not built up enough of a foundation to put everything on them.

As you look through the list above, you may be curious as to which option is the least expensive while providing you with the most options possible. Keep in mind that while you can get some good deals, the lowest price is rarely the one that provides the best value. If you are still determined to get the best pricing, Wave is probably a good option. It is free for basic bookkeeping but the features are simple and you will need to pay more to do more.

If you are more interested in finding the best value, and not just the cheapest, there are some good options to. Always look to see what is the best fit for your business over a period of time while compromising the fewest points that are important to you.

Check below steps on how to select best accounting software for small business –

That is a tall order to fill, so to help you do this, there are a few key things to consider including:

  • The preference of your bookkeeper: If you already have a bookkeeper, ask them what they prefer to use or if there are any special features they would like in place in the software before they start. You may as well make them happy as they do the work.

  • Your industry: It is important to look at which accounting software is acceptable in your industry. If you need to meet certain accounting standards, then this is an important factor to pay attention.


  • The size of the company: The bigger the company, the more complex your accounting and financial needs are. Consider how big of a company the software can handle before you get started.


  • Your business goals: There are some accounting software options that are able to help you reach your business goals, no matter what they are. Look to find the one that matches up with your goals.


  • What existing system is in place: Most companies have some kind of business software already in place for them. If you do, consider what you like about that software and which things you would rather not have. This can help you pick a good software system to get you ahead.

  • The mobility you need in your business: The final thing to consider is the amount of mobility that you would like. Are you hoping to work with a special kind of reporting or add in data entry later on? Then these are important things to consider in the process.


  • Think about what else your company will need. Each company has their own requirements for accounting and bookkeeping in Australia and thinking through your specific needs will make a world of difference in what type of software you decide to use.


As you go through this list, write down some of the requirements and thoughts that you have with each point. This will help you remember all of the stuff later on and as you begin your research, you can keep these points in mind too. It is easy to get swept away by a software that promises to be amazing and has all the bells and whistles of their marketing team. But without having a solid idea of what you would like to accomplish, you will run into trouble and pick an accounting software that is not likely to do the job.

Take your list and begin shopping. While price can be an important determinant, your goal is to find the perfect accounting software to help you get the work done. If you find a few software options for your bookkeeping that seem like they will get the job done, then you can break it up based on the price to get the best return on investment.

No matter what kind of industry you run, it is important to have a good accounting or bookkeeping software to help you get the work done. This helps you to make plans for the future and meet your goals, while also keeping track of your finances and all of the money that comes into your company and all the money that goes out.

Picking the right one can be the key you need to spending less time on the finances and more time on other important parts of the company.

Also Read – How to Market your SaaS Product with Webinar?


Post Comment