Small business owners and accountants are spoilt for choice when it comes to accounting software with all the major vendors running cloud-based computing services. It's never been easier to manage and get information on your business and allow you to focus on what you do best - serving the customer.
Xero 583,000 subscriptions AU
Over the last few years Xero has established itself as a favourite and is moving forward in invoice and accounting automation. With the recent acquisition of HubDoc we expect to see more and more bills automatically loaded into Xero which will save you time on data entry. Another new feature that is coming is the ability to pay bills from within Xero itself in a beta test with NAB.
MYOB 618,000 subscriptions AU
MYOB has long been an Australian business staple but that doesn't mean that they are resting on their laurels. Their latest work has been to integrate with banks and large suppliers such as Reece and Tradelink so that you can download your direct transaction feeds into MYOB. Then when it comes time to invoice the customer MYOB will automatically include all reimbursable on the invoice.
QuickBooks Online: 161,000 subscriptions AU
QuickBooks is pursuing what they call code free or invisible accounting, where your accounting is done for you. This has seen them build one of the more powerful mobile app experiences that includes voice automation where essential information such as, "How much did I make last month?" can be easily retrieved.
Reckon 47,000 subscriptions AU
Reckon One is focussing on the microbusiness and small trader category, with a cost-effective and flexible product that offers the core accounting features starting at $5 a month. They have recently integrated with Zapier, an automation platform that connects the Apps you use every day, which means that it can hook into a wide ecosystem of software that extends the boundaries of what accounting can traditionally do.
If you have any questions about which accounting software is right for you and your business please contact Caroline at TaxGo on 0422 311 350.