The Best Accounting Software for Small Business in Australia

Best Accounting Software for Small Business in Australia

Since small business accounting and bookkeeping software was first introduced, the industry has rapidly expanded, with many different options now available and vying for the uptake of operations of all sizes. As a result, various accounting programs will hold both consistent features, and defining capabilities, meaning there will be certain options better suited for your business over others on the market.

Finding the best accounting software for your small business will greatly depend on a variety of factors, including:

  • Industry & company size
  • Business objectives
  • Technical capabilities of team members
  • Specific issues you are trying to remedy in your existing systems
  • Whether your accountant or bookkeeping service have a preferred software
  • Reporting and data entry requirements

There are many more considerations to make, but for small businesses turning over below $3 million and/or holding under 20 employees, there is a selection available to assist with your requirements.

How to Choose the Right Online Accounting & Bookkeeping Software for Small Business

Align with the Preferences of Your Bookkeeper & Accountant

Large organisations typically have an internal accounts department, whereas small businesses prefer to outsource their bookkeeping and accounting requirements to a qualified professional. Given their large client volume, it is likely that your bookkeeper or accountant will have a preference for particular accounting programs, or even explicitly state that they will only work with specific options, such as Xero, MYOB or QuickBooks. This can greatly help you in making your decision.

Wider System Integrations

Most modern businesses will require a variety of different systems, applications and online platforms alongside their accounting and bookkeeping software. Customer Relationship Management systems are a prime example, holding data around your client’s contact details and campaigns. Point of Sale Systems, such as Square and Hike, are also critical, especially for those in retail and hospitality who process a vast number of transactions.

To save bloating your operational procedures and optimising efficiency, you either need to opt for accounting programs with a variety of these features already built-in, or can at least offer easy integration with your wider operational software.

Mobile Applications Available

So much of modern small business is conducted on the move thanks to mobile applications – it offers far more convenience and timely action that is incredibly valuable to wider productivity. The same should be true of your online accounting software. From simple tasks like reconciling bank statements, processing invoices, and uploading receipts, to more advanced features, such as reporting and insights, a well-developed mobile solution is demonstrative of a provider who understands the technological demands of their users.

Automation Capabilities

Moving accounting and bookkeeping practices that were once confined to physical ledgers or spreadsheets onto sophisticated software is only the beginning. Further advancements in the industry are consistently being made with process automation and artificial intelligence. Examples already exist with recurring transactions (invoices, payments and journal entries), automated debtor reminders, and optical character recognition to auto-code taxation receipts or bank transactions. This saves hours both in administrative work and its associated costs.

Integrated Payroll

As of 1 July 2019, all organisations within Australia must cooperate with Single Touch Payroll obligations, which was an initiative put in place by the Australian Government to both reduce an employer’s reporting burdens, as well as ensure they are paying adequate superannuation or PAYG instalments to their staff. To do this, after every pay cycle, an employee’s payroll information will be reported via STP-enabled accounting software. Regardless of whether you are an enterprise organisation or a small business, if you have staff, you are going to need to consider accounting programs with integrated STP in order to meet your obligations.

Ongoing Support

If you or your team do not have in-house technical expertise, then it will likely prove helpful to select an online accounting software for your small business with proven, ongoing support available in your preferred delivery format. This could be over the phone, via email, through a ticket system, or even live chat support.

Pricing

As with any investment, you must first weigh the costs against the potential benefits of the accounting programs available for small businesses. Platforms with greater features and offerings may cost more, but if they are required to operate your business and achieve real results, that may be a worthwhile expense. If you are simply looking for an off-the-shelf solution to improve laboured operating systems, you may wish to review more cost-effective accounting and bookkeeping software.

Popular Options Small Business Online Accounting Software in Australia

NetSuite ERP

NetSuite is lauded as Australia’s #1 cloud business software suite. Within this one, expansive product, you can introduce a host of financial and operational upgrades utilising the available enterprise resource planning (ERP) features. Small business owners searching for a way to revolutionise their organisation with all-inclusive accounting programs can find it with NetSuite ERP. The out of the box solutions are adaptable to all business needs, making it an ideal solution for those from manufacturing, wholesale distribution, or operating with a variety of ongoing projects to realise their return on investment.

Recognised Benefits of NetSuite:

  • Advanced financial solutions with the programs enable better budget management and tracking, expense allocation, as well as statistical accounts to allocate financial activity across the business. This saves on hours in general bookkeeping activities, either internally or by an external service.
  • General ledgers are transformed into a dynamic, customisable platform to adapt to business requirements, delivering greater visibility and functionality.
  • Accounts Payable & Receivable are revolutionised with Cash Management features to simultaneously improve collections processes and payments, ensuring optimal liquidity and cashflow. With a range of automations available, users can also seamlessly partner credit terms and invoice delivery, with early payment discounts and supplier management, optimising their profit margins and mitigating gaps in funding.
  • Fixed Asset Management and associated maintenance schedules enable easier control over depreciating and non-depreciating business assets throughout their lifecycle, from purchase, to revaluation, and final disposal. Accurate information is then timely presented on financial statements using key accounting integrations.
  • Payment processing becomes centralised and streamlined. Revenue received either through online checkouts or outstanding invoices are integrated with the other programs, providing real-time insight on financial position, and reducing the risk of fraud.
  • NetSuite’s SuitePeople is a human resource tool that links directly with all financial data, making payroll a simpler process and reducing administrative needs & costs.
  • Manufacturing organisations have a special incentive to invest in NetSuite with a range of dedicated management features, including those for handling orders, procurement, production, warehousing and fulfilment.

MYOB Advanced

MYOB is the home-grown solution from Australia, built to accommodate the needs of every small business across the nation. Whether you are looking to handle your financials yourself, leave it up to the accountant & bookkeeping team, or create a hybrid of the two, MYOB Advanced allows for integrated business management features that pairs online accounting software with intelligent features for CRM, inventory, payroll, distribution and more – perfect for those looking to create more intelligent systems to help their business grow.

Benefits of Implementing MYOB Advanced:

  • Many small business owners will have experience with the entry-level products from MYOB, including Essentials and AccountRight, enabling a more seamless transition to MYOB Advanced.
  • Complete financial management capabilities, including:
– General Ledger
– Accounts Payable
– Accounts Receivable
– Easy generation of invoices
– Cash Management
– Bank Feeds
– Currency Management
– Inter-Company Accounting
– Deferred Revenue Accounting
– Recurring Revenue Management
– Tax Management
– Fixed Assets
  • Cloud-based programs to manage your business at any time, no matter where you are located.
  • Pay runs & ATO obligations can be consistently conducted using the Payroll Management features, ready to scale with your business
  • Individual jobs can be created with cost tracking, time and expense management, and advanced billing to better realise costs and budgets within deliverables.
  • MYOB Advanced’s suite of applications also includes inventory & distribution capabilities, allowing enhanced management and insights around sales & purchase orders, requisitions, inventory management, requisitions, and workflows.
  • Customer Relationship Management (CRM) features are filled with personalised dashboards and reporting, along with simple management of pipelines, business intelligence, and even automation around support services.
  • Using HubSpot integrations, small businesses can directly capture qualified leads through web forms and digital marketing campaigns. MYOB Advanced will then apply pre-made content and tactics to improve conversions, including email marketing and document management.

JDE Software

Oracle’s JDE ERP software is a fully-equipped solution for small businesses in sectors like real estate, home construction, manufacturing, and supply chain/distribution management. Users have access to public, private and cloud deployment options for financial management tasks, as well as a series of sophisticated programs for wider, integrated business operations.

Benefits of JD Edwards Release 22

  • Financial management is simple with advanced, integrated features in a suite of modules, allowing for better flexibility with business needs and interacting with both internal and external partners, including:
    • Accounts Payable & Receivable
    • Advanced Cost Management & Expense Tracking
    • Fixed Asset Accounting
    • General Ledger
  • Organisations & distribution centres can manage their operations in one centralised location, thanks to:
    • Order Management
    • Procurement Management
    • Shipment Tracking
    • Supply Chain Management
  • Cashflow management, projections and forecasting features enable better budgeting and attribution of resources.
  • HR modules tailored to Australian payroll standards are included to make paying staff and meeting periodic ATO obligations easy.
  • Identify and perform necessary accounting and reporting around emissions and environmental impacting activities. This allows businesses to track, trace and document this information to work towards minimising their carbon footprint with data-backed decision making.
  • Real-time data visualization capabilities allow users to gather insights faster and translate them into actions more efficiently. Paired with ‘What If’ scenario capabilities and project & requirement management features, both ongoing and ad-hoc tasks will be consistently optimised for success.
  • Ongoing product enhancements and security updates are released every 3-4 months to consistently improve your business performance.

JD Edwards Consulting Services For Australia

  • Given the extensive capability of JDE we always recommend working with a specialist to for implementations, upgrades and architecture.
  • We recommend training for all new employees who have not had exposure to the JDE EnterpriseOne platform and we can provide this both in person or via tailor made functional videos that are designed to support particular roles or workflows.

Still Need Help Deciding on the Best Online Accounting Programs for Your Small Business?

Given the information above, hopefully you have found an option of online accounting & bookkeeping software that suits the needs of your small business. If you are left still scratching your head about which option you should select, or would like more information to tailor a real, ongoing solution for your operations, the Ndevr team are always eager to assist. Contact a member of our knowledgeable team today to start scaling your performance. We can be reached by calling (03) 9865 1400, or via email at ndevr@ndevr.com.au.