Cloud accounting, how to decide on the right one.
If you run a small business, you know how important it is to have a reliable and easy-to-use accounting software. Accounting software can help you manage your finances, track your income and expenses, generate invoices and reports, and comply with tax obligations. But with so many options available, how do you choose the best one for your needs?
In this blog post, we will compare the best cloud accounting software for small businesses, based on their features, pricing, integrations, and customer reviews. We will also highlight the benefits of using a good software suite to run your small business efficiently and effectively.
Cloud accounting software is a type of software that runs online, rather than on your computer or server. This means you can access it from anywhere, anytime, using any device with an internet connection. You can also share your data with your accountant, bookkeeper, or staff members in real-time, without worrying about backups or updates.
Some of the advantages of using cloud accounting software are:
- You can save time and money by automating tasks such as invoicing, bank reconciliation, payroll, and GST reporting.
- You can get a clear overview of your financial performance and cash flow at a glance, with dashboards and reports.
- You can integrate your accounting software with other cloud applications that you use for your business, such as CRM, ecommerce, inventory, or payment gateways.
- You can keep your data secure and compliant with the latest tax laws and regulations.
There are many cloud accounting software providers in the Australian market, but not all of them are suitable for small businesses. Some of them may be too complex, too expensive, or too limited for your needs. To help you narrow down your choices, we have selected the following six cloud accounting systems that are popular and trusted by Australian small businesses:
- MYOB Essentials
- Xero
- QuickBooks Online
- Saasu
- Sage
- FreshBooks
MYOB Essentials is one of the leading cloud accounting software in Australia, with over 1.2 million customers. It offers a range of features that cater to different types of businesses, such as retail, hospitality, professional services, trades, and more. Some of the features include:
- Easy invoicing and quotes
- Automatic bank feeds and reconciliation
- Payroll and superannuation
- GST and BAS reporting
- Cash flow forecasting
- Inventory management
- Mobile app
MYOB Essentials has four plans to choose from, starting from $27 per month for a single user and up to $140 per month for unlimited users and payroll. You can also try it for free for 30 days.
Xero is another popular cloud accounting software in Australia, with over 2 million subscribers worldwide. It is known for its user-friendly interface and powerful integrations with over 800 third-party apps. Some of the features include:
- Customisable invoicing and quotes
- Automatic bank feeds and reconciliation
- Payroll and superannuation
- GST and BAS reporting
- Budgeting and reporting
- Inventory management
- Mobile app
Xero has three plans to choose from, starting from $25 per month for a single user and up to $65 per month for unlimited users and payroll. You can also try it for free for 30 days.
QuickBooks Online is a cloud accounting software that is designed for small businesses and self-employed professionals. It has over 7 million customers worldwide and offers a simple and intuitive way to manage your finances. Some of the features include:
- Customisable invoicing and quotes
- Automatic bank feeds and reconciliation
- Payroll and superannuation
- GST and BAS reporting
- Cash flow dashboard
- Expense tracking
- Mobile app
QuickBooks Online has four plans to choose from, starting from $15 per month for a single user and up to $75 per month for unlimited users and payroll. You can also try it for free for 30 days.
Saasu is a cloud accounting software that is focused on simplicity and automation. It has over 10,000 customers in Australia and New Zealand and offers a flexible and scalable solution for small businesses. Some of the features include:
- Customisable invoicing and quotes
- Automatic bank feeds and reconciliation
- Payroll and superannuation
- GST and BAS reporting
- Cash flow forecasting
- Inventory management
- Mobile app
Saasu has four plans to choose from, starting from $15 per month for up to 1,000 transactions per year and up to $180 per month for unlimited transactions. You can also try it for free for 30 days.
Sage is a global provider of cloud accounting software that has over 3 million customers worldwide. It offers a comprehensive solution that covers all aspects of running a small business. Some of the features include:
- Customisable invoicing and quotes
- Automatic bank feeds and reconciliation
- Payroll and superannuation
- GST and BAS reporting
- Financial reporting and analysis
- Inventory management
- Mobile app
Sage has two plans to choose from, starting from $25 per month for a single user and up to $50 per month for unlimited users and payroll. You can also try it for free for 35 days.
FreshBooks is a cloud accounting software that is designed for freelancers and service-based businesses. It has over 24 million customers worldwide and offers a simple and elegant way to manage invoices and expenses. Some of the features include:
- Customisable invoicing and quotes
- Automatic bank feeds and reconciliation
- Time tracking and billing
- Expense tracking and receipt capture
- GST and BAS reporting
- Project management and collaboration
- Mobile app
FreshBooks has four plans to choose from, starting from $15 per month for up to 5 clients and up to $50 per month for unlimited clients. You can also try it for free for 30 days.
As you can see, there are many cloud accounting software options for small businesses in Australia, each with its own strengths and weaknesses. The best one for you will depend on your specific needs, preferences, budget, and industry. To help you make an informed decision, we recommend that you:
- Compare the features, pricing, integrations, and customer reviews of each software
- Take advantage of the free trials and demos offered by each software
- Seek advice from your accountant, bookkeeper, or peers who use the software
By choosing the best cloud accounting software for your small business, you can enjoy the benefits of having a good software suite to run your business. You can save time and money, improve your productivity and accuracy, comply with tax obligations, and grow your business with confidence.