As an owner you would like to prioritise the accounting for your small business in Australia. You like doing it? Most probably not. But it is a tough cookie that you have to break at the end of every month. You can ease up the things considerably by putting your trust in a reliable online accounting system for small businesses.
Many newbie business owners wonder when they should invest in small business accounting solutions. Well, according to the experts, businesses lose control over money management if they ignore the books. So, it makes sense to invest in a best business accounting software and automate bookkeeping and accounting right at the start.
Finding the Best Accounting Software for Small Business in Australia
So, what is the best free accounting software for small business and what makes it the right solution for you? Yes, you must consider your business needs, challenges, and objectives before you start looking for a suitable online accounting software.
And then, you need to search and find the accounting system offering required features and functionality that your business requires. You may like to evaluate accounting software on the basis of following factors:
- Create unlimited companies
- Create GST compatible invoices
- Invoices customisation
- Recurring transactions
- Email invoices
- Multi-role/ user
- Handle multiple bank accounts
- Bank reconciliation
- Inventory management
- Report generation
- Integration with other systems
- Secure storage
- Data backup
Easiest Accounting Software for Small Business
What is the easiest accounting software for small business Australia? Your go-to resource for reaching the best accounting software for small business is internet. It is a tough job because businesses differ in their needs and challenges. An online accounting software that is an exact fit for the Company A may not prove to be the right solution for you.
There are a few online accounting systems that use AI and machine learning. These online accounting systems remember and learn from how the users categorise their business transactions. They aim to automate recurring tasks, reduce data entry, and eliminate manual mistakes.
What is the Best Accounting Software for Small Business Australia?
What is the best accounting software for small business Australia? Your choice in an accounting system may also depend on your work flow, company’s size, flow of income, user’s experience, and budget.
If you are a sole trader, you may like to invest in best small business invoice software. Using it you will be able to email your invoice to client instantly. It will also offer you 24X7 access to your financial and inventory data for effective decision-making.
If you are a firm that offers accounting services, you will be able to access the system from anywhere at anytime and advise your clients on their company’s financial position.
The following is a list of a few systems you may like to evaluate. It also contains a few free accounting software for small business that you can download for free and use during the trial period:
- OneAccounting Software
- Reckon One
- Cashflow Manager
The Right Accounting Software for Small Business Australia
A business has to fulfil the statutory requirements advised by the authorities. The latest mandate is about Single Touch Payroll. From 1 July 2019, Australian companies must report information related to tax and superannuation directly to the Australian Tax Office.
While searching for the right tool, make sure that the accounting system is compatible with the new mandate. Also check, whether it can handle the Standard Business Reporting forms required for the filing of BAS statement.
How Do You Set Up a Small Business Accounting System?
You may wonder, “How do you set up a small business accounting system?” You need to set up a system for financial records that comply with the requirements such as GST.
Your financial records must be compliant with the requirements like GST. You can set it up with charts of accounts which lists all accounts of business. It helps in separating profit and loss calculations.
- Define various accounts to accommodate your business’ assets, liabilities, expenses & sales revenue
- Make a list of different accounts
- Assign a numbering system for account types
- Put sub-accounts under main accounts and so on
However, you need not worry about how to set up a bookkeeping system. The online accounting packages comes with predefined chart of accounts to accommodate business’ financial transactions. If you are not confident about it, take advice from your accountant.
The advanced online accounting systems for small businesses are easy to setup and use. The software manufacturers hosts and updates these systems on servers and you only need to access them by using the browser application on your device. You do not have to struggle with downloading or installation of the software.
The best thing about accounting software for small business in Australia is that these are monthly subscription-based tools. You do not have to pay a lump-sum amount as the license fee to use them. After the research, shortlist a few of them. Download their free versions and use them to see if they meet your requirements.