9 Best Small Business Accounting Software in Australia for 2024

We have already established the importance of accounting software. They help save time, money, and trouble. Gone are the days of manual accounting, you don’t need a pen, paper, and calculator to do accounting anymore as the best accounting software can take care of long and complicated tasks and provide error-free results in just a few seconds.

There are hundreds of accounting software out there and while they all claim to be the best, not all are made equal. We understand that small businesses cannot afford to spend lavishly. They want to save money and can’t afford a very expensive tool.

Keeping this in mind, we’ll have a look at some of the best accounting software for small businesses in Australia. We have made this list according to the Aussie market and have included some popular names in the country. Of course, there is also an Australia invoice generator that is free but you have limited options to create invoices.

Best Small Business Accounting software in Australia

#1 Billdu

You might be surprised to see Billdu here since it is not an accounting software. Still, we decided to include it in this list of best accounting software for small businesses as it comes with a variety of features that can make accounting a piece of cake.

Billdu may primarily focus on invoice creation and management, but its suite of features extends well into the domain of financial management, offering an intuitive dashboard, expense tracking, and financial reporting capabilities. Its integration with various payment gateways and user-friendly interface streamline the accounting process, making it an unexpectedly fitting choice for small businesses looking to simplify their financial operations.

Here are some of its main features:

• Invoice Management
• Expenses
• Records
• Fast Payments
• Inventory Tracker
• Payment Reminders
• Recurring Invoices
• Exports
• Purchase Orders
• Delivery Notes
• Invoice Attachments
• Smart Contact List
• Support for Multiple Currencies

The tool comes with a special feature “Connect With Your Accountant” that gives you the option to invite your accountant who then has all the information he needs to process your tax returns. It comes with a set of invoice templates optimised for Aussie small businesses. You can easily set AUD as your preferred currency, add your bank account (BSB and account number), invoice with or without GST and much more.

Here are some of the main pros and cons of using Billdu for accounting:

BILLDU PROS

• It is very easy to use
• Comes with excellent customer support
• Very safe and secure to use
• Support multiple languages
• Gives you the option to manage all your companies from a single account

BILLDU CONS

• Isn’t a dedicated accounting tool
• Lacks some features

With Billdu, you will be able to get inputs for your BAS and annual tax returns in a few clicks. The company offers a free trial to give you a fair understanding of how Billdu works and what benefits it offers.

Paid packages, however, start as low as $4.99 per month. Even the cheapest package comes with unlimited invoices; however, the Standard plan might be more suitable for small businesses. It costs $9.99 per month and comes with additional features.Those who want more such as an online store and API access can choose the Premium plan starting as low as $19.99 per month.

You might also know or suspect that you don’t really need a full accounting software suite for your Aussie small business. We’ve already established that accounting software can be quite complex and you need a simple tool to run your daily business operations. Making invoices needs to be simple. Similarly to hundreds of thousands of other Australian small businesses, you might decide to leave accounting to your accountant. Billdu offers you everything you need and all the things can be managed on the go. Billdu is famous for its simplicity. So creating a quote or sending an invoice to your customer straight from the job site cannot be any easier.

BILLDU REVIEW
“Awesome. It’s a free app so easy to use. New invoice created and sent in under 5minutes. Couldn’t find another app that comes close to being this quick and easy. 5 stars all the way.” – V. GIRL

#2 Xero

Xero is one of the most popular accounting software in Australia that’s used by both big and small businesses. Known for its simplicity, Xero has a simple and clean interface that makes it a great pick for people who do not want to tackle complicated tools. It comes with some great features such as the ability to track and pay bills online, have a look at a detailed overview of your cash flow, etc.

Here’s a small list of some of Xero’s main features:

• Pay Bills
• Claim Expenses
• Accept Payments
• Bank Connections
• Track Projects
• Bank Reconciliation
• Contacts
• Data Capture
• Reporting
• Inventory
• Invoice Management
• Multi-currency Support
• Quotes
• Sales Tax
• Purchase Orders

It offers excellent integration and can be linked to a number of popular names like GoCardless and Stripe. Let’s have a look at some of the main pros and cons of this best accounting software in Australia:

XERO PROS

• It can be accessed from anywhere as it’s cloud-based
• Comes with a mobile app
• The company offers special plans for small businesses
• Makes it easy to manage payroll thanks to Gusto integration
• Offers a third-party app marketplace

XERO CONS

• Reporting features are limited
• Customer service could’ve been better
• You will have to pay additional charges for ACH payments

Founded in 2006, Xero is now one of the most well-known accounting software in Australia with more than two million users around the world. While the company offers a free trial, you will need to give a month’s notice to cancel their paid plans.

The cheapest plan starts as low as $27. However, it comes with limited features. We suggest that you go for the Standard plan that starts as low as $52 per month. Those who want all the features can choose the Premium plan for $67 per month.

Features such as multiple currency support only come with the most expensive plan. Moreover, some features such as Claim Expenses and Tracking only come as add-ons starting as low as $4 per month.

XERO REVIEW
“Xero is an easy to use accounting software package with a large library of add-on options. Bank reconciliation, invoice creation and reporting are all excellent features which are used on a daily basis by our finance team.” – JODI

#3 QuickBooks

QuickBooks accounting software for small businesses, is not only known for being feature-rich but also for offering excellent online resources.

Here’s what you will get with this accounting tool:

• Income and Expense Tracking
• Invoice Management
• Payment Acceptance
• Taxation
• Receipt Management
• Mile Tracking
• Estimates
• Bill Management
• Inventory Tracking

If you look at it, you will realize that QuickBooks is more than just an accounting software, it’s a complete tool with features that cover several aspects of starting and managing a business.

Here are some of the main pros and cons of this accounting software:

QUICKBOOKS PROS

• Easy to scale
• Excellent integration options
• Can be used anywhere as it is cloud-based
• Comes with an excellent mobile app
• Reports are detailed and easy to comprehend

QUICKBOOKS CONS

• Is known to have syncing issues
• Add-ons are expensive

Like most small business accounting software, Quickbook comes with a 30-day free trial to help you know how it works.

Paid plans start as low as $22 a month and the most expensive plan costs $52 per month.

All these plans come with the option to cancel anytime. Moreover, the company is presently offering a 50 percent discount on the first two months. You can easily move from one plan to another as your requirements change.

QUICKBOOKS REVIEW
“Quickbooks is a one-stop-shop for our invoicing, accounts payable, and bank reconciliation at our small practice. It’s cheap, easy to use, and integrates well with other software we use.” – KYLE

#4 Freshbooks

Freshbooks is another top accounting software that offers more than basic accounting features. The main aim of this tool is to make it easy to manage accounts by automating tasks.

Here are some of its main features:

• Bank Reconciliation
• Tracking Credits
• Accounts Payable
• Cost of Goods Sold
• Time Tracking
• Mileage Tracking
• Estimates
• Expenses
• Reports
• Projects

Freshbooks is easy to use and is made for the everyday entrepreneur. With this one, you will even be able to extract balance sheets and trial balances.

Here are some of its main pros and cons:

FRESHBOOKS PROS

• Works on mobile devices thanks to a mobile app
• Excellent integration options
• Among the easiest account software to use
• Comes with additional features

FRESHBOOKS CONS

• Doesn’t offer payroll service
• The mobile app doesn’t come with all features
• Some features are missing

Despite being an accounting software, it can even handle invoices. However, it isn’t as smart as Billdu, our other pick on this list. In fact, FreshBooks originally started as an invoicing tool in 2003. 

Discover the best invoicing software solutions for small businesses in Australia.

The company introduced new features over time and it now is called a complete solution.

You can get your hands on this one for as low as $15 per month but the cheapest package only handles five clients. Small businesses should consider the Plus or Premium Plan for $25 and $50 each with the latter handling up to 500 clients.

The company doesn’t currently have a plan between Plus and Premium in Australia; however, you can contact the company for a custom quote.

FRESHBOOKS REVIEW
“It has a great interface which makes it feel very easy to use and has a great set of templates you can use from the beginning for various accounting needs.” – B. KRISTINA

#5 MYOB

MYOB is among the most popular accounting software in Australia for small businesses. It’s affiliated with some top names like Australia and New Zealand Banking Group, Westpac, Commonwealth Bank, and National Australia Bank.

Here are some of its main features:

• GST Calculating and Tracking
• Invoices
• Accept Payments
• Sell Services and Items
• Pay and Track Expenses
• Manage Contacts
• Bank Sync
• Payroll
• Leave Calculation
• ATO SuperStream Compliance

The company has a special plan for small businesses that has been designed for growing companies.

MYOB is a true accounting software that lets you keep an eye on your progress by providing you real-time data.

Here are some of its main pros and cons:

MYOB PROS

• Excellent integration with apps like HR Central and Tanda
• Can calculate taxes and gains
• Excellent reporting features
• Makes tax management easier and is recognized by the ATO
• Can calculate GST, PAYG, and run reports for BAS

MYOB CONS

• Costlier than similar programs

MYOB can be a great pick for businesses that cater to an international audience as it supports multiple currencies and can be used from anywhere due to cloud support.

You can get your hands on the program for free thanks to a 30-day trial. Paid plans start as low as $10 per month; however, the cheapest plan only comes with basic features. Essentials can be a good pick for small businesses. It costs $29 per month. The most expensive plan costs $120 per month and comes with all the features.

MYOB REVIEW
“MYOB Essentials is relatively easy to get started with. It is also not too pricy. I like being able to invoice, create reports and create quotes from it quickly. I particularly like the “tray” feature, which makes it handy to track expenses.” – K. ABINASH

#6 Sage

Sage Business cloud accounting has created a niche in no time. The cloud-based system can be accessed on the go, which makes it one of the easiest accounting tools to use.

Here are some of its main features:

• Accounting and Payroll
• Accounts Payable
• Auto Entry
• Billing
• Connect my Bank
• Intelligence Reporting
• Invoicing
• Mobile App
• Self-assessment
• Stock Management
• Tax including VAT

Sage is easy to use and can handle some difficult tasks such as bank reconciliation. You will have no difficulty using third-party tools with this one as it comes with some clever add-ons such as Profix, Altec, Commercebuild, SPS Commerce, Datalinx Warehouse Management, and iVend Retail.

SAGE PROS

• Perfect for online businesses as it offers multi-currency support
• Detailed reports with charts are easy to comprehend
• Uses bank-level, reliable security
• Can help streamline workflow and save time

SAGE CONS

• Has a single plan
• Some add-ons can be very expensive
• The cloud system is known to glitch

With Sage, you will enjoy great ease as it offers intuitive user access that lets you work on different things simultaneously Plus, the payroll module can be accessed directly within the accounting area.

The system can report payroll information to the ATO to reduce the risk of compliance issues. You can start with a 35-day free trial to know how it works before you buy any of the paid plans.

The cheapest plan starts as low as $20 per month. It comes with most major features but with some limitations including available space and supported users.

The company currently isn’t offering any other package in Australia. Those who have specific requirements may be able to get a custom quote by contacting the company. You can, however, choose add-ons such as time tracking and additional users by paying separately starting as low as $3 per month.

SAGE REVIEW
“I honestly, couldn’t imagine running my business without it. It’s such an integral part of my business and frees up my time so that I can focus on other things. Truly outstanding!” – JAMES

#7 Zoho

Zoho Books is one of the most popular accounting software for small businesses. It can take care of most mundane accounting tasks so you can focus on other aspects of your business.

Here are some of Zoho’s main features:

• Invoice
• Expenses
• Estimates
• Client Portal
• Inventory
• Banking
• Bills
• Projects
• Tax
• Online Payments
• Purchase Orders
• Sales Orders
• Reporting
• Documents
• Vendor Portal

The software is suitable for Aussie small businesses as it takes care of compliance and works for all kinds of businesses including online stores.

It makes it easy to manage finances and workflow while taking care of taxes such as GST. With this tool, you will even be able to report numbers to the ATO.

The biggest strength of Zoho’s is its smart feature that analyses numbers in over 40 ways so you can have a detailed report on your profit and loss, cash flow, etc.

Here are some of the main pros and cons of Zoho:

ZOHO PROS

• Allows you to collaborate with your colleagues, teammates, partners, and accountants
• Comes with an intuitive dashboard with detailed and easy to comprehend reports
• A complete accounting tool that can automatically track transactions and integrate them into accounts
• Lets you work remotely
• Gives you the option to attach receipts to expenses

ZOHO CONS

• Payment plans can be a little confusing to understand
• Some features are not very reliable
• Not suitable for new users due to complicated processes

One of Zoho’s biggest strengths is its ability to integrate with known names like Zapier, Stripe, PayPal, Google Drive, Dropbox, Box, Slack, and Office 365.

It’s a complete tool that lets you take care of billing and customize invoices. Moreover, it can be linked to your bank account so you can easily import and classify information.

It is one of the few tools that work for free; however, the free plan has limitations. Paid plans start as low as $16.50 per month. You can move to yearly plans to save money.

ZOHO REVIEW
“Excellent software – use it daily to keep my records up to date, invoice customers and process payments. Couldn’t recommend it more highly.” – TRACEY

#8 NetSuite

NetSuite accounting for small businesses offers scalable solutions tailored to their needs, providing easy-to-use features for managing expenses, invoicing, and tracking finances efficiently.

Its cloud-based platform enables small businesses to access their financial data anytime, anywhere, fostering agility and growth while minimizing overhead costs.

Below are several primary features of NetSuite:

• Cloud-based platform
• Financial management
• Real-time visibility
• Scalable solutions
• Expense management
• Invoicing capabilities
• Analytics and reporting
• Multi-currency support
• Automated workflows
• Mobile accessibility
• Integrated CRM
• Tax management
• Audit trail
• Bank reconciliation

NetSuite’s integrated CRM feature allows businesses to manage customer relationships seamlessly alongside their accounting operations, fostering stronger client connections and streamlined processes.

With robust tax management capabilities, NetSuite ensures compliance with tax regulations and simplifies the tax reporting process, minimizing errors and reducing audit risks.

Its audit trail functionality provides a comprehensive record of all financial transactions, offering transparency and accountability while facilitating internal controls and regulatory compliance.

Here are some of the main pros and cons of NetSuite:

NETSUITE  PROS

• Wide array of financial management features
• Enables remote collaboration and work
• Fits small to large businesses seamlessly
• Works with NetSuite modules and third-party apps
• Instant access to financial performance data.

NETSUITE  CONS

• Requires trained personnel for proper implementation
• Some features require extensive development
• Users face long wait times and technical issues

NetSuite accounting offers a comprehensive suite of financial management tools, including general ledger, accounts payable, receivable, and fixed assets tracking.

Its cloud-based platform allows for seamless accessibility from anywhere with an internet connection, promoting remote collaboration and work efficiency.

With its scalable nature, NetSuite accounting can adapt to the needs of businesses of all sizes, ensuring growth without the hassle of switching systems.

NETSUITE REVIEW
“I have used Netsuite in my job function for several years. While I am not an expert in it’s features, after some basic training I was able to navigate the system confidently to confirm correct program integrations with other software platforms.” – BRITTANZ Y.

#9 Reckon

Reckon accounting software is a popular choice for small businesses in Australia, offering a user-friendly interface and essential accounting features tailored to local regulations.

Its cloud-based platform allows for convenient access from any location, facilitating flexible work arrangements.

With features like invoicing, expense tracking, and payroll management, Reckon accounting streamlines financial tasks, empowering small businesses to manage their finances effectively.

Here are some of Reckon’s top features:

• Invoicing
• Expense tracking
• Bank reconciliation
• Payroll management
• Inventory tracking
• Financial reporting
• Multi-currency support
• Time tracking
• Budgeting
• GST compliance
• CRM integration
• Mobile access
• Banking integration
• Data security
• Collaboration tools

Here are some of the main pros and cons of Reckon:

RECKON PROS

• User-friendly interface
• Tailored for Australian regulations
• Cloud-based accessibility
• Comprehensive feature set
• Excellent customer support

RECKON CONS

• Limited scalability for larger businesses
• Occasional performance issues reported
• Additional fees for certain features

Reckon offers a user-friendly interface tailored specifically for Australian small businesses, ensuring compliance with local regulations.

Its cloud-based platform enables convenient access from anywhere, facilitating flexible work arrangements.

With robust features including invoicing, expense tracking, and payroll management, Reckon empowers businesses to streamline financial tasks efficiently.

RECKON REVIEW
“Generally very good, I particularly like the tracking and reporting ability. Being able to compare my sales figures annually with previous years. It helps me track seasonal trends.” – LOUISE

Conclusion

In conclusion, small businesses in Australia have numerous accounting software options available to them, each with their own strengths and weaknesses. When selecting the most suitable accounting software, it is important to consider factors such as pricing, features, ease of use, and customer support. While there are several solid options to choose from, the best accounting software for small businesses in Australia should provide a user-friendly interface, robust features, and excellent customer support at an affordable price.

Additionally, seamless integration with third-party applications is also an important consideration. Small businesses in Australia should evaluate their individual needs and budget to make the best decision for their accounting software. Ultimately, investing in the right accounting software can significantly streamline business operations, increase efficiency, and ultimately lead to better financial outcomes.

If we had to pick one, we’ll go with Billdu, which isn’t a dedicated accounting tool but can be a great pick if you are new to automation. It is easy to use and will make things simpler for your accountant.