If you’ve already got accounting software in place, you’re doing better than many other small business owners. If not, there are three great tools that can help you get back to growing your business rather than working in your business.
MYOB (or Mind Your Own Business) is a cloud-based accounting software that gives you the ability to track your income and expenses, plus all your business finances, giving you almost instant benefits. Keep time spent entering your income and expenses low, and then just send everything to your accountant at the end of the year.
- Faster input compared to using a manual system, using one input per transaction
- Cuts down on accounting and audit expenses as information is ready to go
- Automatically creates the information needed to run your GST report
- Quicker access to financial reports, invoicing and reconciliation
Quickbooks is another cloud-based accounting software, allowing small business owners to track all their financials. With a range of options depending on your business set up and what you require (from sole traders through to larger companies requiring payroll and STP), Quickbooks also comes with the ability to integrate with a range of other programs, including Shopify, Paypal and Square. Quickbooks allows you to set your accountant up with their own access which allows them to get into your software as needed to do your tax or fix any errors.
- Ease of use, intuitive for beginners
- Range of ready to use templates for invoicing, quotes and reports
- Tax and GST reports ready in a few clicks, saving time
- Ability to upload receipts and invoices and attached to relevant entries for better record keeping
Sage is an older, yet still relevant, accounting system for small business. Cloud-based and accessible anywhere you go, this software allows you to keep an eye on your business while on the run. It is a software that works for any business, from the smallest and most straightforward accounting requirements through to more complex financial systems and packed with features.
- Desktop and cloud-based access
- Easy bank reconciliation for better accuracy
- Easy to learn and manage software
- STP information sent directly to the ATO
If you’re ready to get back to growing your business instead of spending your time on bookkeeping, there are a range of accounting tools that can make running your business easier.