Accounting is not the first thing on a business owner’s mind when it comes to running a successful company. Many business owners are uncomfortable with the topic. They would rather focus on their company’s products, services or customer experiences. However, technology has made running a business much easier with intuitive business management software, especially accounting. There are many accounting software packages out there, so here are the top five to help you tackle your books.
- MYOB (Mind Your Own Business) – This package provides accounting functions for small and medium-sized businesses. It is made for Australia and New Zealand since many Australians work (and visit) New Zealand and vice versa. It works with the Australian Tax Office to ensure business owners are in tax compliance. There are many features of this software that make it a one-stop-shop for accounting needs, including tax and GST (it calculates it for you), bank reconciliation, payments, and payroll. Also, Australians will enjoy getting paid faster since MYOB is a signatory company to the Australian Supplier Payment Code.
- QuickBooks – A global corporation, Quickbooks offers many versions of the software (e.g. Australia). It is for the self-employed, small businesses, accountants and bookkeepers. There are four tiers, each offers an array of services to make the lives of business owners much easier. A client can sync to his bank and apps as well as choose cloud-based accounting. It can also handle multi-currency in that you can sell in the customer’s home currency and the software automatically converts it back into your home currency.
- Sage – For small, medium and large-sized businesses, this software has only one platform that allows customers to work anywhere with their cloud accounting. Sage offers a number of products based on business size and needs. It goes beyond accounting and helps you manage your entire business, from service management to BOM planning. It offers solutions for a number of industries, such as manufacturing, whole distribution, real estate and non-profit.
- Cashflow Manager – This software is for small businesses only. Like those above, it offers a cloud version as well as tech support. It is very intuitive in that the software will calculate the GST, balance your records, create cash flow budgets and more. There are five products from the Cashflow Manager Gold to the Wages 1 – 4. Cashflow Manager also offers manual bookkeeping.
- Saasu – Not only does Saasu offer accounting services, but it will also maintain, backup and update the server and web application your file runs on.There are three tiers: small, medium and large with the small tier offering 3 bank feeds. The software has everything you need to run your business efficiently from seeing upcoming payments and tracking inventory to personalising invoices and forecasting cash flow. What sets Saasu apart from the above is its minimalist philosophy, which provides a number of operational benefits for businesses.
These software packages offer the ease and flexibility business owners need to effectively manage their accounts and financials. They all offer secure cloud accounting and the convenience of apps. They are also intuitive, which makes them user-friendly. However, it is best to consult an accountant or tax professional on complex financial situations.