Choosing a good accounting software to start a small business is one of the first decision that every small business owner needs to make. What does an accounting software do for a small business owner?
Basic Accounting Software Features:
Track income & expenses:
Creating professional invoice and quote or secure connection to POS is the basic need of every business to capture the sale.
A user-friendly accounting software saves a lot of your time and money in the calculation of GST when you the expenses tracked adequately.
Xero start from $25 per month
QBO strat form $15 per month
Wave is free.
Payroll:
With single touch payroll system that include all employers 1 July 2019, no way to do the payrun in MS Word or Excel an more.
Another reason to have proper payroll system is that form 1 July 2018 deductions disallowed if required PAYG not deducted and that includes employees but extends to non-ABN payments also.
Xero starts at $25 per month for one person.
QBO starts at $15 per month for ten person
Wave Payroll is not available in Australia.
Reporting:
Digging down into the numbers in an Accounting Software and tailoring reports and measuring specific KPIs for your business is a must for a software.
Also, you need to share information with your advisor or have them create and publish reports on your behalf.
Xero starts at $5 per month.
QBO starts at $15 per month.
Wave is free.
Integration with your business apps:
Business software that works with Accounting Software improving small business efficiencies.
Xero starts at $10 per month.
QBO starts at $35 per month.
Wave is free. However, Wave only has three apps to integrate.
