Small business accounting software: Wave, Quickbooks Online or Xero!

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.