Small businesses need to keep a tight rein on their finances to succeed and continue to run profitable businesses. And one of the more difficult tasks for small business owners is keeping track of their finances.
Online accounting services for SMEs are not a magic cure, but they can help you feel more in control of your finances and give you the power to make better business decisions.
We have compiled a list of accounting software options for small businesses and what makes them unique in this week’s edition of Tech Tuesday.
Koinly is a crypto tax calculator that caters to accountants, investors and traders at all levels. Whether it’s crypto, DeFi or NFTs, users can quickly generate a tax report built to comply with ATO guidance.
Koinly’s Accountant Platform lets accountants invite clients to view, track and categorise their crypto transactions all from one dashboard, with integrations across over 700 wallets, exchanges and blockchains. Koinly’s Australian General Manager, Adam Saville-Brown, says, “Koinly’s platform is built to comply with Australian tax standards, and now with an Australian local-time customer support line.”
In Australia, the 2021-2022 tax deadline is 31 October, so if accountants have clients’ crypto taxes to complete, Koinly can help to navigate the complexities of crypto tax – getting them done quickly and easily.
Find out more here.
Zoho Books is an online accounting software that helps businesses manage their finances, stay GST-ready, automate workflows and work collectively across departments. A decade since its launch, Zoho Books has evolved from serving solely small businesses to solving the complex financial challenges of enterprises.
From deal negotiation to raising sales orders and invoicing, Zoho Books handles mundane accounting tasks so businesses can focus on the bigger picture. And with role-based access, team members can add colleagues and accountants to the organisation so they can log time, view reports, or manage accounts.
Crucially, Zoho Books ensures GST compliance. When creating a new invoice or transaction, Zoho Books automatically determines the correct GST rate and tax treatment, helps businesses generate BAS reports that account for GST liabilities, and access tax reports that are ready to be exported and filed during tax season. Zoho Books integrates seamlessly with Zoho’s extensive suite of over 50 business applications – from CRM and marketing to analytics and collaborative tools – as well as multiple third-party accounting, finance and payments platforms.
For more, visit: Zoho Books.
Online payroll software, KeyPay, is designed to make accountants’ life easier by integrating with accounting platforms and automating the entire payroll process from start to finish. KeyPay streamlines several processes, such as importing timesheet data, gross-to-net reporting, leave accruals for all scenarios, as well as payroll and super calculations and ATO reporting.
Since launching in 2013, more than 139 million timesheets have been approved in KeyPay. As one of the only Australian payroll software to automate annual award reconciliations and employee calculations in line with Fair Work, KeyPay simplifies legislation compliance. Its intuitive self-service portal also allows staff to manage their own timesheets, payslips, leave and more, saving time on employee management.
Thryv is a software platform designed to help small businesses accelerate their growth by automating time-consuming but essential admin-related tasks.
Regardless of the industry in which they operate, Thryv helps to solve the accounting challenges of SMBs via digitisation and automation. The key benefits include (but aren’t limited to) ensuring payments are tracked from start to end, aligning customer purchases to invoices and automating payment follow-ups.
Ignition is the world’s first client engagement and commerce platform for professional services to transform how they do business with their clients. The platform replaces the many manual processes accounting firms use to engage, bill and get paid by clients. Ignition enables accountants to easily send digital proposals and engagement letters and automate billing and payments all in one platform.
Ignition integrates with leading business apps such as QuickBooks, Xero and Zapier to streamline service-based commerce. The platform is used by nearly 6,000 accounting, bookkeeping and professional services businesses, with over one million client engagements and over AUD $3 billion in client payments.
Ignition recently launched a new proposal and engagement letter template gallery with over 80 templates globally, created by industry experts and partner associations, including Chartered Accountants ANZ. Proposal templates range from monthly accounting, bookkeeping and payroll services to tax and people advisory services and are presented in three option packages, with suggested pricing, services and billing schedules.
Learn more about Ignition here.
Automating end-to-end accounts payable processing is a big win. Whether enterprises are dealing with high volumes of invoices, gaps in the ERPs coverage or compliance issues, like meeting new mandates for e-invoicing, streamlining the AP processes can have a huge impact. Automation can provide significant cost savings by simply eliminating manual tasks. Kofax AP Agility is an automated accounts payable and invoice processing solution that enables organisations to capture early payment discounts and avoid late payments.
Data capture capabilities across various financial documents from any source allow the organisation to save time and optimise workflow. Accelerate your digital workflow transformation journey with out-of-the-box approval processes to realise intelligent automation.
We estimate there are over 500,000 trusts in Australia that hold investment assets, and the majority of those have their Financial Statements and Tax Returns prepared manually, entering numbers into Excel and creating time-consuming journal entries on non-investment ledger systems. The process is manual, disjointed, highly prone to error and just not scalable.
Class Trust empowers users to simplify and automate their accounting and administration for investments held within a unit or discretionary trusts in an industry-first cloud solution. It’s powered by more than 220 direct connected data feeds from banks, brokers and platforms, which are enriched by the Class engine. This also supports Class Super, Australia’s first cloud-based SMSF administration solution, with an automated general ledger for capital gains and income, including tax statements, direct property, forex and corporate actions.
In addition, Class Trust is now end-to-end with the addition of a powerful new feature, electronic lodgement of the trust tax return through automated pre-fill directly from your general ledger.
For further information, please visit Class Trust
Payapps is a cloud-based collaboration tool that connects builders and subcontractors to standardise and streamline the submission and approval of payment claims on construction projects. Originating in Australia, Payapps was launched in the UK in 2016, and is trusted globally by thousands of customers for the construction progress payment process.
The construction industry is notoriously fraught with risk, so Payapps is trying to disrupt the industry by creating a software that digitises payment processes to reduce the risk of human error or delayed submission of claims. It replaces an inefficient and error-prone manual process with an innovative, accessible online process that is simpler, faster, fairer, and more transparent.
Weel (Previously DiviPay) is a smart corporate card and finance automation platform built to streamline company-wide spending. Businesses use its platform to create bespoke spend management solutions, so they can control who can spend money, on what, where and who finally approves it.
Instead of finance teams having to chase employees for missing receipts and irresponsible purchases, Weel helps distribute the responsibility of budgeting and expense reporting across the entire organisation. Businesses can instantly issue employees with their own virtual card and set custom rules and budget limits to control spending proactively. The platform also enables finance teams to automate aspects of their month-end reporting process with powerful, out-of-the-box accounting integrations.
Intuit QuickBooks’ Cash Flow Planner is an essential tool for SMBs to stay on top of their accounting and control their finances.
It uses historical financial data to forecast future money-in and money-out events. You can add and adjust future events to see how certain changes affect your cash flow. You can even include tax liabilities like GST to make preparing and paying your BAS a breeze.
Intuit QuickBooks Cash Flow lets you see how your business is doing in real time because every transaction syncs right to your dashboard so that you can monitor all of your business balances all in one place. Its smart predictions estimate when your invoices will be paid and factor in regularly late-paying customers.
It helps you make informed decisions about when to save, spend, borrow and transfer money so you can feel empowered with knowledge for every business decision.
Xero is a cloud-based accounting software that is available as a service (aaS). This means that the Xero business model is centred on assisting small and medium-sized enterprises (SMEs) in managing their finances through a variety of services aimed at analysing, integrating, and supporting their various financial processes. Xero connects small businesses with trusted advisors and provides owners with real-time visibility into their financial position.
Businesses can track finances, manage payroll, and keep an eye on cash flow with the help of MYOB. Multi-currency, time billing, inventory management, and job tracking are all included in the robust accounting and business management software MYOB AccountRight helps businesses track finances, manage payroll, and keep an eye on cash flow.
Reckon One is an online accounting software for small businesses. It includes features such as invoicing, payroll and cash flow management, which helps users manage finances easily.
With an intuitive interface and a customizable dashboard, you can view financial performance in real-time.
It is an ATO-approved and single-touch payroll-ready solution which helps you stay compliant and in control of your finances.