Choosing the right accounting software is crucial for managing your business’s finances efficiently.
With so many options available, it’s important to find a solution that aligns with your specific needs, whether you’re focused on bookkeeping, invoicing, payroll, or tax management.
In today’s edition of Let’s Talk, our experts explore the best accounting software options tailored to different business sizes and industries, helping you make an informed decision.
Let’s Talk…
Contribute to Dynamic Business ✍
Scott Wiltshire, VP & GM ANZ at Oracle NetSuite
“When selecting accounting software, it’s crucial to look beyond immediate needs and consider your business’ future growth. While accounting, reporting, and compliance are essential, the best solution should be able to evolve with your financial needs. Accounting software should offer real-time insights and automation to free up your team for strategic work. Business systems like Oracle NetSuite, for example, provide comprehensive AI-powered financial tools that help to expand visibility and improve decision-making.
“Scalability is key. As your business grows, so should your accounting software. Features like budgeting, forecasting, and integrated financial management become essential. Additionally, seamless integration with other systems like CRM, inventory, or ecommerce is crucial for efficient operations.
“Beyond financial functions, a good accounting system provides flexibility for your specific industry or business model. Ultimately, selecting the right software isn’t just about ticking off features; it’s about investing in a system that can scale, integrate, and adapt as your business grows.”
Fleur Allen, Business Success Coach, Ask Fleur
“While it’s crucial to take recommendations from your accounting experts, such as your business Accountant and Bookkeeper, into consideration, when selecting accounting software striking a balance with your specific business needs and budget is important too.
“In Australia, popular options include Xero, MYOB, and QuickBooks. Personally, as a non-accounting professional, I may not be passionate about accounting itself, but I am passionate about the insights your numbers can provide for your business.
“That’s why my preference is Xero—it’s user-friendly and widely used across various industries. For instance, most invoices I receive are through Xero and can be saved with a single click.
Ms. Allen also highlights the importance of integration with other business tools. “One of the advantages of Xero is that it easily integrates with platforms like Kajabi, which I use as a global coaching platform.”
“Ultimately, the right accounting software primarily needs to meet your accounting needs but with so many options available there will be one to suit your personal preferences.”
David Rosenthal, Practice Lead at Retinue Accounting
“When choosing accounting software, it’s essential to align technology with your specific needs. Begin by assessing the size of your business and the complexity of your financial transactions. For instance, smaller businesses with straight-forward needs may find cloud-based solutions like Xero or MYOB beneficial, offering flexibility and accessibility from any location. Alternatively, larger enterprises might prefer the control of on-premises software, managing financial data locally.
“Ensure the software has a user-friendly interface, simplifying accounting and bookkeeping processes for varying levels of expertise. Look for integration capabilities with other tools like invoicing and banking platforms to streamline operations and reduce errors. Scalability is also crucial; select software that can grow with your business. Security features like encryption and regular updates are vital to protect financial data.
“Lastly, prioritise reporting capabilities to analyse financial metrics effectively. But most importantly, when it comes to accounting software sometimes it doesn’t matter if you get the Toyota or the Ferrari; a bad driver is a bad driver. What do I mean by that? Sometimes the effectiveness of accounting software depends on who is in the driver’s seat. Once you invest in the software, make full use of its features.”
Jacqueline Hannan, Co-founder and Director at Crecera
“Choosing the right accounting software can make a world of difference for business owners, and I’m a big fan of Xero. It’s user-friendly, integrates with everything from CRM to point-of-sale systems, and gives both business owners and accountants access to live data, straight from your bank. This means if you’ve got a question, we can jump in, look at the numbers together, and help you make the right decisions.
“As the co-founder of Crecera, an online business education and coaching platform, and the director of a tax accounting firm, I see firsthand how crucial it is for business owners to have up-to-date financial information, because, as they say, “knowing your numbers is key to success”. When you’re working with accurate, real-time data, you can make decisions faster, stay agile, and be proactive, especially when it comes to tax planning.
“Xero makes all this possible, and it’s a great fit for businesses looking for a practical and cost-effective solution. While I always recommend thinking about what suits your specific business needs, having the right tools—and ongoing support like what we offer at Crecera—can really set you up for success.”
Carl Warwick, Regional Sales Director APJ at BillingPlatform
“Opt for a cloud-based accounting subscription management platform and you’ll be able to simplify revenue management with a rules-based revenue recognition engine, and achieve faster, more accurate financial reporting with configurable automation that replaces manual processes.
“Should you select a best of breed solution from a vendor that’s committed to continuous improvement, its quoting, subscription, renewal, recurring billing, collections and revenue recognition processes are likely to be automated for new upgrades saving your accounting team time and trouble.
“In addition, the very real challenge of safeguarding customer data will be taken care of by your solution provider and you’ll gain new insights with business intelligence built into the platform. Finally, select a solution where you get built-in capabilities to create and schedule customer reports.”
Andrew Elmore, Co-Founder & Director at Darkwave
“The software that your business needs is very much dependent on where you are in the life cycle of your business.
“As a startup, you might be operating as a sole trader and not registered for GST, in which case a basic bookkeeping software like Rounded is a great place to start to help with the basics of bookkeeping, reconciling income and expenses, and understanding the flow of money in your business.
“Once your business is off the ground, it may be worth thinking about employing someone to assist you, or perhaps changing the business structure from a sole trader to a company. Xero is the next step in this evolution.
“Whilst Xero may appear to be more costly than other accounting software in the marketplace, it is also the easiest to use for the non-accountant and the software that connects to the most third-party applications.
“Xero is able to scale up for a small business, up to over 100 staff, and easily manages all ATO lodgement requirements for Single Touch Payroll and BAS’s direct from the software. The Auto Superannuation feature is a game changer for businesses to help pay their staff superannuation in full and on time.”
Alexander Laureti, Director at LMS Advisory
“Every business benefits from using cloud-based accounting software. In Australia, we have great options and open banking that enables live bank feeds; making data entry automated and providing the opportunity for real-time financial insights.
“Consider your future business needs when deciding. Xero and MYOB are the top choices. Quickbooks is a low cost feature rich alternative.
“Xero is ideal for businesses hoping to scale, offering a huge ecosystem of apps for everything from inventory to debtor management. It’s favoured for multinational businesses, multi-app integrations, payment options and strong banking integrations.
“MYOB positions itself as an all-in-one platform with stronger base features. It is only for businesses based in Australia/New Zealand. While its app ecosystem is smaller, MYOB has improved recently through partnerships and is robust in its own right.
“The key to success lies in setting up your file correctly—tailored chart of accounts, bank feeds, regular reconciliations, training, and the right apps. Consult your accountant/bookkeeper for guidance, as they can help maximize your system’s efficiency, saving you time and money. For larger businesses, there may come a time to outgrow Xero or MYOB, but for most, these platforms will cover your needs.
“Please business owners, ditch the spreadsheets and focus on growing your business!”
Kevin Mackmin, Director and Founder of Your Financial Controller
“The decision to select a new accounting software package is really important in avoiding business disruption and avoiding wasting time and money implementing the wrong solution. Selecting the wrong software or implementing badly can have a major impact on any business’s operations and financial stability.
“When deciding on the best accounting software solution for a business’s needs there are many factors to consider:
- What is the business looking to achieve or problem to be solved?
- Better reporting, improved processes, or specific functionality?
- Is the accounting software suitable for what my business does?
- i.e. service, manufacturing, wholesale.
- How is my current software meeting those needs and what are the non-negotiables of a new software solution?
- What is my budget for the software? (including implementation!)
- How many users within the business need access to the software?
- Is a cloud software required for simple access anywhere?
- How does the Accounting software provide training and support for their product?
- How do my current processes work and what ideally do I want to achieve with the new software?
- What other applications integrate with the accounting software to provide additional functionality?
- e.g. Project Management.
- What feedback and reviews are available on the software?
- What support will I need to implement the new software effectively?
- What does my Accountant recommend?
“Ultimately there is no one size fits all when it comes to accounting software. The decision will be largely based on what software is the right fit for the business in terms of meeting the specific needs of the business’s core functions and meets budget expectations.”
Discover Let’s Talk Business Topics
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
