Last editedNov 20222 min read
Whether you run a retail clothing line or SaaS company, good record-keeping is essential. The best web-based accounting software keeps your finances easily accessible on the go, so that you can keep up with invoicing, payments, and bookkeeping from a central platform. In this roundup of web-based accounting software, we’ll list some of the most popular options for Australian businesses of all sizes.
Why should you use web-based accounting software?
There are plentiful benefits to using web-based accounting software. Even a skilled accountant can find themselves bogged down in the details. Multiple spreadsheets, accounting journals, and invoices can become difficult to track as your business grows. By using accounting software, you’ll keep everything in one place – and because it’s online, it’s always backed up with a digital copy. That means you don’t run the risk of losing important files and paperwork, essential for your tax returns.
Top five web-based accounting software
The Australian market is filled to the brim with accounting software. Here are five of the best web-based options, all with different strengths, tools, and features to consider.
If you’re seeking well-rounded accounting software, Xero is hard to beat. This cloud-based accounting software is based in New Zealand but has rapidly expanded into Australia and all over the globe. One of its key benefits is the high volume of integrations, meaning you can customise it to best suit your needs. Xero lets you manage accounts from anywhere, with real-time bank feeds, invoicing, and payroll management. Businesses can also manage taxes with built-in ATO filing. There are several pricing plans to choose from depending on the complexity of your needs, but you can give it a free try for the first 30 days.
2. Zoho Books
Zoho Books is part of the wider Zoho Suite of software. It’s one of the best web-based accounting software due to its comprehensive online features, particularly when it comes to meeting tax requirements. Zoho manages your finances by calculating tax like the GST and reporting it directly to the ATO with a single click. You can create and manage profit and loss reports, cash flow statements, sales reports, and the balance sheet using uploaded documents and everyday files. Because it’s online, you can access Zoho from any device, at any time.
Australian businesses use MYOB for its wealth of integrations, including various payment apps and ecommerce platforms. It’s affiliated with over 150 banks including Commonwealth Bank, National Australia Bank, ANZ, and Westpac, among others. In terms of accounting features, MYOB offers automated expense tracking and account reconciliation. It calculates cash flow, profit and loss, and taxes automatically. A user-friendly dashboard keeps everything at your fingertips, and like others on this list it can be operated remotely with an accompanying mobile app.
4. QuickBooks Online
One of the world’s most popular accounting software, both in Australia and beyond, QuickBooks Online is ideal for small businesses. Its open API connects directly to your business platform for ease of management. QuickBooks tracks cash flow to produce detailed statements, while managing taxes in real-time so you don’t have to scramble when it’s time to file. QuickBooks also offers comprehensive customer support, with user permissions available for partners and accountants.
The final choice on this list isn’t strictly considered accounting software. Yet GoCardless works together with over 350 partners, including top accounting and invoicing software like Xero and Zoho Books. This means you can manage your payments and accounting processes from a single platform, making the process more efficient. Pull payment directly from customer bank accounts using BECS direct debit, then record the transaction automatically in your accounts for accurate recordkeeping. GoCardless’s dashboard puts full payment visibility at the heart of your workflow.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.