When it comes to balancing the books, Australian business owners know how tedious and stressful this is. They want to always be on every side of their business and are aware that as the business grows, they can become overwhelmed on the financial front. Which is why they hire to hire accountants and bookkeepers. These professionals spend a lot of time working with accounting software programs in trying to resolve client accounting problems. However, before they get started with using accounting software, they first determine the specific problem business owner face:
- The number one problem because owners face is that they do not have the expertise for accounting work. They generally have no formal training and find the technical accounting jargon and definitions associated with software and incomprehensible.
- Business owners procrastinate on doing their books until it becomes necessary such as when BAS returns are due. Because of this, the accounts reflect past information about the business rather than its present state.
- Traditional accounting software works only on desktop and is installed on one machine. To correct small bookkeeping problems, accountants have to walk business owners over the phone and when done, they have to send the corrected data file to their accountant. Oftentimes, these files are too large to send by email and would be sent by thumb drive through the post. This is a slow, cumbersome, and expensive process that is not necessary
These problems can be solved with the right accounting software. But with numerous platforms available and difficulty in finding the right one, it begs the question ‘what is the best accounting software for small business in Australia?” Drumrolls… The answer is xero.com
What is Xero?
Founded in New Zealand, Xero has grown to become one of the most recognized accounting software provider in the world today. It is a cloud-based software that allows accounting across any PC connected to the internet. It is a multi-user platform, which means you and your accountant can see the same screen, so rather than talking you through any issue over the phone, it can be fixed there and then. Xero also connects bank and Paypal accounts to the platform automatically loading bank statements in your account daily. This eliminates the need for poring over bank statements and making entries one by one. The software also remembers what transaction was posted last time and automatically prefills it for you.
Xero starts at $25 per month for the starter pack, with the standard park going for $50 per month and the premium line starting at $65 per month, with more useful features unlocked at each price point. Larger businesses will find the larger packs most suitable.
Depending on the package you purchase, you can enjoy features such as invoicing, inventory and payroll, automatic bank transactions, and reconciliations. If you want to make the most of your accounting software, then research the Xero website for full comparisons of their offerings or sign for a 30-day trial to test out the software.
Many Australian small businesses are hiring online accountants and online bookkeepers who use online accounting software. With real-time accounting, small business owners are aware of the financial health of the business and can put out their best leg to stand out in the marketplace.