What is the best accounting software for a small business?

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Accounting and business management software and technology provide excellent advantages for SMEs. Take control and enjoy the speed and accuracy these tools allow you.

We have a great understanding of the many accounting software options available and would be happy to recommend what is best for your business. Here’s a rundown of our top recommendations:

MYOB

MYOB has a wide range of software options.

For small businesses, three options include MYOB Connected Ledger, MYOB Essentials or MYOB AccountRight.

All packages have bank transactions automatically fed into the accounting software saving lots of time on data input.

MYOB Connected Ledger is only available through your accountant and offers a very cost effective online cashbook functionality. With rules to code recurring transactions this package is a very useful and affordable software tool.

MYOB Essentials contains all the functionality of the Connected Ledger along with the ability to invoice customers and maintain control over your accounts receivable and accounts payable.

MYOB AccountRight is a great option for those business clients looking to maintain accounts payable and accounts receivable along with financial reporting. Designed locally for local businesses it’s used by over one million small businesses in Australia and New Zealand to efficiently manage cash flow, payroll and day-to-day bookwork.

It’s fast and timely with many manual accounting processes (eg. credit notes, purchase orders, payroll and more) automated. This also means greater accuracy as manual entry leaves a lot of room for human error. And because content updates occur in real time, everyone’s up to date and working with the latest information - really handy come tax time.

SMARTPAYROLL

When it comes to online payroll software, we recommend SmartPayroll. We use it ourselves! SmartPayroll's online system makes doing the payroll faster and easier and cuts down on paperwork. Even better – it automatically files with the IRD on your behalf. This is really key now payday filing is compulsory.

SmartPayroll can be customised to suit the nuances of your industry and it is also available for Australia. Plus, the One Touch Pay feature means all calculations are done and employees are paid with just a click. There is no faster or easier way to do payroll.

It’s great for employees too.

The MySmartPayroll app lets employees see payslips, apply for leave and easily complete time sheets.

SmartPayroll features

  • Easy compliance – manages calculations in line with the latest legislation

  • Avoid penalties with automatic IRD payment and filing every time

  • Calculate leave, bonuses, PAYE and commission quickly, easily and accurately

  • Unlimited helpdesk support

  • Fast and simple one touch pay

  • Manage payroll through a mobile app anywhere, anytime

  • Wide range of customisable reports for business owners and accountants.

SMARTHR

SmartPayroll have recently introduced another great tool for businesses – SmartHR - NZs first fully integrated Payroll and HR software for small businesses.

SmartHR features

  • File management to upload and store important HR docs

  • Employment contract builder

  • New hire onboarding process and checklist

  • Induction processes

  • SmartPayroll integration and seamless integrations with other accounting system (eg. XERO)

  • Performance management and customised employee reviews

  • Alert system to track important dates (eg. training, licences, certificate renewals, birthdays, work anniversaries)

  • Huge document library (including over 400 job descriptions, checklists, step by step processes for terminations, dismissals and redundancies, letter templates, etc.)

  • HR guides and policies to ensure legislative compliance

CASHMANAGER RURAL

CashManager Rural offers financial reporting and analysis tailored to farming in a way traditional business software simply cannot match. It combines basic accounting tasks with essential farm management tools, to help improve productivity and save effort.

CashManager Rural is farmer-founded and have specialized in making farm financial software for over 30 years. It’s designed specifically to help farmers plan for the future while also managing the finances now. It has all the financial reporting you need to measure and manage farm performance, production and forecasting in a format both you and your bank value. It’s simple and easy to use, allowing you to make timely, informed on-farm decisions by having accurate information at your fingertips.

Recently, to raise the bar and deliver better solutions for farmers, the next generation of CashManager Rural - CashManager Focus - has been launched. CashManager Focus has all the features farmers need for compliance, planning and making decisions with confidence.

Whether it’s increasing productivity on farm or freeing up more time to spend with your family, Cash Manager Focus helps achieve your goals. It’s been built for farmers. 

XERO

And of course, there’s XERO –  offering a comprehensive range of online accounting software.

Xero online cash book is only available through your accountant and this offers an affordable entry into the Xero range of accounting software

Other Xero software options can be tailored to your particular needs.

We’ve written about the benefits of Xero a lot recently. You can find a few great time saving tips on our blog. 

Not sure which is right for your business needs? Get in touch and we can guide you through your options. 

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