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Accounting Software
Accounting software automates a business's financial functions and transactions with modules including accounts payable, accounts receivable, payroll, billing and general ledger. Integration of Accounting software allows for comprehensive, real-time, on-demand analysis of a business's financial status. Toolsets within accounting systems can often be customised to the specific needs of an organisation.
Accounting software is related to Audit software, Billing and Invoicing software, Compliance software and Financial Reporting software. Find the best accounting software for your organisation in Australia.
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"Over the last 8 years it's been easy to manage my business finances - and that's from someone who..."
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Jonathan
Experience strategist in UK
This information was sourced from Xero
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of Xero
Pros:
Integrates well with adds on to provide more sophisticated reporting. Integration with AI products such as ReceiptBank and Approval Donkey also work well.
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Cons:
1099 reports are too limited. Tracking categories are too limited.
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This information was sourced from Xero
Who Uses Xero?
Xero is an accounting software that caters to small businesses across multiple sectors, such as agriculture, construction, education, healthcare,...
Australia, Canada, Hong Kong SAR China, India, Indonesia, Ireland, Malaysia, New Zealand, Philippines, Singapore
, South Africa, United Kingdom, United States
and 3 others
This information was sourced from verified user reviews of NetSuite
Pros:
Netsuite is fairly intuitive for being such a complex system. I also really love the Sandbox capability.
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Cons:
We also had some questionable customer service with our initial rep at one point (in regards to scheduling/cancelling appointments on us).
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This information was sourced from NetSuite
Who Uses NetSuite?
From pre-revenue startups to mid-size organizations, fast-growing businesses use NetSuite to automate core processes and get real-time insights into...
Argentina, Australia, Belgium, Brazil, Canada, Chile, China, Colombia, Ecuador, Finland
, France, Germany, Hong Kong SAR China, India, Ireland, Israel, Italy, Japan, Mexico, Netherlands, Norway, Philippines, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom, United States
and 21 others
Languages
Chinese, Czech, Danish, Dutch, English, French, German, Indonesian, Italian, Japanese
, Korean, Polish, Portuguese, Russian, Spanish, Swedish, Thai, Traditional Chinese, Turkish
and 9 others
"My overall experience with Sage Intacct has been nothing short of exceptional. The program has..."
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Lillian
Human Resources Generalist in US
This information was sourced from Sage Intacct
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of Sage Intacct
Pros:
Anyone with multiple locations will benefit from this platform. With some experience, the reports are extremely customizable to your exact needs as well.
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Cons:
I wouldn't mind if there was a "lite" or "simple" solution. But I guess I can see where that would undermine the overall software architecture.
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This information was sourced from Sage Intacct
Who Uses Sage Intacct?
For firms with 51-1,000 employees and 10M−1B revenue, our cloud accounting platform empowers CFOs to enhance growth and management.
"Inventory managment, in our previous system we thought was ok. It was non existent in reality. Now..."
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Matt
Managing Director in Australia
This information was sourced from Jim2 Business Engine
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of Jim2 Business Engine
Pros:
In my opinion, Jim2's strength is its inventory management but the functionality about the software is my favourite part.
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Cons:
Barcodes cannot be uploaded through vendor stock feed. Some titles of stock code pricing can be contradicting.
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This information was sourced from Jim2 Business Engine
Who Uses Jim2 Business Engine?
Businesses with 2-100 staff that buy/sell, build/repair products or services, manage multiple companies, locations, or currencies. Such as wholesalers...
"Has been around for a long time. Tried and tested and is a great product. Starting to price a..."
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Katrina
Senior Accountant in Australia
This information was sourced from MYOB Business
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of MYOB Business
Pros:
Payroll is ok it has some nice features on pay items but nothing the old essentials could do easily.
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Cons:
No real downsides to the system. As we were using Viberent as a custom software piece there were some glitches with the API integration but this is to be expected.
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This information was sourced from MYOB Business
Who Uses MYOB Business?
The MYOB Business range is designed for businesses from sole traders, to growing operations and even established companies of up to 19 employees in...
"Ease of reporting and planning. The reports are fast to make and can very easily be taught to other..."
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Lauren
Financial Analyst in US
This information was sourced from Planful
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of Planful
Pros:
The planning tool helped us standardize our budgeting process and we're very impressed with the workforce planning module that helped us easily managing our headcount and compensation estimate.
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Cons:
It can be difficult to set up a report template. Not all the modules have the same reporting tools.
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This information was sourced from Planful
Who Uses Planful?
Planful brings financial performance management —budgeting, planning, forecasting, modeling, reporting, and more — to the entire organization.
"Overall a great program to use if you are a small business owner. A word of caution... if you have..."
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Elizabeth
Lead dispatcher-administrative in US
This information was sourced from QuickBooks Enterprise
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of QuickBooks Enterprise
Pros:
Easy to navigate through. Amazing technical support, inexpensive, and it has such seamless integrations.
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Cons:
Nothing really major is wrong but just a slight problem with the customer service, had a problem deleting my previous account and was told that they cannot delete it.
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This information was sourced from QuickBooks Enterprise
Who Uses QuickBooks Enterprise?
QuickBooks Enterprise caters to businesses across multiple sectors such as contractor, manufacturing and wholesale, nonprofit, retail, and more.
"The software's user friendly interface and powerful reporting tools have cut down my time spent on..."
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Zulma
Corporate Credit Risk Analyst in Argentina
This information was sourced from FreshBooks
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of FreshBooks
Pros:
The ease of use and support, combined with the price point make a great deal.
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Cons:
Still lack and if we forget to save it will be lost.
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This information was sourced from FreshBooks
Who Uses FreshBooks?
FreshBooks is cloud based accounting designed to help small businesses in information technology, legal, creative, marketing and construction, among...
"It has been an outstanding experience! If I have issues, they are promptly dealt with."
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Tammy
Owner in US
This information was sourced from TaxDome
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of TaxDome
Pros:
All in all I was able to save money by combining three software products I was using. I think the automation ability is great and they are continually adding new features.
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Cons:
I wasn't able to make a payment because it kept prompting me to enter in a zip code when that field wasn't available. I tried 3xs but was forced to use a different form of payment, which is annoying.
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This information was sourced from verified user reviews of SAP Concur
Pros:
It is super straight forward process when adding your expenses from any work trip and once you hit submit getting your money refunded is typically smooth.
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Cons:
We were told that our cards would sync up, but they didn't and the customer service was bad. We really didn't even get to use the software as we never got through the whole onboarding phase.
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This information was sourced from SAP Concur
Who Uses SAP Concur?
Our customers range from small businesses to the Fortune 500. We have the spend management solutions you need today, and can grow with your business...
"Wave is a program that is intended and implemented for helping businesses streamline processes."
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Rachid
Sales executive in United Arab Emirates
This information was sourced from Wave
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of Wave
Pros:
Since it is free, I expected customer service to be non-existent, but they do respond and resolve issues through their messaging system. You can also share info with your accountant.
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Cons:
It was disappointing when UK bank syncing stopped. Would prefer more options on personal designs for Invoices and Receipts.
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This information was sourced from Wave
Who Uses Wave?
Wave helps small business owners, freelancers, solopreneurs, and consultants in the US and Canada manage accounting, payroll, invoicing, estimating...
Argentina, Australia, Austria, Bahrain, Bangladesh, Belgium, Brazil, Cambodia, Canada, Chile
, China, Colombia, Denmark, Egypt, Fiji, Finland, France, French Polynesia, Germany, Hong Kong SAR China, India, Indonesia, Iran, Ireland, Italy, Japan, Jordan, Kuwait, Lebanon, Liechtenstein, Luxembourg, Malaysia, Maldives, Mexico, Monaco, Mongolia, Myanmar (Burma), Netherlands, New Zealand, Norway, Oman, Pakistan, Papua New Guinea, Peru, Philippines, Portugal, Puerto Rico, Qatar, Romania, Saudi Arabia, Singapore, Solomon Islands, South Africa, Spain, Sweden, Switzerland, Syria, Taiwan, Thailand, United Arab Emirates, United Kingdom, United States, Vietnam, Yemen
and 54 others
"With QuickBooks Online Advanced I can reconcile all accounts in minutes"
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Kimani
Accounting in Kenya
This information was sourced from QuickBooks Online Advanced
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of QuickBooks Online Advanced
Pros:
The system is easy to use and QuickBooks has a ton of guides and videos to help begins with just about anything. Truly accounting made easy, not to mention the dozens of app integrations available.
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Cons:
My only complaint is when calling customer service, I have been helped by representatives who know less than I do about their program.
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This information was sourced from QuickBooks Online Advanced
Who Uses QuickBooks Online Advanced?
The #1 Accounting and Financials software for Small Business.
"My experience with Brokermint has been very good. Support has been responsive and helpful. There..."
Read the full review
Todd
Broker / Owner in US
This information was sourced from BoldTrail Back Office
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of BoldTrail Back Office
Pros:
First of all the customer service is one of best you can find. My messages are responded most times less than a minute after sending them.
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Cons:
Dislikes are loosing uploaded files when you unassign something in order to keep the file together and not require multiple emails asking for multiple signatures.
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This information was sourced from BoldTrail Back Office
Who Uses BoldTrail Back Office?
Real estate brokers, real estate agencies and teams, real estate office managers and transaction coordinators
"Through the BigTime Wallet, sending and receiving invoices is a breeze. BigTime has improved the..."
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Maddie
Game Developer in US
This information was sourced from BigTime
Tax Management
Purchase Order Management
Multi-Currency
Project Accounting
Budgeting/Forecasting
Billing & Invoicing
Fund Accounting
Expense Tracking
Income & Balance Sheet
Payroll Management
This information was sourced from verified user reviews of BigTime
Pros:
BigTime is incredibly inexpensive and easy to get into compared to competing software. If you have a dedicated team, you could be implemented in as little as a month.
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Cons:
The only thing I can say we really dislike about BigTime is not having a "clock-in, clock-out" function. Meaning the software does not record the time of day you start and end.
Read more
This information was sourced from BigTime
Who Uses BigTime?
BigTime is ideal for professional services firms who want to streamline project operations, maximize their resource utilization, accelerate billing...
Accounting software helps users manage and automate an organisation's financial functions and transactions with modules including accounts payable, accounts receivable, payroll, billing, and general ledger. Integrated applications for accounting programmes allow for comprehensive, real-time analysis of an organisation's financial status including cash flow and expense management. Accounting software is also known as bookkeeping software.
What are the benefits of accounting software?
Cost savings: Outsourcing has been the traditional approach for managing small business accounting, which adds to the operational expenses of the business. Accounting software helps small businesses bring the accounting functions in-house, thereby reducing the total price tag.
Improved process efficiency: Accounting involves a lot of paperwork and manual data entry, which is time consuming and can be prone to human error. By digitising financial paperwork, accounting programmes help small businesses reduce the time it takes to process financial transactions such as expense management, accounts payable, and accounts receivable. Moreover, accounting software ensures that there is no error in calculations or discrepancy in records.
Easier tax compliance: Tax management for small businesses also involves a lot of documentation and paperwork. Small businesses need to make sure that all their tax forms are submitted on time in order to avoid penalties due to delayed filings. Accounting software uses the financial and accounts information stored in the system, thereby making this process easier and free from human errors.
What are the features of accounting software?
Accounts payable (AP): Automates invoice capture, approval management, and authorisation processes. The transaction information is reflected in the accounts payable and general ledger tables.
Accounts receivable (AR): Tracks customer credits related to payments and purchases. This information is reflected automatically on the general ledger.
Bank reconciliation: Matches "credits" and "debits" in an account to help businesses spot and correct discrepancies and missing entries in a record.
Financial reporting: Provides a graphical representation of data in accounting systems. These reports include sales reports, AP/AR, and cash flow analysis.
General ledger: Lists the accounts payable and accounts receivable information in a table. It also summarises assets, equity, expense, and revenue information for each account.
Billing and invoicing: Creates invoices based on customer records, prints and sends them to the customers, and records the information in the accounting system.
Expense tracking: Records the total expenses incurred in a business. Most products allow users to submit expenses by uploading bills from a mobile app.
Project accounting: Tracks different accounting attributes for a client-facing project, such as incurred costs, expenses, billable hours, and client payments.
What should you consider when purchasing accounting software?
Data security: An accounting system handles sensitive client and financial information, which makes them a target for hackers. That's why security should be a prime consideration when selecting accounting software. Small business should ensure that their solution adheres to the necessary security standards, such as Extended Validation (EV) SSL and 256-bit Encryption.
Third-party integrations: Accounting software cannot work in isolation: it needs an ecosystem of other business applications. For example, integration with customer relationship management (CRM) software automatically pulls transactional records after a payment is received from the client. Integration with HR or specialised payroll software allows users to pull the information related to the payroll-related costs. Buyers should evaluate integration capabilities before making a purchase decision.
What are the trends in payroll software?
Small businesses continue on the path of automation: In an attempt to reduce paperwork and minimise human errors, small businesses are looking for new ways to automate their accounting functions. The most recent development in this area is OCR (optical character recognition) technology, which allows users to scan physical documents and store their content in a digital format. As advancements in artificial intelligence and machine learning improve the accuracy of OCR, adoption of this technology can be expected to increase further.
Small businesses want visual representation of financial reports: Since around 65% of learning happens via visual content, buyers find visual representation of financial reports an important consideration while shortlisting their accounting system. This is also driving small business accounting vendors to include stronger visualisation capabilities in their reporting modules.
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