Best Accounting Software Australia | Top 7 Reviewed and Compared for 2024

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The best accounting software is essential if you’re an Aussie business owner managing your own accounts or carrying out your accounting processes manually – you’ll know that it can be a time-consuming process at the best of times. To save time, many businesses now use accounting software to automate manual accounting tasks and keep their business running smoothly.

However, with so many accounting software choices on the market, it can be tricky to know which is the best choice for your business. To help you with this choice, we’ve reviewed and compared price, ease of use, types of plans and top features across services like Zoho and QuickBooks to help you choose the best accounting software for Australia.

Best Accounting Software in Australia 2024 | Top 7 Shortlist

Through our research, we concluded that Zoho Books is the best accounting software in Australia. It’s our pick for the best accounting software in Australia due to the wide range of plans offered for businesses of all sizes and its user-friendly features, particularly its invoicing and inventory tracking and management tools.

1. Zoho Books — The Overall Best Accounting Software in Australia, Suitable for Businesses of All Sizes – Get Started With a 14-Day Free Trial
2. Oracle NetSuite — The Best Accounting Software for More Mature Companies – Book a Free Product Tour
3. QuickBooks — Best Accounting Software for Small Businesses in Australia – Test the Platform With a 30-Day Free Trial
4. Sage Intacct — Quality Accounting Software for Medium-Sized and Growing Businesses – Get Started Here
5. FreshBooks — Accounting Software With Easy-To-Use and Automated Invoicing Features – Try It for Free
6. Xero — Accounting Software Full of Integrated Add-Ons – Try Xero for Free
7. Bonsai — Simple to Use Accounting Software, Great for Freelancers and Consultants – Get Started for Free

The Top 7 Accounting Software for Australian Businesses | Reviewed

Ready to learn about each accounting software provider in more detail? Let’s get started.

1. Zoho Books – The Overall Best Accounting Software in Australia 2024

Zoho Books is a cloud-based accounting solution with a wide range of features suitable for businesses of all sizes. Its user-friendly invoicing and inventory management solutions make it easy for companies to stay on top of receivables and payables, manage their cash flow efficiently and their bank reconciliation process, which is why it’s our choice for the best accounting software Australia 2024.

The app’s innovative layout and user-friendly features make using the software an enjoyable experience. The dashboard gives you a clear overview of your total receivables, payables, cash flow, and sales. In addition, the layout is clean, which makes it easy to find the information you’re looking for.

It’s also nice and easy to create invoices on the platform. Click ‘invoices’ on the left-hand side of your dashboard, then ‘new’, and enter the relevant details. You can then add your logo and customize fonts to create professional invoices that reflect your brand identity.

You can also create various business reports from the dashboard, including balance sheets, profit-and-loss statements and cash flow statements. In addition, the platform contains over fifty different reporting options broken down into easily viewable categories.

These reporting features demonstrate that Zoho has designed its accounting software to be used by customers with beginner, intermediate and advanced accounting needs. The extensive reporting capabilities Zoho offers are one of the standout features that separates the software from competitors.

Inside the dashboard, users can access Zoho’s help and support resources, which contain guides to individual features, product demos, and webinars showing users how to make the most of the platform. You can also start a chat with a customer support agent if you need to.

Additionally, you can download the Zoho Books app, which allows you to generate and send invoices and record expenses on the go.

We also particularly liked that there is a demo account on the Zoho Books website as you can begin to get a feel for how the platform works and its features before you start a free trial or purchase a plan. It’s worth noting that no other provider we tested had a demo account available through their website – another win for Zoho Books.

You can also get started with a free plan rather than immediately committing to a paid one, which also makes Zoho Books the best free accounting software in Australia and the best accounting software choice for Australian businesses.

Pricing

Zoho Books offers six different plans (all pricing in Australian Dollars) –

• A Free plan allowing one accountant user and one base user
• The Standard plan priced at (prices in Australian Dollars) $19.80 per month or $16.50 when billed annually and suitable for three users
• The Professional plan priced at $39.60 per month or $33 when billed annually, suitable for five users
• The Premium plan billed at $59.40 per month or $44 when billed annually, suitable for ten users
• The Elite plan costing $220 monthly or $181.50 when billed annually, suitable for ten users but containing more advanced features such as cash flow forecasting reports and advanced multi-currency handling
• The Ultimate plan costs $385 monthly or $319 per month when billed annually, suitable for up to 15 users.

With six different plans to choose from, you should be able to find a plan that has the features you’re looking for. You can see the plans and pricing options below –

2. Oracle NetSuite – The Best Accounting Software for More Mature Companies

Oracle NetSuite offers extensive accounting and financial management options for different businesses, including enterprise businesses and government agencies, instead of focusing their product offerings solely on smaller firms, which is why it takes the second spot on our list.

While the product still has high adoption among smaller and mid-size companies, the fact that more and more enterprise-size businesses are adopting Oracle NetSuite demonstrates that it’s a platform that can be a good fit for a growing business as they scale.

Like most accounting software solutions, Oracle NetSuite allows you to create reports and has extensive financial planning and billing features. It’s also a mature product that’s been in the marketplace for a long time, meaning it has a well-established set of integrations available to users.

The main dashboard will give the user an overview of essential information relevant to the user’s role. Along the top of the dashboard, you can navigate to specific dashboards for individual sections such as payments, cash flow, transactions, lists and reports. Each dashboard is fully customizable, so you can set up each section to your liking and way of working.

You can set different account permissions for each user, and the level of account permission will also affect what each user will see on their dashboard. For example, if you have a user who’s responsible for accounts receivable at your organisation, you may want them to be able to view in-depth collections information. On the other hand, a user in a general accounting role may not need to have this information displayed on their dashboard and may need to see different financial reports.

The Oracle NetSuite system is vast. Based on the platform’s complexity, we recommend contacting the company and describing your needs so you can get the platform set up in a way that will most benefit your organisation.

Pricing

As Oracle NetSuite supports organizations of all sizes, all their pricing is custom, so you’ll need to contact Oracle NetSuite for a quote.

3. QuickBooks – Best Accounting Software for Small Businesses Australia

QuickBooks, also known by some as QuickBooks Australia, has built its accounting software with small businesses in mind and its long been one of the most popular accounting software solutions on the market. The company offers five different plans, ranging from a basic plan for self-employed freelancers and contractors to an advanced plan built for more than five users.

Like other accounting solutions for small businesses, QuickBooks has tried to make its software as user-friendly and easy to understand as possible. This experience starts with the main dashboard that gives you a clear snapshot of your company’s financial information, allowing you to quickly assess financial performance over a given time frame.

QuickBooks invoicing features are also easy to use. Once you’ve created a new invoice, you can choose the customer you wish to invoice, fill out the relevant information, such as the products and services you’re billing, set payment terms and send.

Each QuickBooks plan allows you to import your income and expenses to the platform securely, send invoices and receive payments, and create general reports, including profit & loss, expenses reports and balance sheets.

Alongside these features, each plan allows you to forecast and manage your cash flow, track sales and sales tax, customise estimates, assign vendor payments and connect your QuickBooks account to at least one sales channel, such as an Amazon or Shopify store. The ability to connect QuickBooks to your sales platforms is particularly useful if you’re looking to keep the apps you rely on streamlined and in sync with one another.

Ultimately, the QuickBooks plan that’s right for you will depend on the size of your business and the exact features you’re looking for. With each plan containing essential accounting tools, the decision will likely come down to your budget, the number of user seats you need and other advanced features you desire.

Pricing

QuickBooks has four plans available, their software is available in Australia, but their global pricing is in USD, at the time of writing QuickBooks are offering 70% off each of their plans for 3 months –

• A Simple Start plan costing $5.10 per month for the first three months and then $17, or $152.39 billed annually
• An Essentials plan costing $7.80 per month for the first three months and then $26, or $233.06 billed annually
• A Plus plan costing $10.80 per month for the first three months and then $36, or $322.70 billed annually.

QuickBooks has a good number of plans available, and you can also try any QuickBooks plan for free for 30 days.

4. Sage Intacct – Quality Accounting Software for Medium Sized and Growing Businesses

Sage’s accounting software for Australian businesses, Sage Intacct, is designed for medium-sized and growing businesses. The software contains all the features most companies will need for their accounting tasks.

For example, with Sage’s invoice management, you can easily create quotes, send invoices to customers and suppliers, track payments, view customer receipts and more. The software also contains more advanced features, such as automating accounts payable processes and streamlining the most complex quote-to-cash processes.

Sage accounting also integrates with different payment systems and apps, which makes it easier to choose your preferred methods of receiving payment. With a dedicated integrations team and different APIs, you can customize the Sage platform to your business’s financial needs.

In addition, payments that come through Stripe will automatically sync to your bank account, making it easier for you to keep your financial records in one place.

Sage also offers its customers a solid amount of reporting options. Through the platform, you can create the following reports –

• Profit and loss, Balance sheet
• Trial balance
• Accounts receivable ageing
• Accounts payable
• Cash flow forecast
• Receipts and payments
• General ledger
• Sales day book
• Purchase day book, Sales Revenue
• Audit trail
• Profit analysis
• Stock movement and Sales tax.

The Sage platform contains so many different features that it may be overwhelming for some smaller businesses. That being said, the system is very flexible, and with dedicated customer support and many integrations available, you can tailor Sage Intacct to your needs.

Pricing

Australian customers need to contact Sage for custom pricing.

5. FreshBooks – Accounting Software With Easy-To-Use and Automated Invoicing Features

FreshBooks is another solid accounting solution to consider, particularly if you’re a freelancer, a sole contractor or running a small business. The setup process is very easy, all you need to do is add a few details about your business and why you’re using the platform, and upon completion, you’ll be directed to the main dashboard.

The dashboard is easy to use and contains most features that any small business will need. You can get started by adding a client, creating and sending an invoice or adding and tracking expenses.

We particularly like the invoicing features that FreshBooks has to offer. For example, you can customise your invoice by inputting your logo into the invoice and choosing a theme colour and font. You can also set up recurring invoices, easily set up discounts, and get updates when your invoices are viewed or paid online.

Another feature that freelancers or independent service providers, in particular, will find beneficial is the time tracking features included with all FreshBooks plans. For example, you can add the type of service you’re carrying out, the client you’re completing the task for and the amount of time you’ll spend on it.

This feature is helpful if you’re balancing multiple projects and clients and looking for an efficient way to track your time without relying on an external app.

If you’re looking to test out FreshBooks, you can get started with a generous 30-day free trial, which should give you plenty of time to see if FreshBooks is the right accounting software for you.

Once you’ve gone through your free trial, you can select a plan tailored to your business type; the FreshBooks website contains options for freelancers, self-employed professionals, businesses with contractors, companies with employees and plans for accountants.

Pricing

FreshBooks offers four different plans (all pricing in Australian Dollars) –

• A Lite plan for professionals with basic accounting needs. The lite plan costs $20 per month or $216 annually.
• A Plus plan for small business owners priced at $35 a month, or $378 annually
• A Premium plan for growing businesses priced at $50 per month or $540 annually
• A Select plan which is for larger businesses, you’ll need to contact FreshBooks directly for this plan’s pricing.

FreshBooks offers a good range of plans and with a 30 day free trial you can try out the plan you think is right for your business risk free.

6. Xero – Accounting Software Full of Integrated Add-Ons

Xero’s accounting software targets small business owners who want to keep on top of their finances without spending a tonne of time learning accounting.

Xero’s platform comprises features, including customizable invoicing, expense management inventory and project management, bill payment and multi-currency options. You’ll find these features in a customisable dashboard where you can view all your important financial information.

The dashboard summarizes your business’s health, including your total cash in and cash out, overdue bills and outstanding invoices. You must connect your bank accounts to the app to view this information.

You can also create customizable reports, giving you the flexibility to fit the platform to your business needs. Additionally, all plans offered by Xero support unlimited users, so as your business grows, you don’t have to worry about being stifled by the amount of your team who can use your accounting software.

Xero is also useful if you want your accounting software to come with payroll options. Through Xero, you can set up your employee’s bank accounts for payment, organise employee leave and timesheets and organize taxes.

Although Xero is a useful piece of accounting software, it does have a couple of drawbacks. First, with the most basic platform, which is for sole traders and freelancers, you can only send a maximum of twenty invoices a month and enter up to five bills, which may be a limit for some.

Also, the customer support offered can be frustrating in some instances. The company doesn’t provide a customer support phone number on its help pages. Instead, Xero offers 24/7 online support but only phone support in certain situations. These limitations can be somewhat frustrating if you have lots of questions about the software and need a walkthrough.

Pricing

You can choose from three plans with Xero, at the time of writing you can get 50% off all plans for four months. (All prices in AUD)

• The Early plan is aimed at sole traders and costs $14.50 per month for four months and then $29 per month
• The Growing plan is aimed at small businesses and costs $29.50 per month for four months and then $59 per month
• The Premium 5 plan is currently $38 per month for the first four months and then $76 per month
• The Ultimate 10 plan is currently $55 per month for the first four months and then $110 per month.

Like providers such as Zoho Books and FreshBooks, Xero has a range of plans available for most business types.

7. Bonsai – Simple to Use Accounting Software, Great for Freelancers and Consultants

Bonsai aims to provide easy-to-use accounting solutions for self-employed individuals and small businesses, similar to a few of the providers we’ve looked at.

Their platform contains features suited to freelancers or small businesses looking to cut down the time they spend invoicing and chasing up client payments, such as automating the entire invoice creation process, utilizing invoice templates and accepting payments in multiple currencies.

We also like that you can customize invoices and add your own branding. Small features like this can be essential to freelancers and small businesses who want their invoices to reflect their brand identity.

Another plus point to Bonsai is the platform’s clean and easy-to-use interface. Once you’ve created your account, you’ll find the dashboard layout clean and easy to understand.

For example, on your dashboard, you’ll see an overview of your income and expenses, quick links to create a contract or draft a proposal and different tabs on the left-hand side of your dashboard to navigate to various individual features such as proposals, contracts and invoicing. These features make the platform easy to get started with and get accustomed to.

Bonsai is a useful platform for freelancers and small businesses, but it doesn’t yet have the advanced features that some companies may require for their accounting needs

Pricing

Bonsai offers three different plans:

• The Starter package costs $24 a month or $17 a month when billed annually and is built for freelancers and contractors
• The Professional package is priced at $39 a month or $32 when billed annually, suited to more established sole traders, freelancers or small businesses
• The Business package costs $79 a month or $52 a month when billed annually and is suited for small businesses and agencies.

While Bonsai doesn’t have some of the more advanced features that some of the other providers we’ve looked at have, their platform has everything a sole trader or self-employed individual should need in accounting software.

The Best Accounting Software Australia | Comparison

Do I Need Accounting Software for My Business?

Whether accounting software is right for you will typically depend on the type of business you’re running and your circumstances. For example, if you’re a sole trader and happy with your current accounting processes, you may not need to consider accounting software. On the other hand, if you’re a rapidly growing business struggling to keep up with your growing accounting needs, then implementing accounting software would make sense.

Here are some of the benefits accounting software can bring to your business:

Automates Time-Consuming Processes

Accounting software helps businesses automate a variety of time-consuming accounting processes, such as:

• Invoicing
• Payment reminders
• Financial reporting
• Updating financial data
• Preparing financial statements.

Reduces Errors

If you rely on manual processes for your accounting, there’s always a chance of mistakes. Some of these mistakes include the following:

• Data entry errors, such as entering a number into a wrong account
• Duplicating a record
• Error of omission, such as failing to record an invoice as paid
• Error of commission, such as receiving payment on an invoice but recording the payment against a different customer invoice

Accounting software can help you reduce these types of errors and instead will keep your financial statements and reports updated to reflect any changes you make.

Saves You Time and Money

With automated manual tasks, fewer accounting errors and greater efficiency in your business, you’ll have more time to dedicate to other parts of your business. Of course, fewer errors mean you spend less money correcting them, but more importantly, you can centralize all of your accounting processes within one platform rather than keeping track of a bunch of spreadsheets.

Makes It Easy To Track and Share Financial Information

Many of the platforms we reviewed, such as Zoho Books and FreshBooks, allow an accountant to access the platform, which is very useful if an accountant helps you with certain parts of your accounting. In addition, if you’re working with an accountant, accounting software platforms make it easy to share financial information directly from the platform you’re using.

Should You Use Accounting Software?

It’s well worth considering accounting software for your business. Most of the providers we’ve tested have a free trial available, so you can try out their solution before you spend any money, while Zoho Books offer a free plan that you can use if it fits your needs.

You should also weigh how much time your current accounting method takes you. If your current process is cumbersome and you feel like it’s taking too much of your time, then there’s a strong chance the right accounting software can save you time and make your life easier.

Factors to Consider When Choosing the Best Accounting Software in Australia

What’s Your Budget?

Like with any major purchase for your business, you’ll need to know how much you’re willing to spend on accounting software. The good news is that accounting software is very affordable. As we’ve mentioned a few times, Zoho Books has a free plan available, while most providers, apart from Oracle NetSuite, have affordable starter plans.

Is Your Business Growing?

An important factor to consider when choosing the best accounting software for your business is determining whether your business is growing.

For example, solutions such as Bonzai are geared towards sole traders, self-employed individuals and small businesses. Therefore, a solution like this wouldn’t be suitable for a mid-sized company currently expanding, whereas a more advanced accounting platform like Oracle NetSuite could be.

On the other hand, if a freelancer is looking for an accounting solution, then a solution like Oracle NetSuite wouldn’t be suitable for them due to its price, and many of its more advanced features would be redundant to the freelancer.

If your business is growing, try and find an accounting solution that can grow with you. Solutions such as Zoho Books, QuickBooks, FreshBooks and Xero all offer plans suitable for a wide range of businesses, so if you choose one of these providers and find that your business is growing and you need to upgrade, there’s a good possibility that these providers will have a plan that can continue to meet your needs as your business expands.

What Accounting Tasks Do You Need Help With?

Knowing the accounting tasks you need assistance with or want to automate will help you select the right solution and plan for your business. First, list all the accounting tasks you’re currently carrying out for your business. Then, when you speak to providers and assess accounting software, you can check with a provider if they can assist with those tasks and decide what solution and service plan will be most beneficial to your business.

How Many Users Do You Require to Use the Software?

Knowing how many people within your business will be required to use any accounting software you purchase is important. For example, if you’re a sole trader and know you will be the only person using it, then you’ll know that a provider’s service plan allowing only one person to use the software will be acceptable.

Whereas if you run an enterprise business and you know that a team of ten accountants will be using the software, with potentially more users to come, you’ll need to choose a solution and a service plan that allows you to add more seats as and when you need them.

Accounting Software FAQs

What Is Accounting Software?

Accounting software is used by accounting professionals such as accountants, bookkeepers and business owners to manage an individual’s or an organisation’s day-to-day transactions. The functionality of accounting software differs from product to product. Larger, more complex businesses may need a more bespoke, customized solution, while smaller firms are usually better suited to an off-the-shelf product.

What Software Do Most Accountants Use?

Different accountants use different accounting software. However, from our research, the most popular accounting software among accountants is QuickBooks and Sage, with Zoho Books growing in popularity.

What’s the Best Free Accounting Software in Australia?

Zoho Books is the best free accounting software out of the solutions we tested. While most providers offer a free trial, Zoho Books offers a free plan with all the features a self-employed individual or sole contractor would need for their accounting.

Which Is the Best Accounting Software for Medium-Sized Businesses in Australia?

Our pick for the best accounting software for medium-sized companies in Australia is Oracle NetSuite. This solution can handle more complex accounting tasks than many of the other solutions we reviewed, and the platform is suited to medium-sized and enterprise businesses.

What’s the Best Small Business Accounting Software in Australia?

The best small business accounting software in Australia is Zoho Books. Customers can choose from six plans, and the different features included in every plan are laid out on Zoho Books’ website.

Conclusion | What’s the Best Accounting Software in Australia in 2024?

This guide should have given you a solid overview of the different accounting software solutions on the market today. Our team tested a tonne of different providers before settling on these seven providers:

1. Zoho Books — The Overall Best Accounting Software in Australia, Suitable for Businesses of All Sizes – Get Started With a 14-Day Free Trial
2. Oracle NetSuite — The Best Accounting Software for More Mature Companies – Book a Free Product Tour
3. QuickBooks — Best Accounting Software for Small Businesses in Australia – Test the Platform With a 30-Day Free Trial
4. Sage Intacct — Quality Accounting Software for Medium-Sized and Growing Businesses – Get Started Here
5. FreshBooks — Accounting Software With Easy-To-Use and Automated Invoicing Features – Try It for Free
6. Xero — Accounting Software Full of Integrated Add-Ons – Try Xero for Free
7. Bonsai — Simple to Use Accounting Software, Great for Freelancers and Consultants – Get Started for Free

Zoho Books is our choice for the best accounting software in Australia for 2024. The wide range of plans available means there’s a plan for every type of business, and the platform’s user-friendly accounting features make it an accessible piece of software for all business owners, regardless of their technical expertise.