When running your business, implementing good financial management habits is essential to ensuring your business can succeed. It takes time, effort and the right tools, but implementing the right 'finance stack' can make it easy for you to understand your financial health, make smarter decisions and stay compliant.
One tool that is critical to get right is your accounting software. With many available in the market, we run the rule over your options so you can make the right choice for your business.
Accounting software helps businesses and individuals manage their financial affairs by simplifying invoicing, expenses, bookkeeping, and tax preparation. These software programs popularised by MYOB and Xero over the last two decades can help businesses of all sizes keep accurate financial records, streamline their accounting processes, and make informed financial decisions. Given the number of options in the market, how do you decide what's best for you? Let's find out.
- Identify your key needs
To pick the right software for your business, the first step is to decide on what you need. Having a comprehensive payroll system is essential if you run a childcare business that employs many full-time, part-time and casual staff. If you are a tradie, being able to invoice clients and get paid quickly may be your killer feature. If avoiding unexpected tax bills is your motivation, then a tax prediction calculator may help you sleep more easily. List your key priorities or non-negotiables, and order them from top to bottom. Having a list makes it easy to compare features and pricing.
- Compare the options
There are many tools in the market that all offer the same functionality. Products like Xero, MYOB, Quickbooks and Reckon essentially provide the same features and have similar pricing. When comparing these options, read the fine print and look for hidden fees. Be wary of special introductory offers that may obscure how much you will pay in the long run – often double the price of your original subscription. Also, keep note of online reviews, which can provide an excellent gauge of the genuine customer feelings about a product.
- Review new solutions
Some new solutions have hit the market and stack up favourably against legacy offerings like Xero and MYOB. Thriday is a new accounting software for small businesses that has several advantages. Thriday is an all-in-one financial management platform that automates banking, accounting and tax. Designed for small business owners who need more time, Thriday has a user-friendly interface that is easy to navigate, making it simple for small business owners with limited accounting experience to manage their finances.
Unlike the competition, Thriday offers a business bank account and Visa Debit card. This means that you can do your banking, make payments, track receipts, issue invoices and complete your financial reporting in one solution. To close the loop, you can generate your crucial accounting reports and lodge your BAS to the ATO. It's simple, straightforward and more cost-effective than any alternatives.
Thriday also has a good reputation for providing excellent customer service and support, which is essential for small businesses needing a dedicated accounting team. With an Australian-based call centre trained in sound financial management, you can get the help you need efficiently.
Choosing the right accounting software for your business is crucial for success. It streamlines financial processes, provides valuable insights, and saves time and resources. With an abundance of options available, it is important to carefully consider your business needs and compare features to find the best fit. Investing in the right tool now can pay off in the form of better financial health and reduced stress in the future.
When running your business, implementing good financial management habits is essential to ensuring your business can succeed. It takes time, effort and the right tools, but implementing the right 'finance stack' can make it easy for you to understand your financial health, make smarter decisions and stay compliant. One tool that is critical to get right is your accounting software. With many available in the market, we run the rule over your options so you can make the right choice for your business.
Accounting software helps businesses and individuals manage their financial affairs by simplifying invoicing, expenses, bookkeeping, and tax preparation. These software programs popularised by MYOB and Xero over the last two decades can help businesses of all sizes keep accurate financial records, streamline their accounting processes, and make informed financial decisions. Given the number of options in the market, how do you decide what's best for you? Let's find out.
- Identify your key needs
To pick the right software for your business, the first step is to decide on what you need. Having a comprehensive payroll system is essential if you run a childcare business that employs many full-time, part-time and casual staff. If you are a tradie, being able to invoice clients and get paid quickly may be your killer feature. If avoiding unexpected tax bills is your motivation, then a tax prediction calculator may help you sleep more easily. List your key priorities or non-negotiables, and order them from top to bottom. Having a list makes it easy to compare features and pricing.
- Compare the options
There are many tools in the market that all offer the same functionality. Products like Xero, MYOB, Quickbooks and Reckon essentially provide the same features and have similar pricing. When comparing these options, read the fine print and look for hidden fees. Be wary of special introductory offers that may obscure how much you will pay in the long run – often double the price of your original subscription. Also, keep note of online reviews, which can provide an excellent gauge of the genuine customer feelings about a product.
- Review new solutions
Some new solutions have hit the market and stack up favourably against legacy offerings like Xero and MYOB. Thriday is a new accounting software for small businesses that has several advantages. Thriday is an all-in-one financial management platform that automates banking, accounting and tax. Designed for small business owners who need more time, Thriday has a user-friendly interface that is easy to navigate, making it simple for small business owners with limited accounting experience to manage their finances.
Unlike the competition, Thriday offers a business bank account and Visa Debit card. This means that you can do your banking, make payments, track receipts, issue invoices and complete your financial reporting in one solution. To close the loop, you can generate your crucial accounting reports and lodge your BAS to the ATO. It's simple, straightforward and more cost-effective than any alternatives.
Thriday also has a good reputation for providing excellent customer service and support, which is essential for small businesses needing a dedicated accounting team. With an Australian-based call centre trained in sound financial management, you can get the help you need efficiently.
Choosing the right accounting software for your business is crucial for success. It streamlines financial processes, provides valuable insights, and saves time and resources. With an abundance of options available, it is important to carefully consider your business needs and compare features to find the best fit. Investing in the right tool now can pay off in the form of better financial health and reduced stress in the future.