Recommended Accounting Software Providers

Unless you’ve got a knack for numbers, accounting is likely to be very low down on your list of favourite business tasks. Thankfully, you no longer have to manually tally the books as you might have done 50 years ago — software solutions have been developed to pick up the slack.

From bookkeeping to bank reconciliations, software providers now help businesses automate virtually all aspects of their accounting process. While the decision to invest in accounting technology is a no-brainer, the variety of options on the market makes your choice a tough one.

To find the accounting tool that best meets your needs, you’ll need to conduct thorough research into the different software products available. We’re here to help you through this journey, offering our expert insights into the leading software products on the market today.

Comparing the Best Accounting Software Products

We’ve put four of the most popular accounting software products — Xero, MYOB, DAVO and QuickBooks — to the test and analysed each of their main strengths.

Check out their respective functionalities in the comparison table, before continuing for a more detailed review of each product’s key features and selling points below.

Accounting Software Providers Comparison Table

Product	Financial Reporting	Bank Reconciliations	Tax Returns	Invoicing	Inventory Tracking
Xero Multi-purpose accounting product serving businesses of all sizes and industries.
MYOB Multi-purpose accounting product serving businesses of all sizes and industries.
DAVO Multi-purpose accounting product serving businesses of all sizes and industries.
QuickBooks Multi-purpose accounting product serving businesses of all sizes and industries.

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Xero

Xero is one of the world’s leading accounting software products, and is trusted by more than one million companies globally. A cloud-based accounting solution, Xero brings together your bank, accountant and bookkeeper for more streamlined oversight of your finances.

Key Selling Points

Xero doesn’t miss a beat when it comes to accounting. Here are two selling points that separate the software from other products on the market:

1.    Expense management

Income is just one side of the coin in accounting. Beyond sales, Xero will also factor in wages, rent, marketing, stock orders and any other business-related costs to provide the complete picture of your business expenditure.

The software collates these expenses with your sales, allowing you to track your profitability in real-time and get a better understanding of your business’ true performance.

2.    Advanced reporting

Xero’s accounting software comes with sophisticated reporting tools that allow you to track your business across various metrics. Detailed insights into your products, promotions, customers and locations are generated automatically and only ever just a few clicks away.

You can integrate Xero with your other business systems to supercharge the software’s reporting capacity. Supplied with insights from other channels, Xero will convert your key business information into graphs and charts for quick and easy data visualisation.

Key Features

Xero’s key features include:

1. Automatic bank reconciliations.
   Xero syncs your business systems to your bank, ensuring sales totals match payment deposits in your bank account.
2. Cash float management.
   The software will also take into account any petty cash sitting in your tills while doing the books.
3. Expense claims.
   Create, track and manage expense claims to better capture your business-related costs.
4. Sales tax returns.
   Xero keeps track of your sales tax obligations and will help you with your returns come tax season.
5. Online invoicing.
   Quickly create invoices and send them to your clients with Xero’s online invoicing tools.
6. Data management.
   Xero syncs customer and supplier details from your business systems for seamless data management.

You can read more about Xero’s accounting software here.

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MYOB

MYOB is another market-leading accounting software product, and boasts more than one million paying subscribers. Like Xero, MYOB is an online accounting solution with a focus on automation, working to reduce manual intervention in the accounting process.

Key Selling Points

MYOB’s biggest strength is its versatility; it’s rare to be able to do so much with just a single software product. Here are two selling points that elevate MYOB above its competitors:

1.    Software integrations

MYOB markets itself as a one-stop shop for business management software. If a task is beyond the capabilities of its native accounting software, MYOB offers integrations with dozens of other industry-leading tools that can be easily added to your business systems.

These include integrations for analytics, staff management, marketing and customer loyalty. While most modern software products offer third-party integrations, the range available with MYOB is unique.

2.    Inventory management

Unlike most other accounting software products, MYOB is equipped with advanced inventory tracking tools that allow you to monitor stock levels, inventory adjustments and purchase orders in real-time.

These insights can be used to calculate the precise amount of money tied up in your inventory assets, giving you maximum transparency on your cash flow.

Key Features

Let’s take a quick look at some of MYOB’s key features:

1. Automatic reporting.
   Sync your sales data with your MYOB accounts for fully automated financial reporting.
2. Sales tax returns.
   MYOB offers support for tax obligations and will also factor any liabilities into your ongoing expenses.
3. Automatic bank reconciliations.
   The software automatically imports sales totals into your bank account at pre-set intervals.
4. Online invoicing.
   Generate online invoices and include outstanding invoice payments in your financial reports.
5. Inventory management.
   As mentioned above, MYOB supports inventory tracking with real-time insights into your stock levels.
6. Data management.
   MYOB syncs contact details for your customers and suppliers so you only ever have to update this information once.

Learn more about MYOB’s accounting software here.

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DAVO

DAVO is a specialist sales tax solution that works with your business systems to automate the sales tax returns process. Aimed at small businesses, the software removes the need for manual tax returns and frees up time to be used elsewhere.

Key Selling Points

Here are two standout reasons to consider DAVO’s sales tax software:

1.    Complete automation

With DAVO, you’ll essentially be able to set and forget your sales tax process. The software works by collecting the precise amount of sales tax for each transaction and automatically transferring it to a separate account for safekeeping every 24 hours.

When the time comes to pay your tax, DAVO’s remittance tool sends the required money from the secure holding account, ensuring your obligations are met on time and in full.

2.    Full compliance

DAVO guarantees your tax commitments will be paid promptly and completely. All that’s required from your end is to complete the filing forms and inform DAVO of your tax codes.

You’ll receive all the important documentation regarding tax fulfilment via email, and if you have any issues with your tax returns, DAVO’s support team will work with you to find a solution.

Key Features

Here are DAVO’s key features:

1. Tax collection.
   Sales tax on each transaction is transferred to a secure holding account on a daily basis.
2. Tax remittance.
   DAVO automatically files your local and state tax returns at the right time.
3. Guaranteed fulfilment.
   Rest assured knowing that your tax returns have been handled in a timely and compliant fashion.
4. Security features.
   DAVO uses the latest SSL encryption technology to secure your financial information.
5. Recordkeeping.
   You’ll receive all relevant records associated with your tax commitments via email.
6. Live support.
   Customer support is available if you run into any problems.

We’ve covered DAVO’s functionality in greater detail here.

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QuickBooks

With more than 30 million global users, QuickBooks is quite comfortably the world’s most popular accounting software product. Packed with labour-saving features, QuickBooks specifically caters to small businesses looking to simplify their accounting process.

Key Selling Points

QuickBooks’ name is misleading; the software is capable of far more than just bookkeeping. Here’s a snapshot of the product’s key selling points:

1.    Customisation

QuickBooks gives you complete control over the management of your accounts. Choose how regularly you wish to update your books, as well as what to include in them, from a range of built-in reporting options.

With a user-friendly interface, it’s easy to set up your accounts to fit the needs of your business and stay up to date with your finances.

2.    Ecommerce support

One of QuickBooks’ standout features is its ability to sync ecommerce and physical channels together. Ecommerce compatibility isn’t always easy to find, and it’s a must-have tool for any business with an online store.

You can choose to include your ecommerce sales in your regular accounts or you can dedicate separate reports to your online operations. In any case, you’ll have a clear understanding of the impact of your ecommerce channels on your overall financial performance.

Key Features

Let’s run through QuickBooks’s key features:

1. Automatic financial reports.
   Working with your business systems, QuickBooks compiles your reports automatically using your sales data.
2. Inventory management.
   The software also offers inventory tracking tools for smart cash flow management.
3. Automatic bank reconciliations.
   All sales and expenses are imported into your bank account at given intervals for error-free reconciliation.
4. Sales tax returns.
   QuickBooks keeps tabs on your sales tax commitments ahead of tax season.
5. Ecommerce support.
   Incorporate online sales into your financial accounts for maximum transparency on profitability.
6. Data analytics.
   QuickBooks’ data analytics tools offer insights into the performance of products, promotions and locations.

Find out more about QuickBooks’ accounting software here.

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How to Choose Which Accounting Software is Best for Your Business

Business software is always developed with a specific client in mind; your job is to find the products that fit your specific needs. Here are some key considerations to help you arrive at the right decision:

• Your software requirements. Ask yourself this: “what, exactly, do I need my accounting software to do?” Beyond bookkeeping, you may also require sales tax support or online invoicing tools, for instance.
• Your size and scale. Some software products will cater specifically to small or medium-sized businesses, so choose accordingly. Additionally, if you’re anticipating expansion, make sure to select a software product that can grow with you over time.
• Your accounting experience. Have you done your own books before or are you completely averse to accounting? If you identify more with the latter, you’re probably best served by a hands-off accounting tool with an accessible UX.

These three factors will help you establish exactly what you need from your accounting software. The next step is to learn more about the market; use demos, reviews and other resources to get a better feel of the options available until you find the perfect match.

We recommend Xero, MYOB and QuickBooks for your all-purpose accounting needs, as well as DAVO for your sales tax returns. Visit our dedicated review pages to learn more about each product’s key features and how they can be used to optimise your accounting process.

Frequently Asked Questions

We’ve answered some of the most common questions about accounting software so that you can learn more about the market and make the best purchasing decision.

What are the Benefits of Accounting Software?

Accounting software automates the bookkeeping process, saving time and effort. The best software products offer support for bank reconciliations, expense claims, tax returns, invoices and other related tasks. Not only does accounting automation free up labour, but it also eliminates human error to ensure your financial accounts are completely accurate.

What are Some of the Best Accounting Software Products?

Three of the best accounting software products on the market are Xero, MYOB and QuickBooks. We recommend QuickBooks for small businesses, Xero for the best user experience and MYOB for versatility. DAVO is our choice for sales tax returns software.

Which Accounting Software Product is Best for My Business?

There are three key factors to consider when selecting the accounting software for your business: your software requirements, your business’ size and your accounting experience. The best accounting software integration for your business will fulfil your accounting needs, provide a platform for future growth and be easy enough for you to use based on your experience.

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