Bookkeeping software is created to record and track everyday business activities. There are many software can process tasks like Recording the Supplier bill, Payroll for Employees, Sales Invoices, GST filing, and Management reports.Who requires bookkeeping software?It is important to record the daily transactions and track the everyday cash flow for small businesses. Investing in a bookkeeping software is the first thing to do when starting a business.Bookkeeping software is cloud-based and accessible through cell phones. It is helping business owners keep an eye on everyday income and expenses to know their financial health.Bookkeeping software must have basic features like raising sales invoices, recording the bills, bank accounts and reporting options.A good bookkeeping software must have the following functions:
- Recording supplier bills
- Raising Customer Invoices
- Chart of Accounts
- Payroll, Timesheet & STP
- Automatic Superannuation
- Bank & Credit Card Accounts with Auto feed activated
- Reports
- BAS, IAS and ATO related tasks
Software for Bookkeepers:The bookkeeper’s goal is to become familiar with all bookkeeping software, including the latest features and updates. They will also recommend the best bookkeeping software for each business, considering the specific needs of different industries and products/services.
Bookkeeping software for Small Business:To help small businesses with their bookkeeping, there are many software options available with different functions. The bookkeeper and owners must choose the software that is right for them. Some popular bookkeeping software options include Xero, MYOB, and Quickbooks.
XERO: Xero is a popular software in Australia and in other countries as it offers a range of functions for recording and organizing income and expenses, including GST, payroll, and bank feeds etc. It also integrates with various support apps and has features for dealing with ATO requirements like STP and automatic superannuation. The software is user-friendly and helpful for bookkeepers and owners in various situations. It also has a secure login system and offers online support and learning resources.
MYOB: MYOB Business Lite and Business Pro are suitable for businesses needing standard accounting features like BAS, P&L, Balance Sheet, Bank reconciliation, Payables and Client invoicing. The next step up in the MYOB product range is MYOB AccountRight Live and AccountRight Premier. Both allow small business owners to track income, expenses, creditors, debtors, purchases, inventory, jobs, time billing jobs, and payroll.QuickBooks: Another special software like Xero and MYOB. It also helps you to track and organize your income and expenses daily. QuickBooks maintains, records, and organises expenses GST and sales with all information viewable on a customisable dashboard or through the many accounting and bookkeeping reports that can be generated within the system.
