Thursday, 16 May 2024
Bookkeeping was a complex task that took hours to complete before computers made the lives of finance professionals easier. While computers streamlined and organised data entry tasks, the current crop of cloud-based bookkeeping software is taking automation a step forward. It has become easier than ever to maintain financial records, file income tax, manage payroll, track inventory, and generate reports.
With the latest customisable tools, entrepreneurs can keep track of their business’s financial health. They can check accurate figures in real-time and make sound financial decisions that help the business grow. Here is a list of the top bookkeeping software for 2024 with information about features, pros, and cons. It will help you choose the right tool for your small business without feeling confused.
Features of Xero: Xero is the perfect financial management partner for small businesses and sole traders who do not have employees. The tool allows entrepreneurs to pay their bills, use bank feeds for reconciliation, receive payments and claim expenses. It can help them track budgeting and invoicing as well as calculate GST returns. Payroll management becomes a breeze with Xero which also provides contact management and file storage.
Pros of Xero: It is a cost-effective tool that is scalable and easy to understand. It offers high data security and allows effective collaboration. The software allows various add-ons and can be tailored by the Melbourne bookkeeper.
Cons of Xero: The multi-currency feature of the tool is only available in the most expensive package and understanding the software requires some training. The inventory management feature is quite basic and may not suffice every business needs.
Features of Intuit QuickBooks: It is a helpful tool for small businesses, growing entities and start-ups. It allows entrepreneurs to take charge of their ventures by automating financial tasks. It saves the precious time of your bookkeeper in Melbourne, generates invoices, tracks income, records all expenses, pays salaries, prepares reports and manages cash flow.
Pros of Intuit QuickBooks: It can be cancelled anytime and comes with ongoing support and a free guided software installation. The cheapest subscription is $6.25 per month and can be integrated with more than 500 apps. It offers a free mobile accounting app, and migrating data to the software is super easy.
Cons of Intuit QuickBooks: The advanced versions of the software are expensive and can become a challenge for small businesses. The service comes with limited support and it can take time for the entrepreneur to understand how it works.
Features of FreshBooks: This user-friendly tool has become quite popular among bookkeepers for its ability to provide professional invoicing services, accurate double-entry bookkeeping and faster payments. It is known for appropriately saving bill receipts, managing reporting, sharing files for collaboration, and offering a mobile app for real-time data tracking.
Pros of FreshBooks: Its intuitive interface makes it easy to use and is reasonably priced. It can be used by freelancers, sole traders, small businesses and start-ups.
Cons of FreshBooks: It cannot be used by big corporations and incurs additional costs for adding new members. In addition, it offers limited customisation opportunities.
Features of Zoho Books: The tool is known for cash flow management and creates quotes quickly. Zoho prepares professional invoices and fulfils sales orders as well as accepts online payments. It helps with GST compliance and reconciling bank accounts. Other features include stock management, budgeting, reporting, tax compliance, etc.
Pros of Zoho: It is an easy-to-use tool that makes bookkeeping in Melbourne error-free for businesses. It maintains data privacy and complies with regulations while integrating with other apps.
Cons of Zoho: The software has limitations with inventory management features and does not offer perfect time tracking. Its online payment gateway may create obstructions for cross-country payments and the invoice templates are not detailed.
Features of Sage: Sage is used by small businesses to create and send invoices to customers, manage inventory effectively, connect with the bank, complete reporting requirements, leverage multi-currency functionality, budget and project tracking, and forecasting.
Pros of Sage: Bookkeepers use Sage to forecast cash flow and securely manage financial information. The cost-effective tool offers a free trial and is easy to use.
Cons of Sage: Installing Sage is a complex task, and it may take some time to train others in its use. The software’s homepage is a bit confusing and must be customised to reduce challenges.
Features of MYOB: The software offers everything needed to run a financially sound business. Its main features include invoicing, reporting, GST compliance, connecting bank accounts, payroll management, payment tracking, employee timesheet management, and more.
Pros of MYOB: The tool helps businesses to customise invoices, automate reconciliation, record expenses accurately, calculate correct taxes, check inventory, use multi-currency accounting and integrate with more than 350 apps.
Cons of MYOB: It can take some time for users to get acquainted with all the features of the software and navigate the tool. Updating the software can be taxing as well, but your Melbourne bookkeeper can make it easy with their in-depth knowledge of the tool.
Bookkeeping software is the most significant part of running a business in 2024. It helps automate most of the time-consuming accounting tasks and makes it easy to track accounts payable and receivable.
