Best Bookkeeping Software 2021
There are a wealth of software services that make bookkeeping for small businesses easier and faster. They range in price and features, and it is important to choose the right one for you whether you are a company, sole trader, small business or freelancer.
We have compared the top 5 bookkeeping apps for you so you can make the best choice!
Wave
Best for
Start-up businesses or solopreneurs on a tight budget who are not registered for GST.
Price
Free
Pros
✔ No cost
✔ Easy to set up
✔ Easy to use
Cons
× No direct bank feed
× Need to import bank feed transactions manually via .csv file from your bank
× Doesn’t handle GST
× Doesn’t handle Payroll
Rounded
Best for
Solopreneurs in service industries (sole traders) e.g. creatives
Price
From $15.00 per month
Free 14 day trial
Pros
✔ Integrated Bank Feed
✔ Calculates & tracks GST
✔ Tracks time spent on projects
✔ Easy to set up
✔ Easy to use
✔ Great dashboard to see everything at a glance – visually appealing
✔ Has a Tax Rates calculator on Dashboard to track your estimated tax on your taxable income
✔ Made for Australian businesses
Cons
× Doesn’t have a Balance Sheet
× Doesn’t handle Payroll
× Doesn’t handle Inventory
× Limited reports
Quickbooks Online
Best for
Small businesses or solopreneurs on a budget
Price
From $22.00 per month
(currently on sale for $15.40 per month)
Free 30 day trial
Pros
✔ Integrated Bank Feed
✔ Calculates & tracks GST
✔ Handles Payroll
✔ Handles Job Costing
✔ More than 500 3rd party app
integrations including Dext and Hubdoc
✔ Powerful software
✔ Value for money
✔ Very user friendly
✔ Can upgrade to higher plans as your business grows
✔ Telephone support
Cons
× Limited reports
× Limited inventory management
Xero
Best for
Small to medium businesses
Price
From $27.00 per month
(lowest plan is limited to 20 invoices, & 5 bills and payroll for 1 person.
Free 30 day trial
Pros
✔ Integrated Bank Feed
✔ Calculates & tracks GST
✔ Handles Payroll
✔ Handles Job Costing
✔ Handles Cost Centres
✔ Powerful reporting
✔ Has an integrated Budget feature ✔ Can upgrade to higher plans as your business grows
✔ Beautiful to use – very intuitive ✔ Fun & easy to process bank feeds
✔ More than 800 3rd party app integrations including Receipt Bank and Hubdoc for automated receipt
Cons
× Price is more expensive than other apps for similar features (e.g. payroll, multi-currency)
× No telephone support (very responsive to online support tickets)
MYOB
Price
From $27.00 per month
(currently on sale for $13.50 per month)
Free 30 day trial
Pros
✔ Calculates & tracks GST
✔ Handles Payroll
✔ Easy to use
✔ Can upgrade to higher plans as your business grows
✔ Over 300 3rd party app integrations including Receipt Bank
✔ Telephone support
Cons
× Limited features & limited 3rd party app integrations
× Migrating to another app can be difficult × Limited reports
× Expensive for the features it offers compared to other apps features & prices
× Less preferred choice for professional bookkeepers due to its limitations
× Very average support
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