Best bookkeeping software for small business

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