Using accounting software in your business can make managing your finances much easier. But with various platforms available, it can be difficult to know which is the best fit for you and your business.
Xero and MYOB are New Zealand businesses' two most common accounting and bookkeeping software. However, with the introduction of services like Hnry and the increased software pricing, many business owners are looking for alternatives for their bookkeeping needs.
Which accounting or bookkeeping software is right for your business? Let’s explore.
1. Xero
Xero is a New Zealand-founded cloud-based accounting software known for its intuitive interface and integration with hundreds of applications. It’s one of the most commonly used accounting software on the market. It offers real-time bank reconciliation, invoicing, payroll, and reporting, making it ideal for small to mid-sized businesses. Plus, an app for mobile accounting.
Recently, pricing and glitching have been a concern for many business owners. The limited features in the starter plan often push users to upgrade, and although Xero’s interface is designed to be user-friendly some users find it comes with a steep learning curve and the advanced reporting features overwhelming to use.
Price:
It starts at NZ$35 per month.
Is Xero right for your business?
Xero is ideal for small and medium-sized businesses across various industries. If you’re a larger enterprise with more complex accounting needs, you might want to consider different software.
2. MYOB
MYOB allows you to manage your business on desktop or mobile and gives you the freedom to cancel at any time. It offers customisable invoicing, is intuitive, can automate payments, and offers great reporting.
Some small business owners have said that the reporting process on MYOB is a highlight, however, reviews suggest that the platform can be a little clunky compared to alternatives. If you have an issue or problem you can easily contact user support by telephone, rather than waiting for a response to your email. The MYOB software is directly installed on your computer, so if your internet goes down you can still use the platform.
Price:
Pricing starts at $5.00 per month + GST for the first 6 months (for the Lite plan) and then goes up to $32 per month after the offer period.
Is MYOB right for your business?
For businesses with inventory and payroll needs, MYOB is a good fit, however, it comes with a steeper learning curve and fewer integrations than the likes of Xero or QuickBooks. MYOC is used by a wide range of businesses from sole traders to medium and large corporations.
3. QuickBooks
QuickBooks provides comprehensive features like time tracking, expense categorisation, and invoicing. The platform is highly customisable, offers phone support, and a mobile app, and integrates with many third-party apps such as Salesforce.
However, payroll is an additional cost, and users have reported that sometimes the interface can be slow. If you need multi-currency support, this is only available on higher-tier price plans. QuickBooks is the most popular bookkeeping software in the US, so finding instructional videos and tutorials online is relatively easy.
Price
Pricing starts from US$9.50 per month.
Is QuickBooks right for your business?
QuickBooks is a great choice if you need a comprehensive accounting solution that’s easy to use, and for businesses looking for advanced financial insights without a steep learning curve.
4. Solo
Solo is designed for freelancers and small business owners. Its features include invoicing, expense tracking, account integration and basic reporting. It calculates your tax returns in real time and shows you how much income tax, GST, and ACC you owe.
It lacks the robust features and integrations of other platforms like Xero or QuickBooks, so it may be unsuitable for a growing business. But, it’s easy to use and offers simplicity and affordability.
Price:
Pricing starts at $15 per month, excluding GST.
Is Solo right for your business?
For sole traders or contractors, Solo is a standout for its simplicity, offering an affordable entry point for freelancers looking for easy-to-use tax and accounting software.
5. Zoho Books
Zoho Books is part of the broader Zoho suite, meaning it integrates seamlessly with other Zoho products like CRM and inventory management. It is a cloud-based accounting platform with core features that include quoting, invoicing, banking, inventory, reporting, online payments, time tracking and online applications.
It lacks some key features, like payroll, which requires an external app for integrations. Some recent reviews have said the platform is difficult to navigate, especially for new users.
Price:
Pricing starts from $0 to get you started.
Is Zoho Books right for your business?
Most users say they switch to Zoho because of its affordability compared to its competitors. The price makes it appealing for sole traders and startups. But small to medium-sized businesses will need to upgrade.
If you’d like to learn more or need help deciding which accounting and bookkeeping software is right for your business, feel free to get in touch for a no-obligation chat.
