Business accounting software to track your business cash flow

Good bookkeeping can be the difference between a business growing and going broke, and using business accounting software can help you understand your finances through budgeting, managing cash flow, financial reporting, meeting your tax obligations and paying staff correctly.

If that sounds daunting, don't worry. Affordable, purpose-designed business accounting software can take the sting out of managing your money.

Where to start

"The key to getting the right business accounting software is to understand what you need it for," says Andrew Whiting, business software specialist at Officeworks. A retail business, for example, has different needs to an engineering consultancy.

Andrew points out that within the popular MYOB range, two of the commonly used products are similar but for one key difference: payroll. The retail business may need it but the engineering firm may not.

"If you are unsure which accounting program best suits your business, ask your accountant," he adds. "It is often advisable to use the same one as they do." 

Market leaders

"MYOB is the major player in business accounting software," says Andrew. "They offer a couple of packages, starting with MYOB Accounting and AccountingPlus. 

"Accounting allows you to do BAS statements, customer relationship management, invoices and track stock, while AccountingPlus adds a payroll management function." 

Benefits of business accounting software

• Saves time: Automating your bookkeeping streamlines data entry, data recall, BAS preparation, production of reports and cash flow management.
• Saves money: Allows you to trap all your expenses and possible deductions, avoid fines for late or non-compliant submission of BAS. More accurate financial data also means less work for your accountant.
• Compliance: The tax code is many thousands of pages long and constantly changing. Do you have the time to learn it all? If not, MYOB or Quicken can do most of the work for you.
• Cash flow management: Know precisely where your business stands regarding incoming and outgoing cash at any time.
• Management information: Targeted reporting enables managers to make better decisions, foresee cash flow problems and plan for periods of quiet sales activity.

What about training?

The two leading brands of business accounting software, MYOB and its main competitor Quicken, both offer comprehensive training.

As well as online tutorials, Quicken offers classroom training. A place in the QuickBooks Certificate QB Series will cost $399, takes place in most capital cities, and teaches a range of skills using Quicken, including: 

• how to set up a new company
• customising the chart of accounts
• bank reconciliation
• reporting
• receiving and making payments.

MYOB also offers a range of training options. For example, an online course on setting up MYOB costs $109, while a course on advanced business reporting and analysis costs $329.

Basic business accounting 

Using business accounting software specifically designed for Australian SMEs helps keep your finances in good health.

Speak to your software retailer about how to streamline your business bookkeeping, pay your staff on time and stay in the tax man's good books.