What Is the Best Accounting Software for Your Business?
Quick Summary
The best accounting software is the one that fits your workflow, team and reporting needs.
Compare MYOB, Xero and other options based on features such as payroll, time billing, job costing, inventory and integrations.
Your software needs may change as your business grows, and an experienced bookkeeper can help you choose, set up and use the right system.
It’s a question we’re often asked:
“What’s the best accounting package to use for my business?”
The honest answer is simple:
The best accounting software is the one that works for you.
Every business is different. Your industry, team size, daily workflow, reporting needs and personal preferences all play a role in finding the right fit.
The right system should make your day-to-day bookkeeping easier, give you useful information and support the way your business operates.
Start With Your Business, Not the Brand
Before comparing accounting packages, think about what you actually need the software to do.
Consider:
Invoicing and bill management
Bank reconciliation and GST
Payroll and payday filing
Time billing or job costing
Inventory management
Financial reporting
Connections with other business applications
Access for your team, bookkeeper and accountant
Training and ongoing support
It’s also worth thinking about where your business is heading. A system that suits you today should have enough flexibility to support your next stage of growth.
This is where an experienced bookkeeper can help. Having worked across different accounting platforms, they can help you look beyond the marketing and identify which system best matches your everyday needs.
MYOB, Xero or Something Else?
At OMS, we work with a range of accounting software packages, and each has its strengths.
For our own bookkeeping, I use MYOB AccountRight because it suits the way we operate. The version we use includes time billing, which allows us to track the time our team spends working with clients and invoice accordingly.
For payroll, we use Xero Payroll. With a small team, it gives us a simple and effective way to manage our payroll processing.
This combination works well for us. Your ideal setup may look completely different.
Many businesses value Xero’s cloud-based access and its ability to connect with a wide range of other business applications. These connections can help reduce duplicated work and create a smoother flow of information between different systems.
Some of our clients prefer MYOB because they find its visual layout and way of presenting information easier to work with.
Other businesses may need specialist features for farming, inventory, payroll or job management. In these situations, the best solution may involve an accounting package working alongside software such as Fergus, Farm Focus or another industry-specific system.
There Is No One-Size-Fits-All Solution
Choosing software based on popularity alone can lead to frustration later.
A good accounting package should suit:
The tasks you complete regularly
The way you and your team prefer to work
The information you need from your reports
The other systems used in your business
Your budget for subscriptions, setup and training
The support available when you need help
Ease of use matters too. Even software with an impressive list of features will provide limited value when it feels difficult or confusing to use.
Your Needs Will Change
The software a business starts with is not always the software it stays with.
As your business grows, you may need more detailed reporting, additional integrations, inventory management, payroll features, job costing or access for more team members.
It can be helpful to review your software whenever your current processes begin taking too much time, important information becomes difficult to find or your team starts relying on manual workarounds.
Changing systems requires planning, data migration, setup and training, so there should always be a clear business reason behind the move.
The Bottom Line
Choose the accounting software that suits your business, your workflow and your way of working.
Look at the tasks you need to complete, the information you want to see and how comfortable you and your team feel using the system.
If you’re unsure where to begin, talk to your bookkeeper. They can help you compare the options, understand the strengths and limitations of each package and find a solution that saves you time and supports your business.
Need Help Choosing the Right Accounting Software?
The OMS team can help you compare your options, set up your chosen software and provide practical training and support.
Let’s have a quick coffee and find the accounting package that feels right for your business.
Office Management Solutions Ltd
Your Local Bookkeeping & Business Support Team
📍 Central Otago
📧 kathy@omsolutions.co.nz
📞 027 534 7569