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.

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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

EOFY is coming up fast for New Zealand business owners, and a little prep now makes everything feel lighter later. This guide walks you through the key checks before 31 March, like reconciling your accounts, reviewing what’s owed, completing a stocktake, checking assets and depreciation, and making sure GST and payroll are tidy. It also includes key EOFY dates, so you can stay ahead, reduce stress, and head into the new financial year with clear, reliable numbers.

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As we head towards 31 March, End of Financial Year (EOFY) starts creeping onto the to‑do list for a lot of New Zealand business owners. If it already feels a bit overwhelming, you’re not alone.

The good news? EOFY doesn’t have to be painful. A bit of preparation now can save you time, money, and a whole lot of stress later — and it can even give you a clearer picture of how your business is really tracking.

By the time EOFY rolls around, your books should reflect the full picture of your business for the year, not a half‑finished version that needs last‑minute fixing.

Why It Pays to Prepare Early

Leaving everything until the last minute usually leads to:

• Rushed decisions

• Missed deductions

• Errors that take time (and money) to fix

When your records are tidy and up to date, EOFY becomes much smoother. You also get better information about your profits, cash flow, and tax position — which makes planning for the year ahead far easier.

EOFY To‑Do List: The Key Things to Check

You don’t need to do everything at once, but these are the main areas worth focusing on as 31 March approaches.

1. Get Your Books Up to Date

Make sure all income and expenses have been entered and your bank accounts and credit cards are fully reconciled. Missing transactions or unreconciled accounts slow everything down at EOFY.

If you’re using accounting software like Xero, now’s the time to:

• Match transactions correctly

• Attach receipts where possible

• Fix any coding issues while they’re still fresh

2. Review Who Owes You — and Who You Owe

Take a look at outstanding invoices and overdue bills. Following up unpaid invoices before year‑end can really help cash flow.

Tip! This is also the time to identify any debts that are genuinely not going to be collected, as these may be able to be written off correctly.

3. Do a Stocktake (If You Hold Stock)

If your business carries stock, a stocktake at 31 March is required. This includes identifying damaged, obsolete, or unsellable items, which may be written down or written off.

Tip! Accurate stock figures make a big difference to your taxable profit, so this step is worth doing properly.

4. Check Your Assets

Vehicles, tools, equipment, and other assets should be reviewed:

• Add any new assets purchased during the year

• Remove assets that are no longer used

• Make sure depreciation is up to date

This helps ensure your financial statements reflect the real value of your business.

5. Make Sure GST and Payroll Are Sorted

Before EOFY, it’s important that:

• GST returns are up to date and accurate

• PAYE, KiwiSaver, and other payroll obligations are correct

Tip! These areas are closely monitored by IRD, so it’s much easier to fix small issues now rather than after year‑end.

Key Dates to Keep in Mind

A quick reminder of the main dates:

• 31 March – End of financial year

• 7 July – Income tax return due if you don’t use a tax agent

• 28 August – Provisional Tax Payment (if using the ratio method, payments may differ).

• 31 March the following year – Extended filing deadline if you use a registered tax agent (and qualify)

• 7 April the following year – Final Income Tax Payments

• 15 January, and 7 May the following year – Provisional Tax Payments (if using the ratio method, payments may differ).

Tip! Using a bookkeeper or accountant often gives you more time, better planning, and fewer surprises.

EOFY Is Also a Chance to Plan Ahead

EOFY isn’t just about ticking boxes for IRD. It’s a great opportunity to:

• Review how your business performed over the past year

• Spot trends in income and expenses

• Set realistic goals and budgets for the year ahead

Tip! When your numbers are accurate, these conversations become far more useful — and far less stressful.

Final Thoughts

EOFY doesn’t need to mean late nights, messy paperwork, or panic. Starting early and staying organised makes a huge difference.

If you’d like help getting your books EOFY‑ready — or you just want reassurance that everything’s on track — now’s the perfect time to get support and take the pressure off.

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Want a simple EOFY-ready checklist to keep you on track?

If you’d like a quick, printable guide you can follow each week, I’ve put together a IRD Compliance checklist for small business owners.

Pop your email in below and we’ll send it straight to your inbox.