Best Accounting Software for Australian Small Business 2025
IntuitiveCalc Team
Financial Content Specialist
Choosing the right accounting software can save you hours each week and thousands of dollars in accountant fees. For Australian small businesses, the main options are Xero, MYOB, QuickBooks, and Wave. This comprehensive comparison helps you choose the best software for your specific needs and budget.
Quick Recommendation
- Best Overall: Xero - Most popular, excellent integrations, great mobile app
- Best for Beginners: QuickBooks - Simple interface, affordable entry plan
- Best Australian Made: MYOB - Trusted local brand, strong payroll
- Best Free Option: Wave - Completely free for basic accounting
Quick Comparison Table
| Feature | Xero | MYOB | QuickBooks | Wave |
|---|---|---|---|---|
| Starting Price | $29/month | $25/month | $15/month | Free |
| Australian GST/BAS | Excellent | Excellent | Good | Basic |
| Payroll | Add-on $13+ | Included (some plans) | From $30/month | Not available |
| Bank Feeds | All major AU banks | All major AU banks | All major AU banks | Limited AU banks |
| Invoicing | Unlimited | Unlimited | Limited on basic | Unlimited |
| Inventory | Good | Excellent | Good | Basic |
| Mobile App | Excellent | Good | Excellent | Good |
| Integrations | 1,000+ | 300+ | 650+ | Limited |
| Accountant Access | Free & easy | Free & easy | Free & easy | Free & easy |
1. Xero - Best Overall for Australian Businesses
Xero is the most popular accounting software in Australia, used by over 800,000 businesses. It's cloud-based, has excellent Australian tax features, and integrates with virtually every business tool you might use.
Xero Pricing (Australian Dollar)
| Plan | Price/Month | Invoices | Bank Reconciliation | Best For |
|---|---|---|---|---|
| Starter | $29 | 20/month | 20/month | Freelancers, side hustles |
| Standard | $49 | Unlimited | Unlimited | Most small businesses |
| Premium | $78 | Unlimited | Unlimited + Multi-currency | Importers/Exporters |
Add-ons: Payroll from $13/month, Projects from $10/month, Expenses from $5/month
Xero Pros
- Beautiful, intuitive interface
- 1,000+ app integrations
- Excellent Australian GST/BAS support
- Strong mobile apps (iOS & Android)
- Free unlimited users on all plans
- Automatic bank feeds from all major AU banks
- Most accountants in Australia use Xero
- Regular feature updates
Xero Cons
- More expensive than competitors
- Starter plan very limited
- Payroll is extra cost
- Inventory features not as strong as MYOB
- No phone support
- Learning curve for non-accountants
Best For
Service businesses, consultants, agencies, and any business that wants the widest choice of integrations. If your accountant uses Xero, it makes collaboration seamless.
2. MYOB - Best Australian-Made Solution
MYOB (Mind Your Own Business) has been the backbone of Australian small business accounting for over 30 years. It offers robust features, especially for payroll and inventory management.
MYOB Business Pricing
| Plan | Price/Month | Payroll | Users | Best For |
|---|---|---|---|---|
| Lite | $25 | Not included | 1 | Sole traders |
| Pro | $45 | Up to 2 employees | 3 | Small businesses with staff |
| Plus | $75 | Unlimited | Unlimited | Growing businesses |
MYOB also offers desktop versions for businesses that prefer offline software.
MYOB Pros
- Australian company, AU support
- Strong payroll features included
- Excellent inventory management
- Desktop version available
- Phone support available
- Single Touch Payroll (STP) built-in
- Job tracking and project costing
- Trusted by accountants for 30+ years
MYOB Cons
- Interface feels dated compared to Xero
- Fewer integrations than Xero
- Mobile app less polished
- User limits on cheaper plans
- Can be complex for beginners
- Some features require add-ons
Best For
Retail businesses, businesses with inventory, companies with employees, and those who prefer Australian phone support. Great for manufacturing and wholesale businesses.
3. QuickBooks Online - Best Value for Beginners
QuickBooks is globally popular and offers a simpler interface than Xero or MYOB. It's a great choice for small businesses that want straightforward accounting without complexity.
QuickBooks Online Pricing (Australia)
| Plan | Price/Month | Invoices | Users | Best For |
|---|---|---|---|---|
| Simple Start | $15 | Unlimited | 1 | Solo operators |
| Essentials | $30 | Unlimited | 3 | Small teams |
| Plus | $50 | Unlimited | 5 | Product businesses |
QuickBooks Payroll available from $30/month as add-on
QuickBooks Pros
- Most affordable paid option ($15/month)
- Very easy to learn
- Clean, simple interface
- Good mobile app
- Strong reporting features
- Unlimited invoicing on all plans
- Good Australian GST support
- 650+ integrations
QuickBooks Cons
- User limits on cheaper plans
- Fewer Australian accountants use it
- Inventory limited on basic plans
- Less established in Australia
- US-centric company
- Payroll expensive as add-on
Best For
Budget-conscious small businesses, sole traders who want simplicity, and businesses with basic accounting needs. Great starting point for those new to accounting software.
4. Wave - Best Free Option
Wave is completely free accounting software - no catches, no limits on transactions. It makes money from payment processing and payroll (in some countries). For Australian businesses on a tight budget, it's a viable option.
Wave Pricing
| Feature | Price | Notes |
|---|---|---|
| Accounting | Free | Unlimited invoices, expenses, reports |
| Invoicing | Free | Unlimited invoices, recurring invoices |
| Receipt Scanning | Free | Mobile app, auto-categorization |
| Payment Processing | 2.9% + $0.60 | Credit card payments |
| Payroll | Not available in AU | Only US and Canada |
Wave Pros
- Completely free - forever
- Unlimited invoicing
- No limits on transactions
- Good receipt scanning app
- Easy to use interface
- Accountant access free
- Good for simple businesses
- No credit card required
Wave Cons
- Limited Australian bank feeds
- No payroll in Australia
- Basic GST/BAS features
- Limited integrations
- No inventory management
- Customer support limited
- Fewer accountants familiar with it
- Not as robust for growth
Wave Limitations for Australian Businesses
Wave works well for basic invoicing and expense tracking, but Australian bank feeds are limited. You may need to manually import transactions. BAS preparation is possible but not as automated as Xero or MYOB. Consider Wave as a stepping stone until you can afford paid software.
Feature Comparison by Business Need
Best Software by Specific Need
| If You Need... | Best Choice | Why |
|---|---|---|
| Most integrations | Xero | 1,000+ apps connect with Xero |
| Included payroll | MYOB | Payroll included in Pro & Plus plans |
| Cheapest paid option | QuickBooks | $15/month for Simple Start |
| Free software | Wave | 100% free accounting & invoicing |
| Best inventory | MYOB | Advanced inventory tracking |
| Best mobile app | Xero/QuickBooks | Both have excellent mobile apps |
| Multi-currency | Xero Premium | Best multi-currency support |
| Phone support | MYOB | Australian phone support available |
Software Recommendations by Business Type
Best Software by Industry
| Business Type | Recommended | Why |
|---|---|---|
| Freelancer/Consultant | Xero Starter or QuickBooks Simple Start | Simple invoicing, expense tracking |
| Retail Shop | MYOB Pro or Plus | Strong inventory, POS integration |
| Tradie/Contractor | Xero Standard | Job tracking, mobile app for site |
| E-commerce | Xero Standard or MYOB | Integrations with Shopify, WooCommerce |
| Startup with no budget | Wave | Free until you can afford paid |
| Agency with employees | MYOB Plus or Xero + Payroll | Comprehensive payroll features |
| Import/Export business | Xero Premium | Multi-currency support |
How to Switch Accounting Software
Switching Software Checklist
- Pick the right time: Start of financial year (1 July) is ideal
- Export your data: Most software exports to CSV or QBO format
- Set up new software: Configure chart of accounts, GST settings
- Import opening balances: Transfer balances as at switchover date
- Connect bank feeds: Set up automatic bank imports
- Test thoroughly: Run parallel for 1 month if possible
- Train your team: Make sure everyone knows the new system
- Cancel old subscription: After successful transition
Annual Cost Comparison
Total Annual Cost (Most Popular Plans)
| Software | Plan | Monthly | Annual Cost |
|---|---|---|---|
| Wave | Free | $0 | $0 |
| QuickBooks | Simple Start | $15 | $180 |
| MYOB | Lite | $25 | $300 |
| Xero | Starter | $29 | $348 |
| MYOB | Pro (with payroll) | $45 | $540 |
| Xero | Standard | $49 | $588 |
| Xero + Payroll | Standard + Payroll | $62+ | $744+ |
Accounting software is 100% tax deductible as a business expense.
Related Resources
Bookkeeping Basics
Essential record keeping and GST compliance for small businesses
Small Business Tax Deductions
Complete checklist of deductions to claim
Small Business Startup Guide
Step-by-step guide to starting a business
Income Calculator
Calculate your tax obligations based on income
Ready to Choose Your Accounting Software?
Most accounting software offers free trials - take advantage of them before committing. Xero is the safe choice for most Australian businesses, but MYOB and QuickBooks are excellent alternatives. If budget is your priority, start with Wave and upgrade when you can afford it.
Tip: Ask your accountant which software they prefer - collaboration is easier when you use the same platform. Many accountants offer discounted software subscriptions to their clients.