A Guide to Accounting Software for Small Businesses in 2025

Beyond just managing numbers, today’s accounting technology provides real-time financial insights, automates tedious tasks that take up so much time and ensures compliance with tax regulations.

Cloud-based accounting software lets you stay in control, no matter where you are. But choosing the right accounting software for your small business isn’t as easy as doing a Google search and signing up.

To help simplify your decision, Rockwall Partners has created this guide to break down the best accounting software for small businesses in 2025.

Choosing the Right Accounting Software for Your Business

When choosing accounting software, you’ll find a wide range of options, from industry-specific solutions to fully customisable platforms.

Most providers offer tiered pricing packages, with more expensive options including additional features. This allows you to select a package that best suits your specific needs.

Consider your industry and workforce size when making your selection. A tradie business, for example, may need job tracking and invoicing features found in apps like ServiceM8 or Tradify. Retail and hospitality businesses often benefit from integrations with Square or Shopify.

Ensure the software you choose is mobile-friendly and cloud-based so you can access it from anywhere. This also allows easy collaboration with accountants or bookkeepers.

Key Features and Considerations When Choosing Accounting Software for Your Business

The right software should simplify the management of your numbers and cash flow, improve efficiency, and support compliance with the ATO.

Here are the key features and considerations to keep in mind when making your choice:

Automation and Efficiency

Look for software that automates invoicing, payroll processing, tax calculations, and expense tracking. Features like automated debtor reminders and recurring transactions can save hours each week, reducing manual errors and keeping cash flow on track.

Real-Time Access and Cloud-Based Functionality

Financial data should be accessible anytime, anywhere. Cloud-based software ensures you can manage finances whether you’re at the office, on a job site, or working remotely. Real-time access allows you to track expenses, update invoices, and monitor cash flow effortlessly.

Expense Tracking and Financial Reporting

A good accounting system should track expenses easily with receipt scanning, recurring payments, and bank linking. Comprehensive financial reporting tools, like profit and loss statements and balance sheets, help you understand your business’s financial health.

Tax Compliance and Integrations

Software that supports GST calculations, tax liability reports, and integrations with payroll, CRM, or inventory systems streamline tax preparation and ensure compliance.

By keeping these features in mind, you can confidently select a platform that meets your current software needs, and also scales with your business.

Our Recommendations on Accounting Software for Small Businesses in 2025

1. Xero

Xero is a top choice for small businesses due to its user-friendly interface and extensive integrations. It automates tasks like bank reconciliation, invoicing, and payroll while providing real-time financial insights.

Best for: Small businesses needing an easy-to-use yet powerful solution.
Key features: Expense tracking, payroll, invoicing, bank reconciliation, and detailed reporting.

2. QuickBooks

QuickBooks offers a comprehensive suite of financial tools, including project tracking, inventory management, and advanced budgeting. It integrates well with KeyPay for payroll management.

Best for: Growing businesses that need scalability and robust financial features.
Key features: Invoicing, expense tracking, payroll, and project management.

3. MYOB

An Australian-based solution, MYOB is well-suited for businesses needing local tax compliance and budget-friendly options. It offers invoicing, payroll, and cash flow management at an affordable price.

Best for: Small businesses looking for a cost-effective, Australia-focused solution.
Key features: Payroll, invoicing, tax compliance, and bank reconciliation.

4. FreshBooks

FreshBooks is ideal for freelancers and service-based businesses, offering simplified invoicing, time tracking, and payment processing.

Best for: Freelancers and service-based businesses.
Key features: Invoicing, time tracking, and project management.

5. Reckon

Reckon is an Australian accounting software designed for small businesses, offering tools to manage income, expenses, GST, and cash flow with real-time reporting. It provides easy invoicing, financial reporting, and BAS preparation, all while ensuring a smooth and customisable user experience.

Best for: Small businesses in Australia, especially those needing simplified cash flow and GST management.
Key features: Cash flow reporting, GST tracking & BAS preparation, real-time financial reporting, customisable dashboard, unlimited invoicing (depending on the plan), and automatic bank connection.

Making the Right Choice for Your Business

Accounting software is essential for managing finances, ensuring compliance, and making informed business decisions. The right software should align with your business size, industry, and operational needs.

At Rockwall Partners, we recommend Xero as a top choice for many small businesses due to its ease of use and seamless integrations. However, the best software depends on your unique requirements.

Choosing the right platform can be time-consuming, but we can help. Contact Rockwall Partners today for a personalised consultation. Our expert team will assess your needs, recommend the best options, and ensure a smooth transition to your new accounting system.

Let Rockwall Partners be your trusted partner in simplifying your business finances.