Top 6 small business accounting software and apps in 2025

Key takeaways: 

• Accounting software helps with bookkeeping functions like invoicing and billing, reconciliation, and generating insightful financial reports. Some will even integrate with your bank account.

• You can cover basic needs with free software, but established businesses may find that these don’t fit their needs.

• It’s wise not to overlook your future needs, like multi-currency accounting which involves recording income and expenses in different currencies and adjusting these into the business’s home currency.

As your business grows, accounting becomes more important. Luckily, several small business accounting software and app solutions offer integrations with your existing tools to automate reconciliation and reduce manual reporting.

Read on to learn about accounting platforms for small businesses that integrate with Airwallex to improve data accuracy, streamline your bookkeeping, and help you stay compliant with tax regulations.

What is accounting software?

Accounting software digitally records and organises your financial information. You can use this information to create financial reports such as balance sheets and income statements.

Beyond a spreadsheet, good accounting software integrates with your business' bank account to automatically sync data and improve visibility for key financial metrics like:

• Cash flow

• Retained earnings

• Expenses

• Invoices

This information makes your accounting easier and supports daily business decisions. Real-time bookkeeping can help you make strategic business decisions backed by financial data. As your business grows, you can customise reports to improve information gathering.

How does accounting software work for small businesses?

Accounting software for small businesses automates financial tasks, such as tracking income and expenses, managing invoices, and generating reports. It typically integrates with bank accounts and payment platforms to sync transactions, reducing the risk of human error.

Features vary between software providers, but most cover:

• General ledger

• Accounts payable and receivable

• Bank reconciliation

• Invoice creation and billing

• Expense tracking

• Financial reporting

Accounting software can also integrate with other tools like bank accounts and inventory systems. You may benefit from this since it can automate time-consuming, rote manual processes. 

Top features to compare accounting software

Accounting software features vary widely, but you can generally count on invoicing, transaction management, and basic reporting. If your small business is performing well and you expect it to grow, consider these features to streamline your accounting:

• Integration capabilities to connect with your bank and other software solutions for automated support. 

• Ease of use with strong user experience, easy-to-navigate dashboards, and easy integration to your bank feed. 

• Automated invoicing to reduce manual effort on recurring billing, and payment reminders.

• Expense tracking automates spending reports and categorisation so you always understand your current budget and avoid losing revenue with poor expense management. 

• Payroll management to help manage employees' salaries and taxes. 

• Inventory management to help businesses with products keep track of stock. 

Don’t just think about your current needs when you compare software. What are your business goals? Do you operate locally or internationally? You’ll be able to scale your business more efficiently if you find the right software solution from the beginning. 

Six best accounting software solutions for SMBs

Small business owners have several strong accounting software choices with a mix of features and costs. Our favourites include:

1. Xero: A popular and user-friendly business accounting software with premium add-ons like forecasting and payroll. 

2. MYOB: Standing for Mind Your Own Business, MYOB isan accounting and bookkeeping software that manages cash flow, payroll, and day-to-day bookwork. 

3. QuickBooks: Developed by Intuit, Quickbooks automates processes like invoicing, payments, and accounting for small and medium-sized businesses.

4. ZohoBooks: A comprehensive platform that offers accounting software as a part of their platform, which centralises sales, marketing, operations, and HR.

5. Freshbooks: Designed for freelancers and microbusinesses, Freshbooks offers simple tracking of billable hours, creating invoices, and expense tracking.

6. NetSuite: A cloud-based enterprise resource planning (ERP) system that helps organisations streamline their core business processes – including finance, HR, manufacturing, supply chain, sales, and procurement. 

Here’s a quick comparison to get started before we dive into the details below:

*Prices are subject to change and may vary based on promotions, bundles, or specific business needs.

1. Xero

Key features:

• Xero's cloud-based platform enables real-time access to users’ financial data from anywhere, facilitating seamless team collaboration.

• An extremely user-friendly solution with seamless integration with users’ bank account, making it easy to reconcile accounts. 

• Xero has robust core features such as invoicing tools to streamline the billing process and improve cash flow.

Xero² has a suite of accounting features for businesses,, including invoicing, bank reconciliation, and several integrations. Xero is entirely cloud-based, which means users can access their financial data from anywhere at any time. This feature allows for real-time collaboration with the team.

Xero also connects directly to the users’ bank account, automatically importing transactions. This feature saves time and reduces manual data entry, making bank reconciliation more accurate and quick. 

How does Xero integrate with Airwallex? 

Xero’s integration with Airwallex offers several advantages that can significantly improve your international payments. The integration lets you make international payments directly from Xero, leveraging Airwallex’s competitive foreign exchange rates. This feature simplifies payments to overseas suppliers and contractors, saving time and reducing costs. 

Airwallex also supports multiple currencies, making it easier to manage foreign currency transactions within Xero. This feature makes it particularly beneficial for businesses that operate globally, as it provides a clear view of your financial position in different currencies.

2. MYOB 

Key features: 

• MYOB is a cloud-based accounting software appealing to a range of businesses, accountants, and bookkeepers

• They offer expense and inventory management, financial reporting, payroll services, and cash flow management. 

• Multiple pricing modules are available, as MYOB offers different plans that can scale your business

MYOB offers accounting software for solo operators to large businesses and individual accountants. In a single platform, users can manage expenses, taxes, performance, stock, and cash flow. Their cheapest pricing plan does not offer bank reconciliation, payroll, or inventory management. 

Their pricing plans are offered based on size of business and functionality of the product. For example, Payroll Only is MYOB’s standalone payroll plan for businesses up to 4 employees. 

How does MYOB integrate with Airwallex? 

Unfortunately it doesn’t. Unlike the other alternatives discussed in this aricle, MYOB is not supported by Airwallex and hence users cannot automate payments and tracking via MYOB to Airwallex. 

3. QuickBooks 

Key features: 

• Quickbooks is an accounting software platform designed for small and medium businesses by Intuit

• From their basic plans which offer simple accounting software, to multi-currency support and advanced financial reporting in their more comprehensive plans

• Mobile app is included for access on-the-go 

Quickbooks is a robust accounting solution designed for small businesses with its user-friendly UI. Providing real-time insights, users stay informed about their finances. 

The most basic plan includes essentials like unlimited invoicing, bank reconciliation, cash flow planner, and expense tracking.  To access‌ payroll management, an additional pricing plan is included as it's a separate offering in Quickbooks. Multi-currency accounts, inventory management, and budget management are available in their higher plans. 

How does Quickbooks integrate with Airwallex? 

QuickBooks integrates with Airwallex to allow users to make international payments directly from QuickBooks, leveraging Airwallex’s competitive foreign exchange rates. This feature simplifies payments to overseas suppliers and contractors, saving time and reducing costs. 

Airwallex also supports multiple currencies, making it easier to manage foreign currency transactions within QuickBooks. This feature is particularly beneficial for businesses that operate globally, as it provides a clear view of your financial position in different currencies.

4. ZohoBooks 

Key features:

• ZohoBooks is a versatile accounting software that is intuitive and well-organised 

• Offers project tracking, recurring invoices, creating and issuing professional invoices and estimates 

• Up to 6 different pricing plans for small businesses of all sizes

ZohoBooks is designed to simply financial management for small businesses with a range of tools to help manage invoices, expenses and projects effectively. As their plans start from $0/month, this is a cost-effective option for small businesses that want simple accounting management of up to 1000 invoices per year. Their professional plans and above offer Bill Pay, purchase and sales approvals, multi-currency features and custom reports or workflows. 

How does ZohoBooks integrate with Airwallex? 

Of course ZohoBooks integrates with Aiwallex as well. This allows for automatic recording and matching of your Business Account transactions in ZohoBooks, reducing the need for manual data entry. With real-time access to users’ transaction history, they can manage their cash flow better. It simplifies the reconciliation process and improves visibility to help users make informed decisions. 

5. FreshBooks 

Key features: 

• FreshBooks is a cloud-based accounting software that offers invoicing and time tracking

• Designed for service-based businesses and freelancers 

• Easy to use platform and mobile app

FreshBooks simplifies financial management as a cost-effective solution for small businesses. Allowing users to send unlimited estimates, invoices and track them FreshBooks boosts efficiencies in client management. Their basic plan offers only up to 5 clients, yet their premium plans provide customised email templates, accountant access and tracking project profitability, making it great for service-based businesses. 

How does Freshbooks integrate with Airwallex? Integrating FreshBooks and Airwallex can help streamline payment processing and financial management. This integration automates transaction handling, reduces errors and gives you a real-time view of your financial position. This ensures improved accuracy, and better visibility into your financial operations.

6. NetSuite Cloud Accounting Software

Key features:

• Oracle’s NetSuite is an ERP system that offers comprehensive financial management among other solutions. 

• Its pricing structure is modular pricing so you can build and pay for the features you need and adjust as you grow.

• The cloud accounting software integrates well with various third-party applications, financial accounts, and other SuiteCloud products.

NetSuite’s cloud accounting software is part of the comprehensive suite of solutions offered by NetSuite’s full SuiteCloud Platform. The platform includes customer relationship management (CRM), eCommerce platforms, and more for optimal data management and operational efficiency. 

Prospective users will have to contact NetSuite for pricing details, as licences will be customised and adjusted to fit different budgets. The licence and price are determined by the core platform, modules (optional), and the number of users¹⁶. So there’s something for businesses of every size and plenty of support for your business to grow sustainably.

How does Netsuite integrate with Airwallex?

NetSuite integrates with Airwallex for seamless payment processing, multi-currency management, automated reconciliation, and enhanced customer payment options. This integration helps streamline financial operations and improve cash flow management for businesses operating in multiple currencies.

Choose an accounting software that grows with your business

Accounting gets complicated, especially as you grow. And the best small business accounting software understands that you launched your business for passion, not to stare at spreadsheets all day. 

Xero, QuickBooks, and other solutions designed for small businesses integrate with our end-to-end financial operations platform. This is extremely valuable since Airwallex integrations can open more doors for growth.  An integration with us will provide you with: 

Multi-currency support: Airwallex supports multiple currencies and competitive foreign exchange rates, allowing you to manage international transactions more efficiently. The integration ensures that these transactions are accurately recorded in your accounting software.

Virtual Cards: Airwallex provides virtual cards that can be used for online purchases. The integration allows you to track and manage these expenses directly within your accounting software.

Automated invoicing: You can create and send invoices directly from your accounting software, and Airwallex will handle the payment processing. This streamlines the billing and collection process.

Compliance and reporting: The integration ensures that your financial data complies with local regulations. It also simplifies the process of generating financial reports, making it easier to meet reporting requirements.

Integrating your accounting software allows you to:

• Reduce the risk of human error through seamless data syncs between your accounting software and Airwallex data.

• Eliminate the need for manual data entry through automated reconciliation of your Airwallex transactions.

• Save time and reduce the hassle of implementation with easy setup. It takes a few clicks to connect your Airwallex Business Account with your accounting software. 

Small business accounting software frequently asked questions

What is the simplest and easiest accounting software?

Xero is one of the most user-friendly software on our list, with 24/7 customer support, easy setup, and an intuitive interface for smooth navigation. 

In addition to its great UX and accessibility, Xero covers all of your core accounting needs. You get invoicing and bank reconciliation features from the start, with premium features to consider as you grow. 

Xero also integrates with services like Airwallex, which supports Payment Links & Plugins, Expense Management, and Bill Pay. This means you can see all of your transactions in one place.

Which accounting programme has no monthly fee?

Many accounting software providers offer free plans for small businesses, including Odoo. Xero, Sage and others also have free trials and options to pay annual fees rather than monthly costs. 

While you can get a free account, consider if the costs for add-on features or supplemental software pay off. Not to mention the added manual labour of learning a complicated system, or navigating multiple software solutions instead of an all-in-one service. 

If you’re worried about tying yourself to the wrong accounting software, most providers will offer 30-day free trials (including almost every software on our list). So you can give several softwares a test drive before deciding which is right for you. 

Can I run a small business without an accountant?

Modern accounting software solutions make daily financial operations like invoicing, expense management tools, and cash flow projections easier than ever so you don’t need an accountant to run your business. 

In fact, one survey found that just 49% of small businesses partner with external accountants and accounting firms. Meanwhile, 41% of businesses with fewer than 19 employees use accounting software to manage their financials¹⁵. 

Even if you do partner with an accountant, accounting software makes their job a little easier. You also get real-time updates so you don’t have to wait on your accountant to make strategic decisions. 

Sources:

1. https://business.nab.com.au/wp-content/uploads/2018/02/J002905-Professional-Services-Insights-Report_v5.pdf

2. https://www.airwallex.com/au/report/spend-management-report/ 

3. https://www.xero.com/au/pricing-plans/ 

4. https://www.xero.com/au/accounting-software/all-features/

5. https://www.myob.com/au/pricing 

6. https://www.myob.com/au/features/gst-software

7. https://www.myob.com/au/erp-software

8. https://quickbooks.intuit.com/au/pricing/

9. https://quickbooks.intuit.com/au/payroll/ 

10. https://quickbooks.intuit.com/au/new-businesses/ 

11. https://www.freshbooks.com/en-au/pricing

12. https://www.freshbooks.com/en-au/expenses-and-receipts-tracking

13. https://www.netsuite.com.au/portal/au/products/erp/financial-management/finance-accounting.shtml

14. https://www.zoho.com/au/books/pricing/

15. https://www.softwareadvice.com/accounting/zoho-books-profile/reviews/

16. https://www.xero.com/au/media-releases/state-of-the-industry-report-australia-advisors/ 

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.