Choosing accounting software is one of those decisions that seems minor at the time but ends up affecting almost everything — bookkeeping accuracy, BAS lodgement, and how much scrambling happens at EOFY. However, most business owners choose based on brand familiarity alone, without considering what actually matters for their specific business.
Cloud-based accounting software updates in real time, allows your bookkeeper or accountant to access your figures remotely, and generally integrates directly with your bank feed. Consequently, this removes a huge amount of manual data entry compared to spreadsheets or older desktop-only systems, which reduces both time spent and the risk of errors.
Bank feed integration. Automatic, reliable bank feeds significantly reduce manual reconciliation work and are one of the biggest time-savers available.
GST and BAS reporting built in. Software that automatically tracks GST on transactions and generates BAS-ready reports removes a significant amount of manual calculation.
Invoicing features. If you regularly invoice clients, look for software with professional invoicing, automated reminders, and online payment options built in.
Payroll integration. If you have employees, software with integrated payroll — including superannuation guarantee calculations — reduces the risk of compliance errors.
Accountant/bookkeeper access. Being able to give your accountant direct access to your live figures, rather than exporting and emailing files, makes ongoing advice and BAS preparation far more efficient.
Scalability. Choosing software that can grow with your business avoids a disruptive, costly migration later if your needs outgrow a basic plan.
Choosing based on price alone. The cheapest option isn’t always the best fit if it lacks features your business genuinely needs, like payroll or inventory tracking.
Not involving your accountant in the decision. Your tax agent or bookkeeper works in this software regularly and can flag whether a particular platform will make BAS and EOFY smoother or more difficult.
Overcomplicating a simple business. Conversely, a sole trader with straightforward invoicing doesn’t necessarily need an enterprise-grade platform with features that will never be used.
Not setting it up correctly from the start. Even good software produces poor results if the chart of accounts, GST settings, or bank feeds aren’t configured properly at the outset.
If you’re moving from spreadsheets or another platform, a proper data migration — rather than just starting fresh and losing historical records — makes future reporting and comparisons far more useful. Therefore, this transition is worth planning carefully, ideally with professional support, rather than rushing it mid-financial-year.
Good accounting software doesn’t just save time day-to-day — it directly affects how accurate and efficient your BAS lodgements and EOFY tax return preparation are each year. Consequently, getting this right early pays off every single reporting period, not just once.
EBATS helps small businesses choose, set up, and get the most out of cloud accounting software — with direct access to keep your BAS and tax return preparation smooth every time.
📍 Suite 2.2/47 Queen St, Campbelltown NSW 2560, Australia 📞 0404 471 816 🌐 www.ebats.com.au 📧 [email protected]
Ethical Accounting & Taxation Services | Campbelltown NSW | Trusted Tax, Accounting & Business Support Since 2011