Running a small business or working as a sole trader in New Zealand involves wearing many hats, including managing your finances. Choosing the right accounting software can streamline this process, save time, and ensure compliance with NZ tax regulations. With many options available, it can be challenging to select the one that best suits your needs. In this article, we’ll compare some of the best accounting software for small businesses and sole traders in New Zealand.

Key Features to Look For in Accounting Software

When evaluating the best accounting software for small business, here are some critical features to consider:

  1. Ease of Use: Intuitive design and user-friendly interfaces are essential, especially for non-accountants.
  2. Cost: Affordable pricing plans tailored to small business budgets.
  3. Tax Compliance: Features that cater to New Zealand’s GST and tax requirements.
  4. Integration: Compatibility with other tools like bank accounts and invoicing platforms.
  5. Scalability: The ability to grow with your business.
  6. Support: Access to reliable customer service when needed.

 

Solo best accounting software for small business

Solo

Best for: Sole traders and freelancers looking for a simple, NZ-focused solution.

Solo is an accounting app designed specifically for sole traders in New Zealand. It provides an intuitive, straightforward platform tailored to local tax and compliance requirements. Key features include:

  • Live Tax Calculations: The only app that automatically calculates Income tax, GST and ACC live.
  • GST and Income Tax Returns: Automatic GST and Income tax tracking and ready-to-file tax returns.
  • Invoicing: Create and send professional invoices quickly.
  • Expense Tracking: Simple bank feed integration for expense categorisation and tracking.
  • Mobile App: Manage your finances on the go with a mobile app.
  • In-App Chat Customer Support: Get answers to your questions quickly from an expert.

Pricing: Solo offers affordable monthly plans starting from $15/month with no unnecessary add-ons, making it a cost-effective solution for sole traders.

Pros:

  • Specifically designed for New Zealand sole traders.
  • Automatically calculates tax and tax returns.
  • Easy to use with no accounting knowledge required.
  • Focused on essential features without overloading users.

Cons:

  • May lack advanced features needed by larger businesses.
  • Limited integration options compared to larger platforms.

Visit Solo’s website >

 

Xero accounting software for small business

Xero

Best for: Small businesses seeking a robust, scalable solution.

Xero is one of New Zealand’s best accounting software for small business, offering a comprehensive suite of features tailored to small businesses. Key features include:

  • GST Filing: Seamless integration with Inland Revenue (IRD) for GST filing.
  • Bank Reconciliation: Automatic bank feeds and reconciliation.
  • Payroll: Built-in payroll for staff management.
  • Add-Ons: Extensive integration options, including IPromise, CRM and inventory management tools.

Pricing: Xero offers tiered pricing plans starting from $35/month, based on the size and needs of your business.

Pros:

  • Highly scalable with robust features.
  • Strong integration with third-party apps, including IPromise.
  • Localised for New Zealand tax laws.

Cons:

  • Higher cost compared to other options.
  • Steeper learning curve for new users.

Visit Xero’s website >

 

MYOB accounting software for small business

MYOB

Best for: Businesses needing comprehensive features and local support.

MYOB (Mind Your Own Business) has been a trusted name in accounting for decades, offering software solutions for small to medium-sized businesses in New Zealand. Key features include:

  • GST and Tax Compliance: Tailored to New Zealand’s tax laws.
  • Payroll Management: Integrated payroll services for businesses with employees.
  • Invoicing: Professional invoicing tools with custom templates.
  • Inventory Management: Advanced inventory tracking and management features.

Pricing: MYOB provides various pricing tiers starting from $32/month, including options for sole traders and larger businesses.

Pros:

  • Extensive local support and training resources.
  • Comprehensive features for growing businesses.
  • Payroll integration included in most plans.

Cons:

  • Can feel outdated compared to newer platforms.
  • More expensive for smaller businesses.

Visit MYOB’s website >

 

Quickbooks accounting software for small business

QuickBooks

Best for: Businesses needing advanced reporting and international scalability.

QuickBooks Online is a globally recognized accounting solution suitable for businesses of all sizes. Key features include:

  • GST Tracking: Tools to manage and track GST efficiently.
  • Customizable Reports: Advanced reporting features for business insights.
  • Integration: Connects with hundreds of third-party apps.
  • Expense Management: Detailed expense categorisation and tracking.

Pricing: QuickBooks offers a variety of plans starting from $34/month, to fit different business sizes and needs.

Pros:

  • Highly customisable reporting tools.
  • Strong integration capabilities.
  • Cloud-based and accessible from anywhere.

Cons:

  • Higher learning curve.
  • Some features may feel overwhelming for sole traders.

Visit QuickBooks website >

 

Wave accounting software for small business

Wave

Best for: Sole traders and small businesses looking for a free option.

Wave is a free accounting solution with no monthly fees, making it an attractive choice for budget-conscious businesses. Key features include:

  • Invoicing: Unlimited invoicing with customisation options.
  • Expense Tracking: Basic tools for managing expenses.

Pricing: Free, with optional paid services for credit card processing and payroll.

Pros:

  • Completely free for basic features.
  • User-friendly interface.
  • Ideal for freelancers and very small businesses.

Cons:

  • Limited functionality compared to paid software.
  • No direct GST filing support for New Zealand.
  • No bank feed support for New Zealand.

Visit Wave’s website >

 

Summary Table

Software Best For Key Features Price
Solo Sole traders, freelancers Tax tracking and returns, invoicing, expense management $15 – $27 per month
Xero Small to medium businesses GST filing, payroll, bank reconciliation $35 – $113 per month
MYOB Established small businesses Payroll, inventory management, GST compliance $32 – $100+ per month
QuickBooks Advanced reporting, scalability GST tracking, advanced reports, integrations $34 – $136 per month
Wave Budget-conscious sole traders Free invoicing, expense tracking Free – $29 per month

 

Conclusion

Choosing the best accounting software for small business depends on your business’s size, complexity, and budget. Solo is a fantastic option for sole traders in New Zealand, thanks to its simplicity and focus on local compliance. For small businesses seeking more advanced features and scalability, Xero and QuickBooks Online are excellent choices. MYOB offers robust functionality and local support, while Wave stands out as a cost-free option for those with minimal needs.

Evaluate your requirements and take advantage of free trials to find the perfect fit for your business.