The Australian accounting software landscape has transformed in recent years, and 2025 is a pivotal year when companies and finance professionals have the opportunity to select more sophisticated cloud-based accounting programs than ever before. The market has decisively split into two large segments: comprehensive general accounting platforms for day-to-day general business operations, and highly specialized wealth management solutions that address the high-level needs of SMSF administrators, financial advisers, and investment professionals.
This part is a reflection of the increasing sophistication of Australian financial regulations and increasing need for automation in compliance-heavy business segments. Small and medium-sized businesses may still rely on user-friendly platforms for straightforward bookkeeping and GST compliance, but the wealth management sector requires sophisticated software with the capability to handle complex investment structures, trust accounting, and regulatory reporting.
Understanding what kind of business yours is has relevance when choosing the proper software. General accounting programs excel at day-to-day money management, billing, payroll, and typical compliance, whereas specialist platforms have deep functionality for portfolio administration, SMSF administration, and complicated entity structures that general packages could never hope to handle efficiently.
1. Class
Suitable for: SMSF, trust accounting, wealth management, investment/portfolio reporting.
Strengths: Class is Australia’s premier specialty solution to wealth accounting and SMSF administration. The software offers automation with over 200 direct feeds of data from banks, brokers, and registries, enabling easy importation of transaction information without the need for manual data entry. Its bulk compliance processing makes it possible for administrators to deal with numerous entities in an efficient way, and registry links to the overwhelming majority of ASX-listed companies enable full tracking of investments.
Since launching cloud-based SMSF administration in 2009, Class has built a reputation for reliability and innovation with Australia’s leading accounting firms. The platform is especially robust with sophisticated scenarios involving trusts, corporate trustees, and advanced investment strategies including detailed compliance reporting and audit trails.
Learn more: online accounting software provider
2. Xero
Best for: SMEs needing easy day-to-day accounting with a strong app ecosystem.
Strengths: Xero has revolutionized accounting for small businesses with its easy-to-use cloud-based platform that focuses on ease of use without ever scrimping on functionality. The software is exceptionally good at automated bank reconciliation, so monthly bookkeeping is significantly faster with intelligent transaction matching. Its extensive app store allows companies to add specialist apps for inventory management, time tracking, and customer relationship management.
The power of the platform lies in the ability to deal with Australian compliance needs, like BAS preparation and GST reporting, without detracting from the user interface to be usable by non-accountants. The collaboration functionality in real-time allows for safe communication among business owners and their accounting professionals.
Watch for: Expenses can quickly multiply with growing businesses in need of additional users or additional features. Many specialized capabilities require third-party add-ons, causing a convoluted web of subscriptions and risking data integration.
3. MYOB
Best suited for: Advanced payroll or hybrid cloud/desktop needs for businesses.
Strengths: As one of the oldest accounting software providers in Australia, MYOB has comprehensive knowledge of local compliance matters and payroll complexities. The system can handle sophisticated payroll scenarios like award interpretation, superannuation compliance, and individualized reporting requirements with which most companies struggle.
MYOB’s hybrid approach offers businesses the choice of either using cloud or desktop solutions or bundling both based on their needs. This flexibility is beneficial for established business organizations looking to transition to cloud-based technology or businesses with offline accessibility requirements.
Watch for: The user experience is dated relative to more modern cloud-native software, which may pose adoption challenges to newer employees or new users. Importing multiple MYOB solutions can be problematic and require professional assistance.
4. QuickBooks Online
Best for: Small to medium-sized companies that are expanding and must scale.
Strengths: QuickBooks Online has outstanding reporting features and dashboard capabilities that provide business owners with a clear picture of how their company is performing financially. The system grows well with companies as they expand, and there are various tier levels available that can handle greater complexity without a total system overhaul.
Excellent project tracking and time management functionality makes it an ideal solution for professional service companies, and its integration features work well with most standard business software.
Be careful of: Australia-specific functionalities like payroll and advanced compliance capabilities are additional cost. The software has no dedicated feature for SMSF or complicated investment structures that most Australian financial planners require.
5. Sage Business Cloud
Ideal for: Large corporations with good accounting framework and reliability requirements.
Strengths: Sage offers business-class stability and advanced financial management capabilities suitable for businesses that have complicated accounting requirements. The platform offers solid multi-currency support and high-end budgeting capabilities suitable for big businesses.
Be cautious about: Slower in terms of response compared to newer solutions in terms of feature roll-out and modern user experience. Limited functionality for SMSF administration or one-off investment accounting scenarios.
6. Zoho Books
Best for: Small businesses already on the Zoho platform.
Strengths: Great value for money with easy pricing and core accounting capabilities. Potential to integrate with other Zoho offerings for a complete business management suite.
Watch out for: Limited flexibility for more advanced compliance scenarios or customized financial structures that Australian companies typically encounter.
7. Reckon
Best for: Small businesses with a focus on cost and basic functionality.
Strengths: Low costs with modular functionality to charge companies only for needed features. Strong local presence and understanding of Australian company requirements.
Be wary: May struggle in terms of supporting growing or more complex company structures in the longer term.
Making Your Choice
The decision comes down to your own requirements. Businesses that work with SMSF administration, trust accounts, or wealth management will prefer more specialized products like Class that offer high-end functionality and automation for intricate scenarios.
Plan ahead for your strategies of long-term growth, compliance requirements, and complexity of your financial architecture when making this strategic technology decision. The decision will make your operations simpler and put your business on track for long-term growth in Australia’s evolving financial environment.
