What do you think is the most challenging aspect of running a business in Australia—the financial burden or the complexity of tax compliance? Well, as a country with strict tax rules and regulations, operating a business in Australia is definitely not icing on the cake for business leaders and other entrepreneurs. From ensuring timely submission of invoices to meeting the latest tax regulations of GST, BAS, and PAYG set by the Australian Taxation Office (ATO), the utilization of accounting software has gained tremendous recognition and significance among business leaders and traders.
With free accounting software, businesses can gain real-time access to financial records that support data-driven decisions. Also, with trial versions, businesses can have an easy start to utilizing the accounting software that supports adhering to timely compliance with tax audits, as the software assists in automating invoices and tax submissions. But which free accounting software works best for the Australian business community?
In this blog, let’s explore the top free accounting software that supports every business requirement for Australian business leaders and professionals. The blog will further discuss the main factors to consider in free accounting software, including features, pricing options, and other significant elements.
Top Free Accounting and Bookkeeping Software for Small Businesses in Australia:
| Software | Best For | Key Features | What Makes It Stand Out | Price (AUD) |
| SoleApp | Sole Traders & Small Businesses | GST & BAS, Payroll, Cloud-based | Free forever plan, Best for sole traders & small businesses; affordable & easy to use. | Check Price |
| Xero | Small to Medium Businesses | GST, BAS, Payroll, Invoicing | Most widely used in Australia; excellent integrations & scalability. | Check Price |
| MYOB | Established Businesses & Payroll | Payroll, Inventory, Multi-Currency | Ideal for businesses with payroll & inventory needs. | Check Price |
| QuickBooks Online | All Small Businesses | Bank Reconciliation, Payroll, Invoicing | Comprehensive features for small businesses; strong financial reporting. | Check Price |
| FreshBooks | Freelancers & Service-Based Businesses | Time Tracking, Invoicing, Reports | Great for service-based businesses; excellent time tracking & invoicing. | Check Price |
| Reckon One | Affordable Accounting for SMBs | Simple UI, Payroll Add-on, Cloud | Budget-friendly option; simple interface with essential features. | Check Price |
| Sage 50 Accounting | Mid-Sized & Large Enterprises | Comprehensive Reports, Enterprise Features | Best for growing businesses & enterprises; powerful accounting tools. | Check Price |
| Wave | Startups & Freelancers (Free Option) | Free Accounting, Invoicing, Basic Reports | Free, but charges for transactions & payroll services. | Check Price |
1. Sole App
Designed for the Aussies by the Aussies, the Sole App is one of the major assets for the Australian business community looking for a risk-free 30-day free trial yet premium accounting software that helps with daily financial operations to tax preparations. With tailored tools and a forever-free version, the Sole App is a simple yet straightforward platform that eliminates the need for manual entry of financial data and reports. This way, your business can maximize tax returns and automate invoice payments to clients, ensuring your business is paid on time.
Key features:
- Custom invoicing & automated management.
- Robust encryption of data.
- Integrated bank feed.
- Automated follow-ups.
- Smart reminders.
- Intuitive dashboards with visual representations of profit and loss.
- Direct share of financial insights to accountants.
- Real-time tracking of financial reports.
Pros:
- Simple accounting software designed for small businesses, sole traders, and freelancers.
- Highly customizable and efficient to work with.
- Platform-agnostic that requires little to no accounting knowledge.
- Professional templates that support business brand logos and design elements.
Cons:
- Does not cater to advanced inventory management requirements.
- Does not provide support for multiple CRM integrations and complex payroll systems.
Pricing:
- Risk-free 30-day free trial for free and premium version
- The free version is available forever.
- The standard/premium version comes at a price of $14.99/month.
Who should use it?
- Freelancers
- Small business owners
- Businesses without payroll requirements
- Sole traders
2. Xero Accounting
As a cloud-based solution, Xero accounting software offers a 30 day free trial version to support small businesses in handling their financial operations, such as invoice generation, bank reconciliation, payroll execution, and third-party app integration. With its intuitive interface and smart accounting features, Xero ensures business owners and traders are well empowered with necessary financial details that support error-free decision-making.
Key features:
- Smart invoice creation.
- Instant bank data access.
- Comprehensive financial insight overview.
- Cash flow management.
- Effortless payroll payments.
- Automated document & data capture with Hubdoc.
- Direct BAS submission to ATO.
- Hassle-free multi-currency management for global transactions.
Pros:
- Simple & straightforward UI/UX.
- Suitable for small businesses & sole traders.
- Remote collaboration with accountants & bookkeepers
- Compliance with Australian tax regulations.
- Clean & intuitive dashboards with easy navigation.
- Automatic cloud backups.
Cons:
- Lacks advanced inventory tracking features.
- Supports only cloud-based, making it difficult in remote locations.
- Limited templates for invoice processing and report customization.
- Data migration required additional effort and investments.
Pricing:
With four pricing plans to offer, Xero ensures the free 30-day trial plan covers the basic accounting needs, so businesses can manage their financial activities according to their requirements.
- The Ignite plan, known as the entry-level plan, priced at $35 AUD per month, includes essential accounting features for basic financial management.
- Available at $70 AUD per month, the Grow plan unlocks additional features excluded in the Ignite plan.
- With this Comprehensive plan priced at $90 AUD per month, users are provided access to all features, including advanced tools, though with some limitations on accessibility.
- The Ultimate 10 plan, at $115 AUD per month, is a top-tier plan that provides full access to both basic and advanced features, delivering an all-inclusive accounting and financial management experience.
Who should use it?
- Small to medium-sized businesses
- E-commerce businesses
- Startups & Freelancers
- Businesses with remote workforces.
3. FreshBooks
Sign up with FreshBooks for a free 30-day cloud-based invoicing and accounting service where your business gets to create, share, and keep track of invoices and payments in one click. With FreshBooks, you can automate, organize, and back up your daily financial operations and head on onto core business activities that demand your time and effort.
Key features:
- Customizable invoice generator.
- Auto-pilot payment reminders
- Progress-based payments.
- Project timelines and cash flow management.
- Automatic tax calculations.
- Built-in time tracker.
- Real-time payment notifications.
Pros:
- User-friendly design & smart features.
- Double-entry accounting.
- 24×7 global customer support.
- Runs on both Android & iPhone.
- Helps with mileage tracking.
- 10 accountants per business are allowed to utilise without additional charges.
Cons:
- Lacks advanced features such as budgeting or inventory management.
- Does not support built-in payroll payments.
- Has fewer third-party application integrations.
- No automatic currency conversion.
Pricing:
The pricing options of FreshBooks vary from plan to plan, with a 30-day free trial for all the plans.
- The Lite Plan ($12 AUD/month) includes essential features with limited client access.
- The Plus Plan ($18 AUD/month) builds on Lite, adding accountant invites and recurring invoice reminders.
- The Premium Plan ($25 AUD/month) includes all Lite and Plus features, along with project tracking and email customization.
- The Select Plan (Custom Pricing) offers complete access to all features, including advanced options.
Who should use it?
- Freelancers.
- Self-employed professionals.
- Accountants.
- Small business owners.
- Business with contractors.
4. Sage 50 Accounting
As desktop-connected accounting software with cloud connectivity, Sage 50 serves as one of the modern platforms where businesses can gain complete access to their daily financial insight and inventory details from anywhere and anytime. Designed to assist small business owners, Sage 50 offers a free version with simple yet premium features that ensure every financial activity is automated, error-free, and up-to-date.
Key features:
- Cash flow manager.
- Account reconciliation module.
- Fully integrated inventory management.
- Project insight dashboard.
- One-click financial reports.
- Sage Security Shield.
Pros:
- Supports multiple users with role-based access.
- Connects with Microsoft 365, enabling access to Sage 50 data in Outlook and secure backups on OneDrive.
- Provides projections to anticipate future expenses.
- Generates specialised reports for construction, manufacturing, & distribution sectors.
- Allows customisation of units of measure with item assembly.
- Facilitates multiple costing, including FIFO, average, & specific unit.
Cons:
- Relatively expensive.
- Limited third-party integrations.
- Payroll payments require add-ons.
- Needs accounting expertise to use.
- Not ideal for beginners.
Pricing:
In Sage 50, the pricing options vary with the number of users. Businesses can make use of the free 30-day trial pack to explore the features and use cases.
- The Pro Accounting plan provides essential features for small businesses and entrepreneurs.
- The Premium Accounting plan offers advanced tools tailored for medium-sized businesses.
- The Quantum Accounting pricing plan delivers a full suite with industry-specific functionalities.
Who Should use it?
- Small businesses
- Mid-size businesses
- Accountants & Bookkeepers
5. Reckon One
Designed for the Australian business community, Reckon One’s 30-day free trial version is one of the most widely used accounting software in the Australian business landscape. With its user-friendly features and secure database, Reckon empowers business owners to streamline their financial operations, payroll management, invoice processing, and other accounting requirements not just on time but also effectively and efficiently.
Key features:
- Bank transaction automation.
- Reckon payment integration.
- Customizable scheduled invoicing.
- Preset tax & GST configuration.
- Precision expense tracking.
- Employee time tracking system.
- Industry-wide compatibility.
Pros:
- Provides high data security measures.
- Facilitates free data migration to Reckon.
- Supports businesses across all industries, from agriculture to e-commerce.
- 24/7 access to specialists.
- Backed by over 30 years of industry expertise.
- Unlimited user access with no additional charges.
Cons:
- Does not facilitate built-in inventory management.
- Restricted mainly to Australian & New Zealand regions.
- Lacks advanced accounting features such as AI capabilities & limited cloud support.
Pricing:
With the 30-day free trial and cancel-anytime option, the pricing plans of Reckon are flexible to suit any business needs.
- Accounting Plus ($11/month) is the top choice for small businesses, offering essential features that support future growth.
- Accounting Premium ($20/month) is a comprehensive plan opted for by businesses seeking detailed financial insights.
Who should use it?
- Small businesses
6. QuickBooks
As one of Australia’s leading accounting software solutions, the QuickBooks trial version is built to help businesses efficiently manage and streamline their financial operations. With a 30-day free package designed for easy onboarding, professionals can start tracking expenses, cash flow, and project details right away, ensuring businesses stay informed and prepared, minimizing last-minute stress and disruptions.
Key features:
- Automated expense management.
- GST & BAS tracking.
- 500+ app integrations.
- Cash flow planner.
- User-friendly mobile app.
- Automatic capture of receipts & bills.
- Batch transactions.
- Spreadsheet sync.
- Project-based reporting.
- Role-based access.
- Cloud backup.
Pros:
- Fully compliant with ATO.
- Highly scalable software for small and new businesses.
- Allows multi-user accessibility.
- Intuitive dashboard with real-time financial insights.
- Supports real-time balances from banks and credit card accounts.
- Facilitates seamless migration from other accounting software.
Cons:
- Expensive for small businesses with limited budgets.
- The software may be challenging to navigate for users without prior accounting experience.
- Certain versions of QuickBooks impose restrictions on file sizes, impacting performance.
Pricing:
Apart from the trial package, QuickBooks comes with four pricing options that serve various kinds of businesses and their needs.
- The Simple Start plan, available for $8 per month, is tailored for small businesses needing essential accounting functionalities.
- The Essential Plan, priced at $13 per month, is designed for small businesses managing supplier transactions and financial operations.
- The Plus Plan, priced at $18 per month, provides businesses with access to advanced accounting features.
- The Advanced Plan is a comprehensive suite designed for growing businesses, offering enhanced customization, control, and automation.
Who should use it?
- Start-ups
- Self-employed
- Small-businesses
- Mid-sized businesses
7. MYOB:
MYOB is accounting software designed and developed for the business community in Australia and New Zealand. The software is well-built with user-friendly and intuitive features, allowing businesses to organize and manage accounting requirements in one comprehensive platform. The 30-day free trial version gives professionals a risk-free opportunity to explore and understand the interface, features, and working model of the software.
Key features:
- Real-time cloud backup
- Fast & secure payments
- Automated timesheets & rosters
- One-click single-touch payroll
- Automatic GST calculation
- Customisable invoices & reports
- Live job & project tracking
Pros:
- Provides local Australian customer support.
- Facilitates strong payroll and tax compliance features.
- Supports cloud & desktop capabilities.
- Manages stock levels and product movements in real-time.
- Highly secure and encrypted.
- Helps with scalability as your business grows.
- Allows 350+ app integrations.
Cons:
- Slow system performance
- Higher pricing for small businesses that require basic accounting features.
- Users may need special training or a workshop to navigate the functions with ease.
Pricing:
With the free version avialble for 30 days, the software offers other pricing models such as,
- The Lite plan, available for $7 per month, is tailored for sole traders and small businesses with up to two employees.
- The Pro plan, priced at $14 per month, is designed for small businesses managing multiple employees.
- The AccountRight Plus plan, costing $70 per month, offers both desktop and web-based access for businesses with complex financial needs.
Who should use it?
- Sole traders
- Small and medium-sized businesses
- Large businesses
- Accountants & bookkeepers
8. Wave
Designed exclusively to support and assist small business owners and freelancers in invoice creation, bookkeeping activities, and tax compliance, the Wave accounting software offers a starter plan with a complete suite of financial management tools that are user-friendly and cost-effective. Gain access to your business’s financial health from anywhere and anytime with the web-based Wave accounting software.
Key features:
- Seamless payment record sync.
- Flexible billing options (Manual & automatic)
- Accurate double-entry accounting
- Smart & intuitive financial dashboard
- Instant estimate generation
- Pre-formatted invoices for quick sending
- Automated state tax filing & payments
Pros:
- PCI Level-1 certified in handling sensitive information.
- User-friendly dashboard with complete view of financial insights.
- Unlimited invoice creation.
- Expert in-house bookkeeping & accounting services.
- Helps generate W2 and 1099 forms for tax audit.
- Supports file attachments in estimates.
Cons:
- Payroll is region-limited.
- Does not support payrolls for huge employee-based organisations.
- Incurs transaction charges.
- Mobile access is limited to invoicing and receipts.
Pricing:
- The Starter Plan is a free option that provides essential features for businesses to manage basic accounting and financial services.
- The Pro Plan, priced at $16, includes all the features of the Starter Plan along with additional advanced functionalities.
Who should buy?
- Small businesses
- Freelancers
- Self-employed
- Consultants
- Contractors
How to Choose the Best Free Accounting Software in Australia
The above comparison would have given a complete view of the leading available free accounting software in the industry, along with its features and pricing options. However, selecting the one that best suits your business requires a deeper evaluation of key factors. Considering the following aspects before making a final purchase can help you choose the most suitable and effective tool for your business.
- Pricing
The primary factor to evaluate is the pricing plans and the features included for the given cost. Not all accounting software offers free trial versions and with a comprehensive set of features to support basic accounting and financial management. Some plans come with restricted access to certain functionalities, while others limit the number of users allowed on the basic plan.
- Features (Payroll, GST, Multi-Currency)
The next crucial factor after pricing is the range of features offered in the free accounting software. Beyond basic invoice creation and payment processing, it’s important to consider advanced capabilities like automated GST calculations, payroll management, multi-currency support, cash flow insights, project tracking, and other financial tools that simplify tax compliance and financial management.
- Customer Support
It may seem less crucial, but 24/7 global customer support is invaluable during emergencies and inquiries. Always opt for free accounting software that provides customer service in your preferred language and region, ensuring smooth communication and quick resolution of issues. Reliable professional support is essential to help navigate the complexities of the software and keep your business running efficiently.
- Scalability
As your business grows, financial needs such as managing multiple payrolls, handling complex tax compliance, and tracking rising expenses also increase. To accommodate these demands, it is crucial to have accounting software that scales with your business. This ensures seamless handling of high transaction volumes and financial complexities without disrupting business operations or continuity.
Top 5 Emerging Trends in Accounting Software for 2025
Technology is rapidly evolving, bringing groundbreaking innovations that help industries adapt to emerging trends and business demands. By 2025, accounting software will play a crucial role in transforming how businesses manage their financial operations. To stay ahead, companies must embrace the following future trends, ensuring their accounting processes align with industry demands and advancements.
- Artificial Intelligence & Automation: This trend will help businesses not just automate transactions but also provide businesses with predictive and preventive insights that facilitate driving data-driven decisions.
- Advanced Data Analytics: With this technology, businesses can extract actionable insights, identify errors, and forecast financial performance in advance, offering businesses the ability to perform strategic decisions and provide accurate results.
- Blockchain Technology: A transparent and irreversible security measure can be achieved with blockchain technology, as it utilizes a decentralized ledger system where every process is recorded. Although still in its early stages, its future impact on accounting practices will be substantial.
- Integration of Embedded Finance: By integrating financial services directly into the software platform, businesses can enhance the user experience by ensuring the financial operations are effectively managed within a unified system.
- Cloud Computing & Collaboration: Achieve real-time access to financial data from anywhere and anytime with cloud-based connectivity. This technology also helps in the auto-backup of data, ensuring business continuity.
Expert Tips for Selecting the Right Free Accounting Software
Here are a few recommendations that ease your purchase of accounting software.
- If you’re a sole trader or small business → SoleApp
- If you want the best free option → Wave
- If you need strong payroll → MYOB
- If you need user-friendly cloud-based → Xero
- If you need automation & reporting capabilities → QuickBooks
- If you need inventory management → Sage 50
FAQs
- What is the best free accounting software available in Australia?
From invoice processing to payroll compliance, the utilization of accounting software varies from business to business. With so many popular options, such as Sole App, MYOB, and QuickBooks, available for the business community in Australia, organizations can choose the one that best aligns with their business requirements and company size.
- Is MYOB or Xero better for small businesses?
While both MYOB and Xero offer 30-day free trial versions along with user-friendly features, Xero is considered one step ahead of MYOB due to its simple and intuitive design. Also, Xero prominently caters to small businesses, while MYOB, on the other hand, is well-suited for large enterprises.
- What accounting software do accountants use in Australia?
Depending on business needs and organizational capabilities, professional accountants in Australia commonly use Sole App, Xero, MYOB, QuickBooks, and Sage 50 for bookkeeping and tax compliance. Many firms also use Reckon and Wave for small business clients, depending on their needs.
- Which free accounting software offers a forever-free version in Australia?
Sole is one of the simplest yet most effective accounting software solutions in Australia, providing a forever-free version that supports small businesses to function without any limited features. With Sole’s free version, businesses can manage their finances and stay ahead of taxes and payment schedules.
- What is the cheapest accounting software for small businesses?
Wave Accounting stands out as one of the best options for businesses seeking free accounting features. In addition to Wave, Sole App is a top choice for small businesses looking for an affordable yet feature-rich accounting solution. Developed by Australians, Sole App offers premium features at a highly competitive price, making financial management more accessible.