Which Accounting Software Is Right for You?

Which Accounting Software Is Right for You?

What Accounting Software Is Best for My Business?

Choosing the right accounting software is essential for keeping your business finances organised, managing tax obligations, and making informed financial decisions. But with so many options available in New Zealand, how do you know which one is right for you?

The best accounting software for your business depends on your size, complexity, and budget. Let’s break down the top accounting software options and which businesses they are best suited for.


1. Xero – Best for Small to Medium Businesses

Xero is one of the most popular accounting platforms in New Zealand, designed for small to medium-sized businesses.

Why Choose Xero?

  • Easy GST integration – Perfect for filing GST returns directly with the IRD.
  • User-friendly interface – Simple for business owners and accountants.
  • Payroll management – Handles PAYE, KiwiSaver, and employee leave.
  • Cloud-based – Access from anywhere, anytime.

Best for:

  • Small to medium businesses needing easy-to-use software.
  • Businesses registered for GST and PAYE.
  • Business owners wanting real-time financial insights.


2. MYOB – Best for Established Businesses with Payroll Needs

MYOB (Mind Your Own Business) is a great option for businesses that need robust payroll and financial reporting tools.

Why Choose MYOB?

  • Advanced payroll features – Ideal for businesses with multiple employees.
  • Customisable reporting – More detailed financial insights.
  • Inventory tracking – Good for retail and product-based businesses.
  • Desktop & cloud options – Choose between offline or online accounting.

Best for:

  • Medium to large businesses with complex payroll requirements.
  • Companies needing detailed financial reporting.
  • Businesses managing inventory and stock levels.


3. QuickBooks Online – Best for Freelancers & Contractors

QuickBooks Online is an affordable, cloud-based accounting solution that works well for freelancers, contractors, and small businesses.

Why Choose QuickBooks?

  • Affordable pricing – One of the most budget-friendly options.
  • Simple invoicing – Easy to send and track invoices.
  • Expense tracking – Connects to bank accounts to categorise transactions.
  • Cloud-based – Manage finances from any device.

Best for:

  • Freelancers, contractors, and sole traders looking for an affordable option.
  • Businesses with simple accounting needs.
  • Those who need basic invoicing and expense tracking.


4. Hnry – Best for Sole Traders & Self-Employed Professionals

Hnry is a fully automated tax service designed specifically for sole traders, freelancers, and gig workers. Unlike traditional accounting software, Hnry automates tax calculations and payments.

Why Choose Hnry?

  • Automates tax payments – Pays GST, income tax, and ACC automatically.
  • No need for a separate accountant – Hnry handles tax compliance for you.
  • Simple fee structure – Charges a percentage of income instead of a monthly subscription.
  • Saves time – No need to file tax returns manually.

Best for:

  • Sole traders, freelancers, and contractors who want a hands-off tax solution.
  • Anyone not wanting to manage GST or income tax filings.
  • Individuals looking for a simple, all-in-one accounting and tax service.


Which Accounting Software Is Right for You?

Your choice of accounting software depends on your business size, complexity, and how much automation you need.

General Recommendations:

  • If you want an all-in-one solution for small to medium businesses, go with Xero.
  • If you have employees and need payroll features, MYOB is a strong choice.
  • If you’re a freelancer or contractor, QuickBooks Online is an affordable option.
  • If you’re a sole trader who wants automated tax payments, Hnry is ideal.


Final Thoughts

Having the right accounting software can save you time, reduce errors, and help you manage tax obligations easily. Choosing the best option depends on how your business operates and how much support you need with tax compliance.

Still unsure which software suits your business? TaxFix can help! We provide expert advice on accounting systems, tax compliance, and financial management, so you can focus on growing your business.

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