Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
If you’re looking for online accounting software for your business, it pays to do some research. There are many different products out there, and they all have different features and fees. This guide will walk through the key things you need to know about using Xero’s cloud accounting services, including:
We’ll also touch on another handy feature of Xero - integration with the smart multi-currency account from Wise Business.
With Wise you can hold, send and spend dozens of different currencies, and switch between them using the mid-market exchange rate. Grow your business by connecting to suppliers and customers overseas - and use Xero to keep your paperwork in order, cutting time on admin.
Xero is online accounting software which is perfect for entrepreneurs, small businesses and sole proprietors¹. You can manage all your business finances in one place, from payroll and expenses, to invoices and billing, and see the shape of your organisation at a glance with the Xero dashboard.
When you need to analyse business performance, you can also generate insightful reports to make sure your business continues to flourish.
All online accounting software is designed to reduce the time spent doing administration, and free up business owners and managers to focus on core activities. Xero allows users to streamline activities, get paid faster, and provide exemplary customer service, with a range of smart features:
Xero provides 3 different package prices depending on the services you need and the size of your business. Here are the Xero prices you need to know about²:
Xero cost | Starter | Standard | Premium Five |
---|---|---|---|
Monthly price | $25 | $50 | $65 |
Features | Send up to 5 invoices, enter 5 bills Reconcile up to 20 transactions Manage payroll for 1 person | Send unlimited invoices and bills Reconcile unlimited transactions Manage payroll for 2 people | All standard features, plus: Manage payroll for 5 people Automate superannuation Handle multiple currencies |
Optional extras | Expenses - $5 per user/month Projects - $10 for the first user/month, then $7 per month for each additional Discounts available if added to the accounting plan | Expenses - $5 per user/month Projects - $10 for the first user/month, then $7 per month for each additional Discounts available if added to the accounting plan | Expenses - $5 per user/month Projects - $10 for the first user/month, then $7 per month for each additional Discounts available if added to the accounting plan |
Of course, Xero is not the only online accounting option for small businesses. You might choose an alternative, such as QuickBooks, Sage or Zoho. Here are a few pros and cons of these alternatives, for you to consider.
Choose from 3 package prices, each of which have a different set of features depending on your business needs. Here are a few of the key points about QuickBooks³:
Sage Business Cloud Accounting gives users invoicing, accounting and payroll support which you can use from your mobile for convenience⁵.
Sage’s basic package is $20/month, and gives access to 2 users, with payroll services for up to 4 employees as standard. You’ll also be able to generate invoices, run reports and complete other basic accounting tasks. If you want to do more with your package, you can choose from the range of add on services, which come with a fee. Here are the options⁶:
Zoho has 3 packages which each offer different functionality, and would be suited to different types and sizes of business. Here are a few of the features you may choose from - not all features are available with all packages, so choose the monthly rate which gives you what your business needs⁷,⁸.
When you’re choosing the right online accounting software for your business, you’ll want to take a look at the features and fees of several products before you sign up. Think about the functionality you need now, and what you might require as your business grows and develops.
For example, if you currently work with customers or suppliers overseas, or think that you’ll expand globally in future, it’s worth choosing an accounting product which lets you easily handle billing and invoices in different currencies. By finding accounting software which can cope with multi-currency billing, and partnering with a provider like Wise Business for low cost currency conversion, you can save money on bank fees and protect your profits.
See how the Wise Business multi-currency account can help your business connect with customers and suppliers all over the world, today.
Sources:
All sources accurate as of 22 June 2020
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
If you’re a business owner in Victoria seeking a low-rate business credit card solution, Bank of Melbourne (BOM) may be worth considering. Existing...
If you run a business that deals with international trade, you know the importance of finding a service provider that makes international payments and foreign...
If you’re the owner of a business or run the finances of one, you might be considering business debit cards. These cards are usually connected to the...
As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can...
Whether you have your own business already, or are looking to start one, there might be a time where you may need to seek out overseas suppliers to fulfil...