The Best Accounting Software for Virtual Assistants

Understanding the needs of virtual assistants

The demand for virtual assistants (VAs) in Australia is surging, offering individuals the flexibility to work remotely and provide essential services to businesses across various industries. However, VAs face unique financial challenges, from managing irregular income to navigate complex tax regulations. Additionally, the legal definition of a VA in Australia is broad, encompassing various roles from administrative support to specialized services.

To thrive in this dynamic landscape, virtual assistant must efficiently manage their finances, track billable hours, handle invoicing and payments, and comply with tax obligations. Without the right tools, these tasks can become time-consuming and prone to errors, hindering productivity and growth.

Choosing the right accounting software can alleviate these pain points, automating tedious tasks, ensuring accurate record-keeping, and providing valuable financial insights. It's essential to select a platform that complies with Australian tax laws, supports GST calculations, and generates compliant reports.

In this guide, we'll delve into the specific needs of Australian VAs and explore the top accounting software options that can streamline your finances, simplify tax compliance, and empower you to focus on growing your business. Whether you're a new VA or an established professional, the right software can make a world of difference.

Important features to consider when looking for an accounting software

Time tracking and invoicing

One of the major responsibilities of a virtual assistant is tracking time and generating invoices for clients. Therefore, it's crucial to have accounting software that makes these tasks easy and efficient. Look for software that has time tracking tools and allows you to generate invoices with just a few clicks.

Tracking time is essential for virtual assistants as it helps them to bill clients accurately. It also helps them to understand how much time they are spending on different tasks. With time tracking tools, virtual assistants can easily track their time and generate invoices based on the hours worked. This feature not only makes the billing process more accurate but also saves time and effort.

Expense management

Another crucial feature for virtual assistants is expense management. Your accounting software should allow you to categorise expenses and generate reports quickly. This feature is especially important if you do billing based on the hours worked or for reimbursing the client for expenses.

Expense management is an essential aspect of virtual assistant work. It helps virtual assistants to keep track of their expenses and ensures that they are reimbursed for any expenses incurred on behalf of the client. With expense management tools, virtual assistants can easily categorise their expenses and generate reports for clients. This feature not only helps virtual assistants to stay organised but also helps to build trust with clients.

Client management

Your accounting software should allow you to manage your clients' details and billing information. This feature allows you to generate invoices and track billing data for each client easily. You should also be able to store and access client-related documents, such as contracts or proposals, easily.

Client management is an essential aspect of virtual assistant work. It helps virtual assistants to keep track of their clients' details, including their billing information. With client management tools, virtual assistants can easily generate invoices and track billing data for each client. They can also store and access client-related documents, such as contracts or proposals, easily. This feature not only helps virtual assistants to stay organised but also helps to build strong relationships with clients.

Top accounting software options for virtual assistants in Australia

As a virtual assistant, managing finances can be a challenging task. You need to keep track of your expenses, invoices, and payments while also ensuring that your clients receive timely and accurate billing. Fortunately, there are many accounting software options available that can help you streamline your financial management tasks.

Now that we understand the needs of virtual assistants let's take a look at the best accounting software options for virtual assistants:

1. Thriday

Virtual assistants juggle multiple tasks and clients, making financial management a real headache. Manually tracking expenses, chasing invoices, and worrying about tax deadlines takes valuable time away from their core work.

Thriday swoops in to save the day! It automatically tracks income and expenses, sends out invoices, and even reminds you about upcoming tax deadlines. No more late nights stressing over spreadsheets!

With Thriday, VAs can effortlessly see how their business is doing with clear reports and forecasts. It's like having a personal financial advisor, but way more affordable and available 24/7.

Thriday is a popular accounting software that offers many features for small businesses and entrepreneurs. With its easy-to-use interface, you can manage your invoices, expenses, and receipt management, bill tracking, and monitor cash flow efficiently. It also has excellent integration capabilities with the ATO so you can lodge your BAS and tax, making it a versatile tool for virtual assistants.

Learn more about how Thriday can help you as a virtual assistant and your agency.

2. FreshBooks

FreshBooks is another popular accounting software for small businesses and freelancers. It offers time tracking, invoicing, expenses, and payment tracking, and project management features. The software's intuitive interface makes it easy to use, and its mobile app lets you work from anywhere, making it an ideal choice for virtual assistants.

FreshBooks also offers a range of automation features that can help you save time and reduce errors. You can set up automatic payment reminders, late fees, and recurring invoices to ensure that your clients pay on time and that you get paid for your work.

Thriday vs FreshBooks? See which fits your business!

3. Xero

Xero is another cloud-based accounting software with excellent functionalities for small businesses and freelancers. It offers features such as invoicing, project management, bank connections, and inventory management. Xero's dashboard provides real-time updates on your business's financial performance, making it easy to monitor your cash flow and make informed decisions.

Xero also has a wide range of add-ons and integrations, making it a versatile tool for virtual assistants. You can integrate Xero with other apps such as PayPal, Stripe, and Shopify to streamline your financial management tasks and increase your productivity.

Overall, these accounting software options offer a range of features and functionalities that can help virtual assistants manage their finances efficiently. By choosing the right accounting software, you can streamline your financial management tasks and focus on growing your business.

Comparing features and pricing

Now that you have an overview of the top accounting software options, let's take a deeper look at the key features and pricing plans for each software:

Subscription plans

When it comes to subscription plans, all three options have different pricing plans to choose from based on your business needs and budget.

Thriday, has a $0 monthly bank access fee* plan, and if you want access to all premium - including managing income and expenses, invoicing and accepting payments, and tracking sales and sales tax - then it's only $29.95 a month or $299 a year (17% discount).

FreshBooks offers three pricing plans starting from $13.50 per month to $45 per month for advanced features. The basic plan includes features such as unlimited invoicing and expenses, time tracking, and project management. The advanced plans include features such as team time tracking, proposals, and advanced accounting reports.

Xero offers three pricing plans starting from $25 per month for basic features to $50 per month for advanced features. The basic plan includes features such as creating and sending invoices, entering bills and reconciling bank transactions. The advanced plan includes features such as managing projects, tracking inventory, and multi-currency support.

Customer support

Customer support is an essential aspect of any software. Let's take a look at the customer support options for each software.

Thriday offers comprehensive customer support through phone, email, and live chat. This allows businesses to get help with their accounting software whenever they need it.

Xero also has an excellent knowledge base and has community forums where users can get support. This allows businesses to connect with other users and get help with their accounting software.

Mobile app functionality

Mobile app functionality is important for businesses that need to manage their finances on the go. Let's take a look at the mobile app functionality of each software.

Thriday has a highly rated mobile app with features such as receipt tracking, expense management, and invoicing. This allows businesses to manage their finances from anywhere, on any device.

Xero also has a mobile app with limited features, but it's still helpful for managing finances on the go. This allows businesses to stay on top of their finances, even when they're away from the office.

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Final Thoughts

Choosing the right accounting software can help you manage your finances efficiently, save time, and focus on growing your virtual assistant business. All these options provide great software options for virtual assistants. Choose the one that works best for your unique needs and start managing your finances like a pro today!