Top 5 budgeting tools for small businesses in Australia

In this guide, we’ll explore the top budgeting tools tailored to meet the needs of Australian businesses. Whether you’re looking to streamline your GST reporting, track expenses, or automate your financial management, these tools can help you save time, money, and stress.

Key features to look for in a budgeting tool

When choosing a budgeting tool, consider the following essential features:

• User-friendly interface: Tools should be intuitive and easy to navigate.
• Automation and integration: Seamless integration with banking, invoicing, and accounting systems is a must.
• Reporting and analytics: Access to real-time insights and detailed reports to make informed decisions.
• Scalability: Choose tools that can grow with your business.
• Cost-effectiveness: Ensure the tool provides value for money and fits within your budget.

Top 5 budgeting tools for small businesses in Australia

1. Thriday

Thriday is an all-in-one financial management platform designed specifically for Australian businesses. It simplifies cash flow management with automated bank feeds, expense tracking, and Profit First allocations.

By automatically allocating money between up to 10 bank accounts in Thriday you can put your business budget on autopilot.

An example of how this looks is:

• Profit - 5%
• Owners pay - 45%
• Tax - 15%
• Operational expenses - 35%

With this method you have a fit-for-purpose dedicated account for each bucket of money, no messy spreadsheets or paper trail.

• All your income comes into Thriday
• You pay for expenses from the operating expense account with your Thriday Visa Debit card
• Your tax is automatically calculated
• Bookkeeping and accounting is automated
• You earn interest on your money
• You know exactly how much money you have to spend on yourself and your business without worrying about a nasty tax bill.

With Thriday, small businesses can save up to 6 hours of financial admin weekly. Learn more about Thriday’s features and how it works here.

2. MYOB

MYOB is a trusted name in Australian accounting software. It offers GST compliance, payroll management, and budgeting tools.

Cons: Potential complexity for smaller businesses, higher costs, and less automation compared to Thriday.

Compare MYOB here.

3. Xero

Xero’s cloud-based accounting solution provides real-time financial insights and customisable budgeting reports. It’s widely used by Australian startups and growing businesses. However, Xero has received criticism in customer reviews for inconsistent support services, which can lead to delays in resolving issues. Additionally, its pricing model may not be as competitive for small businesses when compared to Thriday, which offers more automation and built-in features tailored to Australian business needs.

Cons: No built-in bank accounts, no automation, messy bank feeds, very poor user reviews.

Compare Xero’s features here.

4. QuickBooks

QuickBooks offers comprehensive budgeting features, including cash flow forecasting and expense categorisation. It’s suitable for Australian businesses with complex accounting needs.

Cons: QuickBooks has received feedback for its steep learning curve, which can be challenging for small business owners unfamiliar with accounting software. Additionally, customer reviews often mention limited customer support responsiveness and issues with syncing bank feeds, which can disrupt workflows. Compared to Thriday, QuickBooks lacks the same level of automation and purpose-built features tailored to the Australian market, making it less streamlined for local businesses.

Compare QuickBooks features here.

5. Zoho Books

Zoho Books, part of the Zoho suite, is an excellent option for budget tracking and multi-currency support. It’s ideal for Australian businesses with international clients.

Cons: Zoho Books has been criticised for its limited customer support, which can be frustrating for users encountering technical issues. Additionally, some reviews mention that its interface can feel overly complex for small businesses without prior experience in financial software. Compared to Thriday, Zoho Books lacks built-in automation features specifically tailored to the Australian market, making it less user-friendly and efficient for local businesses.

Compare Zoho Books here.

How to choose the right tool for your business

• Assess your needs: Identify the features your business requires most, such as GST compliance or automation.
• Consider your budget: Ensure the tool’s pricing aligns with your financial capacity.
• Look for scalability: Opt for tools that can grow as your business expands.
• Trial options: Many tools offer free trials—take advantage to find the best fit.

Budgeting tips for Australian small businesses

• Set clear financial goals: Define what you want to achieve with your budget.
• Review and adjust regularly: Regularly revisit your budget to ensure it aligns with current goals.
• Leverage automation: Save time by using tools that automate repetitive tasks.
• Stay compliant: Use tools that help with Australian tax requirements, such as GST and BAS reporting.
• Involve your team: Encourage collaboration in financial planning for better accountability.

Conclusion

Budgeting tools are essential for Australian small businesses aiming to stay competitive and financially secure. From all-in-one platforms like Thriday to specialised tools like PlanGuru, there’s a solution for every need.

Ready to simplify your financial management? Explore Thriday today and see why it’s the top choice for Australian small businesses. For more tips on boosting your financial efficiency, check out our guide on maximising small business profits in 2025.

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