Running a business is more than staying afloat. It means being prepared for unexpected costs and having a clear view of your financial position. For SMEs, especially those without the luxury of an in-house finance team, managing money means getting the numbers right and understanding what those numbers are telling you about today’s forecast as well as further into the future.

Thankfully, financial tools have come a long way from clunky desktop programs and monthly reconciliation marathons. There’s now a growing list of digital options that actually make life easier without needing a finance degree or hours of admin time.

1. Cloud Accounting That Doesn’t Make You Cry

Let’s start with the basics.

If you’re still relying on spreadsheets or desktop software for accounting, you’re probably spending more time fixing errors than making decisions.

Cloud-based accounting software has become a staple for many businesses thanks to its ability to manage invoicing, payroll, GST, and bank reconciliation in a single platform. These systems typically connect directly with banks and payment services, which cuts down on manual data entry and reduces the risk of errors.

Better still, they’re built with Australia’s and New Zealand’s compliance requirements in mind. That means less worrying about whether your GST reporting is up to scratch—and more confidence that the ATO won’t come knocking because of a clerical error.

In fact, Xero’s research shows that small businesses using cloud accounting are paid faster than those still stuck in manual processes.

2. Expense Tracking That Doesn’t Involve Shoe Boxes

Expense management doesn’t need to be a monthly scavenger hunt. There are now plenty of tools designed to take the pain out of tracking business spending, even for small teams.

Modern expense management tools let employees photograph receipts on their phones, categorise purchases and submit them for approval. This eliminates the need for paper trails or back-and-forth emails. Some systems also offer pre-paid cards linked to business accounts, providing real-time visibility into spending as it occurs.

This kind of visibility helps with both budgeting and internal controls. You get clearer reporting, fewer nasty surprises, and better audit trails without being “that manager” who needs an explanation for every coffee run.

3. Forecasting Tools You’ll Actually Use

Forecasting often gets sidelined in smaller businesses because, well, it’s hard. Or at least it used to be. Now there are tools designed for teams who don’t have a full-time analyst on staff.

Some forecasting tools integrate directly with your accounting system and allow you to model various cash flow scenarios, making it easier to test assumptions and plan for different outcomes.

You can see what your financials might look like if sales dip if costs rise or if you finally hire that new support engineer. This kind of forward planning is essential in a market where costs are rising, and interest rates aren’t doing anyone any favours.

According to the CPA Australia Business Technology Report 2024, 43% of SMEs in the region are already using digital forecasting tools to prepare for uncertainty. The rest? Mostly winging it.

4. Payroll and Super: Get It Right the First Time

Payroll is one of those things you have to get right. No one wants to be the business known for late payslips or missing super contributions.

Modern payroll systems can manage the entire process, from calculating tax and leave entitlements to submitting Single Touch Payroll (STP) reports in Australia or handling KiwiSaver contributions in New Zealand.

When linked to your accounting system, these tools reduce errors and save time. You just run the payroll, check the figures, and move on.

Also worth noting: the ATO requires all employers to use STP Phase 2, which means if your software can’t support it, you’re due for an upgrade.

Some Common Sense Before You Go

There’s no shortage of financial tools out there, but that doesn’t mean you need all of them. The trick is choosing a stack that matches your business size, complexity, and internal capacity. If your bookkeeper is part-time and working from the beach, it makes sense to avoid tools designed for large corporate finance departments.

Choose software that works well together across accounting, payroll, expenses and forecasting, and make sure it aligns with how your business actually runs. In short: the right setup saves time, keeps you compliant and gives you the kind of financial visibility that actually helps you make decisions, not just tidy up the books.

This information is for general information purposes only. The information contained herein does not constitute financial or professional advice or a recommendation. It has not been prepared with reference to your financial circumstances or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice as to whether or not this information is appropriate for you.