Best tax time accounting tools for tradies

When you’re a sole trader or small business owner, the working day doesn’t always end when you down tools. After-hours time is often swallowed by paperwork – tracking receipts, chasing unpaid invoices and getting on top of BAS – a load that can quickly pile up as tax time looms. We chat to MYOB and Xero about the accounting tools that can help tradies streamline their financial management throughout the year.

At a glance: Helpful tax time accounting features of the Solo app from MYOB

• Connected accounts: Tracks all your payments and expenses throughout the year so the books are ATO-ready.
• Client payments: Creates professional invoices with the correct GST, allows clients to ‘tap to pay’ onsite.
• Expense tracking: Organises and stores all of your receipts throughout the year.

At a glance: Helpful tax time accounting tools from Xero

• Real-time cash flow dashboard: Gives you an at-a-glance view of your incoming money, upcoming expenses, overdue invoices and available cash.
• Automate bills and expenses: Organises and categorises your accounting paperwork.
• Seamless integration: Connects over 1000 apps so less doubling up on data input.

What is Solo by MYOB?

It’s a simple, intuitive app that helps tradies stay in control of their finances without stepping away from the tools, explains Kim Owen-Jones, General Manager Customer Acquisition at MYOB. She highlights three key features of the accounting tool:

1. Connected accounts

At a glance: Continuously updates and categorised transactions, allowing you to effectively maintain ATO-ready records all year round, so less effort needed for tax prep.

Connected accounts integrate your business bank accounts with Solo by MYOB thanks to Australia’s Consumer Data Right, which lets you share your data between service providers. Payments and expense records flow directly into the app, where payments are smart-matched to invoices and expenses are auto-categorised, leaving you to simply review and approve. By automating data entry, you have real-time visibility of finances and your books are kept tidy.

2. Client payments

At a glance: Reduce time between quoting and being paid, limit the need for follow-ups and keep your revenue automatically reconciled. Come tax time, your income is organised and GST-ready.

Create and send professional, branded invoices directly from your phone with the app. When you enable payments, customers can pay instantly using a range of payment methods. ‘Tap to Pay’ allows you to collect card payments onsite at job completion. Correct GST application on invoices improves the accuracy of BAS reporting, and everything is auto-reconciled for you so you don’t need to do any of the work.

3. Expense tracking

At a glance: No more glove boxes overflowing with faded receipts! Even better, having every receipt stored and categorised in one place makes it easy to file accurate deduction claims.

Photograph receipts for fuel or materials and the Solo app stores them securely. Plus, when you turn on the Solo integration through the Bunnings Trade PowerPass portal, all purchases you make in-store or online will land in your Solo app. Auto-categorisation keeps everything organised, and you can easily view receipts later if your advisor or the ATO needs more details.

Tip: Get MYOB from 46 for 12 months* when you're a PowerPass member (T&Cs apply).

What is Xero?

Xero is a cloud-based accounting platform that helps tradies simplify business finances. Easy to use on desktop or mobile, it lets you manage invoices, expenses and cash flow on the go, so you can spend less time in the office and more time on the tools. Miguel Nasr, GM – Product at Xero, recommends these tools.

1. Real-time cash flow dashboard

At a glance: Instantly see where you are at financially, what is going out and coming in.

The accounting platform shows a live view of incoming money, upcoming bills, overdue invoices and available cash. This gives you a quick indication on whether you’re ahead or behind, without the need for spreadsheets. Check it between jobs to stay on top of everything and use short-term cash flow projections to plan BAS and tax payments.

2. Automate bills and expenses

At a glance: By keeping bills and expenses automatically organised and categorised, tax time is quicker and less stressful.

Simply snap a photo of your paperwork in the app. Bank transactions flow in automatically, matching to bills, receipts or categories – often in one click.

3. Seamless integration

At a glance: Reduce manual entry, avoid costly mistakes and maintain accurate, up-to-date records.

Connect job and project management software like ServiceM8, Tradify or Simpro apps into Xero so the data automatically flows into your finance system. This means fewer errors and less duplication so you can spend more time on the tools and reduce your time spent in the books. With more than 1,000 apps that integrate with Xero, you can choose and connect apps that fit your workflow – from job and project management to bills, expenses and payments.

Tip: All PowerPass purchases are recorded in your account. Access your statements each year through the account portal on the website. PowerPass members can get 100 per cent off Xero for six months (T&Cs apply).*

Frequently Asked Questions (FAQ): Accounting tools for tradies

1. What’s the best accounting app for tradies at tax time?

Xero and Solo by MYOB are both strong options that help you track expenses, send invoices and sync your Bunnings Trade PowerPass purchases to streamline reconciliation; pick the one that best fits your workflow and integrations.

2. How do I track receipts for BAS and deductions?

• Take photos of receipts in the PowerPass app so they’re stored and categorised.
• Connect your bank feeds and enable the Bunnings Trade PowerPass link so in‑store and online purchases flow in; you can also download annual PowerPass statements from the portal.
• Review and match transactions to bills/invoices to keep your GST categories accurate.

3. Does PowerPass integrate with Solo by MYOB and Xero?

4. Is Solo by MYOB the same as MYOB Business?

No. Solo by MYOB is positioned as a simple, intuitive app to help tradies stay on top of finances while on the tools, while MYOB Business is a broader small‑business platform.

5. Are these tools ATO‑compliant for GST and BAS?