Best Accounting Software For Mortgage Brokers In Australia (Top 5 in 2025)

Ever wish there was an easier way to handle your accounting?

You’re not alone.

Many mortgage brokers in Australia find managing finances to be a real hassle.

But with the right accounting software, it can be a breeze.

Let’s explore the best options to streamline your accounting and let you focus on what you do best—helping your clients.

💸

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What Is Accounting Software For Mortgage Brokers?

Accounting software for mortgage brokers is a specialised tool designed to manage financial accounts, transactions, and client data efficiently.

It automates repetitive tasks like invoicing and reconciliation, reducing the risk of errors and saving valuable time. These tools are particularly important for brokers who handle multiple clients and complex financial transactions.

Beyond basic accounting, these platforms often integrate with other tools like Customer Relationship Management (CRM) systems, loan origination software, and document management tools.

This integration streamlines workflows, enhances customer service, and ensures compliance with Australian financial regulations.

Top 5 Accounting Software For Mortgage Brokers In Australia

1. Thriday

Thriday is a comprehensive accounting solution tailored specifically for Australian financial conditions. It’s designed to meet the unique needs of mortgage brokers, offering a range of features that simplify financial management.

  • Features: Thriday provides customisable invoicing, advanced reporting capabilities, and real-time financial tracking. These tools help brokers monitor cash flow, track expenses, and generate detailed financial insights.
  • User Experience: Known for its user-friendly interface, Thriday is accessible even for those without an accounting background. It also offers excellent customer service, ensuring users get the support they need.

2. Xero

Xero is a highly scalable accounting software suitable for mortgage brokers of all sizes. Its robust feature set and adaptability make it a popular choice in the industry.

  • Features: Xero offers real-time financial tracking, extensive integration options with other business tools, and automated transaction reconciliation. These features save time and reduce errors, making financial management more efficient.
  • User Experience: With an intuitive interface and a clean design, Xero is easy to navigate. It also supports mobile app functionality, allowing brokers to manage finances on the go.

3. Zoho Books

Zoho Books is an affordable yet powerful accounting solution, ideal for small to medium-sized mortgage brokers. It balances cost-effectiveness with a robust set of features.

  • Features: This software includes automated workflows, comprehensive reporting, and multi-currency support. These tools are particularly useful for brokers dealing with international clients or complex financial scenarios.
  • User Experience: Zoho Books offers an easy-to-navigate dashboard and customisable modules, allowing brokers to tailor the software to their specific needs.

4. MYOB

MYOB is a well-established accounting software designed for complex financial operations. It’s particularly suited for larger mortgage brokerage firms with more intricate needs.

  • Features: MYOB provides specialised tax and compliance updates tailored to Australian laws, as well as payroll management for handling employee payments and superannuation.
  • User Experience: The platform is supported by extensive training resources and customer support, making it a reliable choice for managing complex financial tasks.

5. QuickBooks

QuickBooks is a globally popular accounting software offering tailored solutions for small to medium-sized mortgage brokers. Its simplicity and ease of use make it a favourite among non-accountants.

  • Features: QuickBooks includes expense tracking, budgeting tools, and invoice and payment processing. These features streamline financial management and improve cash flow tracking.
  • User Experience: With a quick setup process and seamless integration capabilities, QuickBooks is designed to be user-friendly and efficient.

Understanding The Selection Criteria

Cost

When choosing accounting software, it’s essential to consider all associated costs.

These include upfront purchase or subscription fees, ongoing maintenance costs, and any hidden expenses like training or advanced feature access.

Understanding the total cost of ownership helps brokers make informed decisions.

Scalability

As a mortgage brokerage grows, its financial management needs become more complex.

Scalable software can adapt to these changes, offering options to upgrade plans or add features as required.

This ensures the software remains effective as the business evolves.

Customisation

Customisation is another critical factor.

The best accounting software allows brokers to tailor templates, workflows, and reporting tools to their specific needs.

This flexibility ensures the software aligns with the unique requirements of mortgage broking.

Exploring Benefits And Drawbacks

Benefits

  • Efficiency: Accounting software automates repetitive tasks like invoicing and reconciliation, saving time and allowing brokers to focus on client relationships.
  • Accuracy: By reducing human error, these tools ensure precise tracking of income, expenses, and commissions. This accuracy is crucial for financial reporting and compliance.
  • Compliance: Many platforms provide regular updates to stay aligned with Australian financial regulations, helping brokers avoid legal issues.

Drawbacks

  • Initial Setup: Migrating data from existing systems and training staff can be time-consuming and resource-intensive.
  • Costs: While the software itself may be affordable, additional expenses for advanced features, integrations, or extra users can add up.
  • Over-Reliance: Dependence on digital tools can lead to disruptions if systems fail or data is compromised. It’s essential to have backup plans in place.

Integrating Software With Other Brokerage Tools

Common Integrations

Accounting software often integrates with CRM systems, loan origination software, and document management tools.

These integrations enhance operational efficiency and provide a more holistic view of client data.

Benefits Of Integration

  • Enhanced Workflow Automation: Integration reduces manual data entry and duplication, streamlining operations.
  • Better Customer Service: With a unified view of client data, brokers can respond faster and offer personalised service.
  • Error Reduction: Automated data sharing between systems minimises the risk of errors.

Steps For Integration

To ensure a smooth integration process, brokers should:

  1. Evaluate the compatibility of the accounting software with existing tools.
  2. Develop a step-by-step plan to avoid disruptions during the transition.
  3. Conduct thorough testing to identify and resolve any issues.
  4. Provide training to staff to ensure they can use the integrated system effectively.

Additional Tips For Choosing Accounting Software

Trial Periods

Many accounting software providers offer free trial periods.

Take advantage of these to test the software’s features, user interface, and compatibility with your existing systems.

This hands-on experience can help you make a more informed decision.

Customer Support

Reliable customer support is essential, especially during the initial setup phase.

Look for software providers that offer multiple support channels, such as live chat, email, and phone support.

Reading user reviews can also give you insights into the quality of their customer service.

Security Features

Given the sensitive nature of financial data, robust security features are non-negotiable.

Ensure the software includes encryption, regular updates, and secure data storage options.

Some platforms also offer two-factor authentication for added security.

Industry-Specific Features

While general accounting software can be useful, platforms with industry-specific features often provide better value.

For example, tools designed for mortgage brokers may include commission tracking, compliance updates, and integration with loan origination systems.

Conclusion

Choosing the right accounting software is a crucial decision for mortgage brokers in Australia. Whether you prioritise cost, scalability, or customisation, the options outlined above—Thriday, Xero, Zoho Books, MYOB, and QuickBooks—offer a range of features to meet diverse needs. By understanding the benefits and potential drawbacks, brokers can select a solution that enhances efficiency, accuracy, and compliance, setting their business up for success in 2025 and beyond.

Track My Trail Team

The Track My Trail Team develops software to simplify trail book management for mortgage brokers. Their tools provide fast and practical insights to help brokers get the most out of their trail books.