Are you considering changing your accounts package or upgrading from a spreadsheet-based system? This list of accounting software has been complied to make your decision easier.
Gone are the days of leather bound ledgers filled with endless pages filled with barely-legible scrawls. Nowadays, most businesses do their accounting and bookkeeping electronically. Many sole traders and small companies with simple trading setups make do with suitably-formatted spreadsheets. However, a dedicated accounts program will make life easier for many business owners (and their accountants). Larger organisations may require fully-featured software with final accounts and filing capabilities. Our list of accounting software includes a range of solutions for many kinds of business.
List Of Accounting Software
Different businesses want accounting software for different purposes. The smallest micro businesses may just want a means of recording transactions and create invoices. Sole traders and small companies will need software that offers full double entry style bookkeeping, and the ability to transfer information directly to their accountant. Larger businesses with their own accounting staff will want fully-featured systems. Accountancy practices require software that can handle multiple businesses at once.
Below is a list of accounting software that is currently available. We have included software that is suitable for every kind of business.
Cloud-Based Accounting Software.
Most manufacturers of accounting software now offer a cloud-based version of their software. This means that data is stored (and, in some systems, the software is running) on servers rather than on the user’s own computer. Its main strength is that its users are not tied to their own computers to access their accounting information. However, there may be security concerns with critical data being stored externally.
Sage
Sage is a UK company that provides a range of accounting software packages. They are the best known accounting software company in the UK, but their products are also available throughout the rest of the world. Sage provide accounting solutions for businesses of all sizes. Their software is also popular with accountants and bookkeepers.
Sage One Accounts is Sage’s entry level software. Available on a subscription basis, Sage One Accounts is aimed at start-ups and small businesses. The software allows business owners to invoice customers directly via email and to submit payroll and VAT information to HMRC.
Sage One Accounts Extra allows more users and multiple businesses and is slightly more expensive.
Sage Instant Accounts is a bookkeeping package aimed at sole-traders and small business owners. It can only be used by a single user, for a single business, but offers everything that most business users will need. It is desktop, rather than cloud-based software, and is available for a one-time price.
Sage 50 Accounts is a full-featured solution for larger businesses and accountants. It offers a range of features including batch invoice processing, business reporting and departmental analysis.
Find out more here: Sage UK, USA
Intuit Quickbooks / Quickbooks Online
Intuit is a US company that provides a range of accounting software. It’s products are gaining favour among UK businesses and accountants due to the company’s competitive pricing strategy.
Intuit’s entry level QuickBooks Online has a number of options for small businesses. It is a cloud-based system available on a subscription basis.
QuickBooks Pro has more features and is likely to be able to provide everything a small business owner would need. QuickBooks Pro is available either for a monthly subscription, or for a one-off payment. You will have to pay more if you need to install the software on more than one machine.
For more information on Intuit products, see the company’s website: UK, USA
Xero
Xero was founded in New Zealand and now has offices in Australia, UK, and USA.
Xero is being used by more and more businesses in the UK. It is a cloud-based accounting system which is finding favour among the owners of micro and small businesses.
Netsuite
Netsuite provides a range of cloud-based business planning solutions. Their Netsuite ERP (Enterprise Resource Planning) includes accounting facilities, as well as inventory and billing management. Netsuite also provide customer management and eCommerce software.
KashFlow Accounting Software
KashFlow is a cloud-based accounting software package aimed at small business owners. For a monthly fee users get access to all of the features of the software, and you can try it for free for a month before you commit.
VT
Many UK-based small business owners, bookkeepers and accountants are moving to VT. VT offers several accounting packages:
VT Cashbook is a free, simplified version of VT Transaction+, and can be used to record the day to day cash transactions for any business.
VT Transaction + is an inexpensive bookkeeping/accounting software package for Windows. It is popular among accountancy practices as it can be used with an unlimited number of companies. This may also attract those who run more than one business.
VT Final Accounts produces final accounts, and also enables filing with HMRC and Companies House.
List Of Accounting Software Conclusion.
When choosing which accounting software to buy, business owners should be clear about what they want from the software. Is it for recording simple transactions, for taking the accounts to trial balance or further?
There is no point in paying for features that you will never use, but at the same time you need to know that your software will be able to cope with everything your business is likely to need in the future.
With desktop software you know how much it will cost from the start, but it may have to be upgraded from time to time. Cloud-based software offers flexibility, but subscription-based payment schemes mean that prices could increase at any time.
This list of accounting software includes products made by large and small software companies. Sage is very popular, particularly in the UK, and for good reason. However, their software isn’t cheap and the company is facing growing competition from Intuit, whose products are also well regarded. VT is growing in popularity among accounting professionals, who often recommend it to their clients. Xero and KashFlow are also popular among their respective users.
You should consult your accountant before making a decision: he may be able to suggest a suitable package, and may be able to offer a discounted price. It makes life easier (and cheaper for you) if your accountant can transfer your accounts over to his own system.