When you first start out, managing your income and expenses seems like a simple task. In the beginning, sales may be slow and expenses are few. However, once your business starts picking up, it becomes one of your top priorities to keep a close eye on the money that you are paying in and out of the business. At this point, it becomes critical to ensure that you have the right accountancy software for you.
With so many great Accountancy Software’s out there you may find choosing the best one for your business a little challenging. Although each software ultimately operates in the same way (which Is to help you account for and manage your incomings and outgoings) each software includes a different set of features and with these features comes various pricing plans depending on your business’ needs. When deciding on the right software for you some key factors to take into consideration are:
- Usability
- Will you need access for more than one user?
- Are you looking for a cloud-based system or desktop software?
- Features
- Which reports will you need to generate?
- Will you be using the software to track inventory?
- Costs
- Are you looking for a basic accounting package?
- Does your business require software that includes extra features?
So, what Accountancy Software Do We Recommend?
There are so many accountancy software’s available to choose from. If I listed them all I would be here all day. Here at outsourced, we have extensive experience in multiple software’s. However, we work mainly with Xero, QuickBooks, FreeAgent and Sage50. All of which I would highly recommend for a business of any size small or large.
- Xero
- Xero Accounting Software integrates with more than 700 third-party business solutions and is easy to use. Some of its features include invoicing, inventory, bank reconciliation, reporting, cost tracking and much more. Xero is one of the accountancy software’s that also offers a mobile app which is downloadable on Apple and Android devices. This allows you to carry out accounting task such as inputting an expense on the go.
- QuickBooks
- QuickBooks Online is a great choice for nearly every business type. As well as the online version QuickBooks also offers 4 desktop versions: QuickBooks Desktop, QuickBooks Desktop for Mac, QuickBooks Premier and QuickBooks Enterprise. Some of its features include accounts receivable and accounts payable, reporting, tracking inventory and much more. QuickBooks also offers a mobile app which is downloadable on Apple and Android devices.
- FeeeAgent
- FreeAgent is a cloud-based accounting software which is suitable for freelancers and small businesses. Some of its features include time tracking, project management tools which help you track billable hours and expenses and more. If you are a Natwest Business Current Account holder then you are eligible for a free FreeAgent subscription.
- Sage50
- Sage50 is a desktop accounting solution that automatically backs up your data to the cloud. Features include invoicing, inventory, management, expense tracking and reporting.
Here at Outsourced our Accountants are Certified Xero and QuickBooks advisors with experience in all 4 accountancy software’s listed above. If you feel that you would like some advice on choosing the right software for your business or you would like to discuss our options further, please us a call on 02082496007.
Written by Tricia Carr