Are you a business looking for the best accountancy software? Check out our review of the top three accounting software packages with an expert opinion from Yorkshire Accountancy.
However, with far more efficient and powerful software available, Excel spreadsheets are the dinosaur of the accounting world. Better features available on modern accounting software can provide practical benefits to a business, improving forecasting and offering greater insights into data.
With many accounting packages on the market, here’s a look at five of the best.
Quickbooks
The parent company for Quickbooks, Intuit, has been developing software for tax and accounting since 1983, moving into the UK market in 2014. This long track record is evident in a slick package which can be tweaked to meet the needs of your business.
Quickbooks set out to simplify the process and they succeed. They offer all the accounting features you’d expect such as income and expenditure tracking, late payment chasers and payroll runs, but it’s also compatible with MTD, a real advantage if you have VAT returns. The mobile app is also popular, allowing you to take photos of your invoices and upload them to your account instantly. With remote access for your accountant, you can share information instantly.
As QuickBooks Accountants, We’ve had many years of experience working with clients who use Quickbooks. For more information about how we could help you with this service, give us a call at Yorkshire Accountancy.
Pros:
- Cost-effective solutions for businesses of all sizes, including sole traders
- Compatible with MTD (Making Tax Digital)
- Upload photos instantly from the mobile app
- Remote access for accountants with real-time updates
Cons:
- The learning curve can be onerous
- Occasional technical glitches
Xero
A cloud-based platform, Xero has been delivering accounting services since 2006. Over the years, it has become renowned for its vast range of features, with more than 700 integrations possible and unlimited user accounts.
Some of their advanced features are not widely available elsewhere, such as compatibility with the Apple Watch. Providing you have an internet connection, you can access Xero from any device.
This ease of use and a vast swathe of features, including online invoicing, smart reconciliation, reporting and inventory tracking is why it’s been chosen by more than 2,000,000 single users.
With so much functionality available, Xero has the potential to offer valuable insights for your business but the full package can be overwhelming for business owners. Here at Yorkshire Accountancy as Expert Xero Accountants, we can help you to make the most of what’s on offer. Get in touch with us today to find out what Xero could do for your business.
Pros:
- Option to add an unlimited number of accounts
- Offers advanced features not available elsewhere
- Well-suited to medium and large businesses
Cons:
- It can take a while to familiarise yourself with the system
Clear Books
Another name that you might recognise, Clear Books was launched in 2008. Unlike some others, it sets out to provide solutions for both small businesses and accountancy/bookkeeping firms and has separate packages for both.
Clear Books offers all the basics a business or an accountant would find essential, such as creating and chasing invoices and auto-importing transactions from your bank. It’s competitively priced but to access the best features, you’ll need a paid account. For example, if you want to liaise with your accountant, it comes at a cost.
The software is HMRC compliant and although not all packages include MTD, it is available with Large Plans. There are different options for both businesses and accountants, and although there’s more on offer elsewhere, it’s still an excellent package to consider.
Pros:
- Great support by email and phone
- Recognised by HMRC
- Separate options for small businesses and accountancy practices
Cons:
- Smaller range than elsewhere
- Costs extra for accountant access
- Difficult to navigate, especially at first
The Best Accountancy Software – What Is the Best of the Best?
All of the above accounting software performs well and would be an asset for any business. Our professional opinion is that Xero and Quickbooks have the edge over the competition, offering flexible and extensive tools that can add real value to your business.
Using accounting software can free up more time for you to spend on the main tasks of your business, and the new data could provide insights which enable you to make more informed decisions. If you’d like to know more about how accounting software could be a game-changer, talk to Yorkshire Accountancy today.
