Choice of Accounting System

You might not realize it, but your outdated accounting system is more indispensable than you think. Apart from common bookkeeping entries, the right accounting software can help you automatically compute your expenses, taxes, and billings in a heartbeat. That said, there is a multitude of accounting systems that cater to different needs of businesses throughout the UK. And the choice you make will help you make the right financial decisions in the foreseeable future. You can weigh your options with the following viable accounting software choices:

QuickFile

It is one of the best online accounting software that is ideal for small businesses. In fact, the integrated AI features can take care of more than 75% of your bookkeeping automatically. It has the capability to amalgamate your credit card and bank accounts and transfer your financial statement each month.

FreeAgent

Well, it has various iterations that appeal to different kinds of small and medium-sized businesses. It can, for instance, handle an extensive amount of transactions, supplier information, customers, products, and payroll processing.

QuickBooks

Although this accounting system is more suitable for entrepreneurs, small businesses can use it for automated billing of credit card payments, invoicing, time tracking, and management of different transactional payments.

ClearBooks

If your main priority is payroll processing, ClearBooks o is as good as it gets. The accounting program is perfect for businesses that want sophisticated payroll management. You can utilize it to calculate payroll filings, pay rates, check tax payments, and multiple schedules. The software also uses jargon-free language that makes it appealing to millennial business owners.

Xero

If you want robust inter-connectivity, Xero is one of the most reliable online accounting systems that can take care of your business’ double-entry bookkeeping, invoices, generate reports, get online payments, and contact your bank accounts. You can use all the features via your personal computer or iPhone.

Software Users

When you choose an accounting system, you must involve the individuals who will primarily be utilizing the software regularly. It could be your credit controller, accounts manager, or payroll manager. Furthermore, you can send software demo invites for collective participation at an early stage.

Wrap Up

You can go for an award-winning accounting program, but it will have to be compatible with your business needs. Apart from budget and scalability, your main criteria should be to undertake the requirements of the accounting system. Most of the entry-level accounting systems can manage records, VAT, customer invoices, and financial reports. However, if you want added features like CRM, credit management, stock management, or real-time reporting, you will have to search for advanced accounting software. In this day and age, you don’t want an accounting system to hold you back in the market. So, it is vital to search for an accounting system that can help you grow your business. From flexibility to compatibility, weigh each element of your accounting software so you can manage your financial data with more convenience.

We can help with all of your business and personal tax and financial planning needs. For a strategic review of your finances, please contact us.

Disclaimer: We don’t take any responsibility for actions taken based on above information. Please speak to our consultants if you need more information. This guide was written specifically for Smart Accounting clients. Some of the information contained in this guide might not be applicable if you do not have a business managed by Smart Accounting. By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details are correct at time of writing.