With HMRC making tax digital requirements and so many other elements of our businesses being digital now, it just makes so much sense for businesses to have online accounting software. There are lots of options for businesses and sometimes with too many choices it can be hard to know which is right for you. So in this blog I am reviewing if some of the options available and What to consider when making your choice.
Firstly I think it is important to check with your business bank to see if there are any free softwares available, as this will of course save you money. Various banks do provide free softwares with the business banking. Such as NatWest gives you freeagent which is a good option.
It does then depend what industry you are in, the size of your business and what you need from the software.
Zoho Books is a great option for small businesses with a turnover under £35,000 as it is free if your business is going to remain around this level and you are looking to grow then it’s a good choice however if you are looking to grow it may become more expensive than some of the others.
Most of you know that Xero is what are my most recommended softwares so many businesses has such great functionality with plenty of add-ons to make it work for your business and needs. It’s a great option for those looking to really monitor their business finances and improve their cash flow management. It is user friendly and can really benefit your business.
QuickBooks is another popular choice it is a great and affordable way to manage your expenses and income some people prefer this as it is slightly cheaper than Xero however it is not quite as user friendly and doesn’t have as much functionality longer term.
Sage online is a great option when it comes to accounting software it’s well known for its user-friendly interface and office features you need to manage your business finances effectively this software gives you a great financial visibility it has an old school reputation however it has been developed greatly in recent years.
Dext and Hubdoc
Dext and hubdoc are both great softwares that would intergrate with the accounting softwares above both of these provide a platform to streamline the expenditure and extracts data from invoices to make your life a lot easier by speeding up data entry and increasing accuracy.
Ultimately business owner you need to look at your business currently and your long term goals to decide which software will suit you best. You can convert data from 1 software to another in the future if it isn’t working for you but sometimes it might be best to look at the long term goal and what would suit that.
The live bank feeds that all of these softwares offer and other automations it can really speed up the process of bookkeeping and keeping up to date in real time so that you can monitor your finances and get a real grasp of the business and make great business decisions.
If you would like to have a chat about your business and software options that would suit you there please do get in touch and I’m happy to have a software review and recommendation discussion with you.
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