Accounting software packages have become an essential tool for all modern businesses, of whatever size and type, and there is now a wide range of vendors to choose from. The key to purchasing a suitable platform is to find the right match to your company’s needs.
To help you with this important investment, check out this list of the top 5 accounting software providers for UK small businesses.
How is this top 5 composed?
These accounting software providers are selected based on the business type for which they were developed, (expert) reviews and the possibilities and functions.
Important functions include pending payment reminders, linking with the Tax Authorities (for electronic VAT and IB returns), the use of mobile apps for submitting receipts and other documents, and time registration.
Choice for accounting software providers: what should I take into account?
The range of accounting software providers is wide. How do you make a wise choice? There are a number of things that you have to take into account when choosing.
1. Your business form
Accounting programs aim for specific business forms. Some are more suited for self employed people and some are better for those handling more complex financial challenges for bigger companies. So look for software suppliers that have a broad customer base within your business form.
2. Number of billable clients
Take a good look at the number of billable clients that can be used within the program. With a number of providers this is limited and you have to pay more if you want to send more.
3. Your budget
Usually you pay about 10 to 20 euros per month for a good accounting program. For a complex administration in which, for example, you also do stock management and have a lot of depreciation, you can look at an SME accounting program.
4. Integration with other software
Do you also use software for, for example, payments on your website or do you keep track of your customer contacts in a CRM package? If so, see if a link is possible. That makes it much more convenient.
Important functions
In addition to the above, you can select an accounting program based on the functions that are important to you. For example, think of:
- Bank link (for importing bank statements and linking to, for example, outstanding invoices)
- Sending payment reminders
- Link with the Tax Authorities (for electronic VAT and IB returns)
- Mobile app for submitting receipts and other documents
- Time registration (pay attention to how many ‘hour lines’ you can save
- Journey registration
- Profit and loss account
- Create quotations and convert them to invoices
Further Resources
Best accounting software if you’re a sole trader – what’s available on the market right now for the self-employed or smaller UK business.
The best accounting software for medium sized businesses – A look at accounts platforms suitable for UK-based mid-sized businesses.
9 myths about Making Tax Digital busted – An article to help clear up any remaining confusion about MTD.