Which accounting software is best for a small business?

11 April 2023

Which accounting software is best for a small business?

Having oversight of your business finances is essential for small business owners. Depending on how long you have been running your business, setting up the right accounting software for your small business could take 5 minutes or several hours.

When looking for software solutions, spending wisely is usually high on the list of priorities. However, investing in the right software will protect your valuable time, provide valuable insights, and even improve your cashflow.

5 things to consider when looking for an accounting software package.

  • Ability to automate accounting tasks – can the software automate some or all of the bank reconciliation, invoicing and expense management?
  • Real-time financial visibility – can the software provide you real-time financial data allowing you to make informed decisions? Can you track income, expenses, cashflow and generate key financial reports?
  • Collaboration functionality – does the software allow multiple users to access the same data at the same time? Can you share key data with your accountant or bookkeeper?
  • Integration with other apps – does the software have the functionality to integrate with a range of business apps? Payment processing, CRM, inventory management?
  • Mobile access – can you access the software on the move? Can you review key metrics, create, and send invoices, and reconcile your transactions on a phone or tablet?

The right accounting software should support your needs and be complementary to the software your accountant uses. If you can find a software solution that meets your needs and your accountant uses this software in house, then you will receive maximum value for your investment.

Your accountant can view how you are using the accounting software to provide training, tips, and advice. They can support you with bespoke reporting that you can view, discuss, and dissect together.  Finally, they can collaborate with you at critical points in your financial year.

Whilst your accountant may not use all different accounting options, if they don’t use your software of choice, this doesn’t always mean they can’t support you. As a minimum they can work with you to ensure the information you submit is correct and they can extract what they need.

Here are some of the most popular accounting software solutions:

Looking for support with selecting the right software for your small business? Get in touch on 01296 681341 or contact us here.

 

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Brett Smith

Brett Smith

Tax & Accountancy

Sian Smith

Sian Smith

Business & Development