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.


More for you to read

Basis Period Reform

Basis Period Reform

What is Basis Period Reform and does it affect me? HMRC are bringing in new rules, called Basis Period Reform, from April 2024 that will see all...

BAS Spring Budget Updates

BAS Spring Budget Updates

Written by Brett Smith, Director & Accountant at BAS. Isn’t Budget Day super exciting? For personal reasons, I had to work from home for a few hours on...

Regardless of the services you select all clients will benefit from:

Free ongoing advice

We want you to succeed

Online portals

Access all historic and current accounts or returns at any time

No surprises

We will never send you a surprise bill for calls, emails or meetings

We keep it simple

We're not a fan of jargon either

Peace of mind

If we say we're going to do it, it will get done

Value for money

We work as efficiently and price as competitively as possible

Everything starts with a conversation,
how can we help?

Brett Smith

Brett Smith

Tax & Accountancy

Sian Smith

Sian Smith

Business & Development