Accounting software packages have become essential tools for all modern businesses, regardless of size or type, and are now available from a wide range of vendors to choose from. The key to buying the right platform is finding the right fit for your company’s needs.
To help you with this important investment, check out our list of the top 5 accounting software providers for small businesses in the UK.
How is this top 5 structured?
These accounting software providers are selected based on the industry in which they are developed, their reviews (by experts), possibilities and features.
Key features include pending payment reminders, links with tax authorities (for electronic VAT and IB filings), use of mobile apps to submit receipts and other documents, and time registration.
Choosing an Accounting Software Provider: What Should You Consider?
The range of accounting software providers is wide-ranging. How can we choose wisely? There are many things to consider when choosing.
1. Business Form
Accounting programs are aimed at specific business types. Some are suitable for the self-employed, others for those dealing with the more complex financial challenges of large companies. Therefore, look for software suppliers with a broad customer base within your business form.
2. Number of billable clients
Take a closer look at the number of billable clients available within the program. Many providers have limits on this and if you want to send more data you will have to pay more.
3. Budget
You usually pay about 10-20 euros per month for a good accounting program. For example, if you also manage inventory and have complex controls that require large amounts of depreciation, you may consider the Small Business Accounting program.
4. Integration with other software
Do you also use software for things like payments on your website, or do you track customer contacts in your CRM package? If so, see if you can link it. This makes it even more convenient.
Important features
In addition to the above, you can choose your accounting program based on the features that are important to you. For example, consider:
- Bank link (to import bank statements and link to unpaid invoices, etc.)
- Send payment reminders
- Links with tax authorities (for electronic VAT and IB filings)
- Mobile app for submitting receipts and other documents
- Time registration (be aware of how many “time lines” you can store)
- travel registration
- Profit and loss statement
- Create quotes and convert to invoices
Other resources
Best accounting software for sole proprietors – Currently available on the market for UK self-employed or small businesses.
Best accounting software for midsize businesses – An overview of account platforms suitable for UK-based midsize businesses.
Debunking 9 misconceptions about tax digitization – An article to help clear up any remaining confusion about MTD.