Choosing the Right Accounting Software Provider for Your UK Small Business
Accounting software packages have become essential tools for all modern businesses, regardless of their size and type. With a wide range of vendors to choose from, it is crucial to find the right match for your company’s needs. To assist you with this important investment, we have compiled a list of the top 5 accounting software providers for UK small businesses.
How is this Top 5 Composed?
This selection of accounting software providers is based on expert reviews, the specific business types for which they were developed, and their available features and functionalities. It takes into account important factors such as pending payment reminders, integration with Tax Authorities for electronic VAT and IB returns, mobile apps for document submission, and time registration.
What Should You Consider When Choosing an Accounting Software Provider?
Given the wide range of options available, making a wise choice requires careful consideration of several factors. Here are some key points to keep in mind:
1. Your Business Form
Select accounting software that caters to your specific business form. Look for providers with a broad customer base within your industry.
2. Number of Billable Clients
Consider the number of billable clients supported by the software. Some providers impose limitations and additional charges for sending invoices to a higher number of clients.
3. Your Budget
Assess your budget and find software that aligns with your financial resources. Typically, a good accounting program costs between 10 to 20 euros per month. For complex administrations involving stock management and significant depreciation, consider an SME accounting program.
4. Integration with Other Software
If you use other software for payments or customer relationship management (CRM), prioritize accounting software that offers seamless integration. This streamlines your workflow and increases efficiency.
Key Functions to Consider
In addition to the above factors, the following functions are important considerations when selecting accounting software:
- Bank link for importing bank statements and linking with outstanding invoices.
- Sending payment reminders.
- Integration with Tax Authorities for electronic VAT and IB returns.
- Mobile app for convenient document submission.
- Time registration, with attention to the number of ‘hour lines’ available.
- Journey registration.
- Profit and loss account.
- Creating quotations and converting them into invoices.