Options for your business accounting software
Business Accounting Software is at the heart of your financial reports. When you are starting or expanding, you will need to look for the best option. Several different options are available and finding the right solution may take some time.
A good starting point may be to speak to your accountant or bookkeeper if you have one. They may have a product that they use and can recommend. It is also worth contacting other businesses or look on forums for recommendations.
If you are looking for a paid service, most packages offer a free trial. It is worth taking trials of a couple of packages to see which one suits your business. When choosing the best solution, it is worth looking at the features needed. Features include invoicing, stock control, reports and payment reminders.
We have outlined some of the options available for your business. Look at each one and find the advantages and disadvantages.
Free Accounting Software
There are a couple of free accounting software downloads available. One of the choices that I have looked at is Pandle. It is a great start to using a full accounting package. As you expand the business, a paid version is available with extra features. Their paid version includes bank feeds.
I have used Pandle for a couple of small businesses and a charity. On both occasions, it has worked well for the needs.
Wave is another option, but, they are now not GDPR compliant, and due to new banking systems do not offer bank feeds.
Free Microsoft Excel Templates
There are some free Excel bookkeeping templates available for download. Most are only suitable for small business, and you may find you need to upgrade to another product soon. Some of the templates are also difficult to use, and mistakes can be made. Ensure that you test the spreadsheet first and if they have a demo, take a look to see if the reports included are useful.
We have written some of our own free Excel bookkeeping templates. We try and make them simple to use, with clear instructions. Our templates include Cashbook, bank reconciliation, business expenses, and petty cash.
Paid Microsoft Excel Templates
Paid for Excel templates can be a cheap solution with a one-off payment. If you are going to pay for a spreadsheet; ensure that you can do a trial first and there are options for a refund.
Business Accounting Software – Cloud Accounting
What is cloud accounting? Cloud accounting is becoming a popular product for business accounting. You pay a fixed fee each month which includes support and upgrades. Cloud accounting uses a remote server to host the software and data. You can access it from any PC, tablet or phone with internet access. An advantage of cloud accounting is that several people can use it. You can also share the software with your accountant or bookkeeper.
Most of the suppliers offer a free trial of up to 60 days. Some of the choices include QuickBooks, Xero, Sage, Accounts Portal, Kashflow and e-conomic. Our favourite package is XERO. Although it is more expensive, it is more user-friendly than others.
Accounting Software Packages
The traditional way is to buy an accounting software package such as QuickBooks or Sage. Most companies have stopped offering a package, but they are available on eBay. It can be an expensive initial outlay, but in the long term may be cheaper than paying monthly. On top of the software, you may also need to pay for support yearly.
Look at our accounting software reviews for details about the different packages available. The software reviews include Xero and QuickBooks.
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