If you’re a small business, and have not already, accounting software can make your life much easier, it’s much simpler to manage your books and accounts through the accounting software. In the past, accounting software was complicated and hard to learn and generally meant for large businesses than small businesses. Today, there are a wide range of accounting software designed specifically for small businesses helping them with bookkeeping, invoicing, inventory and payroll.
Since there are so many options available, we’ve researched and written a quick guide to help you choose the right software for your business. This write-up aims to be a comprehensive guide in choosing the right accounting software for your business. It also provides a comprehensive review of five of the best cloud based accounting software’s for small to mid-size business.
QuickBooks (UK Version)
QuickBooks is developed by Intuit and is considered one of the very best accounting application for small businesses, thanks to its depth, flexibility and ease of use.
Pros
Attractive user interface and excellent navigational system
Flexible with 3rd party applications
A strong chart of accounts and customizable report templates
Comprehensive payroll support
Cons
Lack of key reports outside of accounting
Price
£10.50- £25.00/month
Xero
Xero is built on a true double-entry accounting framework, and lets you track and manage sales, purchases, inventory, and payroll. Xero accounting software provides an expert invoicing tools which allows users to create invoices with templates, or customize their own. Xero allows you to manage fixed assets, something most other software do not.
Pros
Choose from a wide range of powerful add-ons
Business performance dashboard to view your bank balances, sales, and bills
Thorough records and transaction forms
Fixed Assets module
Cons
Most of the reports are not updated to latest formats
Time billing is not allowed
Price
£22- £27.50/month
Zoho Books
Zoho Books though not as recognized as QuickBooks or Xero, but is higher up to both of them in terms of capabilities and customization. It is very simple, easy-to-use, and can help you make intelligent, data-based decisions.
Pros
Excellent user interface and navigation
Excellent record templates and transaction forms
Time tracking
Cons
No integrated payroll application
Price
£12-£18/month
AccountEdge Pro
AccountEdge Pro (previously MYOB) is a desktop accounting and management solution for small businesses. It has a simple interface which provided flexible tools to manage your company’s books. However, the system only allows you to do a limited amount of work online.
Pros
Exceptional depth and customizability
In-depth record and transaction templates
Sophisticated time billing
Cons
Not entirely cloud-based
Price
£299
Sage 50c
Sage 50c is a capable, well-rounded small business desktop accounting solution. It is a revamped version of Sage 50 which integrates Office 365 and uses OneDrive storage to provide the connectivity and data-sharing features.
Pros
Easy to use import/export features
Backup to OneDrive cloud
Generous data capacity
Sophisticated reporting
Cons
No new online bill-pay accounts
Limited remote access
No revenue recognition management
Price
£20-£125/month
Feature Comparison- QuickBooks VS Xero VS Zoho Books VS AccountEdge Pro VS Sage 50c
