Do you dislike putting in numerous hours manually handling the finances of your business? For accountants wishing to simplify their financial procedures, save time, and increase accuracy, accounting software can be a game-changer. But with so many choices available, it might be difficult to pick the best one for your company’s requirements.
To help accountants in 2023, we have put together a thorough reference on the top 5 accounting software packages. With distinctive features and advantages to meet various accounting demands, QuickBooks, Xero, Sage 50, IRIS, and TaxCalc are all included in our expert study.
Whether you’re looking for a tool to simplify invoicing and expense tracking or need more advanced features like financial reporting and tax preparation, our guide has got you covered. So if you’re ready to optimize your accounting efficiency and streamline your financial processes, read on and discover the perfect accounting solution for your firm or practice today.
1. XERO
Xero is an online accounting tool with over 1.8 million users that was created expressly to satisfy the expanding demands of expanding businesses and accounting practises. It offers simple accessibility and a live snapshot of cash flow. It generates expert recurring bills and gets notifications when they are opened.
These are some Xero Accounting Software features.
- All devices with an active internet connection can easily access the cloud-based solution.
- Manage the company’s multi-currency bookkeeping with ease. Gains and losses are automatically tracked for over 160 currencies.
- The Xero mobile app is designed to work well on Android, iPhone, and iPad devices.
- Integration with more than 700 third-party apps for tracking spending, time, and inventory.
- Enabling access to account information, transactions, and cash flow for small businesses from anywhere.
- Bank transactions are automatically imported and coded.
- Make the payment process for customers simple.
- Maintain a good cash flow by accepting payments straight from online invoicing.
2. QUICKBOOKS
QuickBooks is one of the most well-liked accounting programmes for businesses and has many features. It is perfect for accountants, entrepreneurs, and small enterprises. It enables proper return preparation and submission in addition to automatic VAT calculation and tracking. QuickBooks offers configurable invoices, inventory, and payroll capabilities along with more than 400 connectors. The most ambitious project HMRC has undertaken, Making Tax Digital (MTD), can be prepared for clients using QuickBooks for Accountants and Bookkeepers.
These QuickBooks features are listed.
- Create automatic cost and income categories.
- Automatically calculate, monitor, and prepare VAT.
- Be prepared for Making Tax Digital by submitting returns directly to HMRC.
- The soon-to-be-released function VAT SmartScan will automate the most important VAT checks, assisting in spotting and correcting typical problems before submission. Accounting professionals may rest easy knowing that their VAT returns are accurate thanks to VAT SmartScan.
- Save time and money by managing auto-enrolment, sending RTI data to HMRC, and creating employee paystubs.
- Easy tracking of PAYE, NI, and other deductions.
3. SAGE 50
Sage 50 is a full suite of accounting and payroll software created by Sage Group with small and medium businesses in mind. Over 14,000 practises and more than one million customers are supported by Sage, a company that was founded in the UK specifically for accountants and bookkeepers. Sage offers a wide range of products, from bookkeeping and payroll to practise management and compliance.
Under the Sage 50 brand, Sage offers a variety of goods designed specifically for various geographical markets. It successfully mixes the cloud’s convenience with desktop accounting software’s dependability. Sage50 offers a wide range of products, including compliant Payroll products and desktop accounting software connected to the cloud. Solutions on the Sage 200 Cloud are GDPR-compliant and MTD-compliant.
These Sage attributes are listed.
- GDPR prepared and MTD compliant.
- Directly calculate and submit VAT returns.
- direct bank feeds with the flexibility to separate transactions.
- Applications for Final Accounts, Corporation Tax, and Personal Tax can be connected to make it simple to prepare and submit accounts and tax returns.
- Utilising Microsoft Office 365 and the cloud to manage the business while on the go.
4. TaxCalc
The goal of the award-winning tax and accounting software TaxCalc is to make the process of submitting your taxes as straightforward as possible. It includes top-notch software that was created especially for accounting firms, tax advisers, and financial experts. HMRC has formally acknowledged Taxcalc.
These are TaxCalc’s features.
- Bridges the gap between your VAT return and your clients’ digital bookkeeping records for submission to HMRC’s MTD programme.
- Prepare VAT returns effectively and get ready for MTD.
- Designed to create financial statements for limited businesses, LLPs, sole proprietors, and partnerships while handling all iXBRL tagging automatically.
- In case the client data changes, create and update forms.
- A GDPR compliance solution for working accountants. To demonstrate compliance and successfully handle a data breach or a data subject access request, it can be helpful to document the firm’s data policies and processes.
5. IRIS
For accountants in the company and practise, IRIS is the market-leading provider of business-critical accounting software solutions in the UK. IRIS software and solutions, with a UK-only focus, serve a broad range of clients, including accountancy practises, small enterprises, and payroll bureaus across several industries.
Here are some IRIS features:
- IRIS offers a wide variety of solutions, including compliance options, that are designed to change the way you interact and communicate with customers and prospects.
- increases the audit process’s efficiency.
- Payroll systems, as well as cloud-based bookkeeping options, are available.
- Cloud bookkeeping solutions, as well as payroll solutions to suit all business sizes.
- Help firms and chartered accountants satisfy regulatory requirements as a result of changes like Brexit, MTD, FRS, AML, and GDPR.
- To make an accountant’s services more appealing, give clients advice on effective wealth management and offer assistance with important business decisions.
In conclusion, accounting software can greatly simplify and improve the productivity of an accountant’s work. Numerous products on the market offer a range of advantages and features. Accountants can improve efficiency and streamline their accounting procedures by using the appropriate software. Accessing and using these software programmes successfully, though, can be overwhelming for individuals who are unfamiliar with them. Certified accountants can help with that. The experience and understanding required to get the most out of these software programmes are provided by our accounting services.
To find out more about our accounting services and how we can help you enhance your accounting procedures, get in touch with us right away.
