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Best Accounting Software 2016

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Martin Collier

By Martin Collier Consulant, Updated 17 May 2017

Unless your business is only handling ten or fewer transactions a month, you’re probably going to benefit from Accounting Software. It’s a cheap, relatively easy to use solution that can save you time and money. It can simplify many basic tasks such as book-keeping, which can be automated by software. Bank statements, VAT returns, monthly management accounts and so on can be completed much more quickly. Accounting Software can generate real time management reports, providing balance sheets, profit and loss or cash flow reports, and lets you view the success of your operations against your budget. It’s also much easier to prepare for an audit or for annual accounts. It’s clear that Accounting Software is an essential for most businesses, but the extent of its benefits rests on how well you choose the right solution. This Best Accounting Software 2017 guide will show you the ins and outs of what kinds of software buyers there are and the best Accounting Software available on the market.

What Kind of Software Buyer Are You?

Choosing software is full of compromises. The best accounting software for your project might be too expensive, or might come from an inexperienced company. The challenge is trying to decide what aspects of the product are the most important to you, a goal that should align with improving your company’s productivity and success.

It’s helpful to know when comparing Accounting Software what kind of software buyer you are. Most buyers seem to fall into three main groups:

• Enterprise Resource Planning systems buyers

This kind of buyer requires everything to fall under one system. They require their software to integrate data across every department, side-stepping the problems that come with trying to integrate incongruent systems. Normally these buyers prefer comprehensive ERP software solutions such as Microsoft Dynamics,SAP and Oracle.

• Best-of-breed buyers

This kind of buyer is looking for software for a particular component, such as a Human Resources system or Customer Relationship Management system, as opposed to an integrated ERP suite. They are usually looking for deeper functionality than what most integrated systems offer.

• Small business buyers 

Small businesses often look for accounting software because they find that their basic software needs to be upgraded to something with better functionality to keep up with growth. These buyers often require a system that has sector-specific capabilities. It’s becoming more and more common for small businesses to adopt enterprise-level ERP systems to improve their operations. The development of Cloud-based solutions has helped businesses overcome the obstacles of initial expense and technical hassle, but on-premise and client/server options are of course still available for small businesses.

Best Accounting Software 2017

A comparison of the best accounting software of 2016.

QuickBooks, one of the best accounting software 2016

Perhaps the standard accounting package on the market, QuickBooks is popular amongst small businesses and provides immediate access to customer, vendor and employee information. It’s available in both a licensed and online version. We recommend the online version as, unlike the desktop version, it allows you to work from anywhere at any time on PC, Mac, smartphones or tablets. Your books can be instantly accessed remotely by your accountant. There is also less data entry involved as QuickBooks online can automatically download and sort bank and credit card transactions.

FinancialForce, one of the best accounting software 2016.

A Cloud-based Accounting System that suits businesses of countless sectors and sizes. FinancialForce is built on the Salesforce platform and shares the same data, which eliminates the need for synchronizing financial transactions across separate systems. Common reporting tools, workflows and approval processes can be distributed across the system, and Billing, AR, AP, GL, Financial Reporting and CRM all being on the same platform prevents CRM and accounting information silos.

Unanet, one of the best accounting software 2016

A project management software that helps businesses straightforwardly plan, track and manage people and projects. It also provides resource management, timesheets, expense reports and workforce collaboration in one system. Its functions are integrated which eradicates incongruent standalone systems, slashing expenses and mistakes and leading to better output. Unanet is favoured by project based organisations such as professional services, government contractors and internal IS, but can work for small businesses too.

Wave, one of the best accounting software 2016

Wave is perfect for small businesses, solo entrepreneurs and freelancers as it’s a free program with a simple interface with solid accounting and invoicing tools and a large support network. Wave is Cloud-based, which lets its users work, add unlimited collaborators and access their data from any location.

Kashoo, one of the best accounting software 2016.

Ideal for micro-businesses as its accounting platform is very minimalist and basic. Kashoo is a Cloud Accounting Software that allows users to manage accounts and bank transactions anywhere.

KashFlow, one of the best accounting software 2016.

KashFlow’s most appealing feature is its direct VAT filling. The software lets you submit returns amazingly easily; all you do is run the VAT report, enter your HM Revenue & Customs online filing credentials, and then submit, all without having to leave the software. On top of this, KashFlow has a simple dashboard and a convenient form which generates a business health check score, and offers suggestions on how to improve.

Sage One Account, one of the best accounting software 2016. 

This online accounts service prides itself on not requiring any previous accounting knowledge or experience. It’s another system that provides low-cost Accounting Software with basic functionality, including invoice, tax assistance, and profit and loss information. Sage One Account’s selling point is its free telephone and email support, which is perfect for start-ups, freelancers and small businesses who don’t have much experience with doing accounts. The software is web-based, meaning you can access it from anywhere at any time through the internet.

How Our Service Works

Based on your particular software requirements, Software Advisory Service can provide you with a shortlist of partners custom-built for your needs, who can then deliver the best accounting software for you. Our non-chargeable consultative service can save you time and money by reducing the need to source partners, and our expert advice means you’re more likely to find your ideal solution. We are supported by pre-vetted technology partners, so our advice is completely unbiased and tailored specifically to help you. Just fill in a form to request a free vendor shortlist and we’ll get back to you.

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