What is the Best Software for Online Accounting?

18 December, 2019

What is the Best Software for Online Accounting?

The best software for online accounting (or cloud accounting, accounting in the cloud, unicorn accounting etc.) can not be the same for everybody.

There are a number of cloud accounting software solutions which vary in range of features, ease of use and quality of reporting. Some are able to link with external services that allow you to take card payments, for example. Others help you automate credit control.

Here are some of the most used accounting systems:

How do you choose? Here are some things to think about while you are searching:

  • Ease of use – can I find my way round it in an intuitive way?
  • Quality of reporting – does it tell me what I need to know easily?
  • Cost – usually a monthly subscription and you accountant may get it cheaper for you
  • Range of features – can it grow with you as you expand?
  • Support – who can I talk to when I hit problems?
  • Connectivity to other systems – check that you can link with other software that you use?
  • What does your accountant use? – what not you what they are expert in?

It’s always best to talk to users and to accounting experts who specialise in setting up new businesses with online accounting software. They are likely to be using several of the different software systems already and know what will best work for you. They will know how good the support services are and probably be able to help themselves with many of your initial questions.

It’s useful to compare ranks that can reveal trends. For example, you can compare the best software for online accounting in 2019 with the accounting software rankings of 2017 to get a macro-level idea of the market.

There are plenty of good systems out there but we have come to prefer QuickBooks Online and Xero as they have all the features most of our clients need, are backed by a great range of supporting apps, and all at a very reasonable price.

What’s more, the companies have the resources to continue to develop and improve the software over the long haul on an ongoing basis, so they won’t cease selling it just as you’ve mastered the product!

If I were you I would choose your accountant first, having discussed the possibilities with them. You really will get better service if you work with them on a system that they are expert in.

We’ve also compiled an online accounting guide to walk you through key issues that will help you make an informed decision.

Why not talk to an expert accountant now, for FREE?
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Blog post by: Ian Marlow

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