It’s no secret that we are always on the lookout for good accounting software. Due to the fact that there are so many accounting software programs available on the market, it can be difficult to choose one. After doing some research, we were able to make a decision on which one would be the best for us. The purpose of this article is to compile my findings on the best accounting software for large businesses in the UK in order to make it easier for you to decide which one is the best for you.
Whether you run a small business or a large company, you have a lot of things to worry about – but accounting does not have to be one of them. It is worth noting that there are a number of great accounting packages that are available to you that can assist you not only in keeping your books in order but also in running your business more effectively. It is also possible to get enterprise solutions if you are ready for an ERP system.
Benefits of Having an Accounting System
With the right accounting software, you will be able to organize your finances, provide valuable insight and reports, and save a lot of time by automating certain processes. It is also important to remember that the best accounting software will offer unlimited users, advanced features, hundreds of integrations, and strong security as well, all on an affordable monthly basis.
What is the best accounting software to use for large businesses? And, more importantly, which is the most appropriate option for your business? That’s what we are here to tell you, and that’s what we will tell you.
The top accounting programs have been researched and tested by our team, so that you do not have to spend hours researching them on your own. It is important to note that we have evaluated each program based on its features, accounting, pricing, ease of use, customer support, integrations, security, and overall ability to meet the needs of large companies. There are only a few of the best candidates that made the cut. See which programs we recommend and why we recommend them in the following paragraphs.
The benefits of accounting software are enormous, and many small business owners, large enterprises and accountants are taking note of the benefits of accounting software whether it is online, mobile or cloud-based. As a result of the advancement of software applications, accounting outsourcing and payroll outsourcing are fast becoming a reality. There are several factors that play an important role in determining the type of accounting software that should be chosen. To name a few benefits- access to crucial F&A information, anytime, anywhere, integration with popular third-party software, multi-currency transactions, and immediate access to upgrades.
In the UK, recent changes have made it almost mandatory for accountants to choose accounting software that is fully compliant with Making Tax Digital’s (MTD) requirements. It is not necessary for accountants, accounting outsourcing companies, as well as accounting law firms to worry about updating their accounting software to comply with new accounting laws, as there is an accounting software solution available that can help them. As soon as these changes occur, these software solutions automatically update and accommodate them. It goes without saying right software is the key to serve clients better for accounting outsourcing companies.
Factors to Keep in Mind when Selecting Accounting Software
It is important to know that accounting software uses financial tools such as the general ledger, accounts payable and receivable, purchase orders, inventory, and billing to keep track of money flow and analyze financial details, as well as comply with legal requirements. Additionally, the advanced application includes the ability to track expenses and timesheets along with payroll modules and timesheets.
Regardless of the fact that small businesses have the option to choose software that has basic features, it is the modules and vendors they choose that determine the level of sophistication that their software possesses.
Cost
Fees are typically charged monthly or annually for most software. User access or features determine the cost of accounting software.
User-friendly Interface
An accounting software dashboard provides actionable insights in the form of charts and other relevant data. While choosing software, it is important to consider whether the software has an intuitive user interface.
Multi-Currency Transactions
Choosing accountancy software that converts foreign currency into your home currency will help you maintain the accuracy of your records if you have clients with international operations.
Cloud-Based Service and Mobile Access
Cloud-based systems or software where data resides on your computer and network are the two options. Invoices can be emailed to clients from anywhere if you have access to your company’s financial data on-the-go.
Scalability
Accounting firms make the mistake of purchasing applications based solely on their requirements at the time of purchase. As a result, if you take into account the possibility of scaling your business in the future, you may be in a position to grow your business rapidly if you take into account the possibility of scaling. The demand for scalability may sometimes exceed your software’s capability, which may require you to switch to a different piece of software and go through the excruciating process of migrating sensitive data from one system to another in order to meet the demands of scalability. If that happens, then you may have to change to another piece of software. Depending on the type of business and the size of the team, you may want to consider an accounting solution that has an advanced or enterprise version depending on the needs of the business. If you intend to use this software in the future, it is possible that you will need to upgrade to a version that has more features.
List of Best Accounting Software for UK firms & Accountants
XERO
This online accounting software, which has over 1.8 million subscribers, is specifically designed for growing businesses and accounting practices to meet the burgeoning needs of their growing businesses and practices. You can view your cash flow at any time and have a real-time view of it at your disposal at any time. You will be able to create professional recurring invoices with this software, and you will also be able to receive updates once you open the invoices.
Here are the features of Xero Accounting Software
- As a cloud-based service, it allows easy access from any device with an active internet connection, regardless of the device type.
- Maintaining multi-currency accounting for your business has never been easier. Easily track your gains and losses in 160+ currencies with automatic gains and losses tracking.
- In addition to being optimized for iPhone and iPad, the Xero mobile app is also available on Android phones and tablets.
- We integrate with 700+ third-party apps related to inventory, invoicing, time tracking, expenses, and expense reports.
- Provide small businesses with a simple way to view their cash flow, transactions, and account details from anywhere in the world.
- There is an automatic import and coding of bank transactions into the system.
- Make the process of making a payment seamless for your customers.
- Keep your cash flow positive by accepting payments directly from online invoices and maintaining a positive cash flow.
QUICKBOOKS
With QuickBooks being one of the most popular accounting software packages for small and medium-sized businesses, it comes with a number of features that are useful to small and medium-sized business owners. A product such as this would be of great benefit to small businesses, self-employed individuals, and accountants without a doubt. It is possible to automate the calculation and tracking of VAT by using this software, as well as the creation and submission of individual VAT returns using this software. In addition to its features like customizable invoices, inventory support, payroll support, and more, QuickBooks is a well-known accounting software that offers more than 400 integrations. The Making Tax Digital (MTD) initiative, which is one of the most ambitious initiatives that HMRC has ever taken, can help accountants and bookkeepers grow their businesses and prepare their clients for the new digital world.
Here are features of QuickBooks
- The income and expenses are automatically categorised by the software.
- It is possible to calculate, track, and prepare VAT automatically with this program.
- Make sure you are ready for Making Tax Digital by submitting your returns directly to HMRC.
- In the near future, we will be introducing a feature called VAT SmartScan, which will automate some of the most crucial VAT checks to help identify and correct common errors before submission. As a result of VAT SmartScan, accountants will have peace of mind knowing that their VAT returns are as accurate as possible.
- Create employee payslips faster and easier, send RTI data to HMRC, and manage auto-enrolment to save time and money.
- Tracking PAYE, NI and other deductions made easy.
SAGE 50cloud Accounting Software
In order to meet the needs of small and medium-sized businesses, Sage 50 is a comprehensive set of payroll and accountancy products developed by Sage Group. Founded in the UK as a bookkeeping and accounting software company, Sage supports over 14,000 practices, with more than one million users across the country. Right from bookkeeping, to payroll, to practice management, to compliance, Sage’s offers a wide range of products to cater to the needs of its customers.
Sage offers different products under the Sage 50 name, each of which is tailored to the specific needs of a specific geographic region. In addition to being easy to use, it combines the robustness of desktop accounting software with the convenience of the cloud as well.
Besides the Desktop accounting software which is connected to the Cloud, Sage50 also offers compliant payroll products that are compliant with the payroll regulations. There are MTD compliant and GDPR ready solutions offered by Sage 200 cloud.
Here are features of Sage
- MTD compliant and GDPR ready.
- Calculate and submit VAT returns directly.
- Direct bank feeds with split transaction capability.
- Link up Final Accounts, Corporation Tax, and Personal Tax applications to prepare and file accounts and tax returns with ease.
- Manage business while on the move through the cloud, connected to Microsoft Office 365.
ZOHO
Zoho Books is an online accounting software that provides users with a great deal of flexibility and ease of use that lets them seamlessly manage their finances, automate workflows, and much more. From negotiating deals to raising sales orders, from invoicing to raising sales commissions, Zoho Books handles all the day-to-day accounting tasks for accountants so that they can focus on helping their clients instead.
Here are Features of Zoho Books
TaxCalc
With TaxCalc, you will be able to file your taxes in the most efficient and effective manner using its award-winning tax and accounting software. A high-quality piece of software is included with the package that is designed specifically for accountants, tax advisors and finance professionals. HMRC has officially recognised Taxcalc as a legitimate tool.
Here are Features of TaxCalc
- The service is able to bridge the gap between your clients’ digital bookkeeping records and the VAT return that is needed to be submitted to HMRC’s MTD platform.
- Be fully prepared for Making Tax Digital (MTD) by preparing VAT returns efficiently.
- As well as handling all iXBRL tagging automatically, the program also prepares financial statements for limited companies, limited liability partnerships, sole traders, and partnerships.
- Forms should be created and updated every time the data of a client is changed.
- This is a GDPR compliance solution that accountants in practice can use. Document the firm’s personal data policies and procedures in order to demonstrate compliance with them, and to be able to respond effectively in case of a data breach or a request for access by a data subject.
IRIS
The IRIS Group of Companies is one of the UK’s most market-leading providers of business-critical accountancy software solutions to accountants in business and in practice. The company is a UK-centric company that offers a wide range of solutions and software to cater to the needs of a broad range of customers from accountancy practices, small businesses, and payroll bureaus across a wide range of industries.
Here are features of IRIS
- As a leading provider of comprehensive engagement and compliance solutions, IRIS provides a comprehensive range of products and services to help you transform the way you engage and connect with prospects and clients.
Enhances the efficiency of the Audit process by increasing the number of audits performed. - With cloud-based bookkeeping solutions, as well as payroll solutions for businesses of any size, there is something for everyone.
- Provide assistance to chartered accountants and firms with meeting regulatory requirements due to changes such as Brexit, MTD, FRS, AML, and GDPR, as well as other changes.
- A professional accountant can advise clients on how to manage their wealth better and assist them in making key business decisions in order to enhance the appeal of their services.
Conclusions
Currently, large businesses are booming in the UK, but they are still attempting to find the best accounting software available in the market for their company to work efficiently. For all of you who run large businesses, I want to give you some tips on how to select the best accounting software for your business.