The Best Accountancy Software

Good accountancy software can play a fundamental role in business efficiency, giving you insights which wouldn’t otherwise be available.

Here we look at some of the best accountancy software on the market

Sage Business Cloud Accounting (formerly Sage One)

Sage is a name that’s long been associated with accounting software, but in recent years its dominance has been challenged by the arrival of new products.

There are different Sage packages available and it’s not always crystal-clear which option is which. This entry is about Sage Accounting which was formerly known as Sage One. For the more powerful Sage 50, see the next review below. 

Sage Accounting is deliberately designed to meet the needs of small businesses, including functions such as expenses, compliance, project accounting and core accounting. You can import payment transactions from elsewhere and manage all your business documentation such as invoices and statements. It’s fully compatible with accounting on the go and offers both an Android and iOS app. 

As an added benefit, it also provides cashflow forecasting, helps you to manage your tax and provides all the information on a single dashboard. 

Pros:

• Manage everything in one place
• Provides cashflow forecasting
• Cloud-based
• Low monthly subscription

Cons:

• Only suitable for businesses with up to 10 employees
• Basic reporting only
• Some features restricted

Sage 50cloud

Compared to Sage One, Sage 50cloud is a far more sophisticated piece of software. It’s geared towards small-medium sized businesses and offers a suite of more comprehensive functions.

The name is slightly misleading because unlike the Sage Business Cloud Accounting, the Sage 50cloud is desk-based, and not web-based. It includes all of the same basic functionality such as the production of invoices, automated bank feed, quotes and inventory tracking plus extra premium features. 

What you receive depends on the package you choose as there are three levels available. The top tier product is suitable for up to 40 users and includes workflow automation, the ability to manage multiple businesses, differing security levels and industry-specific functionality.

You can integrate Sage50cloud with Microsoft Office 365 for the most advanced reporting options, online backup and contact sharing. 

At Yorkshire Accounting, we have lots of experience with using Sage Accountancy software and can help you to get the most out of the available data. Give us a call to find out how it could help your business. 

Pros:

• Comprehensive reporting
• Remote access for accountants
• Integrates with Microsoft Office
• Track income and expenditure
• Manage inventory

Cons:

• Too complex for some
• Doesn’t have the same mobile options as other packages 
• More expensive

FreeAgent

FreeAgent software is specifically designed to meet the needs of small businesses, and freelancers. With dedicated apps on iOS and Android, it’s a convenient accounting solution that makes admin much easier. 

Expenses and receipts can be uploaded instantly using the mobile app while a stopwatch feature offers workflow tracking and management of timesheets. All of the business metrics are accessible from a single screen where invoicing, tax returns, payroll and other accounting tasks can all be managed. 

This software also works well for accountants, allowing recurring reminders to be set up and key reports to be compiled. It’s compatible with MTD and HMRC, another big tick for any software package. 

The range of comprehensive tax tools is impressive but without supporting technical advice, it’s easy for non-accountants to slip up with calculations. Yorkshire Accountancy can help with getting the most of this software, get in touch to find out more. 

Pros:

• Compatible mobile apps
• Instantly upload receipts
• Single dashboard with full data
• Access for accountants to work from
• Compatible with MTD (Making Tax Digital)

Cons:

• Lack of technical tax planning support could lead to errors
• Expensive
• Multiple currencies not available for billing

Wave

Compared to some of the other accounting software packages in the market, Wave is in its infancy. It offers a platform suitable for freelancers, consultants and small businesses with a range of accounting functions which are flexible and streamlined. 

All of the core features you’d expect from an accounting package are including such as payroll management, invoicing, billing, receipt scanning and credit card processing. Wave sets out to make all of these processes much quicker and easier. 

Reports can be generated in real-time from the information available; this includes profit and loss through, balance sheet and taxation. There are compatible apps for both Android and iOS users. 

Wave can also collect incoming payments from the invoices, including enabling online payments. For regular clients, recurring invoicing and regular payments are an option. 

Pros:

• Simple interface
• Mobile accessibility
• Reconciliation of statements
• Payment collection

Cons:

• Limited range of reports
• Payment system is rigid, cannot manage partial or multiple payments
• Doesn’t integrate automatically with all bank accounts

Our Preferred Package

Although we think QuickBooks and Xero are still the standout performers in the market, there are others which offer a solid alternative. As a runner-up, Sage is always a strong contender and whether you choose Sage Business Cloud Accounting or Sage 50cloud depends on the size and needs of your business. 

If you want more personalised advice about the best accounting software to meet your business needs, give us a call at Yorkshire Accountancy today.