Accounting & Bookkeeping Software

NorvydasNorvydas DevonMAAT Posts: 263
Hello!

What software's are you guys using? To be specific, what software do you think it's best for general bookkeeping (Possibly Xero?) and what software do you think it's best for annual accounts production (Tax Returns, Corporation Tax, Annual Accounts etc).

As I understand, in most cases you will always need 2 software's - one for bookkeeping (this can also be done via excel so software is not necessary) and 2nd one for annual accounts? Is there's a software where you could do bookkeeping & produce annual accounts as well?

I am not too concerned about bookkeeping software's however I would like to be able to produce good set of annual accounts that would be well detailed (currently at work we are using CCH Central and I really like the layout of the reports it produces).

Share you knowledge & tips!
Kind Regards,

Norvydas Valavicius.

Comments

  • VS1VS1 Registered Posts: 71
    Hi, We use SAGE 200 at work. It pretty much covers all the functions needed from booking keeping to running management reports, VAT returns, annual accounts etc, we do not use 2 softwares . I have taken a printscreen of some of the functionality that it offers. The drop down for each section, has pretty much all that you need your accounting system to cover. Ofcourse, it is not a free software so if you are willing to spend and invest, I would recommend. I have not used Xero so don't have anything to compare with.

    Please let me know if you have any more questions
  • NorvydasNorvydas DevonMAAT Posts: 263
    @VS1

    Thanks for this! Does Sage 200 support reports such as; corporation tax, tax returns & financial statement reports? As I will be needing to submit such reports to HMRC on behalf of clients.

    I have had a look at Sage before, however I am not sure which version to pick and the prices vary a lot (I think it goes from £20pcm - £120pcm), if you don't mind and if you know how much does your company pays for the license? I don't mind investing, however I want to pick a software that I will be able to use & produce needed reports.

    Thanks for your input again!
    Kind Regards,

    Norvydas Valavicius.
  • VS1VS1 Registered Posts: 71
    No worries, so our auditors do the corporation tax returns calculation, all we do is make quarterly payments and make final payment adjustments based on their results. We don't do individual tax returns, we pay employees through payroll which an external supplier does this for us, as we are only a small team of 3 working in finance. I wouldn't be able to tell you exactly if the software does these as we don't use this function. As for financial statement reports, yes we can generate this via SAGE, extract in excel, etc. The software has so many functions that we don't use/need hence I can advise to call this number to ask them if it does cover those.. 0344 880 6140

    As a business we use CPIO, a supplier that we get our SAGE licence/helpdesk support from, hence this is pricey, £3800 Annually inc VAT

    Also the above information is for a company with 40+ staff, if you are looking from a sole trader perspective, they could offer a cheaper version? maybe call and ask?.. Sorry

    Spoke to my manager about this and he said worth having a look at quickbooks, it's tailored to small business.
  • NorvydasNorvydas DevonMAAT Posts: 263
    Thank you @VS1

    Yes QB is another option for me - I have worked on it before so I am familiar with all of the reports / layout. It is very difficult to choose the right software. It's not only what the software does but it's the layout and difficulty of using it.

    At my practice we are currently using CCH Central and I really like the reports that it produces and it's quite similar to Sage 50. We produce Tax Returns & various reports via CCH aswell, also it has it's own PORTAL which means clients and I could communicate through it, it is 100% secure and supported by CCH which is good thing for GDPR.

    I am kind of tore between CCH / Sage / QB / Xero.. I know everyone recommends Xero for bookkeeping etc but it doesn't produce reports which I would need, also good thing about Xero is suitable for MTD, where CCH is not..

    I guess it all comes down to what my clients will want - as I have a meeting with future client (more like a friend) which wants me to do his books, he has his own care agency (6+ employees - payroll will be outsourced), small business with around £100k turnover so nothing impressive. I am used to clients bringing me bank statements and receipts for whole year or VAT workings and then producing all accounts from there, but I guess if the client wants me to do bookkeeping then it's best to get a software that is suitable for this, as currently we are using Excel.

    Ahhh, life decisions!!

    Thanks for your help and I will definitely look into Sage 200!
    Kind Regards,

    Norvydas Valavicius.
  • VS1VS1 Registered Posts: 71
    Looks like you need to do some more research :)

    Best to have a list of questions of what you want your accounting software to do and call all the help desk for the 4 possible options, maybe then you can narrow it down.

    Good luck!!
    Norvydas
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