Accounting & Bookkeeping Software

Norvydas

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!

VS1

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

Norvydas

@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!

VS1

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.

Norvydas

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!

VS1

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!!

dennyleo

Small business owners have a lot on their plate. Between managing employees, customer relationships, and other day-to-day tasks, it can be hard to find time for bookkeeping. This is where software comes in handy. The software can automate many of the tasks of bookkeeping, making it faster and easier for business owners to keep track of their finances. Here are a few of the most popular software options for small businesses:

QuickBooks is a popular choice for small businesses because it is easy to use and covers a wide range of financial tasks, from invoicing to tracking expenses. It also integrates with many other software programs, making it easy to keep all your financial data in one place.

Sage 50 is another popular choice for small businesses. It is designed for businesses that need more sophisticated bookkeeping features than QuickBooks offers.