Choosing the right accounting software is a critical decision for any mid-sized business. There are many accounting packages available, but five of the most popular are listed below.
When reviewing software, always review objectively against your business' needs and make sure the training offered is comprehensive. Skillshare offers training programs for most of the packages below and also provides training on accounting fundamentals.
Each of these systems has its own unique set of pros and cons that businesses should consider before making a decision.
Xero is cloud-based accounting software that has been designed to simplify financial management for small and mid-sized businesses. Founded in 2006 in New Zealand, Xero has since grown into a global brand, serving over two million subscribers across 180 countries. With a user-friendly interface and a wide range of features, Xero makes it easy for businesses to manage their finances, from invoicing and payroll to bank reconciliation and inventory management. Xero's integration with over 800 third-party apps also provides businesses with the flexibility and scalability they need to grow and succeed.
Pros:
User-friendly interface that is easy to navigate.
A wide range of features, including invoicing, bank reconciliation, and inventory management.
Integration with over 800 third-party apps, providing flexibility and scalability.
Affordable pricing, with plans starting from as little as £10 per month.
High-quality customer support, including online resources, email support, and 24/7 phone support.
Cons:
The cost can quickly add up as businesses add more users or features.
Limited payroll functionality.
The reporting features are not as robust as some other accounting packages on this list.
Xero have a a 50% off for 6 months offer here
Skillshare offers Xero training with 1 free month here
Sage Intacct: Is a cloud-based accounting solution that is designed for mid-sized businesses. It includes features such as accounts payable and receivable, cash management, project accounting, and financial reporting. Sage Intacct also offers industry-specific solutions for nonprofit organisations, financial services, and healthcare.
Pros:
Designed specifically for mid-sized businesses, making it a good fit for businesses with complex accounting needs.
A wide range of features, including project accounting and cash management.
Integration with over 200 third-party apps.
Strong financial reporting and analysis capabilities.
Excellent customer support, including online resources, email support, and 24/7 phone support.
Cons:
Can be difficult to set up and configure, particularly for businesses with complex accounting needs.
Higher pricing than some of the other accounting packages on this list, which may be a barrier for some businesses.
Limited support for non-financial management functions, such as HR and payroll.
Get 3 months of Sage free here
Skillshare offers Sage training with 1 free month here
QuickBooks offers a range of features that make it easy for businesses to manage their finances, including invoicing, expense tracking, payroll, and bank reconciliation. The software is also designed to be user-friendly, with a simple and intuitive interface that requires minimal training. QuickBooks Online is used by millions of businesses around the world and is one of the most popular accounting software packages on the market.
Pros:
A wide range of features, including invoicing, expense tracking, and payroll.
Integration with over 650 third-party apps.
Affordable pricing, with plans starting from as little as £12 per month.
Strong mobile app, allowing businesses to manage their finances on-the-go.
Good customer support, including online resources, email support, and phone support.
Cons:
Limited scalability for larger businesses.
Less robust financial reporting capabilities than some other accounting packages on this list.
Limited inventory management functionality.
Up to 90% off for 3 months for Quickbooks here
Skillshare offers training for Quickbooks with 1 free month here
Zoho Books offers a range of features, including invoicing, expense tracking, bank reconciliation, and inventory management. The software is also designed to be user-friendly, with a simple and intuitive interface that requires minimal training. Zoho Books integrates with a variety of other software solutions, including Zoho CRM and Zoho Inventory, providing businesses with a comprehensive suite of tools for managing their operations. Overall, Zoho Books is a cost-effective and user-friendly solution for small businesses that are looking to streamline their financial management processes.
Pros:
A wide range of features, including invoicing, expense tracking, and inventory management.
Integration with over 40 third-party apps.
Affordable pricing, with plans starting from as little as £9 per month.
Strong mobile app, allowing businesses to manage their finances on-the-go.
Excellent customer support, including online resources, email support, and phone support.
Cons:
Limited scalability for larger businesses.
Limited support for non-financial management functions, such as HR and payroll.
Limited customizability compared to some other accounting packages on this list.
Create a demo account or purchase Zoho Books here
KashFlow is a cloud-based accounting software designed for small businesses in the UK. It offers a range of features including invoicing, expense tracking, bank reconciliation, and VAT management, all in one place. KashFlow is easy to use and accessible from anywhere with an internet connection, making it a convenient solution for small businesses who need to manage their finances on the go. The software is also designed to integrate with other business tools, such as payment gateways, payroll software, and CRM systems.
Pros:
Easy-to-use interface
Cloud-based accessibility
Integration with other business tools
Comprehensive invoicing features
Affordable pricing
Cons:
Limited customer support
Limited automation features
Limited reporting options
Limited payment gateway options
Limited customizability.
Start 14 day free trial of Kashflow here
In conclusion, each of these accounting packages has its own set of pros and cons. It's important for mid-sized businesses to consider their specific needs and budget when choosing an accounting software package. Xero and QuickBooks Online are great for small and mid-sized businesses, while Sage is better suited for mid-sized businesses with more complex accounting needs. Zoho Books and Wave are also good options for smaller businesses on a budget.
Ultimately, businesses should take the time to evaluate each of these systems carefully, weighing the pros and cons against their specific needs, budget, and growth potential. With the right accounting software, businesses can streamline their financial management, improve their reporting capabilities, and free up more time to focus on growing their business.
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