What’s the best accounting software available in 2021?
With the right accounting software, you can harness the smartest online tools and technology to streamline your business’ accounting obligations. Of course, if you’ve got a good accountant, they should be able to recommend the most suitable products and services for you, as well as ensuring that the software is utilised to its full capacity.
Different packages and types of software provide different levels of service. Ascertaining which product or service best suits your requirements is important. So, here’s a brief look at some of the leading accounting software packages on the market this year.
Featured in Handpicked Accountants’ 2020 list, Xero’s targeted solutions have been helping SMEs with their finances for fifteen years. This clever cloud-based software can be used across a variety of devices, from smartphones, to tablets, to desktops. From importing transactions to sending invoice reminders, tasks are automated, with high-quality data presented in real-time.
Over two million businesses have benefitted from Xero’s exclusive features, which include:
- A customisable dashboard, allowing you to view and share reports and budgets.
- Automatic account updates and HMRC submissions.
- Straightforward tracking of invoices, bills and bank balances.
- Easy integration with other systems, such as payment, workflow, and payroll applications.
- Starter plan: £10 (+ VAT) per month
- Standard plan: £24 (+ VAT) per month
- Premium plan: £30 (+ VAT) per month
- FREE 30-day trial available
Optional add-ons include:
- Payroll software from £5 per month
- CIS return submissions for £5 per month
- FREE Xero Analytics (deadline applies)
With QuickBooks’ easy-to-use solutions, you can make important, data-driven decisions on tax, bills, expenses, invoices, payroll, and cash flow - all from your smartphone. QuickBooks can help you with forecasting, as well as planning your pricing structure.
Some of QuickBooks’ key features include:
- Real-time cash flow information
- Income & expense management tools
- VAT SmartScan™ error checker & VAT submissions.
- Reporting, tracking & pay-enabled invoicing
- Simple Start: £6 per month
- Essentials: £10 per month
- Plus: £15 per month
Another survivor from last year’s list, FreeAgent was voted the UK’s top accounting software for small businesses back in 2018 - and remains a key player in the accounting technology sector today. Their slick software and handy app provide real-time access to your business finances and offer a simple, intelligible way to manage expenses, invoices, banking and tax forecasting.
- With just a few clicks on your smartphone, you can manage projects, check profits, track billable / non-billable time, and upload photos of your receipts. You can also generate and send estimates, timesheets and invoices while on the move
- You’ll get automated reminders, and can record and manage expenses
- Reconcile transactions with automated bank feeds that go direct to your account
- Link your business bank accounts for automatic, daily imports
- FREE for those with a NatWest, Ulster Bank NI, or RBS business current account OR a business account with Mettle
- Limited Companies: £14.50 (+ VAT) per month for 6 months. £29 (+ VAT) per month after that / £145 (+ VAT) per year for 12 months. £290 (+ VAT) per year after that
- Partnerships & LLPs: £12 (+ VAT) per month for 6 months. £24 (+ VAT) per month after that / £120 (+ VAT) per year for 12 months. £240 (+ VAT) per year after that
- Sole Traders: £9.50 (+ VAT) per month for 6 months. £19 (+ VAT) per month after that / £95 (+ VAT) per year for 12 months. £190 (+ VAT) per year after that
- FREE 30-day trial available
With offices in the UK, the US and Australia, Fathom are ‘transforming the way people create management reports and access business insights’ around the world. A great tool for larger businesses and those in the franchise industry, with Fathom, you can rank, compare and benchmark all entities within your network to consolidate information and identify (and address) poor performance.
With Fathom’s ‘powerfully simple financial analysis, performance reporting and cash flow forecasts’, you can:
- Assess profitability, cash flow, growth and other KPIs
- Compare and rank related companies, clients and/or franchisees
- Create customised KPIs and track financial (and non-financial) metrics
- Craft personalised, consolidated management reports, and get the insights you need to make informed decisions
- Plan for all eventualities with integrated three-way forecasting. Fathom also integrates seamlessly with aforementioned systems like Xero and QuickBooks too
- Starter (1 company incl.): £33 per month
- Silver (10 companies incl.): £175 per month
- Gold (25 companies incl.): £250 per month
- Platinum (50 companies incl.) £400 per month
- FREE 14-day trial available
The Handpicked Accountants profile for Danbro can be found here.
This article was written for Handpicked Accountants by Neil Ormesher of Danbro Business Solutions.