As you would expect, there is a wide range of different accounting software available for businesses to use. These include the top 3 most commonly used: Sage, Xero, and QuickBooks. These do, however, involve a monthly charge for their services.
If you are a smaller business, self-employed, or a start-up, a spreadsheet option (for instance Excel) may be the best way to initially track your accounts.

If you do wish to consider one of the big 3, below is a brief explanation on what each one does, and size of the business it could best suit:

Sage:

  • Sage Business Cloud has 3 different prices depending on the features you require; it is designed for small to medium-sized businesses.

Its features include:

  • Creating, tracking, and sending Invoices
  • Receipts management (standard and above include snapping these from a smartphone for instant upload)
  • Cash flow forecasting (only in standard and above)
  • HMRC’s tax digital compliant.
  • Create and print any needed reports direct from the software (advanced reports in standard and above)
  • It can be linked to your accountant or bookkeeper remotely.
  • If you are wanting to use Sage to do payroll, this is an optional extra.

To find out more click here



Xero:

  • Xero has 3 different priced plans depending on the size and functions you want to use.

Its features include:

  • Invoicing
  • Receipts
  • Bills
  • Reconciling of bank transactions
  • Complies with the HMRC’s tax digital requirements.
  • If you are wanting to do payroll, expenses, or projects these are all optional extras.

To find out more click here

QuickBooks:

  • QuickBooks has 3 different priced plans depending on the size and functions you want to use.

Its features are:

  • Track income and expenses
  • Invoicing
  • Receipts
  • Mileage tracking (on the app)
  • Reconcile bank transactions
  • Run reports
  • Manage and pay bills (Essentials and plus only)
  • Track employee time (plus only)
  • Set budgets (Plus Only)
  • Manage stock (Plus Only)
  • Track Projects (Plus Only)
  • Complies with the HMRC’s tax digital requirements.
  • It can be linked to your accountant or bookkeeper remotely.

To find out more click here

Regardless of which option you choose, your bookkeeper or accountant should be able to let you know which accounting packages they can use and log in on. Bookkeepers and accountants are required to log onto the chosen software for them to conduct any accounting work that is requested by yourself.

At Sherlock Accounts we are qualified to work with Sage, Xero, and QuickBooks or, if required, excel.

Discover the full range of services we can offer here.