Online accounting (or cloud accounting) is the biggest development in accounting for small businesses for many years, and we expect it to quickly overtake 'traditional' desktop software.
The main benefits of online accounting are:
There are many online/cloud accounting products on the market, and below is an overview of the main products on the market in the UK. You can also browse pages showing more details on each package.
Each product has specific features which differentiate it from its competition, but the main features, mainly around invoicing and recording of bank transactions, will save you time and simplify your accounting, whichever you choose.
Xero is the market leader in the UK, and has seen enormous growth over the past couple of years. It offers numerous features and benefits, including automatic bank feeds, online invoicing, and the ability to automate transactions to save you time. As a Gold Partner, we can offer excellent rates on licence fees and unrivalled support and expertise.
We are accredited ‘FreeAgent Friendly’ advisers. FreeAgent allows you to easily record invoices and expenses, upload bank statements or link directly to your bank to allow statements to be downloaded automatically. Clear and simple language makes accounting simpler for non-accountants, which means it is one of the most user-friendly choices. Expenses (e.g. for contractors) are also easy to manage with FreeAgent.
QuickBooks is a more recognisable name, because their 'desktop' software has been around for a long time and is already used by many small businesses. The online version has recently been improved, and is now a match for its competitors. It allows you to stay in touch with your business while on the go, easily send invoices, manage your payroll and also accept credit card payments easily.
KashFlow is another user-friendly application, which allows you to easily stay on top of your invoicing and bank balances, automate regular transactions and use suppression settings to remove features you won’t need in order to keep it simple. An excellent reporting facility also allows you to see how you’re doing at the touch of a button.
We are happy to support the one that is the best fit for your business. If you are not sure what is best for you – ask us! Most customers ask for our advice on which product to go for, and we will be happy to help you find the right solution for your business.
We have helped nearly all of our business customers move over to online/cloud accounting packages over the past two years, and we expect to see further rapid growth in the coming year as the benefits become more widely known by business owners. We have received nothing but positive feedback from those we have helped to switched, and the overwhelming consensus is that the efficiency gains and time savings are huge. Our service and expertise have also received high praise! Read more on our testimonials page.
Online/cloud accounting will also improve your relationship with your accountant (especially if it is us!) because financial information is far more up to date, and day-to-day queries can be resolved with a short email or 5 minute phone call, which helps you now, and avoids problems later. This means we can move away from the old ‘once a year’ style relationship of accountant and client, and instead have a ‘hands-on’ approach and really get involved in helping you run your business.
Many of our customers ask us to do everything accounting-related for them (see our monthly accounting packages page for more details), so they don’t actually have that much involvement in their online/cloud accounting system. But they know it is still of great benefit to them, because it enables us to get things done quickly and efficiently for them and keep them up to date with how they’re doing.