With the best accountancy software, businesses can automate the majority of their business finances, oversee cash management, the bought and sales ledger and access a range of reporting functions.
The right kind of software can make the bookkeeping process more efficient and deliver valuable information for strategic planning purposes. But finding this software can be a significant undertaking for any business.
No two businesses are the same, so it goes without saying that accountancy software will perform differently depending on where it is used.
Let's examine some of the most popular accountancy applications on the market.
Xero is used to track and manage all financial aspects of the business in a one-stop shop.
From the dashboard, CFOs and management teams monitor the salary bill and check receivables and payables, as well as view detailed reports of cash flow. Xero's dashboard highlights any potential problems and encourages planning and corrective action.
Its invoice customisation feature is useful for firms with customers who require specific invoicing; itemised billing, for example. Payment dates and payment currencies can also be amended, simplifying the international invoicing process.
QuickBooks offers a range of packages to suit the needs of different business types, including the self-employed, SMEs and enterprise.
Its packages support the management of budgets and the creation of various data reports for planning purposes.
For small business owners and newcomers who may be daunted by these tasks, there is an option to connect to an accountant instantly through the QuickBooks database, in order to obtain the relevant advice.
On top of mainstream payables and receivables support, income and expenditure are automatically categorised. This means accounting teams can see at a glance exactly how the firm's money is being spent.
Used by over 200,000 UK businesses, Sage is another software solution built on cloud technology.
At its most basic level, the software enables users to record invoices and expenses. More sophisticated features include the ability to create payslips, P60s and payroll reports. The software completes all the calculations for you, ensuring your documentation is error free.
It is also HMRC compatible, so you can submit your accounting information and quarterly VAT returns directly.
Like Xero and Freshbooks, users can connect to the dashboard with the dedicated Sage mobile apps. Unlike other solutions, there are separate apps for invoicing and expenses allowing for an uncluttered app for ease of use.
Soldo’s spend control platform works hand in hand with the best accountancy software and tools – and even helps you take control long before you need to think about your bookkeeping.
Combining smart prepaid cards, an admin web console and a mobile app, Soldo gives you an accurate real-time overview of your company's finances.
Gone are the days of petty cash and inefficient reporting. Instead, you can assign prepaid cards to an unlimited number of staff, eliminating the need for staff to pay first and claim the money back later.
Your employees can enrich transaction information instantly using our app, just by photographing their receipt and uploading it to the transaction in a couple of taps. And you can monitor every transaction on those cards using the Soldo web console, assign bespoke budgets to protect against overspending and transfer funds instantly and for free when your team needs them most.
Our web console has been designed from the ground up to work alongside Xero. Companies who use different software such as Sage, QuickBooks and FreshBooks, can still benefit from Soldo's report exporting feature. So not only will your accounting be effortless, so will how you manage employee spending.
Find out more about how our platform integrates with accountancy software, you’ll also learn more about how smarter spending could transform the way you do business.