Choosing the right accounting software for your business
Managing and tracking your income and expenses is vital to running a business, but is too often laborious & time consuming. Day to day invoicing, tracking receipts and mileage can become an inefficient task, particularly if the business is not availing of the most up to date technology & software.
For many, the fear of software costs & complicated packages can be a constraint on their reason to change or update their accounting software. However, at Kalc Accounting we are positive that with the variety of packages available, there is something to suit every business, leaving you more time to actually do business! Also, given most accounting systems have updated to cloud-based, accounting software fees have become significantly cheaper in recent times.
The fear of change can also be a significant factor for many, however if managed correctly, it can be a seamless, simple and fluid process.
Kalc Accounting makes integrating new time & revenue saving software into your business simple, we simply work with you to find out your needs, budget any current issues and advise you what will work best – giving you peace of mind that you have the best solution for your business & budget.
What considerations should you take firstly when choosing a software package?
The internet is an extremely large database. It can be incredibly confusing when researching accounting software’s. It is very important to firstly, identify what features you might be looking for & identify how your business systems are currently working.
A good starting point is to look at the basics & speak to experienced users.
Our team specialise in finding the perfect package to suit your needs looking at all available options, we are not affiliated to one software so you can rest assured you are getting the best package for your needs as identified rather than a sales pitch!
What devices do you need access on? Desktop, mobile, I-pad? How is my current software performing? Am I able to work remotely from any location?
This can be a very important consideration. Does your business rely on other software’s such as a CRM platform or inventory management? Is your accounting software able to integrate with additional software’s? What would you like your accounting software to integrate with? Does my accountant have easy access to my financial records?
The essentials you need to view your business functions. Assess what reporting functions you rely on most (sales in regions, expenses, management accounts, KPI’s)
If you operate in multiple currencies, do you manage this through multiple systems? Is it a time-consuming task to manage multiple accounts? Does your current accounting package cover this?
What benefits would I obtain by upgrading my current accounting system?
Once you have identified the general functions & capabilities of your current software, you can start to look at the benefits of updating or migrating to a more efficient accounting software system
You could save hours of data entry each week by having a streamlined and efficient software in place. Your bookkeeper and accountant would be all too pleased, freeing up their time. You could save on your accounting fees and create added value by focusing on more proactive accounting advice such as financial and tax planning
Accounting software’s are extremely competitive – particularly cloud-based software’s. Pricing is very affordable. You will probably feel like you are saving money by the time you can free up
View your financial records from any device in any location. If you upgrade to cloud-based, all you need is internet access to manage your accounts.
While accounting software is used by hundreds of thousand businesses, you can tailor your software to work best for you. You can add-on different functions & capabilities and integrate with your different business software’s. Your accounting software might just even provide the functionality that you were relying on with a completely different system such as CRM or cash flow management.
Data & Back-ups
Peace of mind can be assured knowing that you do not have to worry about backing up all your data. This will be stored automatically used cloud-based technology. Even desktop software’s are available with a hybrid-cloud integration so your data backs-up onto their cloud-based server rather than your own.
While there is a considerable amount of accounting software’s available, we will focus on two of the very best:
Xero V Sage 50
Xero and Sage are two of the best accounting software providers for SME’s. They both can provide pretty much all the benefits listed above & more. So which software should I go for?
The good thing is you cannot go much wrong with either. They both contain an abundance of features that make your accounting functions streamlined. Information can be obtained “live” and business reports can be obtained in real-time. So, head to head, how do we rate them?
Sage can charge extra for additional users in certain packages. With Xero, you can dictate how many users and accessibility your staff have at no additional cost. This can also be important for Accountant integration. If your accountant doesn’t have a client manager account with Sage, they would use up one of the user subscriptions if given access to a client’s account. With Xero, this isn’t a problem. Your accountant’s access is easily integrated.
WINNER ON THIS TOPIC – XERO
While both software’s can integrate effectively with many different systems, there is a never-ending list of third-party applications Xero can integrate with- https://apps.xero.com/ie
Sage tend to focus more on integrating with Sage products such as Sage Pay. They also heavily promote their integration with Office 365. With saying that, they do integrate with other third-party applications, but the list is not quite as long as Xero’s.
WINNER ON THIS TOPIC – XERO
Both Xero & Sage offer the bank feeds functionality. Rules can be created on both software’s so re-occurring transactions are automatically reconciled. One slight advantage is Xero can link to TransferWise for multiple-currency accounts. This would be extremely beneficial for business operating in multiple currencies.
WINNER ON THIS TOPIC – XERO/ SAGE
Sage provide several different products and their fee structures can vary depending on the number of users. With that said, it can be hard to get a transparent pricing fee for comparison. The standard package of $30 per month on Xero is pretty hard to beat with what you get for this. The Sage Business Cloud is €25+Vat per month, coming in at a similar price whereas the Sage50 Cloud pricing for the desktop/cloud hybrid, will cost in the region of €84 + Vat per month.
WINNER ON THIS TOPIC – SAGE FOR STARTER PACKAGE, XERO IN THE LONG RUN
There’s no question Xero focus was on the client’s perspective rather than accountants. It is extremely easy to use and their support services are 24/7. They are very adaptive and seems they are constantly tweaking based on regular feedback. For anyone switching to Xero for the first time, the feedback is normally exceptional. It does not take long to adapt and get used to this system.
A lot can also be said for Sage and their support services. It might be perceived the Sage50cloud is not as easy on the eye, however the Sage business cloud has a nice friendly look and works well on mobile use.
WINNER ON THIS TOPIC – XERO
There is no doubt you couldn’t go much wrong with either. For the simplicity of the system, we would have to give the nod to Xero. It is specifically designed for the SME sector and they have done a wonderful job with their systems. They are extremely innovative and constantly updating. The cash coding function when processing a bank reconciliation is wonderful and can greatly assist with large bank reconciliations. No to mention their Xero App Marketplace is constantly growing, ensuring they are able to integrate with more and more technology so they can continue to evolve with their customers.
We make migrating to your new improved & modernised accounting software simple, streamlined & hassle free, ensuring you choose what best suits your business needs and budget.
Now is the perfect time to take action to ensure everyone working remotely can do so in a transparent, simplified and efficient manner.
Contact us today at firstname.lastname@example.org or 01 8084191 and let our friendly team discuss your current accounting systems, potential migration offerings and a much simpler & more efficient future for your business.