Best Accounting Software for Accountants

The best way to understand business is with the vision of an accountant!

As we know accounting is the backbone of every business and accountants are the ones playing a significant role. They are the pillars that support the business. However, with the rapidly increasing use of technology, even the accounting practices have changed. Gone are the days of the early 70s where the  accountants use to manually record every entry in the journals, perform reconciliations, and manual calculations. Today’s accounting world is completely evolved with an overabundance of software tools at the fingertip of the accountants. With the help of the accounting software the entire manual process has now become automated thereby easing the workload of accountants along with improving their efficiencies.

What software do most accountants use?

The accountants often become proficient in multiple software tools to maximize their efficiency and effectiveness but generally they prefer using those accounting software that has comprehensive features and is easy to use.

While each software tool serves a different aspect of the business, the decision also depends on the business size and the complexity of operations. However, one must also consider the added benefits that the software can provide such as real-time accessibility, reporting accuracy, automated invoice processing etc.

What are the benefits of using accounting software

Accounting software helps accountants in many ways such as:

1. Accuracy: Accounting software helps in reducing or eliminating human error in calculations.
2. Time savings: Accounting software helps in saving time by reducing manual tasks like paperwork and management.
3. Scalability: Accounting software can also be outsourced based on the volume of work, so the outsourcing team can be increased when business is brisk and decreased when it’s slow.
4. Security: Accounting software helps keep data safe. Also, by creating a secure backup, sensitive data can be easily recovered.
5. Payroll: With the help of accounting software, you can automatically generate pay stubs, deposit salaries, calculate employee remuneration and deductions, and creating tax forms.
6. Cash flow management: With the help of accounting software you can manage cash flow efficiently by generating cash flow analysis and producing cash flow forecasts, it will also help in predicting cash reserves, and automatically send overdue notifications to clients.
7. Business reports: Accounting software also helps businesses generate business financial reports that can help with cash flow forecasting and analysis, allowing to manage and monitor businesses effectively.
8. Invoicing: With the help of accounting software you can streamline the accounting process by quickly and accurately recording financial transactions and tracking customer payments.

Though the job of an accountant is not so easy; however, if you are a tech-savvy accountant, you can definitely convert your not so easy task to breezy and effortless.

Below is the list of top 10 accounting software for the accountants to consider.

Top 10 Accounting Software for Accountants:

Sage:

Sage is a cloud-based accounting software widely used by small business, freelancers, sole traders managing their own finances. Since Sage is cloud-based software, it is not required to install it on your system. Few of the Sage features are:

• Creating invoices and sending it to customers along with tracking payments
• Managing and tracking inventory
• Getting real time financial reports
• Automated bank reconciliation
• Data entry
• Sending estimates and quotes
• Submitting online tax returns

FreeAgent:

FreeAgent is a cloud-based accounting software which is best recommended for those businesses who manage their finances on their own and is widely used by accountants and bookkeepers. It has been awarded the Excellence Accounting Award for Small Business Software. The best features of FreeAgent Software are:

• Helps in monitoring cash flows, recording expenses, and sending invoices.
• Filing of SA Tax returns, Vat returns

Xero:

Xero also offers cloud-based accounting software, helping to manage. It provides the leverage of choosing cash or accrual-based accounting.   

• Bookkeeping
• Invoicing
• Payroll
• Automating bank feed
• Recording expense claims
• Bank reconciliation.

Xero also provides standard business and management reporting, and helps users make end-of-year tax returns.

QuickBooks:

QuickBooks is also a cloud-based accounting software and is specifically packaged for small businesses, and it has access to over currencies. It is also available in languages, and more than 200 banking and app integrations. QuickBooks helps with managing financial transactions such as:

• Invoicing customers,
• Paying bills
• Generating reports.

Some other features offered by QuickBooks are:

• Tracking income, expenses, GST, and VAT
• Bank transaction integration.
• Managing payments and budgets
• Capturing receipts and tracking projects
• Multi-currency support
• Automating accounting tasks such as bookkeeping, invoicing, time tracking, expense tracking, and inventory tracking

IRIS

IRIS is a global software group offering accounting software and services for accounting firms with practice management, document management, HR and payroll management. This software is specially designed for helping the accounting firms wherein in the

• Practice management they can manage clients, teams, engagements and reporting
• Document management they can work, store and share documents with clients and teams.
• HR and payroll management helps in reducing administration work, simplify reporting, ensuring compliance and guarantee accurate employee payments.

Apart from this IRIS also offers AI-based accounts payable automation software which captures the information from invoices and integrates into other popular accounting systems.

Digita

Digita provides the software and services in the form of Digita Professional Suite. This suite has an integrated tax and accounting solution that helps in automating simple compliance tasks. Some of the products provided by Digita are:

• Digita Company Secretarial software that allows UK accountants to detect potential fraud and generate annual returns.
• Digita Accounts Productions helps with the two-way data sync with Xero software, saving time and boosting efficiency with the integrated financial reporting and bookkeeping workflow.
• Hosted virtual office for accountants helps you and your staff with the freedom to access the software from any location.

CCH

Commerce Clearing House (CCH) provides the accounting, audit and tax software. The variety of the products provided by CCH includes:

• CCH Accounts Production through which you can automate the entire accounts process right from data entry to online filing. This software integrates with CCH central, QBO, Xero, CSV, FreeAgent, Sage, Sage Cloud, Exact, CCH OneClick, Twinfield.
• CCH Audit Automation software covers the entire audit process from engagement to sing-off. It displays the summaries of all the tests and checklist questions, along with the list of documents to be reviewed.
• CCH ProSystem fx Suite is their award-winning software which includes tax, accounting, audit, workflow tools.
• CCH also provides payroll resources which helps in managing payroll details, and complies with the laws.

Taxcalc

TaxCalc software application is designed with the purpose to simplify the calculation and tax filing process of both individuals as well as business. This software is completely user-friendly with comprehensive features, and is easily adaptable to different tax systems, particularly in the UK.

BrightPay

BrightPay is cloud-based payroll software helping accountants, bookkeepers, and payroll bureaus in managing their clients. This software helps in automating various tasks and reducing the processing time.  Some of the feature of the BrightPay software is:

1. Accounting integration
2. Batch payroll processing
3. Online client portal
4. Migration Assistance.

Cashflow

Cashflow management software will help you with monitoring and managing cashflow, and forecasting. Some of the cashflow accounting software are:

• ABM Cashflow that helps in managing purchase orders, cash receipts, calendar creation, and cash flow analysis.
• Cashflow Manager that helps in with unlimited income and expenses, quotes and invoices, customer management, and bank account reconciliation
• ABSA Cashflow Manager is a free accounting system that helps with generating quotes and invoices, managing contacts and payroll, recording income and expenses, adding new users, and unlimited data storage.
• Cashflow is a cloud accounting software that helps streamline invoicing and expense tracking.
• CashFlowTool that helps with cash flow management and forecasting service for businesses and accountants.
• Fathom is a cash flow forecasting software that uses trends from the latest financials and includes rolling live forecasts that update as often as the financials.
• Xero Cash Flow Forecast Software one of the popular software that helps with real-time visibility of cash status and flow. 

Conclusion

In today’s technology-centric world, discovering the right accounting software is straightforward. The majority of the mentioned software caters to enterprises, providing accountants with effortless access. This seamless integration significantly simplifies the process of engaging an online bookkeeping firm, enhancing both ease and security. Multiple layers of encryption safeguard financial records, and the system instantly updates any minor modifications across it. This transparency allows business owners to effortlessly monitor their financial affairs.

If you still find yourself confused about which accounting software will best suit you, or if your clients work on different software. Don’t hesitate to contact us. We at Corient UK are a trustworthy outsourcing accounting firm for your bookkeeping and accounting needs. Our wide range of services include complete bookkeeping and account services, accounts payable outsourcing services, audit services, tax outsourcing services, business tax support services, advisory and consulting services. We commit to delivering a valuable experience to all our clients with our highest standards, allowing you to focus primarily on growing your business.

If you would like to explore our services and discuss how we can help your business, you can contact us today!