Top Accountancy Software SolutionsAs rated by the ComparisonX accountancy expert panel

Xero

ComparisonX rating 96%

Award winning accounting software

  • Easy-to-use interface
  • Cloud based software that can be used on just about any computer or device that has an internet connection
  • Integrates with more than 600 third-party software systems
  • Offers support for multiple different global currencies
  • Offers excellent customer support services
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Freshbooks

ComparisonX rating 95%

Best solution for self employed and freelancers

  • Offers easy expense management tools such as the ability to take pictures of receipts
  • Allows users to set up automated billing schedules – ensuring that they get paid on time every time
  • Perfect for beginners and self-employed individuals
  • Can be used on a desktop or on a mobile device using a dedicated app
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Oracle Netsuite

ComparisonX rating 89%

Best enterprise accounting solution

  • Helps to streamline enterprise wide processes such as CRM, inventory management, and e-commerce
  • Offers built-in tools that are designed to reduce and eliminate business inefficiency and waste
  • Automatically makes taxation updates to ensure ongoing compliance
  • Supports multiple languages and currencies
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Zoho Books

ComparisonX rating 93%

Good for small and growing businesses

  • Low cost solution, offering great value for small and growing businesses
  • Offers automated payment reminders – no need to follow up with your customers
  • Offers an easy-to-use and intuitive interface
  • Comes with excellent customer support services
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Quickbooks

ComparisonX rating 94%

Market leading accountancy software

  • One the most widely used accounting software solutions, created by the market leader Intuit
  • Offers an easy-to-use and intuitive interface that is perfect for beginners and professionals 
  • Provides a number of excellent security options
  • Great customer support and resources
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Tips for choosing the right accountancy software

There are many variables to take into account when choosing accountancy software. In this article we will detail the key criteria you should look for when selecting the right solution for your business.

Integration with other systems

Finance systems are often the backbone of a company. They can be required to integrate with many other departments such as sales, procurement and customer service.
 
Often the biggest challenge when implementing an accounting system is integration with other software and a companies own legacy systems.
 
Most major accountancy software providers offer API’s and interfaces to their software. Setting up integrations can be time consuming. If your business uses its own software integrations are not always possible or can require additional software to be built.
 
Documenting the points where accountancy software needs to share data before making a purchase decision will help you choose the right solution. If you are unsure if an integration is possible ask the vendor first.

Data security

It goes without saying that corporate financial information should be kept as secure as possible.
 
Most modern systems host data is a secure cloud based environment. This may seem less secure than the old days when accountancy software was installed on hard drives. But in many ways a cloud based system will me more secure than local storage. With a cloud based system the vendor will be constantly monitoring their systems to ensure data is safe from hackers.
 
When data is stored locally the information is only as secure as your companies IT system and network. There is also the risk of servers and hard drives been physically stolen.
 
There has been plenty of high profile hacks of large cloud based systems. You still need to be vigilant with data and practice good password hygiene.

Price of accountancy software

The cost of accountancy solutions varies significantly between vendors. Systems aimed at small businesses can start from under $50 per month, whilst corporate solutions can run into the thousands.
 
It is important to note that many systems charge per user, per month. If you have a lot of users the price can quickly escalate.
 
The price of software does not always equate to quality. Low priced systems such as Xero are fully fledged solutions that can hold their own against enterprise level competitors.
 
Enterprise solutions tend to be expensive because of their ability to be rolled out in complex organisations. Businesses that have multiple subsidiaries and operate in a matrix structure may need software to be configured for their organization.
 
The amount you will need to pay for finance software is likely linked to how complex your business structure is.

Mobile Support

Almost all of the cloud based finance systems allow users to log in from any computer with internet access. Most also have dedicated apps to improve the user security.
 
The ability to access data remotely is a major step-up from the large legacy systems that were tied to companies local network.

Multi-currency support

If your business does business internationally choosing a finance system with local currency support and overseas bank integration will be a priority.
 

Functionality

The number one requirement is to ensure your chosen software can perform all the functions that your business needs.
There are many specialist software solutions that may perform one finance function in great depth. These include separate systems for tax, payroll and invoicing. The drawback of using several tools is that there can be repetition of work and data integration issues between platforms.
Almost of the finance platforms listed on ComparisonX perform multiple functions. This should eliminate the need for additional systems. Yet, the number of features and the depth of the functionality varies between solutions.
 
It is important to document all the finance function your business requires and ensure that your chosen software can perform all those tasks.

Training and support

Modern accountancy software has come a long way since the text based systems of the nineties. Most accountancy software is intuitive and can be picked up with some basic training. Systems such as Xero and Freshbooks have grown rapidly partly based on their ease of use.
 
Each of the main software providers offers some online training for free. Some vendors have paid for courses and certifications. There are also a host of their party companies that offer online or classroom based training.
 
Several solutions have large user communities online that post ‘how to’ videos and articles which can be useful. The software with the largest support communities tends to come from the established vendors. Quickbooks in particular has an active user community online with extensive documentation available.
 
When selecting a system factor in the learning curve needed and the cost of training.

Conclusion

The right accountancy software will depend on your business requirements, team knowledge and budget.
 
The usability and power of today’s finance software is light years ahead of the systems many accountants trained on.
 
Our key advice is to establish exactly the tasks you need to software to perform and match that to the right solution.

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