Accounting Software for small businesses

Time’s are changing. Rapidly. Accounting software has been under-going major change from the original desktop software model to cloud based solutions. Paul Holborow, Head of IT Services at RMT, a fountain of knowledge on accounting software small and large, takes a look at 4 products on the SME market.

At RMT, we have always understood accounting software. Not only we have supplied software ourselves – we specialise in Sage and Access Accounts – but we know from our wide client base that small businesses are using a variety of software solutions, many of which are being driven by the cloud.

Sage, of course, has been market leaders in desktop software since the 1990s and they still are at the small business end of the market. By their own admission they have come to the cloud late and are busy catching up. Their latest Sage One product offers a fantastic opportunity for young businesses to quickly access accounting and payroll software totally in the cloud. Low cost, monthly subscription packages provide access to one of the most successful accounting software companies.

Like any market though there is competition and new entrants such as Xero, Kashflow and FreeAgent have taken some market share form Sage. Xero is a leading solution from New Zealand and has found growth in the US and Australia aswell as the UK. Its automated import of transactions from banking systems without the need for rekeying established it, along with a range of add-ons, as an attractive alternative to conventional more manual systems. This feature alone makes it popular with accountancy practices.

Kashflow is a strong competitor to Xero and its acquisition by IRIS, another software house, should see additional features coming through. Simple to use, its on-line subscription base offers bookkeeping, payroll, invoicing and quotations alongside integration with MailChimp, Dropbox and Paypal, extending its offering beyond just the bookkeeping.

FreeAgent specific offerings for limited companies, partnerships and sole traders and includes an innovative Mission Control dashboard providing real time analysis on income, expenses, projects and cash flow. FreeAgent also comes with tracking key figures in real time, and cash flow breakdowns. Check bank account balances and schedule tax timelines so you don’t miss tax deadline like VAT, PAYE and Corporation tax.

For more information on any of these products, please contact paul.holborow@r-m-t.co.uk.