What’s the best accounting software for your small business?

Monitoring cash flow, wrangling financial data and filing tax returns. Accounting is a complicated task. Small business accounting software can help.

But finding the right solution is a challenge in itself.

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Choosing the right accounting package for a small business

Small business accounting software can be confusing. You might start by looking at free accounting
software, but realise it can bring security risks. Then you might see some popular desktop software
but discover you can’t open it on your phone or tablet.

Eventually, you find some excellent online (cloud) software – but then get lost among the
subscription plans and features.

You’re nearly decided… but how do you narrow things down?

small business owner using accounting software

Know your accounting, know your software

The truth is there’s no definitive “best accounting software for small businesses”. No single software package is perfect for everyone.

With the right insight, you can prioritise. If you realise you only need basic small business bookkeeping software, for example, you can focus on that one thing.

Your best accounting solution will use these tips

Below, we will give you something FREE that will help you narrow down your software selection. But
whatever you choose, here are some universal workflow and software tips.

Watch your bank accounts

No matter your small business, you make life easier with a second bank account. This will help you check your finances. And remember: limited companies MUST keep their business dealings separate from individual bank accounts
Go with something that links data together

Using modern, fully integrated small business accounting software saves you the worry and inconvenience of reinputting data. Software like IRIS KashFlow shares information across apps instantly and securely.
Work from anywhere if you can

Freeing yourself from your desk makes you more adaptable day-to-day. Desktop hosting can help, but cloud software is always our first choice. It also makes your workplace more attractive when you’re employing someone, too; many job candidates are seeking opportunities with hybrid work arrangements.
Look into security

It’s easier for hackers to access older desktop software. In newer software, you can use a portal to share documents; older software might mean you have to email information back and forth. That’s a major problem if your email is compromised and there are spreadsheets in your inbox or sent items.
Get software that grows with you

Subscriptions shouldn’t bind you to a massive suite of software. If you’re starting out as a sole trader, you don’t have the same needs as a small LLP with a turnover in the millions.

But, crucially, make sure whatever you choose can grow with you. Don’t get tied to cheap, basic software that won’t provide the opportunity to add more advanced functionality later.

Featured Guide

Get your FREE accounting and compliance guide

As we said, knowing your accounting obligations will help you decide what features you need. So, get insight into the big compliance challenges: accounting, payroll, and policies

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