Keeping track of your business accounts

Do you find it time consuming keeping track of your business accounts?

In recent years many vendors that publish business accounting apps have moved towards an online subscription model.

Accounts

The online app is is automatically updated and you can access from anywhere with internet access. You have likely heard of Sage, Xero and Quickbooks but there are also others.

Available features vary between each product and pricing plan.

The following checklist gives some of the options you might want to consider when searching for an accounting type app.

  • Does the product target your business type e.g. self employed or limited company
  • What is cost ,maximum number of users etc?
  • Can you setup new users with with limited permissions e.g
    to provide access to your accountant / bookkeeper?
  • Can you sign-up for a trial ?
  • Does product comply with any legislation relevant to your business? e.g. data protection laws and GDPR
  • Is direct transaction import from your bank supported or alternatively can transactions be imported via an intermediate data file?
  • Are reports generated relevant to your business?
  • Invoice creation?
  • Can expenses and bills be recorded.
  • Can receipts, bills etc be uploaded and stored with reference to the related data?
  • Is time billing available?
  • Does product provide dashboard with relevant summary information? Can you customise the information displayed?
  • Employee payroll available?
  • Is support for VAT and corporate tax available?
  • Is budgeting and cash flow forecasting available?
  • Does product offer project management?
  • Can data be exported in a format compatible with Excel and similar?
  • Can external apps access your data securely via API (Application programming interface)?
  • Are audit trails logged and available for inspection?
  • How useful is the help documentation and support?
  • Is a mobile app for access out of office , scanning receipts etc available?
  • What happens to the data if In the future If your company wishes to move to an alternative vendor. Can the data be exported and imported to the new vendors product? Will their be any limitations on the imported data?
Employee Information Entry Screen

Accounts App Products

These are just a few of the vendors that currently offer online accounts products. Vendor links are to the UK version where applicable.

HMRC also provides a list of software apps for electronic filing of various corporate documents here.

If you decide to try any of these please check suitability for your company.