Investing & Implementation: Are accounting systems worth it?
Accounting software offers major benefits for businesses and finance professionals alike.
Speaking to our clients, Netsuite seemed to be implemented by most, with Xero being popular with smaller firms.
Systems automate repetitive tasks, improves accuracy, and provides real-time financial insights that support better decision-making, perfect for relieving teams of admin-heavy, time-consuming tasks. Firms reported up to 20% productivity gains after moving to accounting software, as employees were freed from repetitive bookkeeping tasks.
Cloud-based platforms also enable seamless collaboration and data sharing between teams and clients, which is vital when utilising financial information to inform business-driving decisions across Marketing, Sales and Operations Teams.
Despite these benefits, subscription costs, data-migration challenges, and the need for staff training to fully understand new systems, are some of the considerations that mean 48% of small-firm practitioners continue to use spreadsheets as their primary workflow system (Accounting Today), instead of investing in software.
These factors, along with an unwillingness to change “the way we’ve always done it” means, despite advances in accounting technology, many professionals still have no Accounting Software in place, relying heavily on Microsoft Excel.
According to CPA Practice Advisor, 87% of accountants say Excel remains a “critical tool” in their daily work.
When sourcing and placing experts with our clients, we’re often asked for professionals who are proficient with both excel and accountancy software. While accounting software is advancing rapidly, Excel - understandably - remains deeply embedded in the habits and workflows of the accounting profession.
Ultimately, both accountancy software and excel are important to finance teams and organisations, but there is no doubt that technology and AI continues to advance, providing huge benefits to businesses.
Those that neglect to embrace this, will eventually fall behind. With that in mind, there a host of different systems to suit different businesses - many of which have a free trial, which is perfect for businesses who aren’t ready or willing to commit to a long-term contract.
Considering your options of accountancy software?
Here’s a summary of the top Accounting Software providers in the UK today:
Xero – A cloud-first platform that’s particularly strong for UK SMEs: real-time dashboards, VAT/MTD support, lots of third-party app integrations.
QuickBooks Online – Very popular among small businesses and freelancers in the UK: user-friendly interface, good for invoicing, bank feeds, VAT/submissions.
Sage Accounting (and related Sage 50 products) – A long-established UK brand, strong on payroll & compliance, good for growing businesses that may need more “full-feature” accounting.
FreeAgent – Geared largely towards freelancers, contractors and very small companies: simpler workflow, UK banking integrations, good value.
Zoho Books – A strong option for smaller or tech-savvy UK businesses: cost-competitive, good automation and app ecosystem, viable alternative if you want something less mainstream.
If you’re looking for professionals with skills or experience in these to support or implement changes in your business, get in touch with the Team today.