Our software packages
The days of “keeping the books” using paper and pen are long gone. An Excel spreadsheet can still be used for the smallest of businesses but really, in today’s world, for only a few pounds per month you can have an entry level accounting software package that will pay for itself many times over.
Traditional software was desktop based meaning that it was installed locally on a business’s own computer and server. Heaven forbid if your computer became corrupt, there was a fire or a break-in and you didn’t have an up to date backup. You could be potentially losing months of work.
Thankfully, along came cloud base software which is hosted on the vendor’s remote servers and accessed via the internet meaning data can be accessed anywhere in the world provided there is a connection.
There is a huge range of cloud based software out there now and it can be mind blowing to decide which one is best for your business.
Recommended accounting software
Professional accounting software package
We’d love to tell you why Xero isn’t spelt with a “Z” but we have no idea!
If you think it’s a bit weird that’s okay. But that’s where weird ends.
Xero is perhaps the most popular cloud based software accountancy software package used in the UK right now – and with good reason. Worldwide it has over two million subscribers.
The software is designed with the small business owner in mind and helps to build a trusted relationship with clients and their accountants.
There are various packages available depending upon what you need the software to do, with prices starting from just a few pounds per month.
We are proud to be a Xero Partner and Certified Online Advisors.
Please contact us for more information.
Professional accounting software package
No funny spelling here folks!
Another robust cloud based accountancy software program which is very popular.
Fundamentally, it works in the same way as Xero and it comes down to a matter of personal choice of which one to use.
Again there are various packages available with a similar pricing structure to Xero.
We are also a QuickBooks Partner and Certified Online Advisors.
Alternative accounting software packages
There are, of course, a number of other cloud based accounting software packages out there.
If you use something other than Xero or QuickBooks that’s okay. We will be able to run reports and extract data from the program to prepare your annual accounts etc.
However, if you require our services to process day to day transactions, or need our specific help in explaining how the program works, then we unfortunately do not support these packages. This is purely because we want to support two packages well, rather than become all things to all men (or women!).
Of course, there is nothing to stop you migrating your existing financial data over to Xero or QuickBooks and we can easily handle this process for you.
The Pros and Cons of outsourcing bookkeeping
Nobody goes into business because they enjoy keeping the books.
One solution is to outsource that function to an accountant, taking advantage of the accounting software mentioned above.
So what’s the pros?
1. Greater accuracy of the records than if you do a DIY job.
2. Maintained up to date.
3. Possible to quickly obtain a monthly/quarterly Profit and Loss and Balance Sheet.
4. Outsourcing bookkeeping to your accountant should mean end of year statutory accounts preparation costs less.
5. Access to the best use of current technology, as explained in the sections above. Our recommendation is to use Intuit Quickbooks or Xero.
6. You will stay up to date on the latest regulations.
7. You can pick and choose which services you wish to keep in-house e.g. you may wish to continue raising sales invoices.
8. It can save money and reduce costs. If you are quiet you can scale down the requirement and not have to pay a salary as you would an employee.
9. Frees you and your team up to generate income.
And the cons?
1. Risk of choosing the wrong firm. Make sure you ask for references.
2. Make sure there are no hidden add-on costs.
3. Limited communication. Make sure you have a fixed point of contact who you have access to at any time.
If you would like a chat to discuss how CIK Accounting Solutions can help please get in touch.