There are many different cloud accounting software to choose from on the Irish market. Many of them offer free trials or starter pricing to entice you to choose them. But where do you start looking for the right one for your business? We’re here to help.
Keeping your finances in order is vital for any business – big or small. Managing invoices, receipts, expenses, and mileage can be a cumbersome task if your records are unorganized, kept in a box, or incorrectly managed.
Online accounting software will help you stay on top of your accounting and bookkeeping responsibilities and make managing your business finances easier!
Our accountants have years of experience working with many different cloud software products so we’re weighing up the advantages for small businesses in terms of accessibility, usability, integrations, and cost.
If you need help deciding which online accounting software is right for your specific business – chat to us today. We’re here to help.
Why is cloud accounting good for business?
- Save costs – You could receive a 20% discount on your annual accounting bill and save on bookkeeping costs if you use online accounting software to manage your books and records.
- Provides real-time information – Always be in the know about how you’re doing financially with the dashboard and reports.
- Allows you to work from anywhere – Access your business finances anytime, from any internet-connected device – phone, tablet, or computer.
- Protects your business data – cloud accounting software backs up your data and protects it.
In this guide, we help you to choose the best software for your business. We outline all the software that our clients use so you can make an informed decision on what’s right for you.
Before you decide which one is best for you, make sure that you know what you need and ensure that its features meet your needs.
If you rather talk about your specific business, chat to our Client Services Team now – we’re happy to provide the help and support you need.
Bookkeeping on your own
If you would rather not use any online accountancy software, don’t worry, you can still run a fully operational business. Here’s how:
Check your cash situation daily
When you’re starting out, it’s best practice to open a business bank account. Keeping your business money separate from your personal money enables you to see your company cash flow clearly and make projections for the upcoming year.
Organise your paper receipts
Even if you don’t want to store them all on software, at least keep a digital copy of each receipt on Google Drive or Dropbox (Both Free). This makes it easier to search for old receipts and takes up much less space. Keep records of bank statements and invoices so you can easily find them for your accountant when requested.
Keep customer and supplier billings records
Use your preferred method of bookkeeping (i.e. notebook or ideally Google Drive Sheets or Excel) and record any outbound customer invoices, inbound payments, supplier invoices received and supplier invoices paid.
Talk to your accountant
Your accountant may offer a different way of doing bookkeeping that matches your business type and best suits your needs.
Features of online accounting software
Start by thinking about what you want from your online accounting software. Choose a package that makes your life easier, helps you to make better business decisions, and gives you more time to focus on growing your business.
Here are some examples of what you may require from your chosen cloud accounting software:
Gives you access to your finances anywhere
All the software on this list can be accessed through a laptop or phone. Users should consider how easy the system is to use - talk to us if you want our advice.
Handles multi-currency businesses
If your business deals with multiple currencies, you'll need software that is capable of handling different currencies with no extra work for you. Dealing with Foreign Exchange can be difficult.
Automates admin tasks
Keeping track of your receipts, invoices, bank statements and expenses is very easy with online accounting software. Pick a software that is easy to use so you don't have to spend too much time setting it up.
All the software on this list will offer some level of reporting. Users should consider what they need to know about their business to ensure the software can cater to their needs.
Connect to your bank
Some of the packages can connect directly with your bank so you get live bank feeds and easier bank reconciliation. Users should consider whether this is this something they need.
Integrates with other apps
Are you currently using apps for receipt or expense tracking? Check if it will connect with your chosen cloud accounting software.
Need help with accounting?
Using online accounting software is only part of your accounting obligations in Ireland. As a business owner, you are required to file tax returns each year. Limited Companies also need to prepare financial statements and file Annual Returns to the Companies Registration Office (CRO) each year.
If you need help with your accounting and compliance requirements, get in touch with our Client Services Team to discuss the services you need.
Call us on +353 1 9059364 or email email@example.com.