Financial Software
Contents
Benefits of Financial Software
Cost of Financial Software
GOV UK Tested Accountancy Software
Overview
Financial software can offer many benefits to businesses, including increased efficiency, improved accuracy, better decision-making, enhanced collaboration, compliance, increased productivity, and cost savings. You must first register as an electronic filer.
It's a good idea to use approved accountancy software to file annual accounts, returns and tax accounts. Companies House has a list of tested software which is shown below.
You need to consider which features you need and make sure the software you choose has those features, for example if you need software to deal with inactive accounts (sometimes called ‘dormant accounts’).
Benefits of Financial Software
There are many benefits to using financial software for business, including:
Increased efficiency: Financial software automates many manual tasks, such as invoicing, bookkeeping, and expense tracking, which can save time and increase efficiency.
Improved accuracy: Financial software reduces the risk of human error and ensures that financial data is recorded accurately and consistently.
Better decision-making: Financial software provides real-time financial reporting, which can help business owners make informed decisions based on accurate data.
Enhanced collaboration: Financial software often allows multiple users to access and update financial information in real-time, which can improve collaboration between team members and departments.
Compliance: Financial software can help businesses comply with regulations and standards, such as the Making Tax Digital (MTD) initiative in the UK, which requires VAT-registered businesses to maintain digital records and submit VAT returns electronically.
Increased productivity: Financial software can help businesses streamline processes and work more efficiently, freeing up time and resources to focus on other areas of the business.
Cost savings: Financial software can reduce the cost of manual processes and improve financial control, helping businesses to save money in the long term.
Cost of Financial Software
The cost of financial software for business can vary widely depending on the specific software, the features and functionality it provides, and the size of the business. Some financial software providers offer a range of pricing plans, with costs ranging from a few pounds per month to several hundred pounds per year.
Here are some general guidelines for the cost of financial software for businesses:
Basic accounting software: Basic accounting software, such as Xero, QuickBooks, & FreeAgent (https not secure at time of publishing but NatWest provide FreeAgent free to their business bank account customers) can cost anywhere from £10 to £30 per month for a single user, depending on the features and capabilities included.
Mid-range accounting software: More advanced accounting software, such as Sage 50 & Kashoo, can cost from £50 to £100 per month for a single user, depending on the features and capabilities included.
Enterprise-level accounting software: Enterprise-level accounting software, such as SAP & Oracle, can cost several hundred pounds per month for a single user, or several thousand pounds per year for a company-wide licence.
It's important to note that these are just general guidelines, and the actual cost of financial software will vary depending on the specific software, the features included, and the size and needs of the business. It's a good idea to compare different financial software options and to carefully consider the features and functionality you need to ensure you choose a software that meets your business needs and budget.
GOV UK Tested Accountancy Software
GOV UK Tested Accountancy Software - GOV UK Tested Accountancy Software 2023.pdf