Accounting systems

[Marvin]

For small service businesses (£1 million - £5 million turnover) what's your view on the best accounting software to choose?

[Ozzy]

Now gentlemen I want a nice clean fight....

Sage Line50 seems to be the standard and is what I use here, but I'm sure the accountants here will have various views :)

[Marvin]

Thanks Ozzy. I like the notion of a good clean fight. You don't see Ninja accountants around so much thesre days.

Sage is the only one I know. On the version I used the transaction entry was quick and simple but there was no real project costing and forecasting support and the reporting was a bit tortuous. I've no idea what the other packages are like though.

[Alpha]

The latest version of line 50 (v11 - financial controller level) actually does have a project costing capability. It also allows a certain amount of forecasting although to get a decent forecast its better to use the financial forecasting package.

As Sage is still the standard software in UK and most accountants use it then I suppose that i WOULD STILL (GRUDGINGLY) say that it is probably the one to go for. In fact many of its short comings are not addressed by other competitors such as quick books.

Of course you would be able to choose from a plethora of other systems but of course it all depends on the company requirements particularly if they need to link other systems to the accounts.

Hopefully when microsoft launcehes its attack on sages markets it will give us a much more improved product ............but there again dont hold your breath.

[winton50]

I've used all sorts of systems in my work temping as a management accountant.
for what it's worth I have found that for a small business then quickbooks is more than capable and is a lot easier on the wallet.

It seems to me that practice accountants will often recommend sage(any version) as a gold standard.
others will go for their favourite out of quickbooks, TAS and MYOB all of which are pretty good.

One benefit I like of quickbooks is that you can have unlimited company files which makes it very cost effective when you have three companies of your own and do work for private clients!
I don't say that quickbooks is perfect by the way and I am biased simply because it's my favourite.

[Marvin]

Thanks Alan and Stuart.

I will take a look at QuickBooks as well as Sage. In the informal feedback I've had these two are the ones people mention so that should be my shortlist. Unless someone else has a strong view in the next few weeks......

Marvin

[winton50]

I wouldn't rule out TAS or Mind Your own Business. I know MYOB used to do a free trial program which may be worth getting hold of and seeinghow you get on with it.

[BillS]

Quickbooks I find is a lot better you don't have to enter everything into purchase ledger - can enter as cheque payments until the end of your financial year (when you want to see what outstanding at y/end).
Also reports in date order or as specified not as posted in audit trail.
Can send sales invoices e-mail after customising template(s) as like and can integrate payroll if required.
Software can be search as in database as this is what it in reality is. Created by an American business manager who understood you give customers what want some thing user friendly as opposed to software developer or accountant likely to give what he thinks you need - tough if can't understand how it works.
Be warned to get the features your business will need at start and after it is set up (there's an interview facility) you use it as intended eg don't use stock items for purchases use expense/cogs accounts except fixed asset purchases.