What key features would you look for in accounting software?

[Ozzy]

We are just about to launch an accounting software comparison service on this site and I'd like to know what top 4 or 5 features you'd want to see at first glance to compare between providers.

For example some obvious ones would be cost, bank feeds, api...

 

[MyAccountantOnline]

My top 4 or 5 are really something all software should have ie the ability to issue and track invoices (in and out) and bank and other feeds ie PayPal etc but certainly top will be is it compatible with Making Tax Digital.

Prices will I'm sure also be on your list, although that can actually be quite difficult with many software suppliers offering so many options and giving various discounts some via accountants.

 

[fisicx]

Only pay for the features I need. I don’t want to pay for a load of things I’m never going to use. In other words, give me the basics and I can add modules as I need them.

 

[Nico Albrecht]

Let's assume all do the basics stuff well enough anyway I would be interested to see:

1. Which other apps the software integrates e.g office 365, zapier , google etc...
2. what banks and payment provider are supported out of the box
3. price increase over the years and cost for ongoing updates and support
4. Location of the software vendor
5. data export support to other accounting apps migration support.

 

[UKSBD]

Not a feature but my number 1 priority - Does my accountant work with it and like it.

After that is;

Does it have plans for micro-businesses at realistic prices
i.e
Is there a plan for a 1 or 2 employee business that generates approx 50 invoices a month, or is the mimimum plan devised for 5+ employee 200+ invoices a month.

Does it have a very simple way of backing up and copying so if you want to stop using it you have all the accounting records you legally should have.

 

[pentel]

Non subscription basis would be a main one. Very few people think about the what happens if I get a HMRC investigation 5 years after I have changed software or even closed my business? Basically you may need to keep paying to continue to have access to your data for at least 6 years after the last time you accessed it. That £20 a month is could be £20 a month + £4320 run off cost assuming no price increases.

We were using a wages programme and the company we were using decided to double the price for the next year ( users didn't have the facility to change tax rates etc)

We therefore changed wages programmes. A few months after the year end one of our staff asked for a duplicate P60, this should have been OK. However it was not possible without paying a full year subscription (which had doubled in cost hence the change). This was not cloud hosted, this was hosted locally.

 

[fisicx]

Agree, that’s a big one. I want to be able to store everything locally and be able to access the documents without firing up the application. For example I’d want a folder called invoices where I can see them all in numerical order.

 

[IanSuth]

Some people will want to know if it can handle multi currency , for others that is irrelevant.

 

[johndon68]

We were using a wages programme and the company we were using decided to double the price for the next year ( users didn't have the facility to change tax rates etc)

Payroll has always been a somewhat different beast to accounts due to legislation changes and some years, it is not as simple as simply changing the rates, it requires changes to the way things work which requires changes to the code, not just the data.

 

[Bob Morgan]

Some people will want to know if it can handle multi currency , for others that is irrelevant.

AGREED!

Multi Currency; Multi VAT Rates (Overseas Branch) and WORLD DATE FORMAT (DD MMM YYYY) Not locked into an American Date Format; Data and Programme on Base Desktop Machine (Not Cloud); One-Off Payment (NOT Subscription); Free Format Invoicing (Not a Supermarket Receipt or Inventory Listing); Does what it says (NOT a Basic Programme and then lots of Premium Add-Ons); CSV Output Option; Cash Basis Default and User Definable Chart of Accounts; Single Entry Option for Low Transaction Volume. NOT 'Commission Based Reselling' by Banks and Accountants, etc.

 

[JEREMY HAWKE]

Industry related bolt ons
Thats a big ask when supplying hundreds of different disciplines !

 

[pentel]

Payroll has always been a somewhat different beast to accounts due to legislation changes and some years, it is not as simple as simply changing the rates, it requires changes to the way things work which requires changes to the code, not just the data.

I think you are missing the point here. The issue is the locking out of access to historical data.

I agree that "some years" it is not as simple as changing the rates, but a lot of years it is.

 

[johndon68]

I think you are missing the point here. The issue is the locking out of access to historical data.

I wasn't missing that point at all and I agree with you which is why wasn't responding to that part of your post.

 

[johndon68]

Multi Currency; Multi VAT Rates (Overseas Branch) and WORLD DATE FORMAT (DD MMM YYYY) Not locked into an American Date Format; Data and Programme on Base Desktop Machine (Not Cloud); One-Off Payment (NOT Subscription); Free Format Invoicing (Not a Supermarket Receipt or Inventory Listing); Does what it says (NOT a Basic Programme and then lots of Premium Add-Ons); CSV Output Option; Cash Basis Default and User Definable Chart of Accounts; Single Entry Option for Low Transaction Volume. NOT 'Commission Based Reselling' by Banks and Accountants, etc.

Ironically, Sage 50 (at least prior to Sage moving to subscriptions) would have done pretty much everything on that list despite it being one of the most derided products amount accountants, at least if postings on AccountingWeb are to be believed...