5 accounting software for Irish businesses
Using online accounting software can save you hours of data entry every week. However, choosing the right software for your business, industry and size is essential for optimal use. Also, most of the online accounting software providers are from other countries and have adapted their software to the Irish market, some adapting much better than others.
What are the features to look for in accounting software?
- Gives you access to your finances anywhere, so be accessible from a laptop or phone. Its ease of use is also important to take into account.
- Manages multi-currency businesses. If your business operates internationally and trades multiple currencies, you will need software that can easily handle different currencies and foreign exchange transactions.
- Automate administrative tasks. Keeping track of your receipts, invoices, bank statements and expenses is very easy with online accounting software. Your bookkeeping is automated and all supporting documents are organized and stored in the cloud.
- Reporting functions. Accounting software should allow you to monitor your company's financial situation, cash flow, turnover, margin, charges, stock, etc. thanks to dashboards.
- Synchronization to your bank. Some software can connect directly to your bank and business bank accounts so that you get live bank feeds and facilitate bank reconciliation.
Some software also offers additional functionalities such as the management of your employees' payroll or the production of your balance sheet or your income statement.
Recommendations for online accounting software
How do you choose the best software for your business? These are some quality software available in Ireland so that you can make an informed decision.
Xero is one of the best known and renowned accounting software. The interface is intuitive and the dashboard provides a great overview of your business.
Xero offers a wide range of features including invoicing, bank reconciliation, bank connections, the mobile application, multi-currencies or even purchase orders.
However, there is no dedicated Irish version. So you will need to make some adjustments on the following issues:
- VAT Return - Xero does not offer an easy way to calculate Irish VAT.
- Irish Specific Reports - Although accountants can still use the software for Irish VAT, the software does not produce Irish reports. For example, Trading Rate Return (RTD) is not applicable on Xero software.
- There are problems with the declaration of purchases in the EU and it does not apply VAT according to RCT rules.
Xero is a perfect choice if you are a visual worker and appreciate beautiful dashboards. It can also be integrated with other applications so that you can improve your experience and become a tool for steering your business allowing better business decisions.
Surf Accounts is an Irish system. This cloud-based accounting software and its customer relationship management system are ideal for small and medium businesses. A Surf subscription includes:
Free unlimited phone and email support for their customers, billing, bank reconciliation, inventory management and payroll management are just a few of the features that Surf offers. The software is fully adapted to Irish tax standards and is very user friendly.
Surf Accounts is perfect for small or medium businesses that want software that can manage all of the business's finances in one place.
Sage One is based in the UK and has a system adapted to Irish law and accounting rules which is suitable for small and medium sized businesses. They offer different packages depending on your needs. So you can choose the one that best suits your business.
A Sage subscription includes billing, payments, reporting, and logging into your bank account.
It is always updated with the latest requirements of VAT legislation.
Sage is perfect for you if you are new to your business. You can start with Sage Business Cloud and when your business grows you can upgrade to Sage 200cloud or SageX3.
Kashflow is a British product which had to adapt to the Irish market. The interface is very user-friendly and easy to use. The adaptation of Kashflow to the Irish market made it very popular software in the country.
It manages the bank flows of the majority of Irish banks very well. It can also handle Irish cash accounting for VAT. Basically it can also handle the Irish return of negotiation details.
KashFlow also offers payroll management features.
The only downside is that it doesn't often offer innovation. The interface also doesn't have the sleek, crisp look of some of its competition.
Kashflow is perfect for you if you want online accounting software while looking for the lowest rate.
AccountsIQ is Irish accounting software and therefore has all the functionality required by Irish law, but also functionality for UK, US and Australia. AccountsIQ is ideal for large companies or startups with high potential. As the system is sophisticated, the price is higher than the other software presented in this article.
It specifically targets companies with more complex accounting requirements. Accounts IQ is designed for multi-entity and multi-currency accounting.
Its dashboards are intuitive and the software is easy to use in general.
The reports are sophisticated and also include non-financial reports, which are important to the proper functioning of the business.
AccountsIQ is perfect for you if you are a large company or a high potential startup that needs fully enabled and straightforward Irish software with consolidation capabilities.
Wave is free software that offers accounting, invoicing, receipts, and payments. However, they offer additional paid functions such as online payments or payroll management.
Wave is perfect for small businesses and you have business with European and non-European clients.
This list of 5 accounting software is not exhaustive, but with the advice given above you will be able to more easily find the software that is best suited to your business.