When it comes to accounting software, the two popular choices that come to mind are usually Sage accounts online and Quickbooks. Deciding which software is best for your business can be tricky, so we have put together this helpful guide to make things easier for you.
Before diving into the intricate details, it is worth knowing that Sage accounts online and Quickbooks accounts online offer slightly different services. Quickbooks is more bookkeeping-focused and provides accounting services, whereas Sage is a holistic project management & accounting service.
Quick Comparison At A Glance
Both Sage 50cloud and Quickbooks Online are powerful accounting solutions for small businesses, but if you are focused on scalability then the latter is the best solution. Sage 50cloud Professional allows you to add up to 20 users, so is the popular choice among larger businesses that require more users.
When it comes to accounts payable & receivable (which let’s be honest, is the most important part of accounting!), both platforms are slightly different. Sage 50cloud has lots of useful features in its accounts receivable module, and the accounts payable side has everything you need to manage your payables. Quickbooks Online has a slightly easier to use interface for both accounts payable and receivable, which is easier for DIY business owners to use.
Pros and Cons of Sage 50cloud
The main benefit of Sage 50cloud is how it supports multiple companies, meaning that you can access all of your finances for several businesses by logging into one account. With this software, there is also the option for more industry-specific functionality too.
For users who need consolidated financial statements, Sage 50cloud is the accounting software you need. It will take care of reconciling intercompany accounts and transactions for you, helping to save time in your business.
Sage 50cloud is perfect for businesses seeking desktop software, as it is designed to be installed on a desktop computer. It does have the convenience of the cloud too, allowing you to access your accounts from anywhere. Sage also provides secure online access and integration with a variety of apps including Microsoft 365. This means several employees can work on a single project, allowing for easy collaboration.
Now for the downsides of Sage (there aren’t many!). The main problem with it is the software can be quite difficult to learn, and does require an element of training in order to get your head around the functionality. Sage 50cloud doesn’t have a dedicated mobile app either, it just provides remote data access through Sage Drive.
Pros and Cons of Quickbooks Online
The main advantage of Quickbooks Online is the user interface. Through its intuitive design and modern outlook, this accounting software is incredibly easy to navigate. You can easily use all the functions without requiring additional help or training.
With customisable reporting, Quickbooks Online can generate financial reports tailored to your specific needs. Bringing a new level of simplicity to managing your company’s finances! This is also a huge time saver as all the data you need is at your fingertips.
The main disadvantage of Quickbooks Online is that there is no option to revert to a previous version of your accounts. Due to the high tech cloud storage and management, which updates and saves data immediately, this means there are no restoration points created. A complete nightmare if you need to go back to your last transaction data!
Quickbooks Online is very rich when it comes to features, but these come at a price. With a costly pricing structure, particularly with add-ons, the price of this accounting software can quickly add up.
So now that you know both the advantages and disadvantages of both software, how do you choose the right one for your business? It can be really difficult to know which is best, particularly if you are in the early stages of growth, so here are a few things to consider:
- List your basic requirements from an accounting software package
- Establish which are the most relevant products for your business
- Take part in free trials of both, to see which you prefer using
- Take the online training course available for each product and practice using real data
- Seek advice from other business owners or your accountant
Remember, the team at Reality Solutions are always on hand to help you choose the right accounting software for your business. Whilst we are a bit more biased towards Sage, we take the time to understand the needs of your business first. There is no point in paying for software that isn’t going to give you the tools you need to forecast your business finances efficiently. Get in touch with our expert team today.
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