SMEs looking to use an online accounting software package might be interested to learn more about KashFlow.
The package costs £15.99 plus VAT and the price is guaranteed to remain the same once you’ve signed up. KashFlow is designed for sole traders and larger firms and has facilities to enable accountants to support clients online.
KashFlow has powerful accounting facilities that have been requested by users. It’s easy to enter data and the system copes with bulk payments and regular purchases. The stock control features and sophisticated and quotes can be converted to invoices automatically.
There are 47 report templates and KashFlow integrates with PayPal, as well as many other merchant account providers. It is also possible to back up data locally.
On the downside, each account comes with only one log in so it is not possible to restrict access levels. As of this month, the default VAT rate still shows at 17.5% rather than 20% and the software does not deal with multi-currencies. It also lacks a facility to set budgets.
Anyone wanting to set up KashFlow would be well advised to seek the help of an accountant in the first instance because there are so many settings that can be bewildering. Once the system has been set up, existing data can be imported from Sage 50 or a CSV file, and customer and supplier details will import from QuickBooks.
Although this package is not necessarily right for large organisations, due to the lack of multi-user access rights, SMEs might want to consider taking up a 60 day free trial.