On Wednesday 15 May members of our online accounting team hosted a stand at the Business Vision Live exhibition at the Kent Event Centre. The team held a poll across the day which asked attendees what accounting software they are currently using. The results mirror market trends by indicating that Quickbooks (33%) and Xero (21%) are the most used products amongst businesses.
Running for 15 years, Business Vision Live is the largest gathering of business professionals in the South East welcoming companies from a variety of business sectors. In addition to holding the poll at our stand, members of our online accounting team demonstrated the latest accounting software to show exhibition attendees how online accounting and digital business solutions (including bridging software) could help their developing business needs – particularly important for businesses who are filing their first VAT return post the launch of the government’s Making Tax Digital (MTD) initiative on 1 April this year.
It is perhaps unsurprising that Quickbooks (33%) and Xero (21%) were announced to be the most popular products. With their strong marketing campaigns, particularly in the run-up to the launch of the UK government’s Making Tax Digital initiative, they enjoy an increasingly visible presence in the market. This strong branding, combined with strong functionality, makes them a go-to product for many businesses seeking MTD compliance and looking to take their finances to the cloud.
Sage (15%) remains a popular choice with it continuing to provide MTD compliance, yet the poll results reflect the wider movement of businesses converting to newer cloud based options.
With a notable portion of poll participants still using Excel/manual methods (13%) we would hope that these businesses do not yet exceed the VAT threshold for MTD. We would expect this percentage to decrease over time as businesses move across to digital solutions.
It is interesting to see that 18% of participants indicated that they use ‘Other’ accounting software – this includes a variety of options such as Kashflow and Freeagent. There is a myriad of options out there for businesses seeking the benefits of online accounting and our team is available to talk through the digital solutions best suited to your particular business needs.