Thursday, 8 December 2022, 4 minute read
For wholesalers dealing with different countries, currencies and VAT rates, accounting is often one of the time-consuming parts of the job. Managing invoices manually can become a huge burden, meaning that investing in accounting software to automate your accounting processes is a complete no-brainer.
But with so many options on the market, how do you know which piece of accounting software to choose? There are a lot of great pieces of accounting software out there, but some are particularly ideal for wholesale businesses as they help wholesalers easily track accounts and expenses and prepare for the busiest tax seasons.
At Crezco, we’ve chosen the three best accounting software options for wholesalers based on the most important factors for these types of businesses. In today’s article, we’ll be walking you through our top three picks (including the pros and cons of each), and how to choose the best accounting software for your wholesale business.
How to choose the best accounting software for your wholesale business
If you’re already using accounting software, it can be tempting not to change it up as you’re used to your current solution (and already have all your data stored in it), so it’s important to ensure the software you move to is really worth the switch.
Whether you’re looking for a new solution or are trying accounting software for the first time, here are the criteria we think should be top of mind when making your choice as a wholesaler:
As your wholesale business grows, it’s crucial to make sure your accounting software can scale along with it.
One of the first things to check when choosing accounting software is whether it can be used on multiple devices at any time. This is what we call cloud-based software. Cloud-based software is useful as it keeps information easy to access, and allows you and your colleagues to keep track of things from your mobile and desktop simultaneously.
Ease of use
You’ll also need to check whether you find the software’s interface intuitive. It should only take you a few clicks to understand how to raise an invoice or add a contact, for example.
Most pieces of accounting software are cloud-based and require a subscription. It’s common for cloud-based software to start at around £20 a month, but be mindful that additional features could increase the price.
Reading customer reviews (particularly from other wholesalers) is one of the best ways to find out if a piece of accounting software is trustworthy or not, and whether it’s right for you. Customer trust and review websites like Trustpilot or G2 are a great place to start with this research.
Features and ecosystem
The best pieces of accounting software should already come with a host of built-in features, but they also often give you access to a marketplace full of third-party apps to streamline every aspect of the accounting process. You can use these apps to simplify your payments, cash flow management, inventory, time tracking, and more, so it’s definitely worth double checking whether your accounting software of choice integrates with your favourite third-party tools.
The top 3 accounting software for wholesalers
Xero is one of the most popular accounting software for accountants and SMEs. Pricing starts at £14 per month and includes basic features such as bank account reconciliation, invoices creation, bills and receipts capture, and short-term cash flow and business snapshot. Pricing can go up to £36 per month if you want to enjoy unlimited invoices, multiple currencies, and bulk reconciliation.
We think that what makes Xero such a good choice is the optional add-ons the software offers (such as the payroll add-on), along with the third-party apps (such as Crezco) that you can find on their marketplace to meet all your wider accounting needs.
Competitive pricing (their ultimate plan costs just £49 per month)
Great support and help resources
Advanced inventory management
Widely used and trusted
Highly scalable solution
Due to Xero’s complexity, it takes time to learn how to use all features
Xero’s user interface could be clearer
QuickBooks is another popular accounting software for accountants, freelancers, and small businesses. Pricing varies between £8 and £70 per month, meaning it’s slightly more expensive than the others on this list, but QuickBooks’ software is easily customisable and the interface is intuitive. On top of that, the marketplace is full of useful apps and QuickBooks also offers better mobile access than many other pieces of accounting software out there.
Provides a great user experience (easy to use)
Easy to access from any device
Widely used and trusted
A little more expensive than the others
Fairly limited support
QuickFile’s cloud-based accounting software is popular among UK freelancers and small businesses, largely because it’s reasonably priced and extremely easy to use. As QuickFile was designed to be compliant with the United Kingdom's Making Tax Digital initiative, it can automate countless tax-related workflows and help you keep better business records than ever.
Single-person operations, small, and midsize companies can use a limited version of QuickFile for free, while larger enterprise-level firms can subscribe to a more complete package for an annual flat rate.
Extensive marketplace (with over 300 integrations)
Widely used and trusted
Mobile user interface is less intuitive
Need to manually type descriptions
Could be more responsive
It’s time to upgrade your accounting processes
We hope this article has given you a good understanding of the options available to you as a wholesaler, and helped you make your choice with confidence.
As you’ll have seen, the benefits of our top three accounting software picks all outweigh the disadvantages, making them all fantastic options in our books. It’s now down to you to decide which of the three would best suit your wholesale business’ unique needs, desires and budget.
Once you have started using your new accounting software, why not get started with an account-to-account payments solution like Crezco?
Crezco integrates seamlessly with all of the above accounting software, and helps you handle your payments as a wholesale business quickly, easily and securely.
Good luck making your choice, and happy accounting!
Crezco can help
We process account-to-account payments for free, settle them instantly and integrate seamlessly with all of the above accounting software, helping you handle your wholesaling business’ payments quickly, easily and securely.
Account-to-account payments are more secure than card payments and we can process higher amounts, up to £1,000,000 per transaction. Find out about how Crezco works, why we’re free, and how we can help you by getting in touch.