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FreeAgent
FreeAgent is targeted at freelancers and small businesses, so it focuses on daily admin tasks like invoicing, time tracking, and expense management. It’s a cloud accounting software package.
You can set invoice reminders and upload pictures of your receipts. Pricing starts at £19 a month (for sole traders) with 50 per cent off for the first six months. Plus, if you’re a Simply Business customer, you can get a 15 per cent lifetime discount. Find out more.
FreeAgent say it’s ready for Making Tax Digital, and has been submitting digital VAT returns to HMRC for customers since 2010.
QuickBooks
With over 4.5 million businesses around the world relying on its services, accounting software powerhouse QuickBooks must be doing something right. And, it’s not hard to see why they’re so popular – their plans are loaded with great features and they have some of the most transparent, affordable pricing around.
They’re one of the few providers to offer a dedicated self-employed plan, which costs just £8 per month, and is one of the most affordable plans around. It’s full of powerful functionality too, and saw QuickBooks claim top spot in our list of the best self-employed accounting software.
Small businesses though will want to go for Simple Start – which adds income tax estimates, phone support, and pay-enabled invoices – for just £12 per month for a single user.
The next tier up, Essentials (£20 a month) adds multi-currency support and bill and payment management, and increases the cap to three users. £30 a month gets you Plus – this tier offers more control over your budget, employee time, stock management, and project productivity, with a five user limit.
All plans come with award-winning support, an intuitive mobile app, and over 700 app integrations. And there isn’t a contract in sight.
Xero
Founded in 2006, New Zealand based Xero is a cloud-based online accounting software for small business. As of February 2018, Xero has over 1.8 million subscribers globally, making it as an ideal choice as best accounting software in UK and one of the best online accounting software for small business.
Why Xero is one of the best accounting software in UK
As a cloud-based online accounting software in UK, Xero can easily be accessed from all types of devices with an active internet connection. It is built on a double entry accounting framework and its robust accounting features enables small businesses to view their cash flow, transactions and account details from any location. Bank transactions are all automatically imported and coded by this online accounting software for small business.
Online bill payments help keep track of spending and stay on top of bills due, improving relationships with the suppliers that provide critical business services. It also allows businesses to manage personal expenses with a mobile review and approval process of each receipt. Xero offers unlimited user support and integration with over 600 systems through its add-on marketplace, including Curve, Receipt Bank, and Vend. It also updates its software on a regular basis.
Also, submitting CIS returns from Xero is free until 31 March 2020.
Cons
In some areas, Xero’s accounting features are limited, for example it has only two tracking categories.
For this software, business users pay a subscription amount for the most basic version. In order to access functions such as expanded time tracking and inventory tracking, businesses need to purchase add-ons on top of the subscription. Importing data is free but using payment services like Paypal or Stripe carries a cost.
Also, Payroll, Projects and Expenses are optional extras and not part of any of the pricing plans.
Pricing
The solution comes with a 30-day free trial period for product testing and feature evaluation. It provides three introductory pricing levels that kick in after a 30-day free trial. Xero Starter (£4/month as an introductory pricing, £10/month after the first three months) has monthly limits of five invoices and quotes, five bills, and reconciliation for 20 bank transactions, submitting VAT to HMRC and automatic CIS calculations and reports. The second pricing level, Xero Standard (£8.80/month till 1 August 2019, £9.60/month after 1 August and £24/month after the first three months) adds unlimited billing and invoice functionality, quotes, transaction reconciliations and submitting VAT to HMRC and automatic CIS calculations and reports. Xero Premium (£11/month till 1 August 2019, £12/month after 1 August and £30/month after the first three months) is the only version to offer multiple currency support, and on top of that offers the same capabilities as Xero Standard.
FreshBooks
Overview: Back in January 2003 FreshBooks founder Mike McDerment, who at the time was running a design studio, lost hours of work, having saved the wrong invoice using Word and Excel. He decided there had to be a better way and over the next fortnight coded what became the beginnings of FreshBooks.
He and two colleagues then spent the next four years working out of McDerment’s parents’ basement building the company, which basically adapted double-entry bookkeeping for the internet age but more importantly was specifically designed for small business.
Today, the Toronto-based company has over 500 employees and more than 24m people in over 160 countries have used FreshBooks.
FreshBooks offers nearly all of the features every other accounting software platform offers in 2021 but with one caveat: you have to pay to add clients outside of those allowed on its two lower-priced plans. The £11 a month basic plan means you can only use FreshBooks with five clients.
Another issue that might be off-putting for a UK small business owner is that telephone support only works during US daytime (8am to 8pm EST/-5hrs GMT), which means that no telephone help is available before 1pm.
Pros:
- Specifically designed for small businesses
- Colourful and intuitive UX
Cons:
- Lower-level plans have client limits
- Charge for additional users
- Phone support only during US business hours (8am to 8pm EST/-5hrs GMT)
- Lacks functionality larger businesses need
FreshBooks offers the below when it comes to pricing:
Lite: £11pm + VAT with first three months 50 per cent discount
Plus: £19pm + VAT with first three months 50 per cent discount
Premium: £30pm + VAT with first three months 50 per cent discount
Conclusion:
Best free accounting software UK is the more advanced resource of barcode creator, batch invoice templates . Batch-create hundreds of invoices, quotations or other documents in just minutes without tediously entering the same information over and over. Make sure you check auditing software UK so you can keep track of all your company’s transactions, quality control software UK so you can track the progress of products from start to finish, and inventory management software UK so you always know what items have been sold without having to remember them all yourself.