Accounting packages make great tools for small businesses, especially those with several employees. A solid software solution can take a lot of the load off the business owner and allow them to focus their time on other aspects and aspects of their business and save you a substantial amount of money and time, which you can use to grow your own business.
If you are out there looking for an accounting software, sorry to say but you won’t find because there are a lot of them out there. Here are the best accounting softwares with top rankings by users.
SlickPie
SlickPie is an online accounting software program that is tailored for smaller businesses. The software is completely online, making it accessible from almost anywhere. It offers online invoices, allowing the user to either use one of the pre-set themes or offering a program that allows users to customize the look of their invoices. Along with online invoicing, the program offers online billing and document management. Through SlickPie, users can produce financial reports to monitor business growth. The software also offers tax management services. Another plus is cost, as it is completely free.
SlickPie relies on automation, offering features that allow companies to send out automatic payment reminders and auto-invoices. SlickPie is also the only no-cost accounting program to offer automated data entry, through its tool, MagicBot.
QuickFile
QuickFile is well liked by many freelancers, entrepreneurs and small businesses, scoring 4.7 out of 5 from over 1,200 reviews on Trustpilot. It’s cloud-based accounting software, which allows you to automatically import transactions by connecting to 50 UK banks and over 300 other web services.
Some of its other helpful features include an app that lets you image and upload receipts on the go, a branded online portal clients can use to pay their invoices, multi-currency support and the ability to file VAT returns directly with HMRC.
QuickFile offers a free and paid-for service. To be eligible for the free service, you’ll need to keep your ledger entries under 1,000 a year and be prepared to encounter ads.
GnuCash
GnuCash is open-source desktop accounting software. This means that, unlike a cloud-based system, you’ll need to download and install it on to your device. The code is also available to anyone, allowing volunteer developers to add extra functionalities or fix errors. This makes the platform very flexible and completely free forever. You won’t have to put up with adverts, but on the downside it’s not the prettiest or most intuitive platform to work with.
GnuCash is often described as a ‘no-frills’ version of accounting software. It handles invoicing and credit notes, accounts payable and receivable and some payroll features, but doesn’t offer the more advanced features such as open banking integration or a mobile app.
Wave
Wave has over two million users, making it a popular free service among sole traders, freelancers and small firms. It promises unlimited accounting, invoicing and receipt tracking services, meaning you can use as much as you want for as long as you want. It’s also known for having a beautiful, easy to use interface.
However, payroll isn’t included in the free service, which is predominantly targeted at US customers. There’s also a pay-per-use policy for online payments, where you’ll pay per transaction. For this reason, it’s often not recommended for businesses with high sales volumes, and is often considered too basic for medium-size businesses.
VT Cashbook
VT Cashbook is great for small businesses looking for a simple, no-fuss way to manage the accounts. It’s desktop software, meaning you’ll need to install it – on the plus side, you won’t even require an internet connection to use it. The free version offers basic functionality, allowing you to record day-to-day cash transactions and prepare profit and loss statements and balance sheets. However, you’ll need to upgrade to the paid version if you want to create and file Making Tax Digital VAT returns.
FreeAgent
FreeAgent is only free to business banking customers of Natwest/Royal Bank of Scotland, but it’s a powerful piece of cloud-based software that’s used by over 90,000 small businesses in the UK. It allows you to automatically generate VAT returns and completes the majority of the self-assessment tax return form for you. It also gives you a clear view of the income, time and expenses associated with each project, so you can see whether you’re making a profit or loss in real time.
These features have won FreeAgent awards including the Small Business Accounting Software of the Year Award in 2018. However, the biggest drawback is that your bank will have full access to your financial data, so they’ll be able to see exactly what’s happening with your accounts.
ZipBooks
In the free version of ZipBooks, you’re able to produce an unlimited number of invoices to an unlimited number of customers. You can also use it for unlimited bookkeeping. As a cloud-based piece of software, it’s known for being really easy to use, with a modern looking design.
However, you’ll only have access to basic reporting features and can only connect one bank account. If you want to take advantage of the more advanced and intelligent features, you’ll need to upgrade to one of their paid packages.
Money Manager Ex
Similar to GnuCash, this is another open source tool, recognised for being well designed and with features to rival even premium software. It’s easy to understand and simple to use, making it a good option for sole traders. It’s great for budgeting and forecasting cashflow but getting set up initially is known to be fiddly and time consuming. It also operates entirely offline, meaning you won’t be able to link to online banking. Still, the entire program can run from a USB drive, making it portable.
Adminsoft Accounts
Adminsoft Accounts was developed in the UK by a small business owner for other small business owners. The concept behind it is that it’s designed to work the same way entrepreneurs do, and doesn’t require an accounting background to understand. It’s been downloaded over 300,000 times and provides a full double entry accounting system, stock control, purchase order processing, payroll software and even some HR functions. The platform, however, is powered by ads and designed for Windows only.
TurboCASH
Another open source option, this tool has been evolving since the Dark Ages (well, 1985) and is especially popular in Europe, the US, Canada and Australia, with over two million downloads. It’s able to handle VAT, purchase orders, multiple companies and multiple users. However, if you want to run it from the cloud and use it to manage payroll, you’ll need the paid version. Most reviews also say it’s better suited to small and mid-sized companies than sole traders.
NCH Express Invoice
NCH Express Invoice offers invoicing software specifically for small businesses. In fact, to qualify for the free version you need to have fewer than five employees. With this tool, you can create invoices and quotes, automate recurring invoices, and produce a useful range of reports on business activity. It’s useful for everyday activity but isn’t powered by the cloud so misses out on the more advanced features.
Freshbooks
Best all-rounder for small businesses
FreshBooks is a popular cloud-based accounting service designed specifically for small business owners.
The package has plenty of features – invoicing, expense tracking, time tracking, a host of business reports, even an option to take credit card payments – and a straightforward interface aimed at non-accountants ensures you’ll be up-and-running right away.
Despite the simplicity, there’s real depth here. You can bill in any currency, save time by setting up recurring invoices, allow customers to pay via credit card by checking a box, and even automatically bill their credit card to keep life simple for everyone.
If you need more power, the system integrates with many other services, including PayPal, MailChimp, Basecamp, WordPress, Gusto, Zendesk and more.
Some of the features and benefits of FreshBooks’ accounting and bookkeeping software.
- Offers small business accounting solutions
- Provides fast and secure software
- Enables you to free up time through automation like invoice reminders
- HMRC compliant software
- Produces insightful reports
- Offers online payments
- Easy invoicing
- Allows you to track time spent on each client/project
- Log and organise expenses
- Offers a free trial
FreshBooks is a cloud accountancy software provider that offers solutions to the self-employed and small business owners all over the world. They designed their software to aid small businesses to simplify and automate their financial processes to release more time for the work they do.
FreshBooks’ accountancy software is HMRC compliant for making tax and VAT returns, and it provides fast and secure software that can be trusted. They will help improve your processes through simplifying invoicing, allowing online payments, automation of invoice reminders, the ability to easily log and track expenses. They even offer the facility to track staff hours to make client invoicing easier with pre-population options.
Xero
Some of the features and benefits of Xero’s accounting and bookkeeping software.
- Offers accounting software designed for small businesses
- Cloud-based software
- Helps automate everyday business tasks
- Provides up-to-date financials
- Access your accounts from anywhere
- Automatic reminders
- Make online payments
- Import bank transactions
- Send invoices
- Offers a mobile app
Xero is an accountancy software provider that caters for smaller businesses. They provide smart online accounting solutions that are cloud-based and they deliver reliable and secure data protection. Their software is designed to help make tax and VAT returns simpler, including digital returns.
Xero’s accountancy software will assist you in automating everyday business tasks and provide you with up-to-date financial information. You can access your accounts from anywhere on a laptop or mobile using their mobile app. Their software enables you to reconcile your accounts through importing bank transactions, send invoices, making payments and setting reminders.
QuickBooks
Some of the features and benefits of QuickBooks’ accounting and bookkeeping software.
- Offers quick and simple accounting software
- Run payroll
- Self-assessment including digital returns
- Manage VAT
- Send invoices
- Time tracking facilities
- Connects with your bank account
- Pay bills
- Manage expenses
- Mileage tracking
QuickBooks is an accountancy software provider that is designed to meet the needs of the self-employed, smaller businesses and accountants/bookkeepers with their quick and simple software solution that encompasses all financial monitoring solutions. They offer several plans which include a single self-employed plan and three complete plans offering VAT, payroll and more functions.
QuickBooks’ offers a variety of accountancy and bookkeeping solutions that include managing self-assessment and VAT including making digital returns, allows you to run payroll, send invoices and pay bills. They also offer solutions to manage your expenses, time and mileage tracking as well as connecting with your bank account.
Conclusion
If you’re a UK based small business owner, chances are you’ve got some cash flow and profit and loss issues to deal with. This is something your accountant will help with, but if the idea of handing over control of your finances to an external party fills you with dread then maybe it’s time to look into accounting software for small businesses. So, try using the above listed tools for your accounts today. It pays tomorrow!