There are several reasons to use the best free accounting software in the UK. The most common of these is to track finances. It can do all of the things that a large program from an accounting firm can do, and it’s free too! Desktop accounting software in the UK is a great way to get things under control.
We put together a list of the top best free accounting software UK for small businesses and briefly review each package. We find that free accounting software download has many advantages over same priced commercial software, such as simple installation, great functionality, and better reliability.
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 an ideal choice as best accounting software in UK and one of the best online accounting software for small businesses.
Why Xero is one of the best accounting software in UK
As a cloud-based online accounting software in the 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 enable 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.
ness 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 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.
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 percent off for the first six months. Plus, if you’re a Simply Business customer, you can get a 15 per cent lifetime discount.
FreeAgent say it’s ready for Making Tax Digital, and has been submitting digital VAT returns to HMRC for customers since 2010.
Intuit QuickBooks
QuickBooks is another veteran of the online accounting software business. Like other accounting tools, Quickbooks comes with an attractive dashboard that puts key data such as income (split into open, overdue, and paid in the last 30 days), expenses, and profit and loss in front of you as soon as you log in.
It offers true double-entry accounting with ample reports and strong accounts charts, as well as customisable invoices, inventory capabilities, payroll support, multiple currencies, and over 400 integrations.
Why Intuit QuickBooks is one of the best accounting software in UK
One of the best aspects about QuickBooks is that this online accounting software continues to be updated on a regular basis. One of the most recent updates the software received was the project management feature. The online accounting software also provides users with many features that other traditional locally installed software does not provide. These features include automatic sales receipts, split transactions, scheduled invoices, and location and class categories.
Cons
Quickbooks, which is generally a feature-rich, high-quality software, does have disadvantages as the software’s several customers have flagged that the software still does not compare to its desktop counterpart and can sometimes be complicated and hard to navigate over a period.
Pricing
Quickbooks currently has three versions of accounting software for small business owners and the newly added Self-Employed plan for freelancers and independent contractors, all of which offer a 30-day free trial. The three versions are applicable for medium business owners. The first plan, Simple Start (£5 per month for six months), allows businesses to track income and expenses, track and e-File VAT to HMRC for MTD, send unlimited invoices, chase late payments, snap & store receipts, connect multiple bank accounts, run reports, manage CIS transactions, run payroll (+£1 per employee /month), free UK phone support and one user profile. Essentials (£7 per month for six months) provides all the features of the Simple Start plan and additionally provides two more user profiles, managing bills and payments, multi-currency support and tracking employee time. Plus (£11 per month for six months) enables users to create budgets and purchase orders, manage stock and Track project profitability.
The newly introduced Self-Employed (£3 per month for six months) is the most basic plan which only includes track income and expenses, tracks deductible mileage, send unlimited invoices, snap & store receipts, and connect multiple bank accounts. Additionally, this plan exclusively has the option of having separate business and personal transactions, estimating income tax payments, and completing HMRC self-assessment.
Bokio Accounting Software
Bokio is completely free accounting software and has the advantage that it is linked to accountants. It means if you have a problem, there are people available to help but at a price.
It is suitable for small businesses, sole traders and freelancers.
The dashboard is straightforward, giving a breakdown of expenses and customers. I have set up one of my clients on Bokio, and they picked it up very quickly. They had previously used Wave Apps, but they decided it was time to change due to bank feeds and support withdrawal.
Advantages of Bokio
- Record as many transactions as you want free of charge
- VAT returns are making tax digital compliant
- Automatic banks feed with most banks.
- Easy to use dashboard
- Will do most simple accounting tasks.
- You can invite other users, bookkeepers, or accountants to share the software.
- Manage Expenses
Disadvantages of Bokio
- Not much choice for invoicing layout.
- Not many financial reports are available.
- It can be expensive if you need support.
Zoho Books
You can integrate Zoho Books with lots of apps from Zoho’s own suite, as well as third-party apps. It can help you issue invoices, sort expenses, and track inventory. Zoho Books is part of an overall suite of cloud-based software – other apps include Zoho Invoice and Zoho Expense, although there isn’t a payroll feature yet for the UK.
Zoho Books can also connect to your bank account for real-time updates on cash flow. Prices start at £10 a month, with the option to have a free trial before you buy. Zoho Books is Making Tax Digital compatible.
Sage 50c Premium Accounting
Sage 50c is large online accounting software for small businesses that has been primarily designed for desktop use. One of the most significant elements of the online accounting software is that it is cloud-based. Businesses can share their financial data with their accountant and other users by storing it on the web-based Sage Drive. Although Sage has adopted the cloud, it still lacks integrated browser-based remote access for transaction entry and data retrieval.
For small businesses looking for an online accounting software tool that will provide a solution with a strong feature set and exceptional customizability, especially in terms of inventory management, Sage 50c is one of the accounting software in UK. The online accounting software is known to have the most thorough documentation and provides online and phone-based support, as well as professional advisers.
Why Sage 50c Premium Accounting is one of the best accounting software in UK
Businesses can easily view their financial reports from their laptop, tablet, or smartphone without having to go into Sage 50. Being cloud-based, this online accounting software comes with automated offsite back-ups. Businesses can also undo data entry errors by restoring data from the cloud as of date.
Cons
Sage has only released an iOS version of its app and has not released any app specifically for Android users.
Pricing
The Sage 50c premium accounting software comes in three different packages, with monthly and annual plans. The most basic package, the Sage 50c Essential is targeted as an online accounting software solution for micro businesses looking out for an accounting software for small business and provides licence for a single user. The basic plan costs £20 per month and £240 annually and enables businesses to manage cash flow, income expenses and payments, along with secure cloud access and backups. Sage 50c premium provides a 30-day free trial period only for its advanced packages – standard and professional. The Sage 50c premium standard plan is a desktop accounting solution that costs £60 per month and £720 annually and comes with stock management and departmental analysis. The professional plan comes at the cost of £125 per month and £720 annually that provides access to over 20 users. In this plan, businesses can manage an unlimited number of companies and receive in-depth stock reporting. Both the standard and the professional provide support for Microsoft office 365 Business Premium.
Crunch Accounting Software
Crunch was started in 2007 by its founder Darren Fell after he found shortfalls in accountancy firms. He, therefore, decided to set up an all-inclusive service for freelancers, contractors and small businesses.
Crunch Accounting software is ideal for self-employed, freelancers and small businesses. They offer a free version, which is simple to use.
On reviewing the software, I can not see any reports, which I feel is essential as a bookkeeper.
Crunch Accounting Software Advantages
- Easy to use dashboard
- Easy to setup
- Free version
- Upload bank statements
- Unlimited transactions
- Accounting invoicing on the go
- Unlimited Expenses
- Cloud-based accounting software
Disadvantages of Crunch
- No financial reports available
- Can’t set the VAT rate
- Straightforward invoice template with no options.
Conclusion:
Are you looking for free accounting software download Uk to manage your business? All UK businesses need to manage money properly. Free Accounting Software is a set of programs that contributes to the proper management of resources, including raising capital raising it, paying employees, getting loans from banks.