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Are you looking to buy some software for your small business uk? Finding the best accounting software for small business uk can be hard. There are so many options out there and a lot of them don’t offer what you need. But it doesn’t have to be this difficult.
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.
FreeAgent say it’s ready for Making Tax Digital, and has been submitting digital VAT returns to HMRC for customers since 2010.
QuickBooks
QuickBooks is developed by Intuit, one of the very earliest providers of accounting software, and it’s cloud-based.
Freelancers can sign up for the basic Self Assessment package that helps you track your self-employed income, while small businesses can use it for things like VAT and payroll. There are lots of reporting and monitoring tools too. You can connect your account with over 700 third party applications through the QuickBooks App Store – this lets you reduce time spent on data entry, payroll processing, capturing backups and tracking inventory. Subscription prices start at £8 a month (for the Self Assessment package) – but prices are sometimes reduced for the first six months.
For small businesses and VAT-registered companies who want to use the accounting and VAT features, prices start at £12 a month. These are the packages that are ready for Making Tax Digital.
Xero
Xero is another big player in cloud accounting software. Xero can help with invoicing, inventory, payroll, and expense claims.
As well as that, it can import your banking, credit card, and PayPal data, and there’s an app that works on both iPhone and Android. Prices start at £10 a month, but this is sometimes reduced for the first few months. That package gives you the ability to submit VAT to HMRC for Making Tax Digital.
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.
FreshBooks
Benefits of cloud-based FreshBooks include the user-friendly interface and lack of jargon. It’s designed for freelancers and small businesses with basic accounting needs, so it focuses on things like invoicing and expense tracking. It integrates with apps like PayPal and Zendesk.
FreshBooks starts at £11 a month for its ‘Lite’ package, although this is sometimes reduced for the first three months. It also offers a free trial, so you can see if it’s right for you. FreshBooks says its packages have everything you need to stay compliant with Making Tax Digital, so check it suits your needs.
Sage Business Cloud Accounting
Sage is a big enterprise software provider, but Sage Business Cloud Accounting is its cloud accounting software offering for small businesses. It can help you with everything you’d expect, like invoicing, cashflow, and payroll.
Pricing for Sage Business Cloud Accounting starts at £12 a month, but sometimes this is reduced for the first few months. Sage says it’s ready for Making Tax Digital.
Clear Books
Designed for ease of use, and with plenty of support on offer, Clear Books can be an excellent choice for business owners who want accounting to be as easy as possible.
Best for ease of use:
Typically £24 per month | Excellent support and solid all-round features | Go to website
Key benefits:
- good all-round features, even on entry level package
- strong support through online guides and videos, plus free email/phone helplines
Disadvantages:
- optional payroll software can become expensive with more employees
Pricing:
- £12 per month for non-VAT businesses, £24 per month for VAT and multi-currency functionality
- discounts for yearly subscriptions and for Metro Bank and Revolut Business customers
- £2.70 per employee for optional payroll
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.
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.
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.
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.
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.
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.
GoDaddy Bookkeeping
GoDaddy Bookkeeping’s direct integration with Amazon, eBay, and Etsy make it terrific for entrepreneurs. Its overall bookkeeping depth and flexibility are good, and it’s easy to use, but it lacks much of direct competitor FreshBooks’ functionality.
PROS
Inexpensive
Good invoicing tools and dashboard
Simple time entries
Calculates estimates for quarterly taxes
Direct integration with Amazon, eBay, Etsy, and PayPal
CONS
No project tracking or bill payment
Lacks multicurrency support
Minimal client information in records
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.
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.
Conclusion:
If you are a small business uk owner then you need to hire the suitable software wisely. However, if you have no idea about this, then it will become more problematic. Pinpointing out the best accounting software for small business uk and choosing it with an advanced knowledge is not that easy. So, better to hire a consultant or a professional who can provide the assistance in identifying the right one for you. So, rather than wasting your time on doing all these things on your own, it is much better to seek help from online sources.