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Recording your web based business transactions is important and our small business accounting software make it easier. Use the best accounting software for small business uk to record more accurately essential information of your business, save time on record keeping and improve your budgeting. It is a free accounting software that you can use to keep track of your financial records.
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.
Wave
Best value accounting software for small business use
TODAY’S BEST DEALSVISIT SITE
REASONS TO BUY
+Hugely popular service+Nicely designed and put together
REASONS TO AVOID
-Will be too basic for medium-sized firms-Paid for tech supportAdvertisement
With more than two million users, Wave is one of the most successful online accounting services – and it’s completely free for accounting, invoicing and receipts, although if you want personal technical support you’ll need to pay for it. Payroll isn’t included in the free service either, and you do get the occasional advert – just as you do with pretty much any free online service.
It’s a very well designed and carefully thought out application, and while it’s probably a little basic for medium-sized businesses it’s a good option for sole traders, freelancers and small firms.
However, note that while Wave is free to use, you still pay per transaction. For start-ups and businesses with low sales volume this may not matter, but for businesses with significant sales volume they may be able to find a more competitive pricing model.
Wave is an ideal accounting software platform for a service-based small business that sends simple invoices and doesn’t need to track inventory or run payroll. For many freelancers or service-based businesses, Wave’s free features will cover all of their accounting needs and is the best free software in our review. At year-end, accountants can pull the necessary reports from Wave to prepare a business’ tax return.Pros
- Free accounting, invoicing, and receipt scanning
- No transaction or billing limits
- Run multiple businesses in one account
- Unlimited number of users
- Mobile app
Cons
- Limited third-party app integrations
- Higher fees for credit cards and ACH payments
- Full-service payroll is limited to only 14 states
- No inventory management
Wave was founded in 2010 and is based in Toronto. The company has over 250 employees and was purchased by H&R Block in 2019. The foundational accounting features that most small businesses need, such as income and expense tracking, financial reporting, invoicing, and scanning receipts, are all included with this free software. These features can be accessed online or on the mobile app. Customer payment processing and payroll are considered premium services that cost extra, but all of the bookkeeping, invoicing, and reporting features are completely free.
Wave makes its money on its payment gateway. To process payment from a customer, Wave charges 2.9% plus 30¢ per transaction for Visa, Mastercard, and Discover, and 3.4% plus 30¢ per transaction for American Express. These fees are slightly higher than other accounting software. Additionally, to process an ACH payment, rather than a credit card, Wave charges 1% per transaction with a $1 minimum fee. This is unique to Wave, as the majority of accounting software does not charge a fee for ACH payment processing.
Wave offers two payroll plans as an add-on service. The first plan is $20 per month plus $6 per employee or contractor. In this plan, Wave will process payroll and prepare payroll tax calculations, but the user is responsible for manually completing payroll tax forms and submitting tax payments. The second plan is $35 per month plus $6 per employee or contractor. In this plan, payroll is full-service, which means that all tax filings and payments are completely managed by Wave. This full-service payroll option is only available in 14 states.
Conclusion
With its small business accounting software, it’s easy to keep your books and payroll up to date. Simply enter transactions, and the totals are automatically calculated. Free trial available.