Small Business Accounting and Tax Software – This is based on WordPress, this website will also act as a sales funnel for our other services. We’re looking for an easy to use billing platform that’s retained based (all clients are billed monthly), can accept recurring payments, and provide us with reporting that will assist us in managing our clients bills. Payroll functionality would be nice too. Outside of the ERP solution we also need help with designing the site itself (see attached mockup).
In this article we will be listing down the best small business accounting and tax software for your business. In addition, the article will also give you a quick review of each software.
Xero
Xero is a program that both small business owners and accountants utilize. This online program can be utilized through mobile devices, like Kashoo, as well as via computer.
Users can process invoices and send out billing statements directly online. These can be done through pre-set templates or custom creation. You can handle payroll, including payroll taxes through the program. Xero does also have the capability to convert data directly from QuickBooks. Over 500 tools are available to allow the user to customize the program to their company’s specific needs.
Users can also reconcile multiple bank or credit accounts. Data is offered through a single ledger, which is a feature that makes it easy for users and accountants to collaborate and work together. Xero also supports multiple currencies.
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.
VT Cashbook
- Basic desktop accounting software
- Easy to use
- Paid upgrade required for Making Tax Digital VAT returns
- Desktop – works on Windows PCs
What is VT Cashbook?
VT Cashbook was released in 2019, but it’s from a company with a strong track record in accounting software. VT Software was founded in 1997, and its professional products (VT Accounts and VT Transaction+) are beloved by accountants, especially small firms that work with small businesses. Cashbook is the starter product – a straightforward, easy to use desktop accounting software that’s perfect for anyone looking for a simple way to keep track of their accounts.
What can VT Cashbook do?
VT Cashbook offers the following:
- Fast data entry with autocomplete
- Keep track of multiple bank/cash accounts
- Bank reconciliations (check your accounts against your bank statements)
- Produce VAT returns (with paid upgrade)
- Easily correct mistakes
- Produce profit and loss accounts, balance sheets, and ledger reports
Why is VT Cashbook free?
As with some of the other software on this list, VT Cashbook is free software with basic functionality that is designed to encourage business owners to upgrade to a more advanced paid version.
In this case, VT Software offers two paid options.
The cheaper option is VT Transaction+, which costs £75+VAT a year for a single user. This allows users to create and file Making Tax Digital VAT returns, as well as maintain customer and supplier ledgers.
The full VT Accounts suite costs £150+VAT per year, and allows users to easily create professional reports for their companies, as well as quickly calculate corporation tax. It also works as a Microsoft Excel plugin, making it attractive for any Excel users that don’t want to learn the nuances of a new program.
All VT products come with a 60-day free trial.
What support does VT Cashbook offer?
VT Software doesn’t offer any dedicated support for its free Cashbook program, with the only assistance given being a detailed user guide available on its website. For the Transaction+ and Accounts programs, support is available by both phone and email (currently email only due to COVID-19 restrictions), with the requirement that the user is either a current subscriber or purchased the software in the last 12 months.
VT Cashbook Verdict
There’s a reason professional accountants love VT Software products – they’re simple, they’re easy to use, and you’re not reliant on an internet connection. VT Cashbook is a great way to get started with maintaining company accounts, especially if you don’t want or need the bells, whistles and added complexity associated with some of the cloud-based accounting software services on this list. It also has no usage limits, so you won’t need to pay anything until you need to file VAT returns.
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.
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.
Conclusion
Small business accounting and tax software can be the difference between thriving and surviving as a small business. If you’re like me, tax time is as painful as a root canal (but who actually likes going to the dentist?) There’s a lot of paperwork involved that seems to have no rhyme or reason. For example, I have no idea why I have to prove I own a dog because he loves fetching sticks. Bottom line: accounting and tax software just makes sense for a lot of small businesses.