All businesses have accounting software in one form or the other. A lot of people have a love hate relationship with their accounting software. In this post, I’ll be looking at the best free accounting software for small business in the United Kingdom.
This is not a review of these packages, but rather an information piece to help you decide which one will suit your needs best.
QuickBooks Online
QuickBooks Online is an accounting solution for small businesses, freelancers, and independent accounting firms. This cloud-based application combines all essential accounting tools in a single platform to help small businesses streamline accounting and financial management tasks.
Among its features are automated tax calculations, expense tracking, invoice management, balance sheet reporting, bill management, sales monitoring, and more. QuickBooks Online supports multiple devices and is equipped with auto-syncing options so your data will be up to date no matter what device you are using.
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In terms of integrations, you can integrate QuickBooks Online with other Intuit applications, including QuickBooks Payments and QuickBooks Payroll. As for third-party applications, QuickBooks integrate seamlessly with Bill.com, Jobber, Mavenlink, Method CRM, Shoeboxed, and Time Tracking by TSheets. QuickBooks Online’s subscription plans start at $10.00/month for one user.
Detailed QuickBooks Online Review
Tipalti
Tipalti is a cloud payment automation and management software that helps simplify global mass payments. This makes the software suitable for companies with offices worldwide. Notably, you can accept payment in more than 190 countries, use 120 currency options, and rely on 6 payment methods, including PayPal, wire, local bank transfer, and debit card. Moreover, the software simplifies the daily task of ensuring that your company’s financial data and processes are timely, accurate, and easy to understand.
The software helps businesses avoid late payments, noncompliance, and over-tasking the accounting team. It also has flexible payment reconciliation, AP, and financial reporting features that work with a myriad of payment gateways and ERP systems.
The vendor also offers an appealing test drive of all software features is available to you.
Try out Tipalti with their free trial
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With it, you can minimize, if not eliminate, downstream issues and human error, by letting suppliers input tax data directly in the Supplier Management portal. A Remittance Validation Engine, which monitors over 26,000 national and international standards, guarantees the integrity of supplier data.
Detailed Tipalti Review
Sage Business Cloud Accounting
Sage Business Cloud Accounting is ideal for small businesses. With that, it offers two affordable plans designed to fit the budget and needs of small businesses. For sole traders and micro-businesses, you can make use of its entry-level accounting solution at $10 per month. If you need invoicing and cash flow management features, you can opt for the app’s higher plan at $25 per month.
The product focuses on streamlining paperwork, minimizing spreadsheets, and staying on top of your finances. It simplifies business payroll and ensures compliance with the Affordable Care Act. It empowers financial management by consolidating data and automating complex financial processes. It also handles payments and banking.
The vendor offers a comprehensive free trial to get you up to speed with the features.
Try out Sage Business Cloud Accounting with their free trialVISIT WEBSITEFREE TRIAL
The software connects with other apps and offers intuitive apps for your mobile device. This enables you to manage your invoicing, banking, and cash flow on the go. Sage also regularly fixes and updates its features like bank reconciliations, CSV imports, and journal functionalities.
Detailed Sage Business Cloud Accounting Review
AvidXchange
AvidXchange is a comprehensive invoice management and payment automation system built for businesses of all sizes. It is equipped with features for paperless invoicing, purchase order automation, as well as payment processing to help you streamline accounting operations. It also comes with a highly configurable interface and intelligent approval workflows to boost efficiency and reinforce visibility across your accounts payable processes. In addition, the platform has search and filter tools that make it easy to track invoices as well as review transactions.
Using AvidXchange, businesses can lower the cost of accounts payable processes as well as improve operational productivity. It also makes it easier for companies to pay their suppliers faster because payments can be made securely from the platform. More importantly, as AvidXchange comes with advanced security and fraud detection functionalities so users can prevent unauthorized transactions and payment requests.
Others
- Zoho Books:
Founded in 1996, ZohoBooks is an online accounting software that offers a range of features like automated bank feeds, easy tracking of invoices, send payment reminders, etc. With this software, accountants can easily reconcile the client’s bank accounts/transactions and connect online with the client. - Oracle NetSuite:
Netsuite is an American cloud computing company that offers an ERP. Even though this is an Enterprise Resource Planning software, it has inbuilt tools for and features to manage financial transactions and other accounting processes easily. - Freshbooks:
Founded in 2002, Freshbooks is accounting software, owned by 2ndsite Inc. It is a cloud-based software that can be accessed through desktops as well as mobile devices. Its main features include balance sheet management, journal entries, accountant access, general ledger, etc. - Nomisma:
This is one of the best software for accountants in the UK that aims to empower accountants with cloud-based software, that assists accountants in easing off tasks like bookkeeping and other accounting related services. It offers a one-month free trial and starts at just £4/month. Moreover, it can seamlessly integrate with third-party apps like GoCardless, Paypal, Stripe, PensionSync, EasySync, HMRC, Companies House, Nomisma CRM. - Xero:
It is a New Zealand based public technology company that offers a cloud-based accounting software platform for small as well as medium-sized businesses. It allows access to accountants and offers a range of services that accountants need to manage clients’ books like invoicing, expense management, bank reconciliation, easy integrations, online payroll management, etc. - BigTime:
It was founded in 2002 and is a well-recognized time and billing software solution for accountants as well as other professionals, offering services like expense tracking, WIP management, task & workflow management, invoicing, billing, and more. - FreeAgent:
Based in Edinburgh, United Kingdom, FreeAgent was founded in 2007. It is another popular cloud-based accounting software mainly aimed at accountants for small businesses. It received the 2018 and 2017 Accounting Excellence Awards. It offers access to accountants and has its own dashboard. It further offers accounting services like invoicing, expense management, tax calculations, etc. - Clearbooks:
Clear Books is a UK based cloud accounting software for SMEs and accountants. It offers a spreadsheet type view to easily record all the invoice details, expenses, track money transactions(in and out), bank reconciliation and other accounting-related information. - Capium:
This is a fully integrated accountancy software that is cloud-based. It is one of the most preferred software choices for accountants and bookkeepers in the UK.
Conclusion
With more and more companies deciding to outsource their accounting, there has been a significant rise in businesses using Accountancy software and the vendors associated with it.