If you are looking for the best free accounting software for your Small Business, then you are in the right place. Here are Top 10 Accounting Software to choose from. If you are in search of Free Accounting Software for Small Business, then do read this post.
One of the most challenging things for a small business to do is to keep track of its finances. Many small businesses will do this by using pen and paper or old computers. It doesn’t mean that they shouldn’t be responsible for this, though. There are surely centers to help them with their financial records. And you should help them out by suggesting to them top ten accounting software for small businesses .
QuickBooks
Best overall
4.7out of 5
- Bookkeeping5
- Advanced Features4.5
- Financial Reporting5
With over 4.5 million businesses around the world relying on its services, accounting software powerhouse QuickBooks must be doing something right. And, it’s not hard to see why they’re so popular – their plans are loaded with great features and they have some of the most transparent, affordable pricing around.
They’re one of the few providers to offer a dedicated self-employed plan, which costs just £8 per month, and is one of the most affordable plans around. It’s full of powerful functionality too, and saw QuickBooks claim top spot in our list of the best self-employed accounting software.
Small businesses though will want to go for Simple Start – which adds income tax estimates, phone support, and pay-enabled invoices – for just £12 per month for a single user.
The next tier up, Essentials (£20 a month) adds multi-currency support and bill and payment management, and increases the cap to three users. £30 a month gets you Plus – this tier offers more control over your budget, employee time, stock management, and project productivity, with a five user limit.
All plans come with award-winning support, an intuitive mobile app, and over 700 app integrations. And there isn’t a contract in sight.
| Plan | Cost | Features | |
|---|---|---|---|
| BEST VALUE | |||
| Simple Start | Essentials | Plus | |
| £12 per month (excl. VAT) | £20 per month (excl. VAT) | £30 per month (excl. VAT) | |
| Prepare and submit VAT returns directly to HMRCSend pay-enabled invoicesCreate estimates and quotes | Manage billsAccept and make payments in over 145 currencies3 users | Manage stockTrack employee time5 users |
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 as an ideal choice as best accounting software in UK and one of the best online accounting software for small business.
Why Xero is one of the best accounting software in UK
As a cloud-based online accounting software in 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 enables 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.
Cons
In some areas, Xero’s accounting features are limited, for example it has only two tracking categories.
For this software, business 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 an 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.
Bill.com
If you’re running a small or medium-sized business, then Bill.com is a perfect option as it offers an end-to-end solution for automating your company payments. Even large financial institutions like accounting firms, banks, and wealth management organizations utilize it to serve their clients.
It is designed to digitize and automate the accounts payable and receivable operations. Bills.com is an AI-enabled financial platform that can be used to collect invoices, authorize payments, manage cash inflows and outflows, and monitor back-office financial processes.
The platform significantly reduces manual data entry, which significantly improves efficiency and accuracy. Customers claim that Bill.com allowed them to save as much as 50% of the time they usually spend on accounting processes. And, they are also paid twice as fast.
Conclusion
Although most small business owners use general accounting software for their finances, there are some that prefer to use accounting specific software. There is a large industry of accounting-specific software and every year accountants create new solutions and improvement on existing ones. Take a look at our list of top 10 accounting software for your next project.