The process of planning, managing and tracking aspects of business finances such as expenses, payments, bills, payroll etc can be time challenging, consuming and frustrating. As an entrepreneur or a small business it’s even harder to find time to manage all these tasks or hiring someone who can handle these functions on a regular basis, especially when you are just starting up.
Below we have provided some of the accounting and bookkeeping products and services that might be suitable and beneficial to you as well as your business.
QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
Starts at £8/month for a Self-employed plan with a 30 day FREE trial (with an offer starting at £4/month if you don’t take a free trial).
Main features include:
All plans allow you to track income and expenses, mileage tracking, snap, sort and store receipts, connect your bank, run reports, add Payroll from just £4/ month, add extra users and create estimates. If you are self-employed the features also include HMRC Self Assessment, separate personal and business transactions and income tax estimates. More advanced plans include features such as making tax digital for VAT, SmartScan™ VAT checker, unlimited invoicing, manage CIS transactions, manage bills & payments, manage bills & payments, track employee time, track project profitability and sets budgets.
For details visit Quickbooks
Xero is a cloud-based accounting software platform for small and medium-sized businesses. Xero’s products are based on the software as a service (SaaS) model and sold by subscription, based on the type and number of company entities managed by the subscriber. Xero small business accounting software has all you need to manage your numbers effortlessly.
Starts at £6/month (with varying special discounts available for a limited period). Includes a 30 day FREE trial.
Main Features include:
Invoicing, payroll, reporting, bank connections, bank reconciliation, dashboard, information security, pay bills, Xero expenses, projects, mobile app, quotes, accept payments, purchase orders, multi-currency, files, business performance dashboard, contacts and smart lists, VAT online, fixed assets, search and find what you need from wherever you are in Xero, free 24/7 online support.
For details visit Xero
FreshBooks is accounting software primarily for small and medium-sized enterprises. It is a web-based software as a service model, that can be accessed through a desktop or mobile device. The all-new FreshBooksApp allows small business owners to work anywhere on the go.
Starts at £11/month (with varying special discounts available for a limited period). Includes 30 Day FREE trial.
Main features include:
All-in-one small business invoicing and accounting solution, easy invoicing, organises expenses effortlessly, insightful time tracking, seamlessly collaborate on projects, get paid faster, easy to understand reports, work anywhere with the FreshBooks mobile app, easy-to-use double-entry accounting.
For details visit Freshbooks
FreeAgent is an award-winning accounting software for small businesses. It is an online accounting software that brings everything together, from invoice and expense management to project management and sales tax. You could get FreeAgent for free if you have a business current account with NatWest, Royal Bank of Scotland, Ulster Bank NI, or a business account with Mettle, for as long as you retain your account.
£9.50/month+ VAT for 6 months, then just £19/month+ VAT (includes 30 Day FREE Trial)
Main features include:
Invoices, expenses, mobile app, estimates, time tracking, payroll, projects. Tax features include VAT, self-assessment and corporation tax. You can also get connected to your bank, HMRC and Free Agent’s partners.
For details visit FreeAgent
Sage Business Cloud Accounting
Sage Accounting combines the convenience of the cloud with the power of desktop accounting software, giving you a complete view of all your business. Sage Business Cloud Accounting is accessible on any device from anywhere on their new online Accounting software. Perfect for sole traders and small businesses.
Starts at £12 p/month (includes a 30 Day FREE trial)
Sage Business Cloud Accounting features allow you to send and track invoices, snap and capture receipts, take care of tax and compliance, forecast your cash flow, pay your people, share access with your accountant and get support 24/7. Advanced features allow you to support unlimited users, manage and submit CIS, run advanced reports, send quotes and estimates, forecast cash flow, manage purchase invoices, snap receipts with AutoEntry,3 months free.
For details visit Sage
Zoho Books is online accounting software that manages your finances, gets you VAT ready, automates business workflows, and helps you work collectively across departments.
Starts at £6/month (Includes 14 Day FREE trial)
Invoicing, estimates, client portal, expenses, bills, banking, projects, inventory, sales orders, purchase orders, VAT, online payments, reporting, automation, documents, vendor portal and mobile. Other features include customizable invoice templates, online payments, transaction approval, recurring expenses, vendor credits, landed cost, inventory tracking, price lists, inventory adjustment, automated bank feeds, transaction matching, reconciliation, schedule reports, customise reports, share reports, multiple project management, time sheet, role based access.
For details visit Zoho Books
KashFlow is an easy to use accounting software to take the hassle out your small business accounts. Cloud based software means 24/7 access from anywhere. Ideal for sole traders, contractors and small businesses.
Start at £9 plus VAT p/month (includes a 14 Day FREE trial)
include invoices, quotes and estimates, payments, reporting, credit control, change log, cash flow, purchases and expenses, mileage, VAT returns, banking, payroll software and KashFlow Go gives you the freedom to work from anywhere, all you need is your phone and an internet connection.
For Details visit Kashflow
Choosing the best accounting software for your business
As you can see from our list of accounting and bookkeeping software and providers above, It’s very easy to work out that these accounting solutions vary in terms of what they offer, pricing and features. Some may suit your business better while others don’t, depending on your budget and accounting needs.
Therefore the simplest way to discover what might be the best solution for you is to take advantage of the free trials that the providers offer to test the product and then make your decision based on the ones that achieve your accounting goals.
However, if you are still unsure before or after trying these products it is always beneficial to seek advice from professionals such as an accountant or bookkeeper as they are more likely to understand the features better and offer advice based on your business needs.