You can create and customise high-quality snapshots of your business’s financial performance to help you see exactly what’s going on in your business. However, where QuickBooks excels is in its reporting. In terms of the basic plan, you can send invoices and receive payments, track sales and taxes, run reports, send quotes, capture and organise receipts and track income and expenditure. That makes it a good fit for all kinds of growing businesses. QuickBooks has an excellent range of features, even when buying the cheapest version, and more advanced plans include everything from multiple currencies to stock management and budgeting. USA $12/month for 6 months, then $24/month QuickBooks UK £9.50 per + VAT for the first 6 months (then £19 a month + VAT) Pros: Excellent for project-based businesses that send out lots of invoices for billable hours and expenses to their clients.Ĭons: Basic inventory management that may not be sufficient for businesses with multiple product lines. You can also file your self-assessment income tax and VAT return digitally and calculate your corporation tax if you run a limited company. If you’re a freelancer or run a very small business, then FreeAgent could well be the right choice for you.Ĭreated by three freelance developers who were frustrated by the inefficiency of their bookkeeping, FreeAgent solves many of the problems that are specific to one-person businesses.įreeAgent allows you to create quotes and invoices with just a few clicks, track your cash flow, record your expenses and view your income and profitability with bank account connectivity. The Best Accounting Software for Small Businesses
Will the accounting software be able to support your business as it grows and your requirements increase?.
What level of customer support are you likely to need, how you can get in touch and how quickly will you receive a response?.You’ll pay a monthly subscription fee for software that is always up to date.Īs well as functionality and price, there are also a couple of other things to consider: On the plus side, in such a competitive market, you don’t have to spend a lot to make a really useful addition to your business. In some cases, the answer is – your data. Why? Well, if you’re not paying for the software, you have to ask what the platform’s providers are getting out of it. Although there are some very good free small business accounting platforms out there, it could be best to pay for a package when dealing with sensitive financial information. Once you know what functionality you need, it’s time to think about your budget. How many different users will need access to the software?.Do you make foreign currency transactions?.Would you like to track purchase ordering and inventory?.Is self-assessment income tax a headache?.That could be the tasks you don’t know how to do, don’t like doing, or simply don’t have the time for. The first step is to make a list of your accounting requirements. But there’ll also be businesses that want their accounting platform to work a little bit harder. Many microbusinesses and freelancers can make do with basic functions such as income and expense tracking, invoicing and the creation of simple financial reports. Small Business Accounting Software: What Should you Look For?Įvery small business is different, so the best accounting platform will be unique to you. The good news is that we’ve done the hard work so you don’t have to. With more than 20 platforms to choose from, picking the right accounting software for your small business requires a little bit of research. And as the software is cloud-based, you’ll be able to access it at any time, from anywhere in the world. You’ll be able to pay your staff, create forecasts, issue invoices to customers, file your taxes and manage your assets, all from a single platform. The software-as-a-service (SaaS) revolution means that rather than having to buy new accounting software every year, UK small businesses can pay a small monthly fee to access an online platform that provides everything you need. As insolvency practitioners, we’re the first to recommend that keeping your acocunts organised is a primrary step in running a successful business. These days, choosing to use small business accounting software is a no-brainer.
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