Regardless of the size of the company and industry, using accounting software will benefit your business in ways you can’t imagine. Not only does it make financial things easier but also lets you prepare and submit your tax and VAT returns quicker and faster.
Having said that, is it easy to pick the right software since there are too many available in the market? Honestly, it ain’t that difficult. Then how to choose the one that’s right for your business?
Essentially, all the accounting softwares are built to assist you in managing your company expenses, sending invoices to clients and vendors, generating financial reports, and many more. Nonetheless, there might be a few features that you may need to fulfil specific business requirements. The subtle difference in features is what makes the accounting software the right one for your business. It also helps you to reduce business costs.
Given the pandemic situation in 2020, most businesses wanted to choose the best and effective online accounting software for accounting services UK as it gives the flexibility of working anywhere and anytime.
In this post, we will list out the top 7 accounting softwares that you should consider for your business.
Free Agent
Built especially for small business owners, freelancers, and contractors who don’t have much experience in the accounting field. Free Agent is easy to use the software. It lets you input as many projects or clients’ details as possible. Its multi-user and time-tracking features make it easier and simple to track remote employees who can easily log in and complete their timesheets. Having won various awards in 2020 at the Accounting Excellence Awards, Free Agent is one of the best accounting softwares for small businesses.
Xero
A cloud-based accounting software, Xero became popular with small and medium businesses for its online invoicing, automatic payments, and friendly reminders features. Users can view their financial information anytime, anywhere in their mobile app. Thanks to their integration to more than 800 third-party applications, Xero can easily be adapted to meet your financial requirements.
Quickbooks
With almost 5 million customers across the globe, QuickBooks is undoubtedly one of the pioneers in the cloud accounting market. Thanks to their creative and intuitive platform. From downloading and reconciling credit card transactions to organizing weekly timesheets and tracking bank deposits with real-time transaction data, you can do it all.
Zoho books
Unlike any other accounting software, instead of having to connect third-party applications, Zoho has more than 40 cloud applications that are capable to perform most of the business functions. This is ideal accounting software for solopreneurs and micro-businesses. From a basic CRM to project management apps, including BI solution, Zoho has everything.
Sage
Also known as Sage One, this accounting software solution is best suited for small and mid-size businesses, freelancers, or anyone who requires an easy-to-understand accounting system with information like an invoice, tax assistance, etc. Currently, they are offering more than 100 integrations with various applications to automate the customers’ accounting workflow.
Freshbooks
Being one of the major players in the cloud accounting field, Freshbooks offers a wide range of tools to assist you with your business. If you are one of those who want to centralise their operations all within a single application, then Freshbooks is it. Their project management, chat, file sharing features, etc. will make it easier for you to turn your billable hours into an invoice which later will be proceeded to accept payment online, thus simplifying your workflow.
Taxfiler
Taxfiler is another effective cloud accounting software solution that is used by thousands of accountancy firms around the globe. From accounts preparation and corporation tax to personal tax and partnership tax, you can rely on Taxfiler.
Final thoughts on accounting softwares for businesses and which one should you buy?
Sage |
Free Agent |
Freebooks |
QuickBooks |
Taxfiler |
Xero |
Zoho Books |
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|---|---|---|---|---|---|---|---|
Pricing |
*** | *** | *** | *** | **** | **** | **** |
Features |
*** | ** | **** | *** | **** | **** | *** |
Usability |
** | **** | **** | *** | **** | **** | *** |
Connectivity |
** | *** | **** | **** | *** | **** | **** |
Reporting |
*** | *** | *** | **** | *** | *** | **** |
Support |
*** | **** | **** | *** | **** | *** | **** |
Honestly, there isn’t a single answer to this question. However, if you are a freelancer or have a small business, then FreeAgent is certainly worth considering as its user interface is easy-to-understand with decent features. If you have a slightly bigger business and need a variety of accounting features despite the price then Xero or QuickBooks are probably the best choices. Again, it all depends on what you need in the end. We sincerely hope you make the right choice for your business. Get help for Bookkeeping & VAT services.