Regardless of the size of the company and industry, using accounting software will benefit your business in ways you might not imagine. Not only does it streamline financial tasks, but it also allows you to prepare and submit your tax and VAT returns more efficiently.
With so many options available in the market, choosing the right software might seem daunting. However, it’s not as difficult as it seems. How do you select the one that’s right for your business?
Essentially, all accounting software is designed to help you manage expenses, send invoices, generate financial reports, and more. However, the subtle differences in features can make a particular software the best fit for your specific business needs. These differences can also help 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 the top 7 accounting software options to consider for your business.
Free Agent
Free Agent is tailored for small business owners, freelancers, and contractors who lack accounting experience. It’s user-friendly and allows you to input unlimited projects or client details. Its multi-user and time-tracking features simplify managing remote employees, who can easily log in and complete their timesheets. Free Agent won several awards at the 2020 Accounting Excellence Awards, making it one of the best accounting software options for small businesses.
Xero
Xero is a cloud-based accounting software popular with small and medium businesses due to its online invoicing, automatic payments, and friendly reminders features. Users can view their financial information anytime, anywhere through their mobile app. With integration to over 800 third-party applications, Xero can be easily adapted to meet your financial requirements.
QuickBooks
With nearly 5 million customers worldwide, QuickBooks is a pioneer in the cloud accounting market, thanks to its creative and intuitive platform. From downloading and reconciling credit card transactions to organizing weekly timesheets and tracking bank deposits with real-time transaction data, QuickBooks does it all.
Zoho books
Zoho Books stands out because it includes more than 40 cloud applications capable of performing most business functions without needing third-party integrations. This software is ideal for solopreneurs and micro-businesses. Zoho offers everything from basic CRM to project management apps, including BI solutions.
Sage
Sage, also known as Sage One, is best suited for small and mid-sized businesses, freelancers, or anyone needing an easy-to-understand accounting system with features like invoicing and tax assistance. Sage currently offers over 100 integrations with various applications to automate accounting workflows.
FreshBooks
As a major player in the cloud accounting field, FreshBooks offers a wide range of tools to assist with business operations. For those who want to centralize their operations within a single application, FreshBooks is an excellent choice. Its project management, chat, file sharing, and other features simplify turning billable hours into invoices and accepting online payments.
Taxfiler
Taxfiler is another effective cloud accounting software solution used by thousands of accountancy firms worldwide. It covers accounts preparation, corporation tax, personal tax, and partnership tax, making it a reliable choice.
Final Thoughts on Accounting Software for Businesses
Choosing the right accounting software depends on your business needs. Here’s a comparison to help you decide:
Sage |
Free Agent |
FreeBooks |
QuickBooks |
Taxfiler |
Xero |
Zoho Books |
|
|---|---|---|---|---|---|---|---|
Pricing |
*** | *** | *** | *** | **** | **** | **** |
Features |
*** | ** | **** | *** | **** | **** | *** |
Usability |
** | **** | **** | *** | **** | **** | *** |
Connectivity |
** | *** | **** | **** | *** | **** | **** |
Reporting |
*** | *** | *** | **** | *** | *** | **** |
Support |
*** | **** | **** | *** | **** | *** | **** |
There isn’t a one-size-fits-all answer. For freelancers or small businesses, FreeAgent is worth considering due to its user-friendly interface and decent features. For slightly larger businesses needing a variety of accounting features, despite the price, Xero or QuickBooks might be the best choices. Ultimately, it depends on your specific needs. We hope this guide helps you make the right choice for your business. Get help with Bookkeeping & VAT services.