Having to record all financial transactions, including purchases, sales, receipts, salaries, incoming and outgoing payments is challenging for any small business. If you have limited financial capacity, people have to wear several hats and do several jobs, unlike big companies who can invest in a team of accountants to do the bookkeeping for their business. Although Microsoft Excel is a good platform for SMEs to track their financial records, there are more efficient ways to do it. Accounting software packages are not just for million-pound companies, everyone needs it, and there are software solutions for every size of business.
Today, there are a lot of online accounting software solutions that offer the best accounting software for all businesses. In this article, we will give you a quick guide to the best accounting software in the UK.
- XERO – a top player in the UK accounting softwares, Xero’s online accounting software is designed to make small business easier. From automatically handling tasks that used to take up all of your time to importing bank transactions to sending invoice reminders to your clients. You can also invite your accountant or bookkeeper into Xero so they’ll ensure you meet all your tax obligations. In addition to that, Xero has a mobile application so you can do your accounts anytime, anywhere.
- QUICKBOOKS – is another recommended online accounting software that is regularly updated to provide better services to their members. Quickbook features include split transactions, automatic sales receipts, scheduled invoices, and location and class categories. This software currently has three membership plans for SMEs and is also available for medium business owners too. Starting as low as, £6/month (Simple Start Plan) you can have access to Tax Digital for VAT submissions, SmartScan™ error checker for VAT, limitless pay-enabled invoicing, multiple bank & credit card connections, cash flow planner, CIS calculations, free UK phone support, and much more.
- WAVE – an award-winning financial services software company that offers free accounting services online is a complete package designed to cover all of the basics: Accounting, Invoicing, Payments, and Receipts. In addition to that, you can also access the Wave app through your mobile phone and get instant updates when an invoice is viewed, becomes due, or gets paid.