The absence of cash management and the proper management of financial records is a significant issue for small-sized businesses around the world as well, and UK is no exception. This is among the most important reasons for the failure of many businesses since they do not keep track of their cash flow and performance in the financial realm. Accounting and bookkeeping require considerable effort and concentration. You need Accounting Software for your small size business. Several small and medium-sized entrepreneurs find it challenging to manage this task along with their normal business activities.

Accounting software can be a boon in this case, which allows business owners to concentrate on their goals for the business while software manages their financial reports. The market for accounting software is steadily growing. The HMRC’s MTD has accelerated the growth. We expect to see this increase soon because HMRC plans to digitize every record, and customers are reaping the advantages of cloud computing.

In this post, we’ll assist you in understanding the advantages of accounting programs, the different options you can pick from, and the advantages and disadvantages of each one in the context of business. Therefore, let’s take a deeper dive into this fantastic vertical immediately!

What is Accounting Software?

Software for accounting is basically software that assists in recording and reporting company’s financial transactions. Today, the majority of the applications are cloud-based.

In a company with a limited number of human resources, Bookkeeping Services becomes more of a burden since it’s usually tied to the historical records, particularly when the proprietor is more concerned with day-to day business operations and the future growth. Accounting software can be an enormous benefit since it improves the process of bookkeeping. Business owners will have financial information of high quality along with trends and data to make crucial decisions.

Accounting software can be a help to those who have limited time or resources to accounting and bookkeeping methods. It can help businesses automate their bookkeeping processes (to some extent) by acting as an electronic accounting system to the exact.

The number of accounting software available is expanding each passing day. However, there are only a handful of dominant players. It’s never an easy task to choose which software to use since each has its own advantages and disadvantages. The most important thing to do is think about what do you want to get from the accounting program, and what are your expectations? Now, let’s explore the top accounting software that can be used by a small-sized business in UK and their advantages and disadvantages

Top Accounting Software for Small Businesses

1.      Intuit QuickBooks Online

Intuit’s QuickBooks is among the most well-known players in the market for software. It is an amazing online accounting tool that allows businesses automate their bookkeeping requirements with flexibility. It offers a seamless integration of invoicing software and payroll tools, CIS and project management tools to make the process of collaboration and invoicing easy.

Pros:

• Offers a free trial
• Ease of use
• Solutions for payroll that are in-depth
• Flexible using third parties applications
• Tracking of miles
• Comprehensive reports that are customizable
• Different pricing packages to fit anyone from sole traders to SME
• Helpline and Support via phone
• Prices vary from PS12 to PS30 plus VAT per month.

2.   Xero

It was founded in 2007 and has grown to capture more than 25 percent of the marketplace for accounting programs. Business owners love Xero because of its easy-to-use interface and extensive reports. The accounting management system that is standardized is simple to follow and can be integrated into all established business procedures. It lets you manage fixed assets as well as include dynamic elements to your accounting process while on the move.

Pros:

• Free trial available.
• Competitive pricing
• Well-detailed dashboard
• New report filters
• Payroll- add on
• Add expense management to the list.
• CIS-add on
• Project management tools: add to
• Analytics- add on
• Employee expenses- add to
• Tracking feature to manage inventory
• Excellent customer support (online)
• Comprehensive expense tracking
• Good project tracking
• Prices range from PS12 to PS33 plus VAT per month.

3.   FreshBooks

In its beginnings as an online invoicing instrument, FreshBooks has come a far in its evolution to become the most popular online accounting tool for businesses of all kinds and dimensions.

Pros:

• Free trial available.
• Excellent options for imports
• Time-tracking facility
• Highly detailed and detailed reports
• Invoicing solutions that can be scaled
• Expense-manager
• Easy to use and understand even for beginners
• Smooth user experience
• Price ranges from PS11 to PS38 plus VAT per month.

4.

Free-Agent

Free Agent is a less-known but a powerful tool for the bookkeeping and accounting needs of freelancers and small companies. It’s an online application that comes with a variety of options to manage the financial records that are required for small commercial businesses. The sophisticated dashboard provides an abundance of data on various aspects of financial management as well as tracking of the particular business.

Pros:

• Extremely User-friendly To Use

• Easy to navigate and an extremely detailed dashboard

• Expense Management & Tracking

• Taxation

• Mobile applications that work on mobile devices as well as iPad

• Export invoices in PDF format

• Multiple Payment Gateway Integrations

• Supports Multiple-currencies

Free-Agent is a lesser-known but a powerful tool for the bookkeeping and accounting needs of freelancers and small-scale businesses. It’s an online application packed with tools needed to keep track of the financial records that are required for the smallest commercial enterprise. Its sophisticated dashboard shows an abundance of data on various aspects of management of finances and tracking of the specific business.

5.   Sage 50cloud

Sage 50cloud application is a complete and powerful desktop accounting program that comes with access to an impressive range of financial tools as well as the ability to customize it as you wish. It also integrates to Microsoft Office 365 for better access. Its many features can be beneficial for all businesses however some of its complexities might be overwhelming for some businesses and owners.

Pros:

• Free trial trial offered
• A sophisticated collection of features
• Unique customisation
• Solid inventory management
• Complete records of contacts and related items
• Ten different levels of pricing for various items

Wrapping Up

By following this comprehensive guide, you’ll be able to choose the most suitable Accounting software to suit your company depending on the specific requirements of your business. At Fin-eX Outsourcing we always chose best accounting software according to your business need. The majority of the information about the software is provided to help you comprehend the specific pros and negatives. So, get yourself into this area using the power of information and aid your business in streamlining its accounting and bookkeeping requirements with ease!