With “Making Tax Digital” becoming a mandatory requirement from April 2019, clients often ask us what’s the best way to keep track of their accounts and stay organised. The online world is filled with an array of online software designed to help you but the top three we recommend exploring are Quickbooks, FreeAgent and Xero. We frequently work, and are accredited, with each and every one of them and if you need some help with choosing the right one for you, we’re happy to help and even sign you up with our company discount.
Here’s a little more on what each of these systems do and how it can completely transform the way you run your accounts and let you focus your attention on growing your business and not number crunching.
This online accountancy platform by Intuit is particularly favoured by sole traders, small and medium sized businesses. With over 2.2 million subscribers, it’s one of the most popular online accountancy systems which works on all devices.
QuickBooks Online provides a real double-entry accounting allowing you to create a variety of reports and customisable invoices, check your cash flow and calculate and track VAT automatically. It is integrated with over 200 apps to give you an excellent overview of your performance, auto-track mileage, manage employee time and even your stock. Quickbooks also gives you access to project management tools, payroll support and operates with multiple currencies. All of the subscription options offer unlimited estimates, unlimited invoices, expense tracking, live bank feeds.
We can currently offer Quickbooks to clients at £15 + VAT per month, cheaper than you can get it directly from them (after their initial 6 months discount).
Xero is a popular New Zealand based software company which provides cloud-based accounting software for small and medium-sized businesses. Xero has over 1 million subscribers in over 180 countries worldwide.
The main features of Xero include automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, purchase orders, fixed asset depreciation and standard business and management reporting. Your subscription includes access to a comprehensive mobile app to allow you keep track of your accounts on the go. Xero also supports multiple tax rates and currencies. It has an extensive catalogue of over 600 apps to integrate inventory management, time tracking and lot more. You will also benefit from being able to add unlimited team members and accounting professionals.
The standard package from Xero is around £22 + VAT per month.
FreeAgent is an Edinburgh based company offering another great online accounting product targeted at freelancers and micro businesses.
FreeAgent is completely unlimited. You can have as many users, clients and projects as you want, at no extra cost. It divides itself into three customer focused plans: Sole Trader –which includes Self-Assessment filing; Partnership/LLP – which includes Profit Share calculation; Limited Company – which includes Self-Assessment filing, dividend vouchers and Corporation Tax forecasting. Just as its main competitors, FreeAgent provides estimate and invoice generating tools, cash flow and time tracking, expense filing, VAT reviews and automated banking updates.
The cost of FreeAgent is dependant in the type of business but a standard level package starts from £16 + VAT per month.