Digital accounting offers many benefits, including saving you time so you can focus on your business, reducing human error and can make dealing with your finances less confusing and a lot easier. With the end of the year looming, this is the perfect time to think about switching to digital accounting to start the New Year off with all your finances in check.
Most digital accounting software offer features such as: invoicing, tracking finance, claiming expenses, paying bills, connecting to your bank, inventory, payroll, tax returns, sending quotes and can be used with or without an accountant. A lot of digital accounting software also comes with a mobile app, meaning you’ll also be able to access your finances on the go. These features will differ between different platforms and packages, so it’s important to do your research and find which one will work best for you and your business. Here are some examples of popular accounting services to get you started.
FreeAgent
An all-around service with all the features you require for running your small business.
Key features:
- Invoices
- Expenses
- Estimates
- Time tracking
- Payroll
- Projects
- Cashflow and financial reports
- Mobile app
What people say about FreeAgent:
- FreeAgent offers a time billing feature, which is perfect for service-based businesses.
- Its quick and easy invoicing feature saves you time and stress.
- Customer support is quick and Free Agent is great for helping and resolving your issues.
- It can be difficult to navigate at times.
- The mobile app needs to be updated and developed further.
Other things to note: Free Agent is free if you have a business current account with either NatWest, Royal Bank of Scotland or Ulster Bank NI or if you have a business account with Mettle. Otherwise, there are three different plans to choose from.
See FreeAgent’s latest price plans here.
QuickBooks.
Perfect for businesses that are just starting out.
Key features:
- Invoices
- Expenses
- Payroll (charged separately)
- Cashflow
- Accounting
- Making Tax Digital
- Mobile app
- Mileage tracker
What people say about QuickBooks:
- Easy to navigate.
- Specialises in finance for sole traders.
- Affordable prices all year round.
- Not as many customisable features as other software.
See QuickBooks’ current price plans here.
Xero.
A cloud-based digital accounting software.
Key features:
- Invoicing
- Track and pay bills
- Submit VAT returns online
- Expenses
- Contact management
- Online filing system
- Financial reports
- Stock inventory
- Multi-currency
- Quotes
- Purchase orders
What people say about Xero:
- Easy integration with third-party apps.
- Scalable and allows you to grow as a business.
- Direct submission to HMRC for your tax return.
- Payroll is an additional charge.
See Xero’s current price plans here.
Sage.
Sage is another great option for new sole traders and small business owners.
Key features:
- Invoices
- Expenses
- Mobile app
- Making Tax Digital
- Cashflow
- Payroll
- Cashflow
- Quotes and estimates
- Financial reports
- Multi-currency
- Inventory
What people say about Sage.
- Connects directly to your business bank account, automatically. tracking your payments and expenses.
- 24/7 customer support and training available.
- Easy to customise to your needs.
- Additional charges for a lot of the features.
See Sage’s current price plans here.
These are just a few examples of digital accounting software. Although it can feel overwhelming to choose, it’s important to find the right one for you, therefore take your time.
Most accounting software offers a free trial for you to take advantage of, these companies also offer sales and discounts throughout the year, so keep an eye out.
Need a hand getting started with digital accounting software? Give us a call today.
