If you’re self-employed you’ll recognise the importance of staying on top of the latest financial requirements for maintaining your business. Accounting software can make it a much simpler job to oversee your finances as you can manage your accounts on the go, keep track of your cash flow, and handle your expenses with ease.
So, what is the best accounting software for self-employed in the UK? Read on…
Xero online accounting
Xero is highly recommended as it helps you to operate a cost and time-effective business ongoing from any location. Features include technically advanced cloud-based accounting solutions that aren’t dependent on hardware storage devices. It has a clean user-friendly interface with everything laid out clearly.
Xero is ideal for invoicing, inventory, expenses, and payroll. It can also import banking, credit card, and PayPal data alongside an app that works on iPhone and Android. There are also great opportunities for growth with real-time intuitive software identifying areas of business growth and better financial stability.
There’s a package that starts at £10 a month which allows you to:
- Reconcile bank transactions
- Enter bills
- Create quotes and invoices
- Submit VAT returns to HMRC
- Capture bills and receipts using Hubdoc
Quickbooks
Quickbooks is also a strong contender if you’re a sole trader or freelance. The basic self-employed plan starts at £8 per month but if you’re VAT registered the Simple Start plan at £12 per month will let you prepare and submit your digital VAT declarations.
This accounting software system was designed with small businesses in mind and has many features needed to generate and track expenses, keep records of cash flow, and pull transactions from your bank account.
Quickbooks lets you:
- Separate expenses for personal and business use
- Track mileage
- Automatically review income estimates
- Have unlimited invoicing
- Report creation tools
- Integrate your bank account
Xero versus Quickbooks
Look at a brief comparison here:
- Xero
- All plans allow you to add an unlimited amount of users
- Caters for small, medium, and larger businesses
- Contains many advanced features
- Has Smart reconciliation
- Generates up to 50 multiple reports
- Offers 50% discounts for startups and businesses less than a year old
- Quickbooks
- Very cost-effective
- Good range of features
- Extremely high standard of customer support
- Allows quick upload photos of receipts
- Runs payroll
- Multi-currency and tracking employee time available for a small monthly increase
- Packages can be cancelled at any time as there are no long-term contracts
Other accounting software for self-employed businesses
Xero and Quickbooks are just two of several accounting software packages available. Recommended providers also include FreeAgent, Crunch Accounting, Sage 50 Cloud, Kashflow, Zoho Books, and Freshbooks.
Need outsourced bookkeeping services in London?
When you want professional help, outsourced accounting services will provide you with Xero online accounting software designed to help small businesses with their daily financial affairs. Switching to this cloud-based accounting manager is simple and secure.
You’ll be able to check your bills, bank balances, and transactions at any time, knowing that industry-standard data protection and a comprehensive network defence will keep you secure. A choice of easy-to-use features and add ons will ensure you get the package that suits all of your business needs.
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