After the tax authority of The United Kingdom government, HMRC (Her Majesty’s Revenue and Customs) made taxing digital in 2019, both in-house and accounting firms need to have their accounting software. By making taxes digital, businesses with a taxable income of over 85000 Euros will have to use software when submitting their returns.
In this regard, it is better to evaluate the best software that works best for your business. Many software options have emerged, including Cash flow, Fresh books, Clean books and even Zoho books. In no particular order, these are some of the best software options for businesses:
Xero is an accounting cloud software that records your banking details, invoices, PayPal information, payrolls, inventory and even expenses. Most people prefer it for small business. Having begun as a subscription service, Xero grew to be a standard software preferred by most central London accountants. Having been in the United Kingdom for over a decade, it has rapidly developed its support system through a ticket system but has no helpline. Most accountants opt for Xero due to its usability and user-friendly design. Besides, Xero has an application that works best in Android and iPhone. This software costs 10 euros a month.
Accountants recommend this software for medium businesses due to its innovative platform that reconciles and downloads transactions, organizes bank deposits, and scans receipts as proof of transaction. QuickBooks has a Smart Scan technology that allows users to check on their VAT errors before submitting. With its unique design, users can connect to a different business to ease their workflow. The QuickBooks software goes for 12 euros a month for sole-proprietorship companies and 30 euros a month for medium-sized businesses.
Due to its simple accounting system, this software is best for small businesses, and start-ups. It is easy to use and does not need professionalism to operate. It helps clients with invoicing, payroll and cash flow. Sage Software costs 12 euros a month and comes with a support line via email, chats and telephone.
Free Agent Software
The FreeAgent Accounting Software won the Accounting Excellence Awards in 2020 to be the best software suitable for small businesses with no accounting experience. It has features like multi-user and time tracker that help users see logged in users and the time they take. This software makes it easy to check on your taxes and send them directly to HMRC. It comes with a self-assessment platform that helps one foresee one’s taxes. It goes for 9.50 euros for the first time subscribers and 14.50 euros a month for regular users.
The best thing about this accounting software is that they offer free subscription on the first few months of purchase. Since taxes were made digital, the above software has become compliant with HMRC, the GDPR (General Data Protection Regulation), RTI (Real Time Information) and enrolment has now become automatic. Choosing the most appropriate accounting software may seem difficult, but your accountant will guide you on the best software to use depending on your company’s area of expertise.