Finance management is important to the viability of any small business and as innovation advances, accounting software becomes a necessity. The decision of selecting an appropriate suitable accounting software can prove worthy in terms of time, efficiency and UK tax laws. In this blog post, I will be giving you the top 10 accounting software for the small business in the UK and some insight to help you make the best decision.

Best Accounting Software for Small Businesses in Bury St. Edmunds UK

1. QuickBooks Online

Best For: Integrated small business accounting  

Price: Starts at £12/month  

QuickBooks Online is one of the most famous cloud solutions for accounting that does not require deep knowledge and experience with similar software. Invoicing, expenses management, VAT returns, payroll, and connection with other software applications are available. For UK businesses, it is an ideal solution to produce VAT return and file it directly with HMRC. It also gives real time analysis on spending, saving and other financial activities.

Pros:

- User-friendly interface  

- Strong mobile app support  

- Bank feeds or Auto Bank Reconciliation  

Cons:

IGO Payroll is another cost that may likely be incurred.

2. Xero

Best For: SMEs  

Price: Starts at £14/month  

Xero is another cloud based accounting that comes with a lot of features such as invoicing, payroll, vat, and many more plus cash flow. The app is great for businesses with speakers from around the globe, firstly due to its availability in several currencies. They offer very good customer support and the integration with several hundred business applications.

Pros:

- Real-time financial data  

– Can be integrated with business apps smoothly  

- Multi-currency support  

Cons:

The transition period for ES as a replacement for other Expert System brands on the market

3. Sage Business Cloud Accounting

Best For: Some factors related to necessary UK specific tax and accounting features.  

Price: Starts at £12/month  

Sage is among the most established software for accounting that has been around for many years, and its offering in the cloud is Ideal for small businesses and called Sage Business Cloud Accounting. Such processes are as bank feeds, value added tax returns, invoicing and cash flow forecasting. Sage fits perfectly with the UK tax laws, so it is one of the most reliable software solutions available to UK-based businesses.

Pros:

- Strong UK-specific features  

- Good customer support  

- Easy VAT submission  

Cons:

There are very few features available in the basic plan of the service.

4. FreeAgent

Best For: Everybody, especially the freelancers and other business persons having a small start up business.  

Price: Available only to those using a NatWest or Royal Bank of Scotland business account: otherwise costs £1 per transaction plus £19 per month  

FreeAgent is created for freelancers and SMBs; it provides fundamental performance for invoice generation, expense tracking, and cash flow. It is also very useful for completing Self Assessment tax returns. NatWest and RBS’s business customers now get FreeAgent for nothing, but it obviously has to be installed.

Pros:

Ideally suited for self-employed people and for contractors that work for different companies and organizations.  

- Free with NatWest/RBS  

- Easy tax filing features  

Cons:

Restricted for Big companies

5. Zoho Books

Best For: Businesses who would love to cut cost on packaging most often  

Price: Starts at £8/month  

Zoho Books is an easily understandable system that has several features, flexible pricing plans, and some useful tools for creating invoices, managing VAT, and assigning costs. Small businesses who are watching their expenses will find this appealing since Zoho One integrates with other apps in the Zoho suite.

Pros:

- Affordable pricing  

Founded to integrate with various Zoho apps and can be integrated with other Zoho apps easily.  

- Simple user interface  

Cons:

This is because it has relatively low package offering and does not offer some of the better features with lower packages.

6. KashFlow

Best For: UK-based small businesses  

Price: Starts at £8/month  

KashFlow targets only the small businesses located in the United Kingdom, and the program is especially good at VAT, invoices, and payroll. It has the option to connect with HMRC’s Making Tax Digital (MTD) which makes it possible to maintain the compliance of business with the UK tax jurisdictions.

Pros:

- Designed for UK businesses  

Great VAT and MTD compliance  

- Customizable reports  

Cons:

- Interface could look somewhat old fashioned to some of the users

7. FreshBooks

Best For: Small office home office, self-employed professionals and business service companies  

Price: Starts at £11/month  

It is suitable to be used by all business people, especially those who render services such as freelancer, consultants, artists, among others. The solution also provides capability in terms of invoicing, time tracking, expenses, and clients. It lacks some of the bells and whistles of other survey tools, but that actually makes it appealing.

Pros:

Perfect for billing purposes and also for tracking time.  

- Clean and simple interface  

- Good mobile app  

Cons:

- Few of the features of advanced accounting

8. Wave

Best For: Freelance workers and sole traders who are seeking a platform that doesn’t involve costs  

Price: Free with Proof of concept for Payroll services  

Wave is a free and efficient accounting tool designed for sole traders and micro businesses with simple accounting requirements. This category includes invoicing, tracking of expenses and receipt scanning making it perfect for the small business. Although features like payroll are charged for use, the basic plan that is free it comes with is quite packed.

Pros:

- Completely free  

- Simple and user-friendly  

A good accounting software for the basic mundane jobs.  

Cons:

- Limited integrations  

Complemented by paid payroll and other premium options.

9. ClearBooks

Best For: Small businesses that seek features specific to the UK 

Price: Starts at £10/month 

The avant-ges include VAT returns, invoicing and cash flow. It is created with the UK’s businesses in mind, so all the VAT submissions and tax filings are made according to HMRC’s rules and policies. For small businesses that have little need for many extras and that operate only in the United Kingdom, SimpleSite is perfect for the task.

Pros:

- Great for VAT compliance 

- specific to the UK, features of accounting 

- Affordable pricing 

Cons:

Minim number of features when compared to other software.

10. Crunch

Best For: Self employed and very small business owners 

Price: Free plan is available and paying plans from £29.50/month 

Crunch connects your online accounting software to real accountants making it perfect for freelance and small business owners who might need to file taxes professionally. Some of the functionalities in the software are in invoicing, VAT and expenses among others. The advanced features are available in the paid plans and even get access to professional accountancy.

Pros:

- Free plan for basic needs 

- The professionals who have accounting expertise 

- Good for freelancers 

Cons:

Few features in the basic package

Why TVR Accountants is the Best Choice in Bury St. Edmunds

Even though these options for accounting software will help you to manage your finances, having professional help is quite beneficial. That is where TVR Accountants appears as a provider in Bury St. Edmunds local area and that is famous for offering individual services in accounting for small enterprises. If your business needs advice with regards to taxes, general accounting or even the required software for accounting purposes, then consulting with the experts at TVR Accountants ensures that your business is accurate.

Selecting the best accounting software for your small business is one of the most important decisions which affects the company. Consequently, there are numerous UK-based software solutions for small businesses, starting with cloud-based QuickBooks and Xero and ending with Free Agent and Kash Flow.

However if you want professional and friendly help and advice then why not contact us at TVR Accountants Bury St. Edmunds. With such specialists, you can be confident that your company does not violate the UK legislation on taxes and, vice versa, is ready for efficient financial activities.