Understanding how much money is coming in and going out is critical. Still, regular monitoring of it all can be time-consuming and stressful consuming, particularly for the UK’s army of small firms.
As in other things in life, you get what you pay for when it comes to accounting software. Accounting software will help you run your company more efficiently and easily, and there are some excellent free options available. Although major players such as Sage, QuickBooks, and Fresh Books dominate the market, you might not be aware that some excellent free accounting software is available, which is ideal for small businesses that need to keep track of every pound.
Gnu Cash accounting software is a top free accounting software to consider from the start of your search. Gnu Cash is a desktop open-source accounting programmer that was first released in 2001.
If any of that is unclear, a desktop refers to the fact that you must download and install the software, while open-source refers to the fact that everyone can download and modify the code that makes up the programmer to add new features correct bugs.
Gnu Cash is a personal and small business accounting software that includes consumer and vendor monitoring, work costing, and invoicing.
- Gnu Cash comes with a simple set of accounting tools. This contains the following:
- Balance sheets, profit and loss statements, and other reports have been created.
- Tracking tools for customers and vendors
- Support for multiple currencies
- Compatible with QIF files, which are used by some accounting programmer.
Quick File is accounting software designed specifically for freelancers, small businesses, and entrepreneurs. It was established in 2010. It’s an easy, user-friendly, cloud-based solution that enables any small business owner with limited accounting skills to keep track of their finances.
It connects to 50 UK banks and over 300 other web services, allowing you to import transactions automatically.
- Quick File has an impressive list of features, including:
- Over 50 automated bank feeds are integrated.
- Manage invoices easily with a branded portal that your customers can use to access and pay invoices using various online payment providers, including PayPal and Stripe.
- Keep track of and file your VAT returns.
- Forecasts, purchase orders, and delivery notes can all be created with full multi-currency support.
- A smartphone app that lets you make invoices/estimates and take pictures of cost receipts when on the go.
Free Agent, established in 2007, is now used by over 90,000 small businesses in the UK to manage their budgets, expenses, invoices, forecasts, and more. It helps you to produce VAT returns automatically and fills out the bulk of your self-assessment tax return form for you.
It also shows you the revenue, time, and expenditures associated with each project in real-time, allowing you to see if you’re making a profit or loss. It has also received awards and accolades. Free Agent received the best Small Business Accounting Software award of the Year in 2018.
Several features offered by Free Agent are:
- Professional forecasts and invoices can be generated and sent using these tools.
- Tools for keeping track of time so you can quickly build smart timesheets
- HMRC integration makes completing your tax return a breeze.
- VAT returns are generated automatically.
- A cash flow dashboard that allows users to monitor their cash flow easily.
Small businesses that want an easy, no-fuss way to handle their accounts would like VT Cashbook. It’s desktop software, which means you’ll have to install it; however, you won’t need an internet connection to use it.
The free edition includes basic features such as recording daily cash transactions and creating profit and loss statements and balance sheets.
- Autocomplete allows for fast data entry.
- Keep a record of a variety of bank and cash accounts.
- Reconciliations of bank accounts (check your accounts against your bank statements)
- Correct errors quickly and easily.
- Make profit and loss statements, balance sheets, and ledger reports.
Wave is a prominent free service among sole traders, freelancers, and small businesses, with over two million users. It claims to provide free payroll, invoicing, and receipt monitoring services, which means you can use as many as you want for as long as you want.
It’s also known for providing a lovely, user-friendly interface. Wave allows you to add an infinite number of bank and credit card accounts to your books. Also, you will be able to invoice and scan receipts for free.
- The expense and revenue monitoring without limits
- Scanning receipts using an iPhone/Android app
- Help for multiple currencies with automated exchange rate calculations
The software mentioned above can be very beneficial to your business and reduce the amount of work you have to delegate to an outside accountant.
Moreover, none of them can replace the services of a professional small business accountant Canary Wharf, who can bring to your business a level of proactivity, competence, and professional experience that no software can match.